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Parker Hannifin Corporation, Cleveland, OH, and Denison International plc (Nasdaq: DENHY) announced they have signed a definitive agreement for Parker to acquire Denison in a cash tender offer. Total value of the transaction is estimated at more than $230 million, based on Denison's current share price. Total value of the deal is upwards of $290 million with Parker receiving Denison's cash at closing. Denison's annual revenues are $180 million. Click here to see article.
Mayer Electric Supply Company, Birmingham, AL, has announced the signing of a letter of intent to acquire the operations of Maddux Supply, Greensboro, NC, with 14 branch operations in North Carolina, South Carolina, Virginia, Georgia, and Florida. Founded in 1965, the Maddux team is comprised of 270 associates serving contractors, industrial facilities, and utility, commercial, institutional and government accounts.
Three industrial safety manufacturing companies will consolidate into MCR Safety, effective Jan. 1. Memphis Glove, specializing in manufacturing quality hand protection - Crews, makers of quality eye and face protection - and River City, creators of protective body wear - are manufacturers of personal protection equipment. The original company, Memphis Glove, was started in 1974, followed by River City Protective Wear in 1981, and Crews Inc. in 1984. MCR Safety's goal is to have a seamless consolidation and raise the industry benchmark for their distributors' service expectations.
Acme Staple Company, Franklin, NH, has acquired the staple manufacturing assets of Wiggly Wire Benders, Libertyville, IL. Acme, founded in 1894, is a manufacturer and distributor of fine and medium wire specialty staples and fastening systems. Wiggly Wire Benders is a manufacturer of specialty staples made from large diameter wires' 18 gauge and larger. Acquired assets will be moved to Acme's manufacturing facility in Franklin, NH.
The NorthAmerican Industrial Representatives Association (NIRA), has taken several steps this year to improve its visibility in industrial channels, and to focus on its growth and role in the future. That was the theme at an annual NIRA breakfast meeting at the I.D.A. Business Expo in Chicago in November, where a new management firm, Thompson Management Associates, was formally introduced to the membership.
NIRA transitioned to the new management firm in August. Thompson Management Associates also manages the National Association of Hose and Accessories Distributors and the Independent Sealing Distributors groups, among others. NIRA, which started in 1986, has 236 representative member firms and 75 manufacturer members. NIRA became an associate member of the Industrial Supply Manufacturers Association in 2002.
W.W. Grainger, Chicago, IL, reported its daily sales rate for November was up 4 percent as compared to November 2002. Daily sales at Grainger's branch-based businesses were up 4 percent versus November 2002. Daily sales at Lab Safety Supply were up 11 percent, including the Gemplers acquisition completed in April 2003. Daily sales for