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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.
Eaton says the addition of the power and connectivity solutions provider will “enhance the breadth of our edge computing and distributed IT product portfolio.”
The National Association of Wholesaler-Distributors this week elected Michael Medart, president and CEO, Medart Engine & Marine, as its 2021 chairman.
Building materials company 84 Lumber continues to grow its real estate development team with promotion of Bethany Cypher.
Indian River Consulting Group’s (IRCG) weekly Pandemic Revenue Index for the work week of Jan. 18 to Jan. 22 increased 3.9%, continuing a normal growth trend.
For the entirety of 2020 — a topsy-turvy year due to COVID-19 restrictions and recovery — real GDP decreased 3.5%.
