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The Gorman-Rupp Company, Mansfield, OH, has acquired American Machine and Tool Company, Inc., Royersford, PA. AMT is a manufacturer of off-the-shelf industrial centrifugal pumps marketed principally through third-party distributor catalogs. Gorman-Rupp is a manufacturer of pumps and related equipment for water, wastewater, construction, industrial, petroleum, original equipment, agricultural, fire and government applications.
What do customers want? There are subtle and not-so-subtle distinctions between 'want' versus 'need' versus 'willing to pay for.' A group of fluid power distributors is trying to define just what value-add is. Full story.
The Power Transmission Distributors Association (PTDA) Member Forecast Survey reports 'cautious optimism' for PTDA distributor and manufacturer members awaiting relief from 2001, one of the roughest years for the PT/MC industry in recent history. Full story.
Home Depot, Atlanta, GA, has opened a third contractor supply store in Dallas, TX. The third such store, The Home Depot Supply is targeted at professional builders, contractors, tradesmen, and property managers. The 130,000 sq.-ft. supply house has separate areas devoted to electrical, paint, plumbing, millwork, hardware, lumber and building materials. It also offers a Tool Rental Center, with professional-grade tools and equipment available for rent by the hour, day, week or month. The company says it's part of its strategy to capture more of the $276 billion professional contractor market. The other stores are in Phoenix and Colma, CA.
Rexel, Inc. plans to resign its membership in electrical marketing group IMARK Group July 1. Rexel's association with IMARK began in 2000 with its acquisitions of the Branch Group and Westburne. The Branch Group and other independent distributors acquired by Westburne and Rexel have been members of IMARK and its predecessor groups.
Parker Hannifin Corporation, Cleveland, OH, and Osaka-based Taiyo Ltd. have agreed to form a global strategic alliance, with a 40-percent equity investment by Parker in Taiyo. The transaction is to be completed in March, and is expected to be accretive to Parker earnings during this year. Taiyo posted sales of $165 million (21 billion Yen) for its fiscal year ended Mar. 20, 2001. The company develops and manufactures a broad range of automation products, including hydraulic and pneumatic actuators, cylinders and specialized pneumatic products. Taiyo has manufacturing facilities in Yamaguchi, Osaka, Nara and Tsukuba, Japan and Lombard, Illinois. The alliance presents growth opportunities for both companies in automation markets, including shared technology development; expanded global marketing and distribution; and leveraged operating capabilities to serve industrial markets.
Industrial Distribution Group, Atlanta, GA, reported sales were down 6 percent to $514.4 million for the year ended Dec. 31, 2001, compared to $546.7 million for 2000. The company's net loss for the year 2001 was $1.4 million compared to a net loss of $9.6 million for the year ended 2000. Revenues from Flexible Procurement Solutions, IDG's services-based supply offerings, including integrated supply, for the full year 2001 were up 7.4% over the prior year and were 43.6% of total revenues, compared to 38.2% for 2000. IDG reported fourth quarter 2001 revenues of $123.0 million compared to $132.5 million for the same period in 2000. The company's net income for the fourth quarter of 2001 was $76,000 compared to a net loss of $10.7 million for the comparable period in 2000. Fourth quarter and full year 2000 results include non-recurring expenses of $15.1 million related to a write off of the company's ERP project and to executive level separation expenses.