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McJunkin Corporation, Charleston, WV, has signed a letter of intent to acquire substantially all the assets of CIGMA LLC, Indianapolis, IN. Founded in 1997 to provide gas products and integrated supply services, CIGMA is a jointly held subsidiary of Vectren Corporation, Evansville, IN and Citizens Gas & Coke Utility, Indianapolis, IN. The transaction is expected to be complete in the second quarter of 2003. McJunkin and CIGMA distribute products such as polyethylene pipe and fittings, valves, meter sets, and line markers to gas utilities serving residential, commercial and industrial customers. Additionally, McJunkin and CIGMA serve as the outsourced materials manager for several utilities around the country.
The INDUSCO Group, Inc., Baltimore, MD, has acquired Alabama Sling Center, Birmingham, AL and Industrial Wire Rope, Chattanooga, TN from Wire Rope Corporation of America. The new company will go to market as Alabama Sling Center, Inc. and will retain distribution points in both Chattanooga and Birmingham.ﾠ Bruce Gallups, a 23-year veteran of the company, has been appointed VP & GM, based in Birmingham. Alabama Sling Center's core businesses are the fabrication and distribution of lifting assemblies and rigging hardware, specializing in wire rope, wire rope slings, synthetic slings, and welded chain slings.ﾠThe company represents the leading manufacturers in the wire rope, chain, and rigging hardware industry. INDUSCO is a network of specialty fabrication, industrial, commercial, and marine supply distribution companies.
Airgas, Inc., Radnor, PA, is set to acquire the assets and operations of Delta Safety Supply, Inc., a Stockton, CA-based safety distributor with annual sales of about $9 million. The acquisition is expected to close Apr. 30 and be accretive in the first year. Airgas NCN will offer employment to most of the 30 employees of Delta Safety Supply.
February U.S. machine tool consumption totaled $133.78 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 up 1.5% from January but down 20.0% from the total of $167.21 million reported for February 2002. With a year-to-date total of $265.55 million, 2003 is down 24.5% compared to the same period in 2002.
March wasn't a good month for manufacturing, as the sector appears to have lost its momentum. While the overall economy grew for the 17th consecutive month, economic activity in the manufacturing sector failed to grow in March, marking the end of four consecutive months of growth, say the nation's supply executives in the latest Manufacturing Institute for Supply Management Report On Businessﾮ. A turn in both New Orders and Production drove the change as New Orders fell below 50 percent after six months of growth, and Production fell below 50 percent for the first