Day: June 30, 2009

Rotor Clip Acquires Truarc

Rotor Clip Company Inc., Somerset, NJ, a manufacturer of retaining rings, hose clamps, spiral rings and wave springs, has acquired Phillipsburg, NJ-based Truarc LLC, also known as Waldes Truarc, a manufacturer of retaining rings.

The acquisition includes all patents, copyrights, registered trademarks, as well as all machinery and quality documentation. The purchase also includes all original Waldes Truarc tooling. ...

Hornsby Resigns As Wolseley Chief Executive

Chip Hornsby has resigned as group chief executive of UK-based Wolseley plc, effective immediately. Ian Meakins will succeed Hornsby effective July 13, 2009.

"Wolseley has been through a lot in the last 18 months," a Wolseley spokesman said. "There was a consensus on the board that with a portfolio that was appropriate for the market conditions, now was the right time to make this change." Wolseley recently completed a £1 billion capital-raising in April 2009, and disposed of financially troubled Stock Building Supply through a joint venture with The Gores Group.

The search for Hornsby's replacement began "three or four months" ago.

Hornsby joined Wolseley with the acquisition of plumbing distributor Ferguson in 1983. He began serving as chief executive in 2006. In his ...

Chicago Fed Midwest Manufacturing Index Down In May

The Chicago Fed Midwest Manufacturing Index (CFMMI) declined 3.1% in May, to a seasonally adjusted level of 78.2 (2002 = 100). Revised data show the index was down 1.4% in April, to 80.7.

The Federal Reserve Board's industrial production index for manufacturing (IPMFG) was down 1.0% in May. Regional output in May declined 24.4% from a year earlier- lower than the 15.2% decrease in national output.

Regional auto sector production dropped 10.7% in May after declining 3.0% in April. The nation's auto output was down 2.6% in May. The Midwest's automotive output was down 39.2% in May relative to its year-ago value, and the nation's auto output was down 22.0%. The troubles of the Detroit Three auto companies seem to be affecting Midwestern production much more than that of other areas ...

Chicago Fed National Activity Index Little Changed From April

The Chicago Fed National Activity Index was -2.30 in May, little changed from -2.27 in April. All four broad categories of indicators made negative contributions to the index in May.

The three-month moving average, CFNAI-MA3, was -2.67 in May, up slightly from -2.73 in the previous month. May's CFNAI-MA3 suggests that growth in national economic activity was well below its historical trend. With regard to inflation, the amount of economic slack reflected in the CFNAI-MA3 indicates low inflationary pressure from economic activity over the coming year.

The small decrease in the index in May was primarily due to the production and income category of indicators. This category made a larger negative contribution to the index in May, -0.65, compared with its contribution in April, -0.47. ...

Bison Building Materials Files For Ch. 11 Bankruptcy Protection

Bison Building Materials Ltd., Houston, TX, has filed for Chapter 11 Bankruptcy protection. The regional building materials supplier is the latest company to file for federal protection as a result of the struggling residential construction market in the U.S., following Stock Building Supply, ORCO Construction Supply, and Building Materials Holding Corp. which have filed within the last two months.

At its peak, Bison had about 1,350 employees with locations in six states; as of June 1, the company employed 556 people and had closed all operations outside of Texas. Sales have declined nearly 40% since 2006, to $179.1 million for fiscal year 2009 ended April 30.

A combination of real estate lease obligations and a tight credit market led to the decision to file for bankruptcy, said ...