Danaher Corporation , Washington, DC, entered into a definitive agreement to purchase Raytek Corporation for approximately $75 million. The closing of the transaction is subject to certain customary conditions and is expected shortly. Danaher expects the acquisition to be neutral to Danaher's 2002 earnings per share. Raytek Corporation, with 2001 revenues exceeding $50 million, will become a part of Danaher's Electronic Test and Measurement platform. Raytek is the leading U.S. producer of non-contact infrared thermometers for industrial, maintenance, and quality control applications where temperature is a critical parameter. The company manufactures both hand-held portable infrared thermometers as well as fixed-mount thermometers, line scanners and sensors, and markets its products in ...
Emerson's Ridge Tool division, St. Louis, MO, acquired Von Arx AG of Switzerland, a leading manufacturer of tools for solderless press-type connections in plumbing and heating systems.
'Because solderless press-type copper connections reduce costs by dramatically speeding and simplifying installation, they have gained wide acceptance in Europe and are growing rapidly in the U.S. and Asia,' said Pat Sly, executive vice president in charge of Emerson's tools business. 'This acquisition strengthens Ridge Tool's global leadership position by addressing this growing market segment.'
This is Emerson's second acquisition of press-joining technology. Last year, the company acquired Novartec, a Liechtenstein based developer of pressing tools/technology, and the company has identified ...
Hughes Supply, Inc., Orlando, FL, announced results for its second quarter ended Aug. 2, 2002. Net sales for the quarter were $774.7 million compared to $806.3 million in last year's second quarter. Net income was $18.5 million versus $14.7 million last year. Earnings per share were $0.78 per share for the quarter ended August 2, 2002 versus $0.63 per share last year. Last year's results of operations included approximately $1.3 million or $0.06 per share related to the amortization of goodwill, which under SFAS 142 is no longer required. If this amortization had not been included in last year's quarter, earnings per share comparisons would have been $0.78 this year versus $0.69 last year, a 13% increase. Comparable branch sales were down 3% for the quarter.
Dynabrade, Inc., Clarence, NY, an industrial abrasive power tool manufacturer, has completed the acquisition of the assets and business of Nu-Matic Grinders, Inc., Cleveland, OH, a manufacturer of air-inflated back-up wheels and machine leveling jacks and related products. Dynabrade President Walter Welsch stated, 'This acquisition is a natural fit for Dynabrade. Nu-Matic is a first-class company that shares our tradition and dedication to delivering exceptional quality and service to our mutual customers.'
Nu-Matic's product line includes pneumatic wheels and floor wedges and jacks to level heavy equipment. The company supplies high quality tools to customers through a worldwide network of ...
The Black & Decker Corporation, Towson, MD, has entered into a cooperative business arrangement with Hitachi Koki Co., Ltd. in the power tool field. The announcement was made jointly by Yasutsugu Takeda, president and director of Hitachi Koki, which is based in Tokyo, and Paul F. McBride, president of the corporation's power tools and accessories group. The arrangement is not expected to have a material effect on the corporation's sales and earnings in 2002 or 2003.
Commenting on the cooperative arrangement, Mr. McBride said, "Black & Decker has already built a good relationship with Hitachi Koki. They supply us with products on an original equipment manufacturing (OEM) basis. This arrangement will enable our companies to source products from each other, exchange technology, ...
Messer Griesheim Industries, Malvern, PA, has sold its Canadian business to Air Liquide Canada Inc., a subsidiary of the Air Liquide Group, leader in industrial, medical, specialty gases, and a supplier of welding products. Messer Griesheim Industries of Canada, Inc. is a distributor of industrial cylinder gases, bulk gases and specialty gases and related equipment. With a total of 86 employees, it consists of two filling plants and 12 selling locations across Quebec, Ontario and in Newfoundland.
"The sale of this business unit is part of our global divestment program and our strategy to focus on our core businesses," stated MG Industries' spokesperson Michael Masha, vice president and chief financial officer of the U.S. affiliate of Messer Griesheim.
Datastream Systems, Inc. Greenville, SC, reported total revenues for the second quarter of 2002 were $22.8 million, representing a slight decrease from second quarter 2001 total revenues of $23.0 million.
Sequentially, second quarter 2002 total revenues increased 5.6% from first quarter 2002 revenues of $21.6 million. Total software license revenues were $6.8 million for the second quarter of 2002, representing a 4.6% increase from second quarter 2001 total software license revenues of $6.5 million and a 17% increase from first quarter 2002 total software license revenues of $5.8 million.
Net income for the second quarter 2002 was $372,290, an improvement over the second quarter 2001 net loss of $1.7 million, and an increase from the net loss of $29,295 in the first quarter of ...
Kaman Corp, Bloomfield, CT reported financial results for the second quarter and six months ended June 30, 2002.
In the quarter, the company recorded pre-tax charges totaling $86.0 million (of which $52.7 million are non-cash) to cover the write-down of K-MAX helicopter assets, principally inventories; for cost growth associated with the Australian SH-2G(A) helicopter program; and to phase out operations at its Moosup, Conn. plant. Details are provided in the Aerospace segment discussion.
Including the pre-tax charges, the company reported a net loss for the second quarter of $50.4 million, compared to a net loss of $12.5 million in the 2001 second quarter. Excluding the charges, 2002 second quarter net earnings were $5.6 million.
Airgas, Inc., Radnor, PA, reported earnings for its first quarter ended June 30, 2002. Net earnings for the quarter, excluding certain charges, were $16.2 million compared to $13.5 million in the same period a year ago. Free cash flow per diluted share for the quarter was negative $0.03 versus $0.23 in the prior year.
These results exclude restructuring and divestiture charges and exclude a charge for the cumulative effect of a change in accounting principle related to the accounting for goodwill.
Including the charges related to the restructuring, divestitures and change in accounting principle, the reported net earnings per diluted share for the quarter ended June 30, 2002 were $0.20 versus a net loss of $0.67 for the comparable prior year quarter.