The 2020 Mid-Year Economic Update_long

Day: May 9, 2008

3M to Divest HighJump Software

3M, St. Paul, MN, has agreed to sell HighJump Software, a 3M company, to Battery Ventures, a technology venture capital and private equity firm. The transaction will result in a stand-alone company focused on providing supply chain solutions to a global customer base.
At Battery Ventures we are looking to acquire technology-based businesses in attractive markets that, through innovation and a strong product development history, have established market leadership,"said Dave Tabors, general partner, Battery Ventures.
Eden Prairie, MN-based HighJump Software employs 350 people globally.
With $24 billion in sales, diversified manufacturer 3M employs 75,000 people worldwide and has operations in more than 60 ...

Beacon Roofing Supply Records Net Loss in First Half

Roofing supplies distributor Beacon Roofing Supply, Inc., Peabody, MA, reported sales in its first half were up 5.3% to $702.6 million from the same period a year ago. Growth was due to acquisitions. Sales in existing markets fell 9.8%.
Beacon recorded a net loss for the first half of $2.9 million, compared with profit of $2.5 million in 2007.
Robert Buck, CEO, said: Our second quarter sales and profits remained below our goals and we certainly are disappointed with the first half net loss. However, gross margins in our existing markets appear to be stabilizing and we are seeing additional benefits from our cost containment measures.
"We continuously evaluate the performance and projections of every one of our branches and regions as we look to ...

3M Agrees to Buy Quest Technologies

3M, St. Paul, MN, has agreed to buy Quest Technologies Inc., a manufacturer of environmental monitoring equipment, including noise, heat stress and vibration monitors.
The move boosts 3M's offering in safety products. Quest Technologies broadens our presence in the industrial hygiene and safety equipment markets by bringing its renowned sound monitoring technology to our strong offering of personal protective equipment,"said Julie Bushman, vice president and general manager, 3M Occupational Health and Environmental Safety Division.
Quest, an employee-owned company, employs 95 people at its headquarters in Oconomowoc, ...

Womack Machine Supply Buys Applied International Motion

Womack Machine Supply Company has acquired California-based Applied International Motion LLC.
This purchase continues Double Rocker's (Womack's parent company) diversification into new products and markets," said Mike Rowlett, Womack's CEO.
The addition of Applied International Motion allows Womack Machine Supply to sell and service Factory Automation products and Motion Control systems in California and Nevada. Industries which they serve include semiconductor, medical, defense, packaging, machine tools and general automation for a broad range of manufacturing.
Womack Machine Supply is an industrial distributor of Hydraulic, Pneumatic and Automation Equipment with corporate offices located in Farmers Branch, TX. Womack represents manufacturers of ...