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The Timken Company, Canton, OH, intends to transfer the balance of its Toronto, Ontario and Reno, Nevada warehousing operations to CoLinx. The transfer of the Toronto operations to CoLinx Canada ULC and the Reno facility to CoLinx, LLC are effective Apr. 24, 2004. The U.S. and Canadian CoLinx companies, formed as a joint venture involving INA Holding Schaeffler KG, Rockwell Automation, The SKF Group and Timken, provide Web-based services and integrated logistics for premium-brand industrial manufacturers. View article.
Ferguson Integrated Systems Division announced the startup of its new onsite operation at three Freightliner LLC plants in North Carolina. The Integrated Division provides companies with customized maintenance, repair and operating (MRO) supplies, and indirect material supply chain integration and inventory management systems. The Freightliner Group is a North American truck and specialty commercial vehicle manufacturer, and a division of DaimlerChrysler. View article.
Industrial Distribution Group, Inc., Atlanta, GA, reported annual 2003 revenues for the 12 months ended Dec. 31 were $483.4 million compared to $492.5 million for the comparable period in the prior year. Net income for 2003 was $2.6 million. Before the effect of a change in accounting principle recorded in the first quarter of 2002, the company reported 2002 net income of $1.6 million. Revenues for the fourth quarter 2003 ended Dec. 31 were $120.1 million compared to $121.1 million for the comparable period in 2002. Net income for the fourth quarter of 2003 was $1.1 million compared to net income of $531,000 for the comparable period in 2002.
IDG's Flexible Procurement Solutions revenues, including integrated supply and storeroom management, increased 14.1% for the full year 2003 from the prior year and comprised a growing 51.8% of total 2003 revenues compared to 44.6% for 2002. During 2003 the company implemented 13 new storeroom management sites, bringing the total under management to 105, employing more than 350 IDG associates. General MROP revenues declined in 2003, reflecting the prolonged downturn in the manufacturing environment. For the fourth quarter, total FPS revenues, including storeroom management, were 53.7% of total revenues compared to 48.7% of total revenues for the comparable period of 2002.
Kaman Industrial Technologies, Bloomfield, CT, reported fourth quarter operating profits were $3.7 million, compared to $3.3 million in the 2002 period. Sales were $133.2 million in the fourth quarter, including $6.5 million from the acquisition of Industrial Supplies, Inc. in the fourth quarter of 2003, compared to $118.4 million in the period last year. Segment operating profits for the full year were $12.7 million, compared to $12.3 million the previous year. Sales in 2003 were $497.9 million, including $6.5 million from the ISI acquisition, compared to $477.2 million in 2002.
Kaman's industrial distribution segment is the third largest U.S. industrial distributor servicing the bearings, electrical/mechanical power transmission, fluid power, motion control and materials handling markets in the U.S. It expanded geographic coverage in 2003 as part of a strategy to increase the company's ability to compete for regional and national accounts. It opened locations in Birmingham, AL; Dallas, TX; and Richmond, VA; and now covers 70 of the top 100 U.S. industrial markets. Kaman has