The 2020 Mid-Year Economic Update_long

MDM News Digest 3812

Plumbing &HVAC distributor Ferguson, Newport News, VA, has opened a new clearance center in Pomona, CA. The 7,600-square-foot retail space, in an existing warehouse, offers excess inventory and discontinued material from Ferguson warehouses and showrooms in the Southern California area. Ferguson is a Wolseley plc company, a UK-based distributor of plumbing, HVAC and building materials. More
 
Chicago-based Grainger, facilities maintenance distributor, will open four new facilities, relocate one other, and expand and enhance three existing facilities throughout the U.S. Gulf region. The move is part of the company's market expansion initiative. <a ...

Plumbing &HVAC distributor Ferguson, Newport News, VA, has opened a new clearance center in Pomona, CA. The 7,600-square-foot retail space, in an existing warehouse, offers excess inventory and discontinued material from Ferguson warehouses and showrooms in the Southern California area. Ferguson is a Wolseley plc company, a UK-based distributor of plumbing, HVAC and building materials. More
 
Chicago-based Grainger, facilities maintenance distributor, will open four new facilities, relocate one other, and expand and enhance three existing facilities throughout the U.S. Gulf region. The move is part of the company’s market expansion initiative. More
 
Gases distributor Airgas, Inc., Radnor, PA, has agreed to buy Refron Inc., Long Island City, NY, a reseller and distributor of refrigerants that also provides technical services and refrigerant reclamation services. Refron had $93 million in revenues in 2007. Refron will be integrated with Airgas’existing refrigerant and reclamation business as a new company, Airgas Refrigerants, Inc. More
 
HVAC distributor Watsco, Inc., Coconut Grove, FL, has launched ACDoctor.com, a consumer Web site that offers educational tools to help homeowners identify energy efficient cooling systems to help save money and reduce negative impacts of global warming. ACDoctor.com features energy saving calculators and tips on keeping energy bills low, energy efficiency high and improving the quality of indoor air. Users can compare HVAC systems, connect with contractors and locate financial incentives. More
 
St.Louis, MO-based Graybar, a distributor of electrical and communications products, has opened a 12,000-square-foot distribution facility in Gulfport, MS. The company now has 64 locations in the Southeast. More
 
Hisco, Houston, TX, has acquired the distribution division of B&L Technologies, a Victor, NY-based capital equipment and materials supplier to the electronics assembly industry. This expansion strengthens Hisco’s operations in upstate New York and adds a 6,000-square-foot-facility to the distributor’s network. More
 
The stockholders of Industrial Distribution Group, Inc., Atlanta, GA, distributor of maintenance, repair, operating and production (MROP) products and integrated supply services, have voted to approve the deal in which the company will be acquired by an affiliate of Luther King Capital Management. The closing of the deal is expected to occur in mid-July 2008. More
 
William Sanford, president and COO of Interline Brands, Inc., Jacksonville, FL, will step down from his positions immediately. The company will not immediately fill his position. More
 
ProBuild Holdings Inc., Denver, CO, has appointed Bill Myrick as chief operating officer. Myrick joined ProBuild in February 2007. More
 
Private equity firm Platinum Equity, Los Angeles, CA, has agreed to sell PNA Group to Reliance Steel &Aluminum Co., Los Angeles, CA, for $1.1 billion. PNA Group processes and distributes steel in a variety of forms, including structural beams, tubes, and coiled and rolled steel. Platinum acquired PNA in May 2006. More
 
U.S. wholesale prices increased 1.4% in May, seasonally adjusted. This rise followed a 0.2% advance in April and a 1.1% increase in March. More
 
Privately-owned housing starts in the U.S. in May were 3.3 percent below April and 32.1% below May 2007, according to the U.S. Census Bureau and the Department of Housing and Urban Development. In the West, starts were down 34.9 percent year-to-date; the Midwest saw a 31.3% drop; the South a 30.2 percent decline; and the Northeast a 21.4 percent decrase. More
 
Canadian manufacturers’factory sales rose by a sharp 2 percent in April to $49.8 billion, following a weak March (-1.7 percent). Gains were led by the petroleum products industry but still were broadly based as 17 of the 21 manufacturing industries, representing 80 percent of total sales, reported increases. Excluding petroleum, total manufacturing sales climbed 1 percent. More
 
Latrobe, PA-based Kennametal Inc. has agreed to sell On Time Machining Company to Kyocera Industrial Ceramics Corp., Vancouver, WA. OTM, Wapakoneta, OH, manufactures indexable cutting tools, including drills, aluminum cutting mills and counterbores. More
 
The Stanley Works, New Britain, CT, has agreed to sell its CST/berger laser leveling and measuring business, West Lafayette, IN, to Robert Bosch Tool Corp. for $205 million. The operation had 2007 revenues of $80 million. More
 
Richard L. Scott Investments has taken a majority stake in Drives LLC, Fulton, IL, a manufacturer of conveyor and power transmission roller chains and auger products. Drives CEO David Vogel said the sale will enable Drives to accelerate growth and expand via acquisition. Vogel will retain the positions of president and CEO. More

Flooding in the Midwest is keeping distributors there busy helping customers recover from the extensive damage the waters brought. One of the hardest hit wasCedar Rapids, Iowa‘s second-largest city. In one case, a Ferguson employee made a late-night run in heavy rain to the HVAC/plumbing distributor’s Waterloo, IA, distribution center -50 miles each way -to get mechanical plugs for contractors working to prevent floodwaters from seeping into the local hospital. The AP reported that about 1,300 city blocks flooded and 24,000 people fled their homes. More

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