April 15, 2009 - Modern Distribution Management

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April 15, 2009

Motion Industries Sales Fall 16% in 1Q 2009

Genuine Parts Company, Atlanta, GA, reported sales in the first quarter ended March 31, 2009, were down 11% to $2.4 billion from the prior-year period. Profit was $89.2 million, a decrease of 28%.

By group:

  • The Automotive Group: 7% decrease
  • S.P. Richards (office products): 7% decrease
  • Motion Industries (industrial): 16% decrease
  • EIS (electrical): 25% decrease.

Genuine Parts expects the effects of the economic slowdown to persist for "several more ...

ITW Records $39M Loss in 1Q

Illinois Tool Works Inc., Glenview, IL, sales in the first quarter of 2009 were $2.9 billion, a decline of 24% from the first quarter of 2008. The manufacturer recorded a loss of $39 million for the period.
 
Due to further weakening in first quarter worldwide end markets, base revenues declined 23.3% versus the year ago period, with North America decreasing 26.7% and international falling 19.5%. Currency translation negatively impacted revenues 7.3% and acquisitions contributed 6.6% in the quarter.
 
"The 2009 first quarter represented historic challenges for our company as end markets continued to weaken in North America, Europe and Asia-Pacific," CEO David B. Speer said. "As a result, we continued to take aggressive restructuring actions that we ...

Parker Hannifin 3Q Sales Down 26.3%

Parker Hannifin Corp., Cleveland, OH, a manufacturer of motion and control technologies, reported sales of $2.3 billion for its fiscal year 2009 third quarter ended March 31, down 26.3% from the same quarter a year ago. Profit declined 79.1% to $53.4 million. Results include expenses related to legal proceedings associated with the company's Parker ITR subsidiary, which were largely offset by an ITR related net tax benefit.
 
"Third quarter results reflect the impact of the global recession," CEO and President Don Washkewicz said. "Weakness in customer order trends that began in the second quarter continued through the third quarter across almost all markets.
 
The company has already implemented a series of cost-reduction measures, including ...

Bunzl Sales Increase 18%

London, UK-based Bunzl plc, an international distribution and outsourcing group, reported sales for the three months ended March 28, 2009, increased 18% over the same period a year ago.
The positive impact of exchange and acquisitions, new customer wins and additional business gained with existing customers contributed to the increase. Underlying revenue was marginally down due to the impact of deteriorating macroeconomic conditions across international markets, particularly in the UK & ...

ITT Agrees To Buy German Manufacturer

ITT Corp., White Plains, NY, has agreed to acquire Laing GmbH of Germany, a privately held producer of energy-efficient circulator pumps primarily used in residential and commercial plumbing and heating, ventilating and air conditioning systems. Once completed, the acquisition will reflect the company's continued strategic focus on satisfying the market's growing demand for energy efficiency and lower life-cycle costs.
 
Laing is headquartered in Remseck, Germany, with operations in Germany, Hungary, the United States and Japan. The company employs approximately 500 people worldwide and generated 2008 global revenues of €30 million ($40 million U.S.). Upon completion of the acquisition, Laing will be fully integrated into ITT's Residential and Commercial ...

Canadian Manufacturing Sales Up 2.2% in February

Canadian manufacturing sales increased 2.2% to $42.9 billion in February, the first increase since July 2008, according to Statistics Canada. Motor vehicle and motor vehicle parts industries in Ontario were behind most of the gains in February, following widespread slowdowns and shutdowns in January.

Excluding motor vehicles and parts and accessories, manufacturing sales edged down 0.2%, the seventh monthly decline in a row.

Constant dollar manufacturing sales, which are measured in 2002 prices, rose 2.6% to $39.4 billion in February. This was the first increase in constant dollar sales since September 2008.

At the industry level, sales in 9 of 21 manufacturing industries increased ...

Myers Industries Sales Fall 24% in 1Q

Myers Industries, Inc., Akron, OH, reported sales for the first quarter ended March 31, 2009, were $190.1 million down from $249.3 million in same period a year ago - a decrease of 24%.
 
Pricing, product mix and development of sales in industrial, agriculture, horticulture and other markets helped to mitigate the impact of lower demand in Material Handling and Lawn and Garden segments, according to Myers.
 
Distribution markets remained soft from the slowdown in vehicle and tire service, due to the continued decline in miles driven and depressed auto sales. Auto and Custom Segment sales continued to be adversely affected by the severe downturn in original equipment markets.

Myers Industries, Inc. is an international manufacturer of polymer products ...

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