6309 Monarch Park Place, Suite 203
Niwot, CO 80503, USA
Phone (303) 443-5060
Toll free (888) 742-5060
Machine Tool Supply, Eagan, MN, a machine tool and MRO supplies distributor, has been sold to the Kerin Family Partnership, Edina, MN, by the principal shareholder, Roy Otto, who became the sole owner in 1986. Machine Tool Supply started operations in 1953. Otto will continue to work actively in the business and the name Machine Tool Supply will remain unchanged. Machine Tool Supply has one branch operation and 30 employees. See article on p. 3.
NN, Inc., Johnson City, TN, purchased SKF Group's, (SKF) 23% interest in NN Euroball ApS, a joint venture company formed in July 2000 among NN, Inc., SKF Group and INA/FAG Europe to manufacture and supply precision steel balls used in finished bearings. With the purchase of SKF's 23% interest combined with the previously announced purchase of INA/FAG's 23% ownership in 2002, NN, Inc. now owns 100% of NN Euroball. The company is financing the purchase price of USD$15.5 million under a new syndicated credit facility.
A recruiting career fair to connect companies with industrial distribution students will take place at the ISMA/I.D.A. Spring Convention, May 17 in New Orleans. The first-time one-day event currently has about 120 students from five industrial distribution programs participating, with 12 manufacturing and distribution companies in booths. The program was developed to provide a cost-effective way to interview and screen resumes for internships and potential hires. Cost of the booth for a company is $400, with the fair running from 8 a.m. to 2:30 p.m. For more information, contact Mark Stockinger at 216-241-7333 or [email protected]
Kennametal Inc., Latrobe PA, reported fiscal 2003 third quarter sales of $459.2 million were 17 percent above last year's $393.9 million. Sales growth was driven by a 12 percent positive benefit from net acquisitions and divestitures and a 4 percent benefit from foreign currency exchange. Excluding special items, net income was $13.3 million for the quarter; a 20 percent decrease compared to net income of $16.7 million last year including the impact of Widia dilution and reduced pension income. Reported net income was $9.7 million against net income of $13.1 million in the same quarter last year. The current quarter included net special charges of $5.2 million primarily associated with the previously announced Widia integration efforts. Prior-year results included special charges of $5.2 million associated with previously announced restructurings. The charges were divided approximately evenly between the J&L/FSS business improvement plan and the Metalworking and Electronics plan.
Noland Company, Newport News, VA,ﾠreported first-quarter first-quarter sales totaled $110.2 million, one percent more than the first-quarter 2002's $109.0 million. First-quarter net income was $3.4 million, compared to the year-earlier period's $516,000. Net income for the quarter includes $2.1 million more from gains on the sale of property than the previous year. The company said the higher earnings stemmed largely from a double-digit increase in air conditioning sales, higher gross margins and the gains on the sale of property. Air conditioning sales in Florida contributed to a 17.3 percent increase in total air conditioning sales. Electrical/industrial operations, downsized in 2002 by the elimination of several unprofitable integrated supply accounts, recorded a 20.9% decline in first-quarter sales.
Strategic Distribution, Inc., Bensalem, PA, reported revenues for the 2003 first quarter were $40.7 million, compared to $72.4 million in the same quarter of the prior year. The