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Specialty building materials distributor expands presence in the Minneapolis-St. Paul area.
Jared Lukert and Eric Eddleman appointed to key leadership positions in the electrical distributor’s Houston branch.
Buying group also reports that in 2020 member net distributions increased 1% while supplier purchases declined 1%.
Association also reports that the average annual sales growth for the 12 months through December 2020 for HARDI distributors is 4.1%.
Despite the pandemic, construction spending for 2020 wound up at $1,429.7 billion, up 4.7% from 2019.
The January PMI registered 58.7%, down 1.8% from the December reading of 60.5% but still marking an eighth consecutive month of expansion.
In a deal valued at $2.8 billion, Eaton is investing heavily to expand its Aerospace business’s fuel and environmental systems offerings.
The company said this acquisition “fits strategically with the company’s portfolio of air compression technologies and operates under the trade names MD Pneumatics and Kinney Vacuum Pumps.”
The company announced in January it was selling the division to the private equity firm Clayton, Dubilier and Rice for £308 million (US$417.5 million).
Firm completes $1.4 billion acquisition of distributor from an affiliate of PE firm Lone Star Funds, which had acquired FBM in 2015 and maintained a majority ownership since the company’s 2017 IPO.
