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In The News:

MDM News Digest 4101

News briefs from Dec. 26, 2010-Jan. 10, 2011

January 10, 2011

Industrial distributor Lewis-Goetz and Company, Inc., Pittsburgh, PA, No. 26 on MDM’s list of the top 40 industrial distributors, has acquired two distributors: EVCO House of Hose, Salt Lake City, UT; and Industrial Rubber & Supply, Decatur, AL. More

The board of directors for Radnor, PA-based Airgas, Inc., has unanimously rejected the latest bid of $70 per share from Air Products, Lehigh Valley, PA. The board offered a “value of Airgas in a sale” of at least $78 per share.

Airgas Inc. has acquired Conley Gas, Ltd., a supplier of pure gases to the specialty gas industry. The La Porte, TX-based business purifies, repackages, and distributes high-purity hydrocarbons such as methane and ethylene. In separate transactions, Airgas recently purchased two other businesses with aggregate annual revenues of $5 million, including a beverage CO2 distributor in Texas and a provider of medical gases, equipment, and certification services in the Pacific Northwest. Since the beginning of its fiscal year in April, Airgas has completed seven acquisitions totaling $20 million in acquired annual revenues. More

BlackHawk Industrial Distribution, Tulsa, OK, has acquired Rogers Industrial Supply, an industrial distributor based in Arkansas. BlackHawk Industrial was formed in 2010 by Bill Scheller, former CEO and president of ORS Nasco Inc., and Brazos Private Equity Partners LLC, a private equity firm. Rogers Industrial is the second acquisition of BlackHawk Industrial and follows the recent acquisition of Oklahoma-based Duncan Industrial Solutions. More

HVAC and plumbing distributor Ferguson, Newport News, VA, has acquired Summit Pipe and Supply Co. Inc. and Summit Pipe and Supply Company of Mississippi, Inc. Summit is a waterworks distributor with three locations in Northport and Wetumpka, AL, and Jackson, MS. More

Six Bradco Supply Corp. building materials stores in Midwestern states became ABC Supply locations on Jan. 3, 2011. The stores are in Wauconda and Alsip, IL; Warren, MI; Hazelwood, MO; Omaha, NE; and Indianapolis, IN. More

Industrial distributor Shively Bros. Inc., Flint, MI, has acquired Cadillac Industrial Supply, also based in Michigan. Cadillac will do business as Cadillac Industrial Supply, a Division of Shively Bros. Shively sells cutting tools, abrasives and MRO products, and offers commodity management programs. More

CI Capital Partners, a New York-based private investment firm, has acquired a controlling interest in Tech Air, Danbury, CT, a distributor of industrial, specialty and medical gases. More

Anixter International Inc., Glenview, IL, No. 4 on MDM’s list of the top 25 electrical distributors, has acquired Clark Security Products, Inc. and General Lock, LLC, a corporate affiliate of Clark, for $36.6 million. More

Diversified manufacturer 3M, St. Paul, MN, has acquired Nida-Core Corp., a manufacturer of structural honeycomb core and fiber-reinforced foam core materials based in Port St. Lucie, FL. More

Diversified industrial manufacturer Eaton Corp., Cleveland, OH, has completed the purchase of the Tuthill Coupling Group, a division of Tuthill Corporation. The Tuthill Coupling Group manufactures pneumatic and hydraulic quick coupling solutions and leak-free connectors used in industrial, construction, mining, defense, energy and power applications. More

North American HVACR average distributor sales for November increased more than 20 percent versus November 2009, according to the Monthly Targeted and Regional Economic News for Distribution Strategies (TRENDS) Report released by Heating, Airconditioning and Refrigeration Distributors International (HARDI). The running 12-month sales improved for the fourth consecutive month, nearing the top end of HARDI’s projections for 2010 growth of 5 to 10 percent. More

In November, the Canadian Industrial Product Price Index (IPPI) increased 0.5 percent and the Raw Materials Price Index was up 3.5 percent compared with October, according to Statistics Canada. The upward pressure on both indexes came mainly from petroleum and metals prices.  Increases in petroleum and coal products prices were sustained largely by strong demand in emerging countries and colder weather in Europe, though global petroleum inventories remained high. For primary metal products, the advance in prices was smaller than in the previous four months, as it was moderated by a decline in nickel products. More

New orders for manufactured goods in November, up four of the last five months, increased $3.2 billion or 0.7 percent to $423.8 billion, according to the final report from the U.S. Census Bureau. The increase followed a 0.7 percent October decrease. Excluding transportation, new orders increased 2.4 percent. Shipments, up three consecutive months, increased $3.4 billion or 0.8 percent to $424.5 billion. This followed a 0.4 percent October increase. More

Construction spending in November was estimated at a seasonally adjusted annual rate of $810.2 billion, 0.4 percent above October. The November figure is 6 percent below November 2009. During the first 11 months of the year, construction spending amounted to $753.9 billion, 10.6 percent below the $843.1 billion for the same period in 2009. More

Construction employment either increased or remained steady in a growing number of metropolitan areas – 120 of 337 – between November 2009 and November 2010 according to a new analysis of federal employment data released today by the Associated General Contractors of America. More

Pending home sales rose again in November, with the broad trend over the past five months indicating a gradual recovery into 2011, according to the latest Pending Home Sales Index from the National Association of REALTORS. The index, considered a forward-looking indicator, rose 3.5 percent to 92.2 based on contracts signed in November. The index is 5 percent below a reading of 97 in November 2009.  More

The manufacturing sector expanded in December, according to the latest Manufacturing ISM Report on Business. Of the 18 manufacturing industries, 11 are reporting growth in December. The recovery in manufacturing centered on strength in autos, metals, food, machinery, computers and electronics, while those industries tied primarily to housing continue to struggle. Additionally, manufacturers that export have benefitted from both global demand and the weaker dollar. December’s strong readings in new orders and production should create momentum in the first quarter of 2011. More

The Chicago Fed Midwest Manufacturing Index (CFMMI) increased 0.4 percent in November, to a seasonally adjusted level of 81.1 (2007 = 100). Revised data show the index edged up 0.3 percent in October to 80.8.  More

Real gross domestic product – the output of goods and services produced by labor and property in the U.S. – increased at an annual rate of 2.6 percent in the third quarter of 2010 (from the second quarter to the third quarter), according to the “third” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 1.7 percent.  More

Diversified metals manufacturer Worthington Industries, Inc., Columbus, OH, reported sales for the second quarter ended Nov. 30, 2010, were $580.7 million, an increase of 30 percent over the same period a year ago. Profit declined 37.5 percent. For the first six months, sales were $1.2 billion, up 39 percent. Profit increased 23 percent. More

Zep Inc., Atlanta, GA, a manufacturer of cleaning and maintenance products, reported sales for the first quarter ended Nov. 30, 2010, were $157.4 million, up 24 percent over the same period last year. Profit declined 9 percent. More

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