Plumbing and heating distributor Wolseley plc announced today it is acquiring two more industrial distributors for a total of $6.8 million in cash: one in the U.S. and the other in France.
On Nov. 14, Wolseley subsidiary Ferguson acquired HVAC distributor Mobile Supply Company Inc., Mobile, AL, from owners Mr. and Mrs. Raymond Stallings. Mobile has branches in Mobile and Pensacola, FL, and had sales of $12.3 million in 2004.
On Nov. 18, PBM signed an agreement to acquire MSCO from Jean-Marie Le Sellin, Annie Le Sellin, Michel Nadaud and Annie Nadaud. The deal is expected to be completed by Dec. 1, 2005. MSCO is a generalist builders' merchant based in the southwest of France with two branches. MSCO had sales of $4.37 million in ...
3M Co. announced it will merge its industrial and transportation units, effective Jan. 1, 2006.
The new combined unit will be headed by Hak Cheol Shin, currently in charge of the industrial unit. The decision leverages common markets and customers, as well as common channels, technologies, manufacturing base and selling processes, according to press release.
The formation of the Industrial and Transportation Business coincides with Harold J. Wiens' announced retirement. Wiens is executive vice president for transportation business.
3M is a diversified manufacturer. Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete, Command and Vikuiti are all trademarks of ...
Wolseley plc's John Whybrow told shareholders at this week's annual meeting that he is optimistic of the progress the London-based company - which owns HVAC supplier Ferguson in the U.S. - has made this year.
There has been no significant change in the market conditions affecting the group's businesses since the preliminary results announcement," he said.
Whysbrow said the group's U.S. businesses have "made an excellent start to the year" and continue to achieve strong organic growth. He said the housing market remains strong, but that the number of housing starts may reduce as a result of higher interest rates.
"The robust U.S. economy should present further opportunities for organic growth," he said. "The improvement in ...
W.W. Grainger Inc., Chicago, IL, industrial supplier of products to maintain, repair and operate facilities, expects revenues from its market-expansion program sites to grow from more than $120 million to more than $245 million in 2006.
Group President James T. Ryan provided an update on the company's multi-year market expansion program at its annual analyst meeting Wednesday in Houston. The company raised its forecast for program-related sales and earnings for 2005 through 2013.
Grainger has been expanding its market since 2004, when it started the first phase of its market-expansion program to Atlanta, Denver and Seattle. The goal was to increase the number of local reps and local branches to better penetrate certain markets. The second ...
Hughes Supply Inc., Orlando, FL, reported an increase of 28% in net sales in the third quarter of fiscal year 2006 ended Oct. 31, 2005. Sales for the third quarter were $1,493.5 million, the highest in the company's history, and an increase from $1,167.5 million in the same period last year.
Net income grew 35% to $45.7 million compared with $33.8 million in the previous year's third quarter.
Net sales for the nine months ended Oct. 31 grew 23% to $4,066.2 million, compared with $3,303.4 million last year, with organic sales growth of 11%. For the nine months ended Oct. 31, net income grew 15% to $118.9 million, compared with $103 million last year.
Overall, we are highly encouraged by the strong recovery from the second ...
The Timken Co., Canton, OH, today announced plans to invest about $27 million in its Asheboro bearing plant in Randleman, N.C., enabling expanded manufacturing of tapered roller bearings, principally for industrial applications. Timken plans to add 50 new jobs and increase the size of the Asheboro-area plant by over 35 percent as part of the project.
Timken's facility near Asheboro, which opened in 1994, currently has 150,000 square feet of space and employs about 230 people. The plant produces highly engineered tapered roller bearings used in high-value industrial applications, with an emphasis on versatility and substantially shortened product development and manufacturing cycle time.
The expansion project, which will begin in early 2006 and ...
Koch Industries Inc., Wichita, KS, announced its subsidiary Koch Forest Products Inc. will buy building-products and paper maker Georgia-Pacific Corp., Atlanta, GA, for $48 a share in a deal worth $13.2 billion. The transaction has been approved by the boards of directors of Georgia-Pacific and Koch Industries.
Georgia-Pacific will continue to operate under the same name at its Atlanta headquarters. Koch Forest Products expects to launch a cash tender for all outstanding shares of Georgia-Pacific common stock no later than Nov. 18, followed by a second step cash-out merger at the offer price. The closing of the deal is expected to be finished quickly.
Included in the transaction are all assets of Georgia-Pacific, including its North ...
The Distribution Solutions Council - a group of software vendors focused on the wholesale-distribution industry - is looking to adopt standards for software that it hopes will cut costs for wholesale-distributors.
Steve Epner, founder of Brown Smith Wallace Consulting Group, said he plans to establish a working committee at a Standards Summit in Dallas Jan. 9-10. In the next year the committee will create a set of standards with the help of GS1, or the Uniform Code Council, which will provide expertise in creating standards that work and conform to international requirements.
The council is inviting industry associations and their standards committees to attend the summit. Participants will include IDEA president Mike Rioux, Infor, Intuit ...
Stock Building Supply, Raleigh, NC, has acquired Canyon Drive Lumber, Amarillo, TX. Founded in 1959, Canyon recorded annual sales of $32 million in 2004. Its product mix includes lumber, engineered wood and plywood, roofing and siding, and windows, doors and millwork. The acquisition of Canyon adds about 80 associates to the Stock family and continues Stock's expansion into the state of Texas, which has the third-highest rate of building permits in the U.S.
Canyon is the market leader in Amarillo, with a consistent track record of excellent operating performance and a solid, loyal customer base of local and regional builders," said Fenton Hord, Stock president and CEO.
Stock Building Supply now operates 267 locations in 30 states, with ...
Industrial Distribution Group revenues for the third quarter ending Sept. 30, were up $.7 million from the same period last year. Third quarter revenues were $135.2 million, compared with $134.5 million in 2004.
The company's net income for the third quarter was $1.2 million compared with $3.5 million during the same period last year.
Revenues for the nine months ending Sept. 30, 2005, increased $14.2 million or 3.6 percent to $408.8 million, compared with $396.6 million in the same period last year. IDG's 2005 nine-month net income was $3.9 million compared to net income of $5.9 million in the same period in 2004.
According to a company statement, the change in net income between the third quarters of 2004 and 2005 reflects a $0.21 per diluted share ...