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Toll free (888) 742-5060
According to a Chapter 11 filing in U.S. Bankruptcy Court in the Western District of Michigan, USFlow lists $123 million in liabilities compared to a book value of $69 million in assets. The company has 760 employees and more than 50 stocking locations in 15 states spanning from Minnesota to Florida. More in the next issue of MDM.
Kaman Corp., Bloomfield, CT, has agreed to purchase the assets and business of Industrial Supplies, Inc. (ISI), Birmingham, AL. ISI has annual sales of $28 million and employs about 100 people.
International Surface Preparation Corporation, a newly formed company, has acquired United States Filter Corporation's Surface Preparation Group. The new company has roots reaching back 100 years in the surface preparation field, including centrifugal wheelblast, airblast, descaling, peening and deburring systems. Among its best-known brands are Wheelabrator, Blastrac, Schmidt, Sawtec, Schlick-Rotojet, Vacu-Blast, Spencer Halstead, Sisson-Lehmann, Wheelabrator Tilghman and Berger.
MRC Industrial Group, Inc., Warren, MI, has acquired Michigan Rivet Corporation,, Warren, MI, and its wholly-owned subsidiary, The McLaughlin Company.ﾠ MRC paid a total of $9.6 million for Michigan Rivet's closely-held outstanding common stock in an all cash transaction.ﾠFor the 12 months ended Oct. 31, 2002, Michigan Rivet recorded net sales of $32.1 million.ﾠ
July U.S. machine tool consumption totaled $157.06 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 33.7% from June but up 8.2% from the total of $145.09 million reported for July 2002. With a year-to-date total of $1,102.71 million, 2003 is down 15.5% compared to the same period in 2002.
Hughes Supply, Inc., Orlando, FL, reported net sales for the second quarter ending Aug.1, 2003, were $815.1 million, an increase of 5%, compared to $774.7 million in last year's second quarter. Sales for the 2004 fiscal second quarter included $55.1 million in revenues from the Utiliserve acquisition which was completed in the fiscal third quarter of 2003. Net sales for the six months ended Aug. 1 were $1.6 billion compared to $1.56 billion last year.
In a move to consolidate manufacturing operations, SKF USA Inc. has announced a gradual phase-out of operations at the Altoona, PA and Jamestown, NY, plants. The majority of production will be transferred to other facilities in the United States and a minor part to Mexico. The process for phasing-out the facilities is expected to take place over a period of at least 12 months and some 300 employees will be affected.
Robert Bosch Tool Corporation, Chicago, IL, has reached an agreement with the owners of Roto Zip ToolM Corporation to acquire certain assets, particularly the brand and intellectual property. Roto Zip is the industry leader in spiral cutting tools. Terms of the transaction were not announced.
The Power Transmission Distributors Association (PTDA) released the July trend data for distributors and manufacturers of power transmission/motion control (PT/MC) products.
In July, U.S. distributors year-to-date sales of PT/MC products increased 0.7% as compared to sales for January through July in 2002. Sales decreased 3.9% over the previous month and were down 1.6% as compared to July 2002.
The Bureau of Labor Statistics of the U.S. Department of Labor reported in the second quarter of 2003, productivity increased 3.7% in manufacturing, as output declined 2.4% and hours of all persons fell 5.9% (seasonally adjusted annual rates).