The 2020 Mid-Year Economic Update_long

Day: May 12, 2008

March Machine Tool Consumption Up 36% Year-Over-Year

March U.S. manufacturing technology consumption totaled $544.62 million, according to AMTDA, the American Machine Tool Distributors'Association, and AMT -The Association For Manufacturing Technology. This total, as reported by companies participating in the USMTC program, was up 84.4% from February, and up 36.1% from the total of $400.19 million reported for March 2007. With a year-to-date total of $1,183.75 million, 2008 is up 16.4% compared with 2007.

These numbers and all data in this report are based on the totals of actual data reported by companies participating in the USMTC program.

The March consumption numbers, as well as the first quarter as a whole, clearly demonstrate that the investment ...

RBC Bearings Announces Injunction Against SKF USA

RBC Bearings Inc., Oxford, CT, international manufacturer of precision plain, roller and ball bearings for the industrial, defense and aerospace industries, announced the Federal District Court of Connecticut has issued an injunction against SKF USA Inc. in connection with the sale of Nice radial ball bearings.
 
The Federal Court found that SKF USA Inc.'s use of its current price list and other advertisements created confusion in the marketplace about whether SKF USA Inc. was still an authorized distributor of NICE products. The Federal Court found that SKF USA Inc.'s 2008 price list was missing a significant portion of RBC's product line,"making its distribution by SKF USA Inc. "more likely to create confusion."
 
The Federal Court's injunction prohibits SKF USA ...

Building Materials Holding Corp. Sales Fall 37% in 1Q

Building Materials Holding Corp., San Francisco, CA, provider of construction services and building materials to professional residential builders and contractors, reported sales for the first quarter 2008 decreased 37% to $355 million from $559 million in the same quarter a year ago.
 
Net loss for the first quarter 2008 increased to $33.9 million from a net loss of $5.0 million in the same quarter a year ago.
 
Challenging industry conditions continued across U.S. homebuilding markets during the first quarter," said Robert E. Mellor, CEO. "While the very difficult market conditions continued to impact our operating results, once again the distribution side of our business gained market share with sales declining less than single-family permits in its regions while ...

Parker-Hannifin Buys Remaining Stake in Parker Seal de Mexico

Parker Hannifin Corp., Cleveland, OH, supplier in motion and control technologies, has acquired the remaining stake in its joint venture, Parker Seal de Mexico. Parker held a 49% stake in the $8.3 million revenue company prior to acquiring the remaining interest from multiple joint venture partners.
 
The acquired operation will become part of Parker's Seal Group, and its results will be reported within the Industrial North America business segment. Now, as the sole owner of this operation, Parker can sell any of its thousands of seal products into the Mexican market," said Heinz Droxner, president of Parker's Seal Group. "This is part of our long-term strategy to serve customers who have operations in Mexico, and positions Parker to meet all of their sealing requirements ...