The 2020 Mid-Year Economic Update_long

Day: December 1, 2008

Manufacturing Contracts in November

Manufacturing contracted in November for the fourth consecutive month, according to the latest Manufacturing Institute for Supply Management Report On Business.
 
When comparing November to October, the PMI indicates a continuing rapid rate of contraction in manufacturing, ISM reported. New orders have contracted for 12 consecutive months, and are at the lowest level since June 1980 when the index registered 24.2 percent.
 
Order backlogs have fallen to the lowest level since ISM began tracking the Backlog of Orders Index in January 1993. The Prices Index at 25.5 percent indicates that commodity prices continue to decline at a rapid rate. This is the lowest reading for the index since May 1949 when it registered 20.1 percent.
 
The two industries ...

Avnet Agrees to Acquire Japanese Company

Avnet, Inc., Phoenix, has agreed to acquire Nippon Denso Industry Co., Ltd. of Japan, a value-added distributor of electronic components, through its subsidiary, Avnet Japan Co., Ltd. The acquisition expands Avnet's presence in the Asia-Pacific market and enhances product offerings.
 
NDI President Yukio Kawabata will continue to serve as a member of the executive management team of Avnet EM Japan. Besides a Shibaura, Tokyo-based headquarters and warehouse, NDI also has five sales offices within Japan, two international sales offices based in Singapore and Hong Kong and an international subsidiary in Shanghai, China.  It had annual revenue of JPY16.1 billion ($170 million) for its fiscal year ended March 31, 2008.  With the addition of NDI, Avnet EM will more than ...

Parker Hannifin Acquires Brazilian Manufacturer

Parker Hannifin, Cleveland, OH, manufacturer in motion and control technologies, has acquired Detroit Plasticos e Metais S/A, a Brazilian manufacturer of high performance fittings, valves, manifolds, and thermoplastic tubing. Detroit's products are used throughout Latin America in oil and gas, petrochemical, pulp and paper, mining, transportation, steel, construction and agricultural markets.  Detroit will become part of Parker's Fluid Connectors business in Brazil with future sales reported as part of the Industrial International segment. Terms of the transaction were not disclosed.
 
The acquisition of Detroit Plasticos e Metais strengthens Parker's position as the number one supplier of instrumentation and connector products in Brazil," said Ricardo Machado, President ...

Airgas Makes Acquisitions in CA, TX

Airgas, Inc., Radnor, PA, has acquired California-based Gordon Woods Industrial Welding Supply, Inc., Accu Air Gases &Equipment, LP and Summit Gas &Gear, LP. The three companies are related but separately managed industrial gas and welding supply distributorships with combined annual revenues of $25 million through 10 locations in southern California. 
 
All three businesses are now part of the Airgas West regional company.

In a separate transaction, Airgas has acquired TexAir Welding Supply, Ltd., an industrial gas and welding supply distributor with $5 million in annual revenues through branch locations in Henderson, Longview and Mount Pleasant, TX.  The company will be integrated into Airgas Mid South.

In addition to Gordon Woods and ...