Economic activity in the manufacturing sector failed to grow in June, while the overall economy grew for the 20th consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Businessﾮ.
The report was issued today by Norbert J. Ore, C.P.M., chair of the Institute for Supply Managementﾙ Manufacturing Business Survey Committee and group director, strategic sourcing and procurement, Georgia-Pacific Corporation. "While the overall economy appears to be in a recovery, the manufacturing sector failed to grow in June. However, the improved showing of the New Orders, Production, and New Export Orders Indexes is encouraging as it appears that manufacturing is positioned for a recovery in the second half."
Columbus McKinnon Corporation, Amherst, NY, announced its financial results for the fiscal 2003 fourth quarter and full year which ended on Mar. 31, 2003.
Columbus McKinnon's fiscal 2003 fourth quarter consolidated net sales from continuing operations were $118.8 million, compared with $114.5 million a year ago, an increase of 3.8%. Income from operations before amortization and restructuring charges was $6.1 million for the fiscal 2003 fourth quarter, compared with $5.8 million in the fourth quarter last year. Fourth quarter fiscal 2003 loss from continuing operations was $8.1 million, or $0.55 per diluted share, compared with a loss from continuing operations of $4.7 million, or $0.33 per diluted share, in the fiscal 2002 fourth quarter. Columbus McKinnon's fiscal 2003 fourth ...
Parker Hannifin Corporation Cleveland, OH, reported a 29-percent increase in fiscal second-quarter net income of $37.6 million on sales of $1.52 billion for the period ended Dec.31, 2002. Before five cents per share in previously announced realignment costs (severance and manufacturing relocations) and write-down of an investment in a Japanese joint venture, quarterly earnings were 37 cents per diluted share. Also, a change in the company's tax rate decreased earnings by an additional penny per share. Last year, second-quarter net income was $29.1 million, or 25 cents per diluted share (33 cents before realignment costs and an investment write-down), on sales of $1.44 billion.
"We're in the final stages of our planned realignment activities," said Parker CEO Don ...
November U.S. machine tool consumption totaled $145.52 million, according to AMT - The Association For Manufacturing Technology and AMTDA, the American Machine Tool Distributors' Association. This total, as reported by companies participating in the USMTC program, was down 9.7% from October and off 4.3% from the total of $152.04 million reported for November 2001. With a year-to-date total of $1,856.58 million, 2002 is down 25.8% compared to the same period in 2001.
These numbers and all data in this report are based on the totals of actual data reported by companies participating in the USMTC program. "The recovery of America's manufacturing base is anemic," said Albert W. Moore, AMT President. "It needs the additional stimulus that would be provided if Congress expands the ...
Software Solutions, Inc., Duluth, GA, a provider of software and services for the distribution market, has changed its corporate name to Aperum.ﾙ The name change reflects the company's renewed strategic direction to improve brand identity and reinforce its position as a market leader.
Aperum is derived from the Latin word Aperio, which means "to make clear." Aperum will launch an advertising campaign this month introducing the new name and the company as "The Clear Choice in Distribution Software."
"Our new name captures the essence of our Company," said Randy Keith, president of Aperum. "As the original pioneer in the mid-market distribution software industry, we have been the clear choice in distribution solutions for more than 23 years. While our name has changed, ...
SKF has acquired Twentieth Century Machine Co., TCM, a US manufacturer of ground ball screws. The acquisition was effective December 31, 2002.
TCM has 70 employees and sales in 2002 were 65 MSEK. TCM, is located in the Detroit area in Michigan, USA and serves primarily the machine tool market in USA and Canada. SKF will now be able to offer complete ground ball screw packages and solutions locally made in North America.
TCM will become part of and strengthen the SKF Linear Motion & Precision Technologies business unit, says Christer Gyberg, President of SKF Industrial Division.
In addition to design and manufacturing expertise, TCM also offers multi-brand ball screw repair, which enhances our recently launched full-service capabilities.
S.B. Simpson Group Inc., Burlington, ON, has acquired another Burlington based distributor, Mark Industrial Ltd. The transaction was completed on Dec. 9, 2002.
Mark Industrial is a bandsaw blade & abrasive chop saw wheel specialist. All of Mark Industrial's staff and equipment have been relocated to the S.B. Simpson facility in Burlington where they will continue to service the Mark customers.
The acquisition greatly enhances S.B. Simpson's competitive position in the Ontario bandsaw blade supply market. With this addition, S.B. Simpson will now be welding up to 2" wide bandsaw blades in-house for quick delivery throughout their trading area.
This is S.B. Simpson Group's sixth acquisition in six years as they continue to expand their geographic coverage and ...
The National Association of Wholesaler-Distributors, Washington, DC, enthusiastically endorsed the economic growth and jobs creation initiative announced by the President before the Economic Club of Chicago, and urged Congress to take quick action on the plan.
"This is exactly the right plan for the economy," said Dirk Van Dongen, NAW president. "This program will help everyone participate in the economic recovery, both business - large and small - and individuals. The President is to be applauded for taking this strong and decisive initiative. We need to restore both business and consumer confidence in the economy, and the President's proposal is a significant step in the right direction."
"Given the slow pace of the recovery to date, there is no time to waste," added ...
The Timken Company, Canton, OH, has been notified by the U.S. Treasury Department it will be receiving payment under the U.S. Continued Dumping and Subsidy Offset Act (CDSOA). The amount Timken is to receive is approximately $54 million.
The CDSOA provides for distribution of monies finally collected by the U.S. Customs Service from antidumping cases to qualifying domestic producers where the domestic producers have continued to invest in their technology, equipment and people. The Timken Company is one of many companies that have been notified it will be receiving this payment. It is the second year the company has received a payment under CDSOA.
"We applaud Congress and the administration for their continued support of CDSOA," said James W. Griffith, president and CEO of ...
Illinois Tool Works Inc. Glenview, IL, reported an operating revenue increase of four percent for the three months ended Nov. 30, 2002.
Operating revenues for the three month period consisted of two percent growth from base businesses and a two percent contribution from currency translation. The company's top line performance continued to reflect mixed end market activity for both the longer lead-time specialty systems as well as the short lead-time North American engineered components businesses.
On a manufacturing segment basis, the company's three month moving average percentage change for operating revenues, comprised of base business, is provided below.
(% change for 3 months ended November 2002 versus prior year period)