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Report: Grainger Plans Meeting with Justice Dept.
February 26, 2008
At the Reuters Manufacturing Summit (Click Here for Reuters' full coverage), Grainger told participants that it plans to meet with the U.S. Justice Department to discuss allegations it has overcharged the government.
President James Ryan said that Grainger is in full compliance with its contracts with the government and will meet with officials sometime in the next month.
In other presentations, Timken Co., a manufacturer of bearings and specialty steel, said it plans to exit unprofitable businesses if they do not turn around in the next year, according to Reuters. The company is aggressively negotiating with automobile manufacturers to increase prices to make up for rising commodity prices.
Ingersoll-Rand Co Ltd. told the Reuters Manufacturing Summit that its acquisition of Trane will help it to expand in emerging markets including India, where infrastructure for air conditioning is building up and the need for keeping perishables cold in the supply chain is increasing.