The distributor has also enacted a handful of other cost-cutting actions as homebuilding has soured throughout 2022.
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Sales growth was slower than in 2Q, but Grainger remains on pace to finish 2022 strong.
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It marks the fifth acquisition in the past three years for Martin, and its fourth in the Hoosier State.
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Sales growth at Motion Industries narrowly outpaced that of 2Q, with organic sales driving the majority of it, alongside a continued boost from Kaman Distribution Group.
The metalworking and MRO supplies distributor's fiscal year ended Sept. 3, and its strong momentum bodes well for the greater industrial supplies market.
The Crescent Electric Supply leader tells us how employee engagement has kept the distributor pointed at its customer-based North Star.
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It was another quarter of double-digit sales and profit gains for the industrial supplies distributor, which saw softening demand and tougher year-over-year comparables.
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The deal comes after IR’s $3.59B offer to buy SPX outright was rejected in July 2021.
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