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In The News:

News Digest 4021

November 10, 2010

Interline Brands, Inc., Jacksonville, FL, No. 14 on MDM’s list of the top 40 industrial distributors, distributor and direct marketer of maintenance, repair and operations products, has acquired CleanSource Inc., a distributor of jan-san supplies, for $60.1 million. More

Lawson Products, Des Plaines, IL, No. 21 on MDM’s list of the top 40 industrial distributors and distributor of maintenance and repair products, unveiled a line of safety products. The safety line includes 5,000 new items, with a range of personal protective equipment, including head, face, eye and respiratory protection and other facility and work zone safety products. The line includes brands such as 3M, Ansell, Crews, E-A-R, North and Uvex. More

Lawson Products reported sales for the third quarter were $89.3 million, an increase of 6.2 percent over the third quarter of 2009. Growth was primarily due to increased sales with strategic, government and automotive customers. Profit more than doubled to $3.43 million, compared to $1.5 million a year ago. More

Airgas Inc., Radnor, PA, No. 4 on MDM's list of the top 40 industrial distributors, reported sales for the second quarter ended Sept. 30, 2010, were $1.06 billion, an increase of 10 percent over the same period a year ago. Second-quarter sales were up 1 percent over first quarter. Profit increased 22.2 percent to $66.6 million. Compared to the prior year, same-store sales increased 9 percent in the quarter, with hardgoods up 12 percent and gas and rent up 7 percent. Acquisitions contributed 1 percent to growth over the prior year. For the first six months, sales were $2.11 billion, up 8.2 percent over the prior year same period. Profit increased 20.1 percent to $131.4 million.

Following the earnings announcement, the Airgas Board of Directors sent a letter to John McGlade, president and CEO of Air Products & Chemicals Inc., Lehigh Valley, PA, reiterating the board’s view that Air Products’ offer of $65.50 per share for the distributor of industrial, medical and specialty gases is “grossly inadequate.” The letter restated the board’s willingness to authorize negotiations at a per share price “in excess of $70.” More

Air Products reported sales of $2.35 billion for the fourth quarter ended Sept. 30, 2010, an increase of 10.3 percent over the same period a year ago. Profit increased 11.6 percent to $272.1 million. For fiscal 2010, sales of $9.02 billion increased 9 percent on higher volumes. Profit was $1.03 billion, compared to year-ago profit of $631.3 million. More

Houston, TX-based Hisco, No. 31 on MDM’s list of the top 40 industrial distributors, has opened a new Canadian division, HiscoCan, Inc. Located in the greater Toronto area, HiscoCan will service the Canadian electronics assembly and industrial markets. More

Kaman Corp. , Bloomfield, CT, No. 3 on MDM’s list of the top power transmission/bearing distributors, reported third-quarter sales of $359.5 million, an increase of 24 percent over the same period a year ago. Profit increased 64.4 percent to $15.8 million. More

DXP Enterprises, Inc., Houston, TX, No. 4 on MDM’s list of the top Power Transmission/Bearing distributors, reported sales for the third quarter ended Sept. 30, 2010, were $172.2 million, up 20.1 percent from the prior-year period. Profit was $5.34 million. More

Applied Industrial Technologies, Cleveland, OH, reported sales for the first quarter ended Sept. 30, 2010, were $527.5 million, an increase of 20.5 percent over the comparable period a year ago. Profit increased 85.5 percent to $20.8 million. More

Barnes Group Inc., Bristol, CT, No. 19 on MDM’s list of the top 40 industrial distributors, and a diversified global manufacturer and logistical services company, reported sales for the third quarter 2010 were $289.9 million, an increase of 11.4 percent from the third quarter 2009. Profit was $15.1 million. More

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