Lawson Products, Inc., Des Plaines, IL, reported an 18 percent increase in net earnings to $6.6 million for the third quarter of 2005, compared to $5.6 million in the third quarter of 2004. Earnings per diluted share increased 23.7 percent to $0.73 in the third quarter of 2005, versus $0.59 per share in the same period last year.
The increase in earnings is attributed largely to a nearly 10 percent jump in net sales this quarter, to $117.8 million, compared to sales of $107.4 million in the third quarter of 2004. The increase in net sales is the result of greater penetration of existing markets and successful pricing management programs to accommodate product cost increases.
Earlier this year, Lawson implemented targeted ...
Shareholders of Applied Industrial Technologies, Cleveland, OH, elected John F. Meier and Peter C. Wallace—both CEOs of New York Stock Exchange-listed companies - to its Board of Directors with terms expiring in 2008. The election maintains the Board's size at 11 members. Meier, 57, is chairman and CEO of Toledo-based Libbey Inc., a supplier of tableware products in the U.S. and internationally. Wallace, 51, is president and CEO of Dayton-based Robbins & Myers, Inc., a manufacturer of equipment for the pharmaceutical, energy and industrial markets worldwide. They replace William E. Butler and Russell R. Gifford who have retired from the Applied Board of Directors after 18 and 13 years of service, respectively. "Applied's business acumen and corporate ...
Emerson, St. Louis, MO, announced that President James G. Berges will retire from the company effective Nov. 1, 2005, to pursue a number of personal interests outside of Emerson. Berges, 58, has been with Emerson for nearly 30 years. Named to his current position in 1999, he also serves as the business leader over Emerson Network Power.
It is with mixed emotions that I announce my plans to retire from Emerson next month," Berges said. "I am leaving one of the best jobs in the world, with a company that is exceptionally well prepared to continue to build on its strong global competitive position. However, there are many things I have wanted to do outside of Emerson and just have not had time. After 30 years, and with the company in great ...
The Timken Company has strengthened its strategic position in the aerospace industry with the acquisition of Bearing Inspection, Inc. (Bii), an independent provider of aerospace bearing inspection and reconditioning services. Bii will continue to operate under existing management at its current location in Los Alamitos, CA, as part of Timken Aerospace Services. It will become Timken's headquarters for these services, consolidating existing repair operations under the unit's leadership. Former Bii President Drew Baker has been appointed general manager of the combined operations.
The new unit will incorporate Bii's existing 80,000 square-foot repair station, certified by the Federal Aviation Administration and several foreign aviation authorities, and will continue ...
Motion Industries, Birmingham, AL, North America's largest distributor of industrial maintenance, repair, and operation replacement parts, is pleased to announce that Tom Miller and Bob Summerlin will each be promoted to the position of Executive Vice President for Motion Industries, Inc. Tom Miller will be responsible for all U.S. branch operations, which will include Motion's sales groups and divisions. Bob Summerlin will be responsible for sales and marketing for the entire organization.
Both Miller and Summerlin have had extensive careers at Motion Industries, serving the company in a variety of positions. Most recently, Tom Miller was group vice president for the company's central division. Bob Summerlin was group vice president for the west division as well ...
Parker Hannifin, Cleveland, OH, has purchased Texloc & Page International, Fort Worth, TX for an undisclosed cash sum. Texloc produces industrial convoluted and corrugated tubing, high purity polytetraflouroethylene (PTFE) tubing for general industrial purposes and PTFE capillary tubing for instrumentation and medical devices. Texloc revenues were $18 million in 2004.
Page International products include PTFE textile and stainless wire reinforced smooth bore and convoluted hoses and a variety of rubber covered PTFE hoses, silicone hose and tubing. The acquisition is expected to be accretive in its first full year following acquisition.
"We are excited to have Texloc and Page International join Parker. Their range of hose and tubing nicely complements our existing ...
Norcross Safety Products LLC, Oakbrook, IL,, a manufacturer and distributor of protective equipment to the general industrial, utility/high voltage and fire service markets, has signed a definitive agreement to acquire all of the outstanding capital stock of Fibre-Metal Products Company.
Fibre-Metal, Concordville, PA, established in 1905, is a privately held designer and manufacturer of premium head protection equipment including protective caps, face shields and welding helmets. The company has additional locations in Aston, PA and Mississauga, Ontario.
Completion of the acquisition is subject, among other matters, to regulatory filings including Hart-Scott-Rodino Act clearance and is expected to occur in the fourth quarter of 2005. After ...
Fidelity Capital Investors, Boston, MA, a private equity leveraged buyout group, has acquired a majority interest in Providence, Rhode Island-based Avtek, Inc., a manufacturer and distributor of industrial and commercial connectivity products and solutions. The purchase was made in conjunction with members of Avtek's senior management team who will remain with the company and continue to operate Avtek as an independent business unit.
Capstone Partners LLC served as advisor to Avtek in the sale. Terms of the deal were not disclosed. Avtek conducts business through two operating subsidiaries: B&B Electronics Manufacturing Company, Inc. and System Connection, Inc. B&B Electronics designs, manufactures and sells industrial connectivity products such as ...
Sebastion A. Circo, founder of Precision Industries, died on September 27th, 2005. He founded Precision Industries in 1945 in Omaha, NE as Precision Bearing Service. Precision Bearing became Precision Industries in 1990. Today, Precision Industries is one of the world's largest family-owned industrial distributors with 140 locations throughout the United States, Canada, Mexico, and export operations worldwide. Precision currently employs 800 associates. Sebastian's son, Dennis Circo, serves as Chief Executive Officer and Chairman and his grandson, Chris Circo, as President and Chief Operating Officer.
Seb was a long time member of the Bearing Specialists Association and Power Transmission Distributor Association, and served on industry advisory boards ...
Industrial Distribution Group, Inc., Atlanta, GA, announced the sale of its Cardinal Machinery business unit to the existing local management team of that entity. Under terms of the agreement, the management team of Cardinal Machinery assumed full ownership of all facilities and debt and substantially all other liabilities, effective Sept. 16, 2005.
The company said the sale of Cardinal Machinery unlocks value for Industrial Distribution Group shareholders because the business unit no longer matched with the core business and strategic direction of the company. With 2004 revenues of $10 million out of the company's total revenues of $529.2 million for the same period, Cardinal Machinery did not meet the strategic objectives set by IDG's senior management. The sale ...
RSS