October 27, 2008 - Modern Distribution Management

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October 27, 2008

Applied Industrial Same-Store Sales Down Slightly in 1Q

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Applied Industrial Technologies, Cleveland, OH, reported sales for the first quarter ended Sept. 30, 2008, were up 4.9% to $543.9 million. Profit was down to $22.5 million from $24.4 million last year.
 
Same-store sales in the U.S. were slightly down primarily due to weak housing and automotive markets. These decreases were offset by sales increases from recent acquisitions and by growth in Applied's Canadian business.
 
Our sales slowed in the quarter as we saw mixed demand within the industries we serve," said David L. Pugh, Applied's CEO. "Housing-related and transportation markets have slowed considerably, while energy-related markets have continued to show strength. Primary metals and food production markets are still strong for us as ...

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SKF to Move Seals Production from Illinois to Other Facilities

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SKF announces plans to transfer the manufacturing of automotive seals products from its facility in Elgin, IL, to other SKF seals factories in Mexico and the U.S. SKF said that the consolidation was necessary to remain competitive in the U.S. automotive market.
 
The consolidation process is expected to take place over 12 months and will affect about 160 employees out of 430 employees at the Elgin ...

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Automotive Decline in August Hurts Canada Wholesale Revenues

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Source: Statistics Canada
 
A significant decline in the automotive sector brought to an end a string of five consecutive monthly increases in wholesale sales in August, which dropped 1.5% to $45.7 billion in current dollars. Sales excluding the automotive products sector rose 0.5%.
 
After removing the impact of price changes, sales in volume terms were 3.3% lower.
 
Sales of automotive products fell 11.7% in August to $7.0 billion, offsetting the gains over the two previous months. A 13.2% decline in motor vehicle sales was behind most of the drop, while sales of motor vehicle parts and accessories fell 5.8%. Much of the decline in motor vehicle sales can be attributed to slowing demand for larger ...

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