The 2020 Mid-Year Economic Update_long

Day: August 7, 2008

Samuel, Son & Co. Creates Alliance with Mexican Distributor

Ontario-based Samuel, Son &Co. Inc. has signed a comprehensive strategic alliance agreement with Mexican distributor Grupo Villacero. Villacero will provide Samuel with processing, storage and logistics services from its offices, distribution and service center locations in Mexico, and Samuel will provide the same services to Villacero from its offices, distribution and service center locations in Canada and the U.S.
Julio C. Villarreal G., CEO of Grupo Villacero said: This strategic alliance will provide both companies new and important strengths and synergies to face in a highly competitive manner the consolidation and globalization of the steel market."
Grupo Villacero is a group of companies focused on the transformation, processing, servicing, trading and ...

Cardinal Health Sales Up 5% in Fiscal 2008

Dublin, OH-based drug distributor Cardinal Health, reported revenue for fiscal year 2008 improved 5% to $91 billion over the prior year. Profit was $1.3 billion, a 32% decrease from fiscal year 2007. Earnings for the year were negatively impacted by a $600 million expense to resolve securities litigation.
For the fourth quarter, sales were $22.9 billion, an increase of 3% in a year-over-year comparison. Profit was $326.6 million, a decrease of 64% from fourth quarter 2007.
The medical supply chain segment improved profit in the second half of the year, driven by double-digit growth in its core U.S. medical distribution business. Combined revenue for the Clinical Technologies and Services, and Medical Products and Technologies segments grew by 24% to $5.6 billion ...

International Wire Sales Down Slightly in 2Q

International Wire Group, Inc., Camden, NY, reported sales for the second quarter ended June 30, 2008, were $199.9 million, compared with to sales of $200 million for the same period 2007. Profit was $5.6 million, an increase of 30% over the prior year due primarily to higher operating income.
Sales for the first six months of 2008 were $406.4 million, an increase of 8.6% over the first half of 2007. Profit was $12.8 million, an increase of 54.6%.
Our operating results were enhanced by the favorable impact of our ongoing cost reduction initiatives, including our plant in Sherrill, NY, which became operational in late 2007, and the acquisition of Hamilton Products at the beginning of 2008,"said Rodney D. Kent, CEO. "We now look forward to the integration of the ...

Gardner Denver Acquires Distributor Best Aire

Gardner Denver, Inc. has acquired Best Aire, Inc., a distributor of compressed air and gas products serving the Ohio market through its headquarters in Millbury, OH. It has additional distribution operations in Kalamazoo, MI, and Indianapolis, IN.

Gardner Denver intends to increase its focus on aftermarket sales and service, including adding distribution channels, if necessary, to enhance our ability to better serve our end users worldwide," said Barry L. Pennypacker, president and CEO of Gardner Denver. "I am very pleased to add Best Aire to Gardner Denver's compressor operations in North America. This business provides a good base business in Ohio, Indiana, and Michigan that will allow for expansion of product lines and aftermarket parts and service to a critical ...

RBC Bearings Sales Up 15.7% in 1Q

RBC Bearings Inc., Oxford, CT, international manufacturer of precision plain, roller and ball bearings for the industrial, defense and aerospace industries, reported sales for first quarter were $92.4 million, an increase of 15.7% from the same period a year ago. Profit was $10.7 million, an increase of 8.7% in a year-over-year comparison.
First-quarter results include costs associated with the company's expansion into large bearings, facility moving costs and disposal of fixed assets, and a loss on early extinguishment of debt. ...