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Shareholders of Hagemeyer NV, The Netherlands, approved a financial proposal on Jan. 9 to restructure the company's debt, which it reported in September was nearly EUR1 billion. See article on p. 1 for the key elements of the EUR1.5 billion (US$1.83 billion) package and a look at how the company's North American operations are looking to change course.
3M, St. Paul, MN, has entered into an agreement to acquire Hornell International, a global supplier of personal protective equipment for welding applications based in Gagnef, Sweden, including related trademarks and patents, for 750 million SEK (approximately $100 million) in cash including assumption of debt. Hornell is a $49 million company that provides
personal protective equipment for welders, including Speedglas auto-darkening filters, Adflo respiratory protection devices, and other solutions. Hornell employs 215 people.
Premier Lighting Supply, Charleston, SC, has acquired the Cameron and Barkley Lighting Showroom in North Charleston. Premier is owned by Matt Pruitt, a 32-year veteran of CamBar, and his wife.
Turner Supply Company has formed a machine tool sales division, based in Birmingham, AL, to serve the Southeast. Turner Supply plans to add lines of CNC manufacturers to its existing machine tool brands including Summitt Machine Tool Mfg., Lagun Machine Tool, Marvel Bandsaw Machine, K.O. Lee-Okamota, and Acer Surface Grinders. Mike Spink joins the company as a machine tool specialist following 19 years with Moore Handley Machine Tools, McDaniel Machinery and Rudel Machinery. Ray Prichard, vice president of business development for Turner, will direct the operation.
Georgino Industrial Supply, Pittsburgh, PA has opened a third location in Erie, PA to complement two other locations in Pittsburgh and Penfield, PA. Georgino was originally founded as a general line industrial distributor in 1936, and serves the powder metal, tool & die, paper and other industries throughout western PA. Georgino's main product lines include abrasives, cutting tools, fasteners, fluid power, lubricating oils, power transmission supplies and other general-line MRO products.
A little over a year since its launch, buying group NetPlus Alliance, Lockport, NY, has signed up 130 distributors, 71 manufacturers and 15 business services suppliers, targeting small to medium sized distributors. Founder Dan Judge is happy with that. The current membership enrollment is 35 percent higher than he projected in the initial business plan. Collectively, distributor members represent more than $1 billion in sales, operating in 41 states in over 230 locations. Company sizes range from $500,000 to $50 million in sales. Judge said that by the end of March, NetPlus Alliance hopes to have more than 200 distributors and 100 suppliers on its rolls. See article on p. 4 of this section.
Parker Hannifin reported a 49-percent increase in fiscal second-quarter net income to $55.8 million on sales of $1.62 billion for the period ended Dec. 31, 2003. For the same period last year, the company reported quarterly net income of $37.6 million on sales of $1.52 billion. Leading the gain was the North American Industrial segment, which improved operating margin to 7.5 percent on a five percent increase in sales. International Industrial units increased sales 18.1 percent (mostly due to currency rate changes) and operating margin was 6.7 percent. In the company's Climate & Industrial Controls segment (previously included in the 'Other' segment), second-quarter sales were relatively flat while operating margin increased to 7.2 percent.
The Marshall E. Campbell Co., Port Huron, MI, has become a member of IBC, an alliance of industrial supply and bearing & power transmission distributors with 324 locations and total sales of $1.6 billion. The organization provides multi-location customers a streamlined purchasing source for