Following months of speculation, Cameron & Barkley Co., a Hagemeyer North America company, has acquired substantially all of the assets of Briggs-Weaver, Dallas, TX, a wholly owned subsidiary of Sammons Enterprises, Inc. Briggs has 18 locations in the South and Southwest.
Saint-Gobain Abrasives, Inc., parent company of Norton Company, Worcester, MA, has acquired Merit Abrasives, Compton, CA, a manufacturer of specialty abrasive products, including quick-change discs, flap discs, flap wheels and contour sanding heads. based in Compton, Calif.
Carlisle Companies Incorporated, Charlotte, NC, has signed a definitive agreement to acquire the Dayco Industrial Power Transmission business of Mark IV Industries, Inc. for a purchase price of $150 million, consisting of cash and assumption of certain long-term liabilities. The Dayco unit produces and sells transmission belts and accessories used by industrial customers to transfer power from motors and engines to motive and stationary drive systems. With annual sales of approximately $200 million, the company has 1,300 employees and operates from three manufacturing plants in the U.S. and from two plants in Europe.
June U.S. machine tool consumption totaled $253.22 million, according to the American Machine Tool Distributors' Association and The Association For Manufacturing Technology. This total, as reported by companies participating in the USMTC program, was down 7.2% from May and down 28.5% from the total of $354.28 million reported for June 2000. With a year-to-date total of $1,487.03 million, 2001 is down 26.7% compared to the same period in 2000.
Industrial Distribution Group, Inc., Atlanta, GA, has appointed Andrew B. Shearer as president and CEO. A founding board member and the single largest shareholder in the company, he replaces Patrick S. O'Keefe, who has resigned. Since IDG's formation four years ago, Shearer, 38, has served as president of the IDG division in York, PA, one of the nine original founding companies of IDG. In a separate announcement, the company also said it has had an 8% reduction in head count this year as part of its cost-cutting measures.
SUMMIT Electric Supply, Albuquerque, NM, has acquired the assets of Tri-Electric Supply, San Antonio, TX, formerly a division of DXP Enterprises. The companies share many common product lines; Summit will move its Gulfdale operation to the former Tri-Electric location. The company in June opened a service center in Austin, TX.
BuildNet, Inc., Research Triangle Park, NC, along with six of its subsidiaries, has filed a petition for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Middle District of North Carolina. BuildNet's wholly owned subsidiary, distribution software provider NxTrend, Colorado Springs, was not included in the filing. BuildNet's petition for relief under Chapter 11 comes after Golden, Colorado-based HomeSphere rescinded its offer to merge with BuildNet, after BuildNet failed to reach agreement with its creditors. BuildNet has been severely impacted by a difficult capital market, and by debt incurred through BuildNet's roll-up of its constituent companies. BuildNet said it believes the protections offered by Chapter 11 are necessary to protect the value of the company.
Gardner Denver, Inc., Quincy, IL, has reached an agreement in principle to acquire the Hamworthy Belliss & Morcom compressor business from Powell Duffryn Ltd., Gloucester, England. The company manufactures lubricated and oil-free reciprocating air compressors for a variety of applications, including polyethylene terephthalate bottle blowing, breathing air equipment and compressed natural gas. HBM's revenues were $57 million in its last fiscal year. Gardner Denver had