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Members of the Northamerican Industrial Representatives Association (NIRA) recently voted to support the recommendations of its board of directors to discontinue operations as an industry trade association. At a meeting of members held Sept. 9, the membership approved the board's resolutions to dissolve NIRA, in conjunction with a negotiated package of services to be provided to NIRA members by the Industrial Supply Association. See article here.
The nation's leasing markets for distribution space are continuing to improve, according to the latest edition of U.S. Property Market Review, a market research report. The report compiles market statistics and describes industry trends for the nation's top 30 distribution markets. See article here.
Airgas, Inc., Radnor, PA, has acquired the assets and operations of Associated Welding Products, Inc., an industrial gas and welding supply distributor with one location on Columbia Boulevard, in Portland, OR, which generated $2 million in sales in 2004. This location will be integrated into Airgas Nor Pac, Vancouver, WA, and one of 13 regional companies within Airgas. It is Airgas's fifth acquisition of fiscal 2006. See article here.
Eaton Corporation, Cleveland, OH, has completed its purchase of the industrial filtration business of Hayward Industries, Inc., Elizabeth, NJ. Eaton announced plans to purchase the business on July 8. Hayward's industrial filtration business had sales of $100 million over the last 12 months, and employs 530 people worldwide. See article here.
Parker Hannifin, Cleveland, OH, has acquired Filtran Aftermarket Products, Inc., Miami Lakes, FL, a supplier of aftermarket components used in the rebuilding of automotive transmissions, from SPX Corporationfor an undisclosed sum. FAP had revenues of $33 million in 2004. The acquisition will be integrated as part of Parker's Seal Group and is expected to be accretive to earnings within its first full year of operation. See article here.
Streicher Mobile Fueling, Inc., Ft. Lauderdale, FL, a provider of integrated out-sourced energy and transportation logistics to the trucking, construction, energy, chemical and government service industries, has agreed to acquire H&W Petroleum Co., Inc., a Houston-based marketer and distributor of lubricants, fuels and petroleum products, with additional operating locations in Lufkin, Freeport, Waco, Waxahachie and Longview, TX. H&W has agreed to purchase, immediately prior to its acquisition, the operating assets of Harkrider Distributing Co. Inc., a Houston-based business engaged in the marketing and distribution of dry cleaning solvents, chemicals and petroleum products. Purchase price is $6.3 million, 4.5 times an annualized EBITDA. Revenues for H&W during fiscal 2005 were over $51 million. See article here.
W.W. Grainger, Chicago, IL, has completed about 85% of its phase 2 expansion plan in Southern California. Grainger says the four SoCal markets together represent about 5% of the total $100-billion market it estimates for its product basket in the U.S. In an investor presentation, Grainger said it expects 2005 sales growth to come in between 8-11%, operating margins 8.5-9%, and capital expenditures between $150-180 million. The company's August daily sales were up 9% over last August.
July U.S. machine tool consumption totaled $250.11 million, down 4.1% from June but up 22.4% from the total of $204.37 million reported for July 2004, according to the American Machine Tool Distributors' Association and the Association for