October U.S. machine tool consumption totaled $186.93 million, according to AMTDA, the American Machine Tool Distributors'Association and AMT - The Association For Manufacturing Technology. This total, as reported by companies participating in the USMTC program, was level with September and off 0.6% from the total of $188.06 million reported for October 2001. With a year-to date total of $1,724.34 million, 2002 is down 26.6% 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.
"Reports noting the current contraction of the manufacturing economy and excess production capacity for durable goods underscore the need for U.S. manufacturers to adapt to '
Summit Electric Supply, Albuquerque, NM, has reached a definitive agreement to acquire the domestic operating assets of Warren Electric Group.
This acquisition will nearly double the number of Summit locations and bring the company into the Gulf Coast area of Texas, including Houston, La Porte, Beaumont, Clute, Corpus Christi and Harlingen, as well as locations in New Orleans, Lafayette, Baton Rouge and Lake Charles, Louisiana where Summit had not previously operated. Summit will continue business relationships with most of Warren's vendor partners and is looking forward to servicing Warren's many customers. Summit will continue to use the Warren name for an undetermined period of time as they transition the operation.
'The Warren acquisition follows closely on the heels of ...
Economic activity in the manufacturing sector declined for the third consecutive month. The overall economy grew for the 13th consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business.
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. "The manufacturing sector failed to grow in November. While the Production Index strengthened, the New Orders Index softened. The PMI has averaged 49.6 percent for the past five months. The sector continues to need drivers that will help end the stagnation."
ISM's Backlog of Orders Index indicates that order backlogs ...
Airgas, Inc., Radnor, PA, has acquired Welding Metals, Inc., a Detroit-based independent distributor of gases and welding supplies with annual sales of about $10 million. The acquisition includes four locations, which will significantly improve the Airgas market presence in the Detroit area.
The acquired locations include Madison Heights, doing business as Welding Metals; Roseville, doing business as Parkin Welding; and Rochester Hills and Lapeer, both doing business as Avon Welding. The locations are now part of Airgas Great Lakes, which is headquartered in Bay City, MI, and is one of 12 regional companies within Airgas, the nation's largest distributor of gases, welding supplies and related products.
WMI has served Detroit and surrounding markets since 1921 and has ...
At their recent North American Meeting in Nashville, TN, Affiliated Distributors introduced "A-D Services Group, Inc.", a newly formed subsidiary created in response to members' concerns over rising health insurance costs that have cut deeply into operating costs and profitability.
The program offers: (1) immediate cost reduction, (2) additional cost reduction or cost avoidance over time, (3) one-stop shopping for health, life and other insurances, and (4) the ability to leverage A-D purchasing power.
A-D Services Group, Inc. offers both Affiliates and Suppliers self-funded or partially self-funded Health Insurance, Dental and Vision insurance, Life and Accidental Death & Dismemberment, Long and Short-Term Disability, Flexible Spending Accounts and more. ...
Columbus McKinnon Corp., Amherst, NY, plans to consolidate its Columbus McKinnon Limited chain manufacturing operations located in Cobourg, Ontario, Canada, into two of its other North American chain manufacturing facilities.
The estimated annual recurring pretax cost savings expected to result from this consolidation is $2.1 million with one-time implementation costs of $1.6 million, of which $0.8 million will be recorded this quarter as a restructuring charge.
''Chain manufacturing consolidation is another major step in Columbus McKinnon's Strategic Plan,'' said Timothy T. Tevens, president and CEO, ''and the benefits of consolidating our chain manufacturing operations are significant and in the overall best interests of all our stakeholders.''
Strategic Distribution, Inc., Bensalem, PA, reported financial results for the third quarter ended Sept. 30, 2002.
Revenues for the third quarter of 2002 were $47.7 million, compared to $81.4 million reported in the same quarter of the prior year. The decline in revenues reflects the termination of certain services agreements, including the previously announced termination of the Kraft Foods North America, Inc. (Kraft) industrial supply services agreement, as well as general economic weakness within the manufacturing and energy sectors. These factors were partially offset by revenues from new stores added during the past twelve months. In the 2002 third quarter, revenues from Kraft were $6.7 million compared to $23.4 million in the same quarter of the prior year. The termination ...
Industrial Distribution Group, Inc. Atlanta, GA, reported financial results for the third quarter and nine months ended Sept. 30, 2002. Third quarter 2002 revenues were $124.0 million compared to $123.9 million for the comparable period in 2001. The company's net income for the third quarter of 2002 was $484,000 compared to a net loss of $113,000 for the comparable period in the prior year.
For the nine months ended Sept. 30, 2002, revenues were $371.3 million compared to $391.4 million for the comparable period in the prior year. Before the effect of a change in accounting principle, the company reported net income of $1.1 million compared to a net loss of $1.4 million for the nine months ended Sept. 30, 2001. The company's 2002 net loss for the nine months ended Sept. 30, ...
The Power Transmission Distributors Association (PTDA), Chicago, IL, has modified its qualifications for distributor and manufacturer membership to better reflect the current needs of -- and conditions in -- the global power transmission/motion control (PT/MC) industry.
Under the new criteria, it will be easier for distribution firms that are newer or that carry industrial products besides PT/MC lines to join the association.
The new standards also recognize the manufacturer members of the European Power Transmission Distributors Association (EPTDA) as qualifying for membership in PTDA. Moreover, the changes allow the association to be more responsive to all foreign manufacturers that are entering the North American market and seeking distribution networks.
Prophet 21, Inc., Yardley, PA, , a provider of business technology software and services to the durable goods distribution market, has entered into an agreement and plan of merger with an entity formed by Thoma Cressey Equity Partners Inc. ('TCEP') and LLR Partners Inc. ('LLR') to effect the merger. Under the Merger Agreement, all of the issued and outstanding shares of common stock and in the money options of Prophet 21 will be acquired for cash in the amount of $16.30 per share. Prophet 21 management will continue to operate the business under its current name and operating structure.
The Board of Directors of Prophet 21 has unanimously approved and adopted the Merger Agreement. The Board of Directors of the company received a fairness opinion from the company's financial ...