Both are distributors of commercial entry solutions and systems integration services.
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It followed a sizeable jump in January, reflecting broad weakened industrial demand.
The distributor saw healthy 4Q organic growth, too, with comparable sales up 5.1% excluding GIC's May 2023 acqusition of Indoff.
Los Angeles-based Progressive had 2023 annual sales of more than $400 million.
The specialty building products distributor saw gross margin improve 40 bps year-over-year, though EBITDA fell by a larger margin.
Dragged down by building materials and supplies, it followed a 0.3% increase in December.
Driven by a sharp decline in commercial aircraft orders, it was the sharpest one-month drop since April 2020’s 19.3%.
Over 515 attendees gathered for the 2024 AD eCommerce & Marketing Summit to discuss digital and marketing leadership, products and marketing.
The company agreed to 19 acquisitions during 2023, respresenting a total investment of $593 million.
It will divest the industrial MRO unit out of Wesco, while considerably bolstering Vallen's product and services offerings.
The ISA24 conference is rapidly approaching on April 15-17 in Charlotte, NC. As a primer, we chatted with CEO Brendan Breen on what to expect from the agenda, what he's hearing from ISA members and what gives him hope about the industry.
The Power Transmission Distributors Association added a bearings distributor, a manufacturer and an associate to its membership.
Building Materials Distribution sales improved 3% year-over-year during 4Q, a stark improvement from a 15% decline in 3Q.
In 2023, the distributor paid down $160 million of debt and reduced inventory by $100 million while maintaining fill rates above 94%.
Texas A&M University will offer one STAFDA member a scholarship towards earning their master's degree in industrial distribution.
CEO Ted Decker noted that 2023 was "a year of moderation" for the DIY and contractor supply retail giant.
It marks the first transaction for Motion since its landmark $1.2 billion buy of Kaman Distribution Group at the start of 2022.
After a strong start to 2023, shipments of cutting tools weakened in the last quarter of the year, falling 7.3% in December year-over-year.
Research from Colliers found that lease rates reached $9.72 per square foot last year despite supply far outpacing occupancy.
Producer prices rose at their fastest clip in five months, tampering hopes that inflation will cool to the Fed's 2% target anytime soon.
