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MDM News Digest 3820

Wolseley plc, UK-based distributor of plumbing and heating products and building materials, reported it would not sell Stock Building Supply but instead extensively restructure the U.S. building materials distributor. More
 
84 Lumber has announced 20 more store closings, according to the Pittsburgh Tribune-Review. The building materials distributors closed nine stores a few weeks ago. The company now has 335 stores, down from 400. More
 
Cummins-Wagner Co., Inc., Annapolis Junction, MD, a distributor of industrial process equipment and HVAC equipment in the Mid-Atlantic region, has acquired Rochester, NY-based Siewert ...
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Kennametal Organic Growth at 3% in 1Q

Kennametal Inc., Latrobe, PA, reported sales increased in the first quarter by 9% to $669 million. Organic sales growth was 3%. Profit was $35 million, flat from the previous quarter.
 
Our September quarter performance again demonstrates the effectiveness of our strategies to further balance Kennametal across geographies and end markets," said President and CEO Carlos Cardoso. Cardoso also attributed the quarter's results to a better geographic balance, with 54% of the company's revenues coming from outside North America.
 
Metalworking Solutions &Services Group sales increased by 6% during the September quarter, driven primarily by favorable foreign currency effects which increased sales by 6 percent. Increased workdays added a further 2 percent which was offset by ...
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Kennametal Agrees to Buy Tricon


Kennametal Inc., Latrobe, PA, has agreed to acquire Tricon Metals &Services, Inc. Closing is planned for October 2008. Tricon will become part of Kennametal's Advanced Materials Solutions Group (AMSG).
 
Tricon is a provider of custom wear solutions specializing in consumable proprietary steels for the surface and underground mining markets, including hard rock and coal. Solutions include cladded products, wear pins, shafting and custom fabricated replacement components.
 
The acquisition will help Kennametal leverage its presence in emerging markets and achieve geographical balance," according to Kennametal. In addition, Tricon's strength in surface mining balances Kennametal's strength in underground mining ...
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MDM News Digest 3814

Chicago, IL-based Grainger reported sales of $1.8 billion for the second quarter ended June 30, 2008, up 10 percent over the second quarter 2007. Profit increased 8 percent to $113 million. More
 
The Fastenal Company, Winona, MN, reported sales for second quarter ended June 30, 2008, were $604.2 million, up 16.3 percent over the prior-year period. Profit was up 26.4 percent. Sales for the first six months were up 16 percent from the first six months of 2007. Profit was up 26.2 percent. More

UK-based Wolseley plc, distributor of plumbing and heating products to professional contractors and supplier of '
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Kennametal Organic Growth at 4% in Fiscal 2008

Kennametal Inc., Latrobe, PA, reported sales for its fourth quarter ended June 30, 2008, increased 15% over the same period a year ago to $753 million, including organic sales growth of 4%. Profit was $59.6 million, down 4% from the previous year.
 
Sales for the fiscal year 2008 were $2.7 billion, a 13% increase over the prior year. Profit declined 3.7% to $167.8 million. Sales for the year grew 4% on an organic basis, 3% from acquisitions and 6% from foreign currency effects.
 
Metalworking Solutions and Services Group grew by 13% for the quarter, driven by organic sales gains and favorable currency effects. Organic sales in all geographic regions except North America experienced growth.
 
Advanced Materials Solutions Group (AMSG) sales increased 17% ...
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Kennametal Taps New Chief for Metalworking Unit

Kennametal Inc., Latrobe, PA, has tapped a new chief for its Metalworking Solutions Services Group. Paul DeMand will take the position of president for the unit, which comprises about 60% of Kennametal's overall revenues.
 
Before joining Kennametal, DeMand was senior vice president and division head of the Industrial Products Group at Johnson Electric, Ltd., Hong Kong. Before holding that position, he was vice president, Electro-Mechanical at Solectron Corp. in ...
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Kennametal Agrees to Sell On Time Machining Company

Latrobe, PA-based Kennametal Inc. has agreed to sell On Time Machining Company to Kyocera Industrial Ceramics Corporation, Vancouver, WA.
 
OTM, based in Wapakoneta, OH, manufactures indexable cutting tools, including drills, aluminum cutting mills and counterbores. The acquisition will increase Kyocera's North American manufacturing capacity.
 
Kyocera Industrial Ceramics Corp., a subsidiary of Kyocera International Inc. of San Diego, CA, manufactures cutting tools and advanced ceramic components.
 
Kennametal supplies tooling, engineered components and advanced materials consumed in the production ...
Metals Service Centers
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Kennametal Organic Growth at 4% in 3Q

Kennametal Inc., Latrobe, PA, reported sales for its fiscal 2008 third quarter increased 12% from the prior-year quarter, including organic sales growth of 4%.
 
Our global growth strategies and initiatives continued to deliver results as we grew sales in both of our business segments at a solid pace in the March quarter. The team achieved this growth despite reduced industrial activity in North America and in some market sectors," said Kennametal CEO Carlos M. Cardoso. "Our sales gains, along with a robust improvement in the operating margin of our metalworking business, made a strong contribution to Kennametal's overall operating performance."
 
"Our advanced materials business, however, was challenged during the quarter by continued slower conditions in certain ...
Metals Service Centers
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Kennametal North American Sales Fall

Kennametal Inc., Latrobe, PA, reported that sales in the first half of 2008 were $1.3 billion, up 14% from the same period a year ago. Organic growth was 3%. Income from continuing operations was up 35% to $85 million.
 
Sales for the second quarter were $647 million, up 14% from the prior year. Organic growth was 2%. Income from continuing operations was $50 million, up 49%.
 
Metalworking Solutions and Services Group sales were up 16%, 4% of which was organic growth. India and Asia-Pacific organic growth was 15% and 11% respectively. Latin America organic sales were up 9% and Europe organic growth was 6%.
 
North America sales fell 2%.
 
Advanced Materials Solutions Group sales increased during the latest quarter, driven by the effects of ...
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MDM News Digest 3715

Platinum Equity has agreed to acquire Ryerson Inc., Chicago, IL, for $2 billion, which includes the assumption of debt. The price represents a 15 percent premium over Ryerson's closing share price on Feb. 31, 2007, the day Ryerson announced it was considering strategic alternatives. Ryerson is a distributor and processor of metals in North America, with 2006 revenues of $5.9 billion. More
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Ryerson reported second quarter sales of $1.6 billion, a 7.2 percent increase from the year-ago period. Profit was up 72 percent year-over-year. More&nbsp ;


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