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Sonepar USA, a subsidiary of the Sonepar Group, signed an agreement to acquire the Stuart C. Irby Company effective Sept. 30. Founded in 1926, Irby is a $400 million electrical distributor operating out of 35 branches in the south central and north east regions of the U.S.; including Mississippi, Tennessee, Alabama, Florida, Arkansas, Louisiana, Texas, Oklahoma and New York. Irby holds a strong position as one of the top 20 electrical distributors in the U.S., in four attractive market segments - utility, commercial, contractor and industrial. Sonepar USA operates on the east coast, mid-west and west coast and the acquisition of Irby provides an opportunity for Sonepar USA to expand its presence in the South Central region. Sonepar is a privately owned independent group with headquarters in Paris, France. Sonepar specializes in cables and wiring, trunking, fittings, HVAC and lighting. With operations in 29 countries across four continents, the group's 20,000 employees and 1150 branches generates annual sales over $8.4 billion (7 billion euros).
Applied Industrial Technologies, Cleveland, OH, has acquired the assets of regional fluid power distributor Spencer Industries, Inc., Kent, WA. The business was acquired from Wajax Income Fund of Toronto, Ontario. Spencer will operate as a subsidiary of Applied under the name Spencer Fluid Power, Inc. Spencer's trailing 12-month sales are $49 million. See article on p. 4 of this section.
The bidding war between Parker Hannifin and Eaton for British filtration manufacturer Domnick Hunter continues, as Parker raised its bid yet again on Sept. 21 to 700 pence per share of Domnick Hunter stock, putting the deal at more than $440 million. Parker and Eaton have been bidding against each other since early August, when Parker made an offer valued at the time of $387 million. See article on p. 4 of this section.
Industrial Distribution Group, Atlanta, GA, sold its Cardinal Machinery business unit, with 2004 revenues of $10 million, to the management team of that entity. The management team of Cardinal Machinery assumed full ownership of all facilities and debt and substantially all other liabilities Sept. 16.
Parker Hannifin, Cleveland, OH, has purchased Texloc & Page International, Fort Worth, TX, for an undisclosed cash sum. Texloc & Page revenues were $18 million in 2004. Texloc produces industrial convoluted and corrugated tubing, high purity polytetraflouroethylene (PTFE) tubing for general industrial purposes and PTFE capillary tubing for instrumentation and medical devices. Page International products include PTFE textile and stainless wire reinforced smooth bore and convoluted hoses and a variety of rubber covered PTFE hoses, silicone hose and tubing. "We are excited to have Texloc and Page International join Parker. Their range of hose and tubing nicely complements our existing offering," said Bob Bond, president of Parker's Fluid Connectors Group. "Texloc provides us greater access to the life sciences, electrical insulation, and industrial markets. The Page International product line offers us the opportunity to further serve customers in the food processing and pharmaceutical markets."
The Timken Company, Canton, OH, plans to close its Clinton, SC plant, with production being phased down over the next two years. The Clinton plant opened in 1961 as part of The Torrington Company. In 2003, Timken acquired Torrington. The Clinton plant produces a broad array of components and bearings for automotive powertrain and chassis applications. The plant also manufactures bearings for industrial applications, such as transmissions and outboard engines. The decision is part of an ongoing program to increase competitiveness of its Automotive Group by reducing fixed costs and creating more focused factories across its automotive product portfolio. The products from the Clinton plant will be integrated into other facilities throughout