The 2020 Mid-Year Economic Update_long

Day: November 13, 2008

ERIKS Sales Up 16% YTD

ERIKS, Dutch seals distributor, reported sales in the first nine months were up 16% to €826.2 million (US$1.03 billion) from the same period a year ago. Organic growth was 6.8%. Profit was up 27%.
The acquisition of Seals, Packings &Gaskets Ltd. was acquired in the first nine months of the year, and are a part of the results. Econosto results are also included for the past quarter.
More details here. ...

Timken Opens Small-Bar Steel Rolling Mill

The Timken Company, Canton, OH, has opened its $60 million small-bar steel rolling mill, expanding its portfolio of steel products. The new mill enables the company to produce steel bars down to 1 inch in diameter for use in power transmission and friction management applications. 
The company expects this steel to meet the needs of customers in the bearing, industrial, energy, distribution and automotive market sectors, including transplant automakers.
Our new small-bar mill is part of a strategic focus on driving differentiation in our steel products and expanding into new market sectors where we can grow profitably,"said Salvatore J. Miraglia, Jr., president of Timken's Steel Group.
Timken collaborated on the design and construction of ...

Rockwell Automation Agrees to Buy Chinese Firm

Rockwell Automation, Inc., Milwaukee, WI, has agreed to acquire Xi'An Hengsheng Science &Technology Company Limited, a privately held engineering firm. Xi'An Hengsheng Science &Technology delivers automation solutions to the electrical power and other heavy process industries in China.
The company conducts much of its business in the fast-growing regions of middle and western China with an installed base of about 300 customers.
Rockwell Automation, Inc. is a global provider of industrial automation power, control and information solutions. The company is in more than 80 countries.
In China, Rockwell Automation has more than 1,600 employees serving customers from 26 sales offices (including Hong Kong and Taiwan). Rockwell Automation China has ...

Air Liquide Acquires Indian Company Electrocare

Paris-based Air Liquide has acquired Electrocare Systems, Chennai, India, a company specializing in medical equipment for respiratory care.
Electrocare manufactures respirators for intensive care and anesthesia, as well as medical air generators. It is also a distributor-partner of Taema, an Air Liquide company.
Electrocare is in 1,500 Indian public and private hospitals.
This acquisition gives Air Liquide access to expertise in India and provides a solid basis for the continuing development of its respiratory activities (medical gases and homecare) in the country, both in hospitals and in the home.
Air Liquide's Healthcare World Business Line serves over 5,000 hospitals and 300,000 patients throughout the world. It provides ...

General Bearing Sales Up 22.7% for 3Q

General Bearing Corp., West Nyack, NY, reported third quarter sales of $39.2 million, up 22.7% over the third quarter of 2007. Profit increased 15.5% to $2.2 million.
For the nine months ended Sept. 27, 2008, sales increased 12.9% over the prior year period to $108.5 million. Profit was $4.9 million, a decrease of 9%.
General Bearing manufactures ball bearings, tapered roller bearings, spherical roller bearings, and cylindrical roller bearings, and bearing components for original equipment manufacturers in the automobile, truck/trailer, railcar, office equipment, machinery and appliance industries, as well as the industrial aftermarket. ...