Weyerhaeuser Company, Federal Way, WA, has sold its Containerboard Packaging and Recycling business to International Paper for $6 billion in cash. The transaction includes nine containerboard mills, 72 packaging locations, 10 specialty-packaging plants, four kraft bag and sack locations and 19 recycling facilities.
Wolseley revenues for the six months ended Jan. 31, 2008, increased 2% to £8.02 billion (US$16 billion). Profit fell 23.1% for the period primarily due to losses at Stock BuildingSupply in the In the first half, Wolseley cut 4,000 employees, excluding acquisitions. In the past 18 months, headcount has been reduced by 10%, or around 10,000. In the U.S., the group reduced headcount by 5,250, about one-third of the work force. At Ferguson, headcount was reduced by 2,700, or about 12%. More
RBC Bearings Inc., Oxford, CT, manufacturer of precision plain, roller and ball bearings for the industrial, defense and aerospace industries, has acquired A.I.D. Corporation and BEMD, Inc. for $5.9 million in cash and assumed liabilities. AID/BEMD, in Clayton and Canton, GA, respectively, manufacture integrated bearing assemblies and aircraft components for the commercial and defense aerospace markets. The two companies had combined revenues of $12 million for the year ended Dec. 31, 2007.
New York-based Alcoa Inc. has acquired Republic Fastener Manufacturing Corp. and Van Petty Manufacturing. The two aerospace fastener manufacturing businesses are in Newbury Park, CA, and employ a combined 240 people.
Berkshire Hathaway Inc. has completed its acquisition of 60 percent of Marmon for $4.5 billion. The firm will acquire the rest of the manufacturing holding company through staged acquisitions over a five- to six-year period based on future earnings. Marmon Group includes more than 125 manufacturing and service businesses that operate independently within diverse business sectors.
Privately-owned U.S. housing starts in February were 0.6 percent below January and 28.4 percent below February 2007.
Sales by Canadian wholesalers rose a healthy 2.6% in January to $44.1 billion, effectively offsetting the 2.6% drop recorded in December. In January, six of the seven wholesale sectors reported higher sales, led by very strong growth in the "other products"sector (+11.4%). Wholesalers of machinery and electronic equipment (+2.2%), food, beverage and tobacco products (+2.1%) and building materials (+1.7%) were the other major contributors to January's increase in sales. More
Canadian manufacturers started 2008 with a modest but positive lift in sales. Manufacturing sales increased by 1.3 percent in January to $49.3 billion, as the sector struggled to spring back from the three-year low posted in December. However, manufacturing sales, which have been trending downward for much of the last year, remained 7.1 percent below the recent peak reached in March 2007. Much of the weakness continued to come from the motor vehicle and parts industry.
Wholesale prices in the U.S. rose 0.3 percent in February, seasonally adjusted, the Bureau of Labor Statistics of the U.S. Department of Labor reported. This increase followed a 1.0-percent advance in January and a 0.3-percent decline in December. Core inflation moved up 0.5 percent in February after increasing 0.4 percent a month