Modern Distribution Management, with the help of Robert W. Baird & Co. Incorporated has developed MDM's Industrial Distributor Average as a means of monitoring quarterly stock price performance of selected publicly traded industrial products distributors.
Note that: 1) the number of companies included in the average may change due to consolidation and initial public offerings in the sector; and 2) the percentage price change of the group is not market capitalization weighted like several popular market indices (S&P 500/Russell 2000).
It simply reflects the average price change of all the stocks in the group. Nonetheless, we believe this average provides a reasonable means of comparing the performance of the industry to other broad-based stock market benchmarks. Click on ...
Airgas, Inc., Radnor, PA, and Air Products and Chemicals, Inc., Allentown, PA, announced an agreement for Airgas to purchase the majority of Air Products' U.S. packaged gas business, excluding its electronic gases and magnetic resonance imaging-related helium operations. Separately, Air Products would sell its packaged gas operations in the Carolinas and southern Virginia to National Welders Supply Company. The total value of the deal to Air Products is $270 million.
The transaction would have no impact on Air Products' other businesses, such as tonnage/on-site, merchant liquid bulk, electronic gases, liquid helium or its non-U.S. packaged gas businesses.
The assets to be acquired generated about $223 million in revenues in fiscal year 2001, and employ approximately 1,100 ...
Precision Industries, Omaha, NE, has acquired certain assets of Bobker Bearing, Carlstadt, NJ, out of Chapter 11 reorganization. Bobker, founded in 1931, has been a distributor of bearings, power transmission and fluid power components with ten locations throughout the Eastern U.S. from Virginia to Massachusetts, with more than 100 employees. Under this agreement, the divisions of Bobker, Bobker Export Group, Eifler Electric and Biglow Industrial are included in the acquisition.
Precision plans to immediately expand the Bobker product offering to include other Precision product lines and services. Precision's product lines include: power transmission; bearings; electrical; rubber products; material handling; lubrication; fastener, tool and safety; and hydraulics and pneumatics. ...
Industrial Distribution Group, Atlanta, GA, has gone through its share of turbulence ﾖ almost since its beginning in 1997 when the company was formed through the roll-up of nine general-line industrial distribution companies. Since its initial public offering, the company has had a succession of CEOs. Andrew Shearer became president and CEO of IDG in August, 2001. He has served since 1991 as president of the IDG York business unit, formerly Shearer Industrial Supply Co., one of the nine IDG founding companies. He has been a member of the board of directors and since the beginning and is also the largest single shareholder of IDG. In an interview with MDM in late December, Shearer outlined IDG's strategy and restructuring plans.
Barnes Group Inc. , Bristol, CT, announced the latest in a series of actions that are aimed at reducing the Company's infrastructure and costs in light of the ongoing weak economic conditions.
Barnes Group has begun to realign the management of the sales organization at Barnes Distribution, and will close its Associated Spring plant located in Dallas, Texas, by the second quarter of 2002. The total number of employees affected by these actions is approximately 100, including 80 at Dallas. Affected employees are being offered severance packages.
"We have been reducing staff throughout Associated Spring for over a year now, and have announced the consolidation of several distribution centers at Barnes Distribution," said Edmund M. Carpenter, Barnes Group's ...
Minarik Corporation,Glendale, CA, a national distributor of industrial automation products has purchased Reserve Motion Control Systems (RMCS), Cleveland, OH.
'I am very impressed with their Reserve's overall capabilities as an organization and their ability to support and service their customers. Acquisitions are a key part of our expansion strategy and Reserve Motion's coverage in the Ohio and Western Pennsylvania areas fill key market areas that help us complete our national coverage.' stated John Hegel, president of Minarik Corporation.
Reserve Motion Control System (RMCS), is a distributor of electronic motion control and mechanical power transmission products based in Cleveland, Ohio with coverage also in Western Pennsylvania. RMCS also ...
Sandvik Coromant has decided to initiate negotiations with the local organization of the Swedish Metalworkers' Union regarding a surplus of about 250 persons at the plants in Gimo. The notice period is six months. The company said an increasing number of leading indicators suggest that the weak trend in the world economy could be lengthy. In response, the company wants to adjust capacity and resources to lower demand.
Sandvik makes tools for metalworking, machinery and tools for rock excavation, stainless steel, special alloys and resistance heating materials and process systems. The group has 35,000 employees in 130 countries, with annual sales of approximately SEK 44 billion.
Sandvik Coromant is a sector within the Sandvik Tooling Business Area and a producer of ...
Precision Industries, Omaha, NE, has acquired certain assets of The McGraw Group, a distributor of hydraulic and pneumatic components, machine tools, power transmission supplies, cutting tools, MRO supplies and material handling products, located in the Southeastern part of the United States.
Through a network of branches in Charlotte, Greensboro, Greenville, and Lenoir, NC, the McGraw Group has provided products and technical advice and consultation regarding products and applications for more than 130 years.
'We bought a portion of McGraw's assets and we hired some of their best people,' said Dennis P. Circo, Precision CEO and chairman of the board. 'We're primarily staying in the bearing, power transmission and fluid power business. We will also be ...
Milacron Inc., Cincinnati, OH, reported sales in the third quarter of 2001 were $295 million, down 25% from $394 million in the third quarter of 2000. New orders fell 24% to $290 million from $380 million. Low sales volumes, underutilization of assets and restructuring costs led to a net loss in the quarter of $18.4 million, compared to net earnings of $18.5 million, in the third quarter a year ago.
'During the quarter, we continued to focus on factors within our control, namely working capital management, restructuring and operating efficiency,' said Ronald D. Brown, Milacron's chairman, president and CEO. 'Despite depressed demand, we reduced inventory by $23 million, allowing us to generate approximately $20 million of net cash from operating ...
Industrial Distribution Group, Inc., Atlanta, GA, announced that the New York Stock Exchange ("NYSE") has accepted the company's plan to achieve ongoing compliance with the NYSE's continued listing standards. As a result, shares of IDG will continue to be listed on the NYSE subject to the company achieving financial and operating objectives as outlined in the company's plan. The NYSE indicated it would perform quarterly reviews of the goals and initiatives outlined in the company's plan over an eighteen-month period.
Industrial Distribution Group had previously received official notice from the NYSE that it was "below criteria" for one of three NYSE continued listing standards. Specifically, IDG was below the NYSE criteria with respect to maintaining total market ...
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