Fastenal Company, Winona, MN, has signed an agreement with two subsidiaries of Textron Inc., Providence, RI, to acquire certain assets and assume certain liabilities of its retail fastener and related hardware business currently marketed under the name or brands of Textron Logistics Company, Elco Consumer Products, Inc. and Elco Anchor Wire, Inc. This business, with annual sales of $40 million, has locations in Rockford, IL and Nashville, TN, and services hardware retailers selling in the consumer market place. The Rockford operation sells prepackaged products such as bolts, screws, washers, hex nuts and concrete anchors and will operate under the brand FAS-N-IT. The Nashville operation sells products such as wire, hooks, brads and nails and will operate under the brand Anchor Wire. Many of the products sold by this business are standard products of Fastenal.
Columbus McKinnon Corp., Amherst, NY, plans to shut down its second plant within three months with the planned closing of its Lister Bolt & Chain unit's manufacturing facility, Richmond, British Columbia, which will produce pretax savings of $1.2 million. The project will cost $1.3 million before taxes and result in a second quarter restructuring charge of $600,000. The material handling products maker also expects a pretax gain of $1 million from the property and asset sale.
Also, Columbus McKinnon expects pretax savings of $500,000 by consolidating its hoist manufacturing operations to its Damascus, VA, hoist plant from its Cobourg, Ontario, plant. In early June, the company announced plans to close its Yale Hoist manufacturing plant, Forrest City, AR. The move will save Columbus McKinnon $7.25 million a year.
Hughes Supply, Inc., Orlando, FL, reported net sales for its second quarter ended Jul. 31 were $806 million, compared to $874 million in the prior year. Net sales for the prior period would have been $819 million excluding net sales from the company's pool and spa business, which was divested in January 2001. Net income was $14.7 million versus $22.3 million for the same period last year. Net sales for the six months ended Jul. 31, 2001 were $1.58 billion compared to $1.71 billion in the prior year. Net sales for last year's six-month period would have been $1.61 billion excluding net sales from the company's pool and spa business. Net income was $21.1 million versus $36.8 million for the same period last year.
Strategic Distribution, Inc., Bensalem, PA, reported revenues for the second quarter ended Jun. 30 were $81.8 million, a 10% decrease from the $90.8 million reported for the same period in 2000, reflecting the termination of unprofitable contracts and, to a lesser extent, revenue declines within its capital goods customer base. The company reported a net loss for the 2001 second quarter of $1.1 million. This compares to a net loss in the 2000 second quarter of $0.2 million and a net loss of $1.9 million in the 2001 first quarter. The company says the year-to-year quarterly comparison is indicative of the its interim strategy to focus on improvements at existing sites rather than devote resources solely to expanding the business.
First half 2001 revenues totaled $166.8 million, a 6% decline compared to the same period in 2000 with a net loss of $3.1 million compared to net income of $25 million in 2000. Net income for the first half of 2000 includes a $26.5 million first quarter gain on sale of the Company's INTERMAT, Inc. subsidiary and a $0.7 million loss on discontinued operations.
IMARK Group, Oxon Hill, MD, a member-owned marketing group serving more than 190 independent electrical distributors, recently added three new members: Rueff Lighting of Louisville, KY, Tri-State Lighting and Supply of Evansville, IN, and Dickman Supply of Sidney, OH.