The 2020 Mid-Year Economic Update_long

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 ;


Industrial Distribution Group, Inc.,
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America. Profit was up 18 percent to $291 million. More
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Rockwell Automation, Inc., Milwaukee, WI, reported sales in the third quarter 2007 were $1.28 billion, up 9 percent from the same period in 2006. Profit was $164.2 million, compared with profit of $149 million last year. International sales increased 13 percent.&nbsp ; More
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Industrial Distribution Group, Inc., Atlanta, GA, reported second-quarter sales were $132.6 million, down from $137 million in the same period a year ago. Profit was $0.1 million. For the six months ended June 30, 2007, sales were $267.7 million, compared with $277.3 million in the same period a year ago. Profit was $1.5 million, about half the profit of a year ago. More
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Barnes Group Inc., Bristol, CT, reported sales increased 16 percent to $360 million in the second quarter ended June 30, 2007. Profit was up 58 percent. Sales at Barnes Distribution were $150.7 million in the second quarter of 2007, up 20 percent, including $22.2 million of incremental sales from the KENT acquisition and organic sales growth of $1.3 million. More&nbsp ; &nbsp ;
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Thanks to acquisitions, Rexel’s second-quarter rose nearly 30 percent to US$3.73 billion. Organic growth was 3.3 percent. Sales in the first half of 2007 were up 30 percent to US$7.3 billion (5.3 billion euros). Organic growth was 4.5 percent. North America: Sales fall 1.1 percent to US$3.4 billion in the first half; sales were down 1.7 percent in second quarter. More
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HVAC distributor Watsco, Inc., Coconut Grove, FL, reported sales decreased 7 percent to $471 million for the second quarter ended June 30, 2007. Revenues in the first six months declined 6 percent to $842 million. Profit for the first six months was $35.4 million, down from the same period a year ago.
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Interline Brands Inc., Jacksonville, FL, distributor of MRO products, reported sales in the second quarter ended June 29, 2007, were up 33.1 percent over the same period a year ago. Sales for the quarter were $313.2 million. Average organic daily sales grew 4.2 percent.&nbsp ; More
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Kaman Corp. reported sales for the second quarter 2007 were $320 million, an increase of 9.2 percent from the second quarter 2006. Profit was $10.1 million, an increase of 34.4 percent. In the first half, the company reported sales increased 8.1 percent, and profit was up 50.2 percent. Industrial Distribution sales for the second quarter were $174.6 million, compared to $170.5 million in 2006. More
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Huttig Building Products, Inc., distributor of millwork, building materials and wood products, reported sales in the second quarter were $239.6 million, down 19 percent from the prior-year period. Sales to national accounts, or 35 percent of sales in the second quarter, declined by 17 percent. Sales for the first six months were down 20 percent. More
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DXP Enterprises, Inc. reported profit of $3.4 million for the second quarter ending June 30, 2007, compared with profit of $2.9 million in the prior-year period. Sales increased 22.3 percent. Excluding sales by acquired businesses, sales increased 3.2 percent from the prior-year period. Year-to-date sales increased 27.7 percent.&nbsp ; &nbsp ; More building products for residential new construction in the U.S., has acquired Bama Truss and Components, Inc., Shelby, AL, a supplier of multifamily and light commercial manufactured structural components with sales of $25 million. More
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BlueLinx Holdings Inc., Atlanta, GA, building product distributor, reported profit in the second quarter ended June 30, 2007, of $5.4 million, compared with profit of $9.6 million in the prior-year period. Sales fell 21.5 percent. More
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SKF has agreed to buy S2M, a subsidiary of British company Edwards Limited, a manufacturer of magnetic bearings, for 55 million euros (US$75.04 million). S2M has annual sales of 40 million euros (US$54.5 million). It is headquartered in Vernon, France. More
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RBC Bearings Inc., Oxford, CT, an international manufacturer of precision plain, roller and ball bearings, has acquired CBS/Coastal Bearing Services, Houston, TX, for $3.7 million in cash. CBS manufactures, inspects and refurbishes large bearings for the oil and mining industries. CBS has sales of $3.1 million in 2006. More&nbsp ;
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Valley National Gases Inc., Washington, PA, has acquired Mitchell Industrial Supply Inc, an industrial gases and welding supply distributor in Elkhart, IN. Mitchell serves customers throughout Northern Indiana and Southwest Michigan. More&nbsp ;
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Airgas, Inc., Radnor, PA, has acquired Gartech Refrigerant Reclamation Center, Inc., in Garland, TX, and Oklahoma City, OK. Airgas Specialty Products has integrated Gartech’s operations, which had $2 million in revenue in 2006. More

Airgas reported sales increased 18 percent in its first quarter ended June 30, 2007. Sales were $915 million. Profit was up 34 percent. Same-store sales increased 7 percent, with hardgoods up 6 percent and rent up 8 percent. More&nbsp ;
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Real gross domestic product -the output of goods and services produced by labor and property in the U.S. -increased at an annual rate of 3.4 percent in the second quarter of 2007, according to advance estimates released by the Bureau of Economic Analysis. More&nbsp ;
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Following April’s sharp decline, Canadian wholesale sales posted a modest rebound in May with most sectors registering gains. Overall sales rose&nbsp ; 0.6 percent to&nbsp ; $43.1&nbsp ; billion in May. Five of the seven wholesale sectors reported higher sales in May, with the largest gains in the machinery and electronic equipment. More
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Anixter International Inc., Glenview, IL, distributor of communication products, electrical and electronic wire & cable and a distributor of fasteners and other small parts, reported sales of $1.51 billion in the second quarter, up 22 percent from the year-ago period. Profit for the second quarter increased 31 percent. Organic growth was 17 percent. More&nbsp ;
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Kennametal Inc., Latrobe, PA, reported sales in fiscal 2007 were $2.4 billion, up 6 percent on an organic basis. Sales in the fourth quarter were $657 million, up 6 percent. More
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Praxair, Inc., Danbury, CT, reported sales in the second quarter 2007 increased to $2.3 billion, 12 percent above the same period a year ago. Sales growth was led by significant new business coming on-stream in the energy sector and new business in Asia and SouthPlatinum 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 ;

Industrial Distribution Group, Inc.,Atlanta, GA, has formed a committee of independent directors to review strategic alternatives for the $550 million distributor. The independent committee will be led by the company’s non-executive chairman of the board, Richard M. Seigel. More

Fairmont Supply Company, Canonsburg, PA, distributor of MRO supplies, has acquired Florida-based Piping and Equipment Inc. Piping and Equipment Inc. is a pipe, valve and fittings supplier with eight locations in Florida, Alabama, Louisiana and Texas. More&nbsp ; &nbsp ;

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Ferguson, a company of Wolseley plc, UK-based distributor of plumbing and heating products to professional contractors and a supplier of building materials, has acquired Fire Fab Inc. Fire Fab is a distributor and fabricator of fire safety and suppression systems in Minneapolis, MN, with revenues of $12.4 million. More
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Wolseley has appointed Dan Parr to vice president of Acquisitions and Business Integration for Wolseley’s North American Division, comprised of Ferguson, Stock Building Supply and Wolseley Canada. More
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Kaman Industrial Technologies, Windsor, CT, distributor of bearings, power transmission, electrical, and motion control products, has opened new branches in Lathrop, CA, Bradenton and Port St. Lucie, FL, and Danville, IL.&nbsp ; More&nbsp ;
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EnPro Industries Inc., Charlotte, NC, manufacturer of engineered industrial products, has acquired Compressor Products International, a privately-held company that designs, manufactures and services sealing components for reciprocating compressors. More&nbsp ; &nbsp ;
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Simpson Strong-Tie Company Inc. has purchased Swan Secure Products Inc., Baltimore, MD, a manufacturer of stainless steel and other fasteners, for $43.5 million in cash. Swan Secure has locations throughout the U.S.
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Saint-Gobain has acquired the Maxit group, a manufacturer of industrial mortars, from HeidelbergCement. Maxit reported sales of & euro; 1,237 million in 2006 (US$1.7 billion).&nbsp ; With this transaction, Saint-Gobain builds its presence in Construction Markets, doubling its size in industrial mortars (which, in 2006, represented & euro; 1 billion (US$1.37B) in products sold under the Weber trademark). More&nbsp ; &nbsp ;
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Honeywell, Morris Township, NJ, has acquired Enraf Holding B.V., a division of privately held Delft Instruments, based in Delft, Netherlands, in a deal valued at $260 million. More&nbsp ; &nbsp ;
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Builders FirstSource, Inc., Dallas, TX, a supplier and manufacturer of structural and related

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