Goodrich Corporation, Charlotte, NC, is planning a tax-free spin-off of the company's Engineered Industrial Products business to shareholders. This transaction will create two publicly traded companies by early 2002 with distinct products and markets. Application will be made to list the new shares on the New York Stock Exchange. The spin- off is expected to be completed in early 2002.
The new industrial company, a supplier of sealing technologies, compressor systems and specialty industrial bearings, is expected to have annual revenues of $800 million in 2002, including the full-year contribution of the Glacier Industrial Bearings acquisition. It also will manufacture engines used in naval ships, locomotives and electric power plants, and a variety of other ...
Hagemeyer, Naarden, the Netherlands, said its Professional Products and Services (PPS) division achieved critical mass in North America in 2001 with the inclusion of CamBar. As a result, the structure of the North American group changed fundamentally and the businesses are in the process of being integrated. Hagemeyer organizes its PPS division on a geographical basis with three regions: Europe, North America and Asia-Pacific. North America net sales for the six months ended Jun. 30 were EUR 883.1 million, an increase of EUR 544.0 million or 160% as compared to the prior year. Because of integration, comparison with the prior year is not meaningful.
Of the total increase, EUR 513.3 million is attributable to the acquisition of CamBar in the second half of 2000. The movement ...
Following months of speculation, Cameron & Barkley Co., a Hagemeyer North America company, has acquired substantially all of the assets of Briggs-Weaver, Dallas, TX, a wholly owned subsidiary of Sammons Enterprises, Inc. Briggs has 18 locations in the South and Southwest.
Briggs-Weaver carries more than 120,000 products and represents over 1500 leading manufacturers. Briggs-Weaver is one of the country's largest and most diversified industrial distribution companies. The acquisition is in line with Hagemeyer North America's strategy to create a premier North American value-added B2B distribution services group, the company said.
A distributor of industrial and safety supplies and integrated supply services, Briggs-Weaver has locations ...
Industrial Distribution Group, Inc., Atlanta, GA, has appointed Andrew B. Shearer as president and CEO. A founding
board member and the single largest shareholder in the company, he replaces Patrick S. O'Keefe, who has resigned. Since IDG's
formation four years ago, Shearer, 38, has served as president of the IDG division in York, PA, one of the nine original founding
companies of IDG. In a separate announcement, the company also said it has had an 8% reduction in head count this year as
part of its cost-cutting measures.
Shearer served as president of Shearer Industrial Supply Co. (now IDG York)
prior to its acquisition by IDG. Prior to becoming president of Shearer Industrial Supply, Shearer served that company in
several managerial roles since 1985.
June U.S. machine tool consumption totaled $253.22 million, according to the American Machine Tool Distributors' Association and The Association For Manufacturing Technology. This total, as reported by companies participating in the USMTC program, was down 7.2% from May and down 28.5% from the total of $354.28 million reported for June 2000. With a year-to-date total of $1,487.03 million, 2001 is down 26.7% compared to the same period in 2000.
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 general production malaise within the manufacturing sector continues to wreak havoc on machine tool orders,' stated Ralph J. Nappi, president of AMTDA. 'All regions of the country are ...
Saint-Gobain Abrasives, Inc., parent company of Norton Company, Worcester, MA, has acquired Merit Abrasives,, Compton, CA, a manufacturer of specialty abrasive products, including quick-change discs, flap discs, flap wheels and contour sanding heads.
Merit Abrasives employs 180 people worldwide and has plants in Compton, CA; Brookville, OH; Glasgow, Scotland; and Tijuana, Mexico. The Compton operation is in the process of being transferred to Ohio and Mexico.
Saint-Gobain and Merit have had a long-standing business relationship. Saint-Gobain has supplied Merit with coated abrasive jumbo rolls and Merit has supplied Saint-Gobain with specialty coated products.
'The acquisition of Merit is solidifying a mutually beneficial business relationship ...
The board of directors for Cooper Industries, Inc., Houston, TX, has determined unanimously to reject a merger proposal from the slightly smaller Danaher Corporation, Washington, DC, in what it termed 'an unsolicited, inadequate and highly conditional proposal.' Danaher had proposed on Jul. 25 a merger through a stock-and-cash transaction valued at $6.5 billion to $7 billion including assumed debt, based on recent Danaher share prices.
The second offer Danaher has made to Cooper in two years, it triggered a public exchange of letters in the past few weeks as Danaher sought to gain Cooper shareholder approval for the deal as an alternative to a current Cooper Industries proposal to reincorporate in Bermuda.
'We believe that Danaher's proposal is an attempt to coerce ...
Hurco Companies, Inc., Indianapolis, IN, announced that, in light of a significant decline in machine tool consumption in the U.S and early indications of a coming decline in Europe, it is implementing a comprehensive program to reduce costs and product inventories.
The most significant element of the program is a restructuring of the company's U.S. operations, which will involve a nearly 20% reduction in its domestic workforce and generate an annual cost savings of approximately $3.2 million. The company has set aside a reserve for severance costs of approximately $360,000 that will be a charge to results for its third fiscal quarter, which ends July 31. As a result of the decline in domestic demand, continued weakness of the Euro relative to the U.S. dollar and the ...
MSC Industrial Direct Co., Inc., Melville, NY, reported net sales for the third quarter of fiscal 2001 were down 4 percent to $204.8 million, compared to $212.8 million during the same quarter last year. Income from operations for the quarter was down 26 percent to $21.4 million, compared to $28.6 million in the third quarter of fiscal 2000. Net income for the third quarter was down 25 percent to $12.4 million, before a one-time, non-operating, after tax charge of $9.9 million for the company's minority investment in several online MRO businesses, as compared to $16.4 million last year.
Net sales for the nine-month period increased 6 percent to $627.5 million, compared to $593.8 million during the same period last year. Income from operations was $70.1 million for the ...
Weiler Corporation, Cresco, PA, a manufacturer of industrial brushes, abrasives and maintenance products, has acquired Anderson Products, Worcester, MA, in a transaction with JET Equipment & Tools. As reported in the May 10 issue of MDM, the deal is part of JET's acquisition of Wilton Corporation, the former parent company of Anderson Products.
Weiler intends to operate Anderson as a stand-alone organization under the leadership of Dick Gommel, president/CEO with an independent sales force. 'We strongly believe in the brand equity of both Weiler and Anderson,' Gommel said. 'Our intent is to operate the organizations as independent companies, each having well-known and well-respected brand names in the marketplace. By combining the market shares of both ...