Lewis-Goetz and Company, Inc., Pittsburgh, PA, has acquired International Gasket and Supply, a Houston-based subsidiary of Leader Global Technologies. IGS specializes in the fabrication and supply of specialty gaskets, bolts and sealing products for the oil and gas exploration industry as well as the petroleum refining and specialty chemical industries of the Texas Gulf Coast. “The Gulf Coast is the single largest end market for our fabricated products in North America,” said Jeff Crane, president and CEO of Lewis-Goetz. “IGS is yet another opportunity for us to demonstrate our commitment to those markets and the important national customers that operate there.”
Applied Industrial Technologies, Cleveland, OH, has added nearly 4,000 new products to its newly released 2009/2010 master product catalog, bringing the total to more than 42,000. The new catalog includes the debut of NSK bearings, U.S. Electric motors, plus more than 20,000 bearing and power transmission parts, more than 9,000 fluid power products, and a helpful 48-page Technical Reference section that includes formulas, conversion tables, fluid power troubleshooting information and more. “Our goal is to be the most comprehensive resource for industrial supplies and expertise,” says Tom Armold, vice president, Marketing and Strategic Accounts.
Grainger, Chicago, IL, has named Sean O’Brien as of president, Acklands-Grainger Inc., Grainger’s Canadian subsidiary. O’Brien’s new responsibilities include oversight of the Canadian business operations which had revenues of $728 million (C$773 million) in 2008. O’Brien succeeds and reports to Court D. Carruthers who became senior vice president and president, Grainger International, in March of this year.
Grainger has named Jeff Yin to the position of vice president and general manager, Grainger China, based in Shanghai. Yin’s new responsibilities include oversight of the Chinese business operations, which had revenues of approximately $10 million in 2008. He reports to Carruthers.
Beacon Roofing Supply, Inc., Peabody, MA, announced it is now operating two branches formerly operated by a distributor of commercial building products based in Southwestern U.S. and has also hired that distributor’s North Texas commercial roofing and waterproofing sales staff. The two branches are in Albuquerque, NM, and Oklahoma City, OK, and, along with the North Texas sales staff, have become part of the company’s Shelter Southwest region.
Swiss fasteners distributor Bossard reported sales for the first six months of 2009 of CHF 205.9 million (US$194.7 million), down 31.3 percent from the first six months of 2008. Profit declined 70 percent to CHF 5.6 million (US$5.3 million). “The worldwide recession led to an exceptional sales collapse in all markets and regions,” the company wrote in its semi-annual report. Sales in Europe fell 36.9 percent, while sales in Asia fell 31.1 percent. Sales in America fared the best with sales only falling 18.4 percent.
Stockholm, Sweden-based Atlas Copco has acquired Czech Republic compressor service provider Servis A.C. s.r.o. The acquisition provides opportunity for increased sales of compressed air equipment and aftermarket products in the region, a center for industrial activity in the Czech Republic. The region has mining, steel plants, automotive and chemical industry. Servis has 10 employees and will be integrated with Atlas Copco’s Compressor Technique Service. Atlas Copco is in 160 markets.
Unisource Canada, a division of paper, packaging and facility supplies distributor Unisource Worldwide Inc., Norcross, GA, has completed its acquisition of Concord, Ontario-based Mondrian-Hall Inc. “This is a significant acquisition for Unisource Canada and strengthens our market position throughout Canada,” said Al Dragone, Unisource CEO. “It also demonstrates our ongoing commitment to pursue strategic acquisitions and our intent to expand our operations both within and outside North America.”
Washington D.C.-based manufacturer Danaher Corp. announced plans to accelerate its 2009 restructuring, now anticipated to total $225 million to $250 million. The initiatives are expected to provide annual costs savings of $220 million through the elimination of 3,300 positions and 30 facilities. Danaher had previously estimated restructuring costs of $150 to $170 million in 2009.Precision Castparts Corp., Portland, OR, has agreed to acquire Carlton Forge Works, Paramount, CA, a manufacturer of seamless rolled rings for critical aerospace applications. “Carlton is a critical strategic asset that we have aggressively pursued for several years,” said Mark Donegan, CEO of Precision Castparts Corp. “Ring rolling has been a distinct gap in our product portfolio, and Carlton, the technology leader in that market, will enable us to provide a full range of products to our engine customers.” As part of the transaction, Precision will also acquire Arcturus Manufacturing Corporation, a hammer forging operation in Oxnard, California.
The Timken Company, Canton, OH, will expand its product offerings in Asia through a five-year collaboration agreement reached with Nagoya, Japan-based Daido Steel Co. Ltd. Under the agreement, Daido will manufacture specialty steel products according to Timken specifications for industrial customers throughout Asia. “This is a fast-track approach to accelerate the growth of our steel business while building the Timken brand further in Asia,” said Salvatore J. Miraglia Jr., president of Timken’s Steel Group. “It will allow us to capitalize on more of the growth opportunities we see in the Asian market.” This is the second collaboration between Timken and Daido.
Real gross domestic product – the output of goods and services produced by labor and property in the U.S. – decreased at an annual rate of 1 percent in the second quarter of 2009, (that is, from the first quarter to the second quarter), according to the second estimate released by the Bureau of Economic Analysis. Also, profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $67.6 billion in the second quarter, compared with an increase of $59.1 billion in the first quarter.
Inflation-adjusted gross domestic product will decline 2.7 percent in 2009 before rebounding to 2.1 percent growth in 2010 and 3.2 percent growth in 2011, according to the latest Manufacturers Alliance/MAPI Quarterly Economic Forecast. These figures are marginally better than the decline of 2.9 percent anticipated in the last forecast. “We believe the economy has bottomed out and will post a 1.9 percent increase at an annual rate in the third quarter of 2009 and 2.5 percent in the fourth quarter,” said Daniel J. Meckstroth, Manufacturers Alliance/MAPI chief economist. “A swing from cutting inventory in 2009 to adding inventory in 2010 and 2011 has the impact of boosting production. Economic momentum will be enhanced as pent up demand is unleashed, especially for new housing and motor vehicles as both of these industries are rebounding form several years of exceptionally low production.”
On an annual basis, manufacturing production is forecast to fall 12 percent in 2009, preceding 3 percent growth in 2010 and 5 percent growth in 2011, according to the latest Manufacturers Alliance/MAPI Industrial Outlook: The Recession is Bottoming Out.
The manufacturing sector expanded in August, following 18 months of contraction, according to the latest Manufacturing ISM Report on Business. The August index is at 52.9 percent, four percentage points higher than in July.
Private equity firm Industrial Opportunity Partners has invested in Carlson Systems Holdings Inc. and its subsidiaries Carlson Systems LLC and Mid-Atlantic Fasteners LLC. The transaction is a recapitalization of the family-owned company.
