The 2020 Mid-Year Economic Update_long

Day: October 22, 2008

MAPI Manufacturing Index Drops in September

Fighting to stave off any prolonged damage from the current global economic crisis, manufacturers will face increasingly difficult challenges in the near term, according to the quarterly Manufacturers Alliance/MAPI Survey on the Business Outlook — September 2008, a leading indicator for the industrial sector.
The September 2008 composite index registered a drop to 48 from the 50 reported in the June 2008 report. At this level, the index indicates that overall manufacturing activity is expected to contract over the next three to six months. It should be noted, however, that the index measures the direction of change rather than the absolute strength of activity in manufacturing.
In line with other recent economic indicators, the index is at the lowest point ...

Alfa Laval Sales Grow 4% in 3Q

Sweden-based Alfa Laval AB, a manufacturer in heat transfer, centrifugal separation and fluid handling, reported sales of SEK 6.6 billion (US$843 million) for the third quarter ended Sept. 30, 2008, an increase of 4% over the same period 2007, excluding the impact of exchange rate variation. Profit increased 9% to SEK 1 billion (US$128 million).
For the nine months ended Sept. 30, 2008, Alfa Laval reported sales increased 14.5% to SEK 19.8 billion (US$2.5 billion) in a year-over-year comparison. Profit was SEK 2.9 billion (US$370.6 million), up 38% over the prior year.
Asia, Eastern Europe and Latin America accounted for 48% of the group's order intake. North America had the strongest development, partly supported by acquisitions. ...

Arrow Electronics Sales Grow 7% in 3Q

Arrow Electronics Inc., Melville, NY, reported sales of $4.3 billion for the third quarter 2008, an increase of 7% over the same quarter 2007. Profit was $76.1 million, a decrease of 22.6%.
For the first nine months, Arrow reported sales of $12.7 billion, an increase of 9.5% over the first nine months of 2007. Profit declined 12.1% to $258.2 million.
The volatility in the world's economies and the virtual shutdown of the credit markets made the third quarter especially difficult," said William E. Mitchell, CEO. "There is no doubt that market conditions will continue to be challenging, and in response to the rapidly changing environment, we will make the appropriate and necessary decisions and adjustments to our business model to ensure continuing and profitable ...

Moog Acquires Berkeley Process Control

Moog Inc., East Aurora, NY, has acquired Berkeley Process Control, Inc., Richmond, CA, for $14 million. The acquisition expands Moog's product offering.
Berkeley is a perfect addition because we believe its portfolio of products opens doors to new markets for high-performance motion control systems,"said Dave Fijas, group vice president and general manager of Moog Industrial Group, Americas.
Berkeley Process Control, Inc. holds several patents, among them its Autocalibration technology for improving the productivity and precision of equipment that processes semiconductor wafers.
Moog's Industrial Group manufactures high performance motion control products combining electric, hydraulic, and hybrid technologies with expert consultative support ...

An Opportunity for Distributors to Hire Talented Graduates

A recent survey by the National Association of Colleges and Employers puts the spotlight on employers' hiring plans for the next year. NACE surveyed employers who had provided projections in August 2008. Compared with their earlier projections, employers expect to decrease hiring levels by 1.6%. In comparison to their actual hires from the Class of 2008, respondents expect to hire about 1.3% more graduates from the Class of 2009.
NACE's executive director says that hiring plans are essentially flat, and that many employers are looking to cut back. In August about one-third of employers said they would trim their college hiring, but in the latest poll 52% said they were planning do so.
Manufacturing hiring expectations remained flat, while construction firms plan ...