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Airgas, Inc., Radnor, PA, has signed a non-binding letter of intent to acquire most of the assets of the U.S. packaged gas business of BOC Group in a transaction valued up to $200 million. The companies are working toward signing a definitive asset purchase agreement, which would be subject to customary closing conditions and applicable regulatory approvals. The transaction is expected to close in mid 2004. The acquisition would include retail stores, warehouses, fill plants and other operations involved in distributing packaged gases and welding equipment sold through BOC's stores and distributors. The business includes the range of packaged industrial, medical and most specialty gases. See article on p. 4.
Kennemetal Inc., Latrobe, PA, has agreed to purchase Conforma Clad, Inc., New Albany, IN, for approximately $65 million. The deal is expected to close by the end of March. Conforma Clad makes engineered components with a proprietary metal cladding technology for extreme wear environments involving corrosion, erosion and abrasion. Products include radial bearings used for directional drilling for oil and gas; extruder barrels used by plastics manufacturers and food processors; and other engineered components to serve a variety of industrial markets.
Kennemetal reported second quarter sales of $460.8 million were 7 percent above last year's period, with net income of $10.9 million versus net income of $2.5 million in the second quarter of last year. For the first six months, sales were $90. 4 million, up 8 percent from the same period in 2002, with net income of $19.7 million versus net income of $13.3 million the previous year.
Parker Hannifin Corporation, Cleveland, OH, has completed the divestiture of Wynn's Industrie, an industrial lubricants unit of the Wynn's Specialty Chemicals business, to a subsidiary of Fuchs Petrolub AG. The divested unit, based in France, has annual revenues of $29 million. Parker noted it has retained all rights to the Wynn's brand, reflecting the company's continued ownership of Wynn's Specialty Chemicals, a profitable producer of high-performance chemicals for mobile and automotive applications.
Parker Hannifin also has formed a new Life Sciences Business Unit for the development of technologies driving next-generation advancements in this fast growing market segment. The new unit incorporates the full range of Parker motion and control technologies to deliver application-specific engineered solutions, from large- scale to miniature integrated systems such as closed loop electronic pressure control. The team's focus is to offer customers value enhancements in collaborative engineering, faster time to market, streamlined design and systems integration.
Industrial Distribution Group, Inc., Atlanta, GA, said that Robert E. Vanderhoff has joined IDG as president of its Northeast Region, replacing Mark Fuller, who retired from IDG in 2003. Vanderhoff joins IDG after a career at Coleman Cable, Inc., a $250 million manufacturer of wire and cable products, where he had been corporate senior vice president. Prior to his tenure at Coleman Cable, Vanderhoff spent more than twenty years at Wesco International, Inc., a $3.5 billion distributor of electrical and MRO products.
December U.S. machine tool consumption totaled $220.88 million, according to the Association For Manufacturing Technology and the American Machine Tool Distributors' Association. This total, as reported