Sandvik, Sandviken, Sweden, has signed an agreement with the principal owners of WALTER AG, Tubingen, Germany, to acquire shares resulting in a controlling interest in the company. WALTER's operations include tools for metalworking, software systems for tool-management and numerically controlled grinding machines. In 2000, the company had sales of approximately EUR 300 million and profit before financial items of EUR 40 million, with 2,000 employees. Markets outside Germany account for about 75 percent of total sales.
Illinois Tool Works Inc., Glenview, IL, has filed a lawsuit against Powers Fasteners Inc., New Rochelle, NY, for patent infringement on its TrakFast automatic fastening system. ITW claims that earlier this year, Powers Fasteners began to market Trak-It collated fasteners for use with ITW's TrakFast system. The lawsuit asserts that the Trak-It collated fasteners infringe ITW's ﾑ340 patent.
U.S. distributors' July sales of PT/MC products decreased 7.4% over the previous month and decreased 5.0% as compared to July 2000, according to the most recent trend data for distributors and manufacturers of power transmission/motion control (PT/MC) products released by the Power Transmission Distributors Association, Chicago, IL. Days sales in accounts receivables increased 2.1% over June 2001 but decreased 1.6% as compared to the same month last year. Annualized inventory turnover in July was 3.6 turns, compared to 4.0 turns in July 2000. For July 2001, the confidence level of U.S. distributors rose to 4.5 on a 10-point scale.
Metals USA, Inc, Houston, TX, intends to divest its niche Specialty Metals and Aerospace businesses. In addition, the company will integrate the operations of eight smaller facilities into larger facilities and further reduce other overhead costs. Certain facilities and other assets will be sold in addition to the divested businesses as a result of these steps. The company expects annualized profit improvement of $20 million resulting from these actions.
Goodrich Corporation, Charlotte, NC, is planning a tax-free spin-off of the company's Engineered Industrial Products business to shareholders. This transaction will create two publicly traded companies by early 2002 with distinct products and markets. Application will be made to list the new shares on the New York Stock Exchange. The spin- off is expected to be completed in early 2002.
Fisher Scientific International, Inc., Hampton, NH, has signed a definitive agreement to acquire Cole-Parmer Instrument Company, Vernon Hills, IL, in a $205-million cash transaction. Cole-Parmer ' with fiscal 2001 revenues of approximately $170 million ' is a global manufacturer and distributor of specialty instruments, equipment and supplies to the scientific-research and industrial markets.
AZZ incorporated, Crowley, TX, a manufacturer of electrical products and a provider of galvanizing services, has signed a letter of intent to acquire all the outstanding stock of privately-held Central Electric Company, Fulton, MO. Central Electric manufactures specialty switchgear, power center enclosures through their EPSI division in Tulsa, OK, a direct competitor to AZZ's Atkinson Division, and relay panels and non-segregated bar bus in their Clark Control Systems Division in Nashville, TN. AZZ expects Central to add $50 million in revenues. Based on Central's existing backlog, AZZ's cumulative backlog will be more than $100 million and consolidated revenues are expected to exceed $175 million on an annualized basis, the company said.
Parker Hannifin, Cleveland, OH, has acquired Eaton Corporation's Aeroquip Air Conditioning and Refrigeration (AC&R) business for an undisclosed amount. With about $75 million in annual revenues, more than 600 employees and a facility in New Haven, IN, the AC&R unit produces mechanical controls and fluid systems