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In The News:

MDM News Digest 4019

October 10, 2010

U.K.-based Wolseley, No. 1 on MDM's list of top 40 industrial distributors, reported sales for the fiscal year ended July 31, 2010, were £13.2 billion (US$20.9 billion), down 9 percent from the prior year. On a constant currency basis, sales were down 10 percent. The distributor recorded a loss of £340 million (US$538.9 million), compared to a year-ago loss of £1.17 billion. More

Duncan Industrial Solutions Inc., Oklahoma City, OK, has been acquired by BlackHawk Industrial Distribution, Inc., Dallas, TX. Duncan is the first acquisition for BlackHawk, a new industrial distribution platform created through a partnership between Bill Scheller, former CEO and president of ORS Nasco, and Brazos Private Equity Partners, LLC. More

The Board of Directors for Airgas, Inc., Radnor, PA, reappointed CEO Peter McCausland to the board to serve as a director. The board also unanimously appointed John C. van Roden Jr. to serve as chairman. McCausland was ousted as a chairman and director by shareholder vote in a proxy battle instigated by the Air Products hostile takeover bid. More

A special committee of Atlanta-based BlueLinx Holdings Inc. has recommended that stockholders accept the pending tender offer to sell their shares to Cerberus ABP Investors LLC. Cerberus recently raised its offer price to $4 a share, up from $3.40 a share. More

Carlisle Companies Inc., Charlotte, NC, has sold Trail King Industries, Inc., its specialty trailer business. Trail King had year-to-date sales of $69 million through the third quarter of 2010. More

Thomas & Betts Corp., Memphis, TN, has acquired Cable Management Group, Ltd., a privately held, global manufacturer of cable protection systems specified in industrial and infrastructure / construction applications, for £70 million (US$110 million) from available cash reserves. More

Diversified industrial manufacturer Eaton Corp., Cleveland, OH, has completed its purchase of CopperLogic, Inc., a manufacturer of electrical and electromechanical systems. More

Washington, D.C.-based Danaher Corp., has agreed to acquire Keithley Instruments, Inc., Solon, OH, a manufacturer of complex electronic instruments and systems. Keithley will become part of Danaher's Tektronix business. More

Diversified industrial company Actuant Corp., Butler, WI, announced plans to divest its European Electrical business, which markets its products primarily under the Kopp brand name. The European Electrical business has previously been reported as part of the company's Electrical segment. More

Actuant reported sales for the fiscal year ended Aug. 31, 2010, were $1.16 billion, up 4 percent over fiscal 2009. Core sales increased 2 percent. Profit increased 75 percent to $24 million. Fourth-quarter sales were $310 million, an increase of 19 percent, with core sales increasing 18 percent. The diversified industrial company recorded a fourth quarter loss of $16.8 million, compared to a year-ago loss of $16.5 million. More

Fairmont Supply, Canonsburg, PA, expanded by opening the Fairmont Supply Oil & Gas Division in Washington, PA. It will supply gas and oil exploration and production companies with products including pipe, valves and fittings, safety equipment, hose and rubber products, general industrial tools and others. More

Carmel, IN-based Schlage Lock Company LLC, a business unit of Ingersoll Rand, has acquired the Door Hardware Division of Fusion Hardware Group. Fusion manufactures decorative door hardware and accessories, including knobs, levers, deadbolts and keyed entry plates. More

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