January 26, 2009 - Modern Distribution Management

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January 26, 2009

Crane Co. Reports $8.3M Loss For 4Q

Leave a Comment / Top Distributor Sectors, Subscriber Only, News, Free /

Crane Co., Stamford, CT, a diversified manufacturer of highly engineered industrial products, reported a fourth quarter 2008 net loss of $8.3 million, compared with fourth quarter 2007 net income of $45.2 million. Fourth quarter sales decreased 12% to $589.3 million, including a core business decline of 7%.
 
Profit for the full year 2008 was $135.2 million, compared to a loss of $62.3 million recorded for 2007. Total sales in 2008 were $2.6 billion, essentially flat with 2007 levels. Full year 2008 core business sales decreased $51.7 million.
 
In October 2008, Crane announced it would take steps to reduce costs that could result in a fourth quarter pretax charge of up to $25 million. In light of further deterioration in the U.S. and global economy and its impact on ...

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Cooper Industries 4Q Profit Drops 38%

Leave a Comment / Top Distributor Sectors, Subscriber Only, Safety Products, News, Free, Electrical /

Cooper Industries, Ltd., Houston, TX, reported fourth quarter 2008 sales of $1.52 billion, down 1% from fourth quarter 2007. Profit decreased 38% to $111.1 million.
 
"As the quarter progressed, the credit crisis deepened with the economic deterioration in the U.S. and Europe spreading around the world. Cooper earlier announced its intention to reduce our work force by over 1,000 employees and to take a fourth quarter charge estimated to be in the range of $20 million to $22 million. As economic conditions deteriorated, we determined it was necessary to increase the reduction in work force to in excess of 2,200 employees globally and recorded a restructuring charge of $35.7 million," said Cooper Industries' CEO Kirk S. Hachigian.
 
Sales for the twelve ...

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United Stationers Will Eliminate 250 Positions

Leave a Comment / Top Distributor Sectors, Subscriber Only, Paper Products & Packaging Distribution, Operations, News, Free, Companies /

United Stationers Inc., Deerfield, IL, announced it would eliminate 250 positions - about 4% of its total workforce - in response to the challenging economic environment as it stays focused on maintaining its sound financial position and delivering strong cash flow.
 
About half of the position eliminations have been identified and will occur this week. The balance should be substantially completed by March 31. Management and non-management employees will be affected by these reductions.
 
"We have a committed and valued workforce, so it is with considerable reluctance that we are proceeding with a staffing reduction," said Richard W. Gochnauer, president and CEO. "This action is, however, a necessary response to current market ...

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