The 2020 Mid-Year Economic Update_long

Day: May 5, 2008

Albany International to Sell Filters Business

Albany International Corp., Albany, NY, has agreed to sell its global Albany Filtration Technologies business to All Filtration Technologies Australia Pty Ltd. for $45 million.
 
The buyer will acquire Albany's equity ownership of Albany International Applied Technology (Suzhou) Co., Ltd., as well as the remaining AFT business assets, most of which are in Australia.
 
The company also announced that it would consolidate its press and fiber cement operations in Gosford.
 
In addition, the company announced it would shut down its door manufacturing operation in West Gosford.
 
Albany International is a global advanced textiles and materials processing company with 6,100 employees worldwide. The company's core business is custom-designed fabrics ...

Trelleborg to Buy NPC Inc

Trelleborg has agreed to buy NPC Inc., Milford, NH, with about 100 employees and sales of about $18 million.
 
This acquisition strengthens Trelleborg's position in pipe seals, primarily for new building and replacement in the infrastructure market. NPC Inc. specializes in large seals for such applications as drains and manholes.
 
NPC broadens our market presence, primarily in the North American market and, at the same time, provides an excellent complement to Trelleborg's existing range of pipe seals,"says Lennart Johansson, president of the Trelleborg Engineered Systems business area.
 
NPC is a portfolio company of American Capital Strategies Ltd.
 
The operations will be integrated with Trelleborg Engineered ...

Survey: Industrial Manufacturers Pessimistic on Economy

In a recent survey by PricewaterhouseCoopers, the majority of U.S.-based industrial manufacturers said they are pessimistic about the prospects for the U.S. economy over the next 12 months, and most of the others said they are uncertain. Only 12% remain optimistic. Their overall uncertainty now includes the world economy where 21% say they are pessimistic and 41% say they are uncertain about the next 12 months.
 
Overall, U.S.-based industrial manufacturers will be readjusting to a slower-paced domestic economy for most of 2008, but with the continued strength of international sales, an uptick is anticipated as they move into the first months of 2009.
 
Key findings:
Optimism drops dramatically. Those optimistic about the 12-month outlook for the U.S. ...

HD Supply White Cap Enters Minneapolis Market

HD Supply White Cap, Costa Mesa, CA, distributor of specialty hardware, tools and materials for large and medium-sized contractors, has entered the Minneapolis-St. Paul market with the opening of a 6,000-square-foot warehouse. 
 
The facility will serve many of White Cap's national industrial, commercial and residential customers by warehousing and distributing products such as tools, fasteners, accessories, abrasives, anchors, firestop, safety &consumables.
 
In addition to its foray into the Minneapolis-St. Paul market, White Cap recently expanded its footprint in Chicago, IL, and Kansas City. The company said it will continue to evaluate additional growth in the Midwest as part of its long-term growth strategy.
 
HD Supply White Cap is part of HD ...

Interline Sales Down 2.1% in 1Q

Interline Brands, Inc., Jacksonville, FL, distributor and direct marketer of maintenance, repair and operations products, reported sales for the first quarter 2008 were down 2.1% from the prior-year period.
 
The current market environment has proven to be one of the more challenging in recent memory," said Michael Grebe, Interline's CEO. "While the first two months of the year were consistent with our initial expectations, revenues in March took an unexpected downturn in all three of our major end-markets. April results have improved, but market visibility still remains at a very low level."
 
Interline's facilities maintenance market, which comprised 68% of sales, grew 4.5% during the first quarter on an average daily sales basis. This growth was offset by ...

Airgas Fiscal 2008 Sales Grow 25% to $4B

Airgas, Inc., distributor of industrial, medical, and specialty gases, welding, safety, and related products, reported sales in its fiscal 2008 were up 25% to $4 billion, with same-store sales growth of 7%.
 
Airgas made 18 acquisitions in fiscal 2008, adding more than $500 million in annualized revenue, including Linde's U.S. packaged gas business, which added $346 million.
 
These transactions helped us enhance our core business and extend our product lines, with acquisitions in packaged gases and welding products, safety products, ammonia, and refrigerants,"said CEO Peter McCausland.
 
Fourth quarter sales grew 27% from the prior year to $1.1 billion, with acquisitions contributing 17% of the growth. Total same-store sales increased 8% in the quarter, ...