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Pittsburgh-based strategic sourcing and procurement services company, filed for
Chapter 11 bankruptcy protection on Mar. 24, 2005. Pending court approval, the
company expects to sell its assets to Avchem, Inc, St. Louis,
MO, a similar service provider for the procurement and management of chemicals
and MRO products at aerospace manufacturing/maintenance facilities. MRO Direct's
bankruptcy was precipitated by the loss of its largest customer, TRW Automotive,
Inc. Avchem, a spin-off of Boeing, has operations in seven cities, including St.
Louis, Seattle, Wichita, Dallas/Ft. Worth, San Antonio, Los Angeles and
Philadelphia. See article here.
Avnet, Inc., Phoenix, AZ, and Memec Group
Holdings Limited have reached a definitive agreement for Avnet to
acquire Memec in a stock and cash transaction valued at approximately $676
million, including the assumption of approximately $194 million of Memec's net
debt. Memec, a global distributor specializing in semiconductors, generated
revenue of approximately $2.3 billion in calendar year 2004. The privately-held
company, which employs 2,400 people, provides customers with engineering
expertise and design services covering a portfolio of semiconductor devices.
Memec will be integrated into Avnet's Electronics Marketing Group. After the
acquisition, Avnet's Electronics Marketing Group will have operations in 69
countries and anticipated annual sales of over $8.5 billion. See article here.
3M, St. Paul, MN, has agreed to acquire liquid
filtration products manufacturer CUNO in a transaction valued
at $1.35 billion including the assumption of $60 million of existing net debt.
3M's current air filtration business is over $1 billion. CUNO will operate as a
standalone entity in 3M's Industrial Business segment. CUNO had $352 million in
2004 revenues, with 25% of sales into industrial markets and another 27% into
healthcare markets. About 70% of sales were through aftermarket channels. 3M
estimates the total market at $30 billion, with an 8%+ growth rate, and said it
sees opportunities for market cross-selling, including industrial distribution
channels. See article here.
Airgas, Inc., Radnor, PA, has acquired the assets
and operations of Vancouver Welding Supply, Inc., Vancouver,
WA, and Cumberland Welding & Supply Co., Inc., Cumberland,
MD. In all, the two businesses had more than $9 million in sales in 2004. Airgas
Nor Pac, also based in Vancouver, WA, has taken over the industrial gas and
welding supply business at three stores located in Vancouver, WA, Longview, WA
and The Dalles, OR, which were doing business as Vancouver Welding Supply,
Bi-State Welding Supply and Mid-Columbia Welders Supply. See article here.
Supply, Inc., Orlando,
FL, has acquired National Construction Products, Inc., a
distributor of construction materials serving the Atlanta, Georgia area.
National Construction Products was owned by Larry Darnell, who will continue to
manage the business. The company, which specializes in tilt wall construction
products, has annual sales of approximately $8 million and employs 15 full-time
associates. see article here.
U.S. chain manufacturer
Drives Incorporated, Fulton, IL, has joined the membership of
CoLinx, LLC for e-business and logistics services. Drives will initially use
CoLinx logistics services in Sparks, NV and