The 2020 Mid-Year Economic Update_long

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 ...

quarter ended Sept. 27, 2008, increased 15% compared to the same period a year ago. More
 
Arrow Electronics Inc., Melville, NY, reported sales of $4.3 billion for the third quarter 2008, an increase of 7% over the same quarter 2007. Profit was $76.1 million, a decrease of 22.6%. For the first nine months, Arrow reported sales of $12.7 billion, an increase of 9.5% over the first nine months of 2007. Profit declined 12.1% to $258.2 million. More
 
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. More
 
Sweden-based Alfa Laval AB, a manufacturer in heat transfer, centrifugal separation and fluid handling, reported sales of SEK 6.6 billion (US$843 million) for the third quarter ended Sept. 30, 2008, an increase of 4% over the same period 2007, excluding the impact of exchange rate variation. Profit increased 9% to SEK 1 billion (US$128 million). For the nine months ended Sept. 30, 2008, Alfa Laval reported sales increased 14.5% to SEK 19.8 billion (US$2.5 billion) in a year-over-year comparison. Profit was SEK 2.9 billion (US$370.6 million), up 38% over the prior year. More
 
Precision Castparts Corp., Portland, OR, reported sales in the second quarter fiscal 2009 were $1.82 billion from continuing operations, up 5.9% from a year ago. Profit from continuing operations was up 13.6%. More
 
Diversified manufacturer 3M, St. Paul, MN, reported sales for the third quarter 2008 of $6.6 billion, up 6.2% from third quarter 2007. Profit was $991 million, versus $960 million in the prior-year period. For the first nine months of 2008, sales increased 8.2% to $19.8 billion. Year-to-date earnings were up 10.6% over 2007. More
 
Diversified industrial manufacturer Eaton Corp., Cleveland, OH, reported sales of $4.1 billion for the third quarter, an increase of 25% over the same period a year ago. Profit was $315 million compared to $258 million in 2007, an increase of 22%. More
 
Danaher Corp., Washington, DC, reported profit from continuing operations for the quarter ended Sept. 26, 2008, were $372 million, an 11% increase from third quarter 2007. Sales from continuing operations were $3.21 billion, an increase of 17.5%. Profit from continuing operations for the first nine months of 2008 were $1.01 billion, an increase of 13% over the first nine months of 2007. Sales from continuing operations for the first nine months of 2008 were $9.51 billion, an increase of 20.5%. More
 
Parker Hannifin, Cleveland, OH, reported fiscal 2009 first-quarter sales of $3.1 billion, an increase of 10% from the same period a year ago. Profit was up 9% to $250.2 million. Organic sales growth was 4%.More
 
Canadian manufacturers sales in August decreased 3.7% to $52.0 billion, erasing most of the gains from the previous two months. The largest contributor to the decrease was the petroleum and coal products industry, where sales have fallen by nearly one billion dollars in two months. Constant dollar sales fell 3.7% in August to $46.3 billion. More
 
The Producer Price Index for Finished Goods decreased 0.4% in September, seasonally adjusted, the Bureau of Labor Statistics of the U.S. Department of Labor reported. This decline followed a 0.9-percent drop in August and a 1.2-percent increase in July. At the earlier stages of processing, prices received by producers of intermediate goods fell 1.2% after decreasing 1.0% a month earlier, and the decline in the crude goods index slowed to 7.9% in September from 11.9% in the preceding month. MoreWolseley 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 Equipment Co. and Siewert Classic Co. SECO is a distributor/manufacturers representative in the sales of fluid process equipment and provides assembly, aftermarket service and engineered solutions. More
 
Henry M. Wood Co. and Ritchie Industrial Marketing have recently merged, according to Manufacturing and Technology eJournal. The Cincinnati, OH-based companies sell industrial equipment, including pneumatic fluid power, pneumatic safety products, low-pressure fluid handling, leak test equipment and ergonomic manufacturing solutions. Ritchie will sell under its own name as a division of Wood. More
 
McJunkin Red Man Corp. has acquired St. Louis, MO-based LaBarge Pipe &Steel Company. LaBarge Pipe &Steel distributes carbon steel pipe for use in the North American energy infrastructure market. It four sales offices in St. Louis, MO, Houston, TX, Birmingham, AL and Charlotte, NC and a manufacturing facility in Wagoner, OK. More

 
Avnet, Inc., Phoenix, AZ, has offered to acquire U.K.-based Abacus Group PLC, a distributor of electronics components in 10 European countries, for £42.2 million ($73 million) in cash. In addition, Avnet would assume net debt from Abacus of £62.9 million ($108.8 million). More
 
Builders FirstSource, Inc., Dallas, TX, supplier and manufacturer of structural and related building products, has decided to leave the New Jersey market. The company operated a distribution center, a manufacturing facility and three showrooms there  More
 
Moog Inc., East Aurora, NY, has acquired Berkeley Process Control, Inc., Richmond, CA, for $14 million. The acquisition expands Moog’s product offering. Berkeley Process Control, Inc. holds several patents, among them its Autocalibration technology for improving the productivity and precision of equipment that processes semiconductor wafers. More
 
Gates Corp., Denver, CO., a wholly-owned subsidiary of Tomkins plc, will invest in a new power transmission facility in the Izmir Free Trade Zone in Turkey. The new plant will support the growing demand for oil pumps and tensioners in Europe. More
 
SaintGobain Performance Plastics, Aurora, OH, has acquired The Green Glue Company of West Fargo, ND, a manufacturer of visco-elastic soundproofing technology. Green Glue supplies products to global construction customers. More

Zep Inc., Atlanta, GA, announced the launch of its new Zep Professional product line focused on the industrial distribution market, and new agreements with industrial distributors that serve targeted market segments. Zep has secured new agreements with W.W. Grainger, Inc., Lab Safety Supply Inc., Graybar Electric Company, Inc., R3 Reliable Redistribution Resource, a division of Bunzl North America, and VWR International, LLC. More

Genuine Parts Company, Atlanta, GA, reported sales of $2.9 billion for the third quarter ended Sept. 30, 2008, an increase of 3% over third quarter 2007. Profit for the quarter was $131 million, an increase of 2%. For the first nine months, sales increased 3% to $8.5 billion. Profit was $387.6 million, an increase of 2% for the same period the prior year. More

Anixter International Inc., Glenview, IL, distributor of communication products, electrical and electronic wire &cable, fasteners and other small parts, reported sales in the third quarter ended Sept. 26, 2008, were up 4% to $1.59 billion. Profit fell 5% to $61.7 million. Organic growth in the third quarter was 2%. More
 
WESCO International, Inc., Pittsburgh, PA, distributor of electrical MRO products, construction materials and integrated supply services, reported sales in the third quarter 2008 were $1.62 billion, up 5.3% from the prior-year period. Profit was $66 million, down from $72 million. More
 
MSC Industrial Direct Co., Melville, NY, distributor of metalworking and MRO supplies to industrial customers, reported sales in the fiscal year 2008 were $1.778 billion, up 7.5% from the prior year. Profit was $196.2 million, up from $173.9 million in fiscal 2007. For the fourth quarter, the distributor reported sales of $448.6 million, up by 5.8% from the prior-year period. Profit was $50.5 million compared with profit of $47.4 million in the fourth quarter of fiscal 2007. More
 
Reliance Steel & Aluminum Co., Los Angeles, CA, reported sales of $2.57 billion in the third quarter 2008, an increase of 42% from the year-ago period. Profit was $152.5 million, up 63%. For the nine months ended Sept. 30, 2008, profit was $416.5 million, up 27%, and sales were $6.58 billion, up 18%. More
 
HVAC distributor Watsco Inc., Coconut Grove, FL, reported sales in the third quarter were $475 million, down 12% on a same-store basis. Profit was $23.3 million. Sales in the first nine months were $1.37 billion, down 9% on a same-store basis. Profit was $57 million. More
 
The Fastenal Company, Winona, MN, reported sales for the quarter ended Sept. 30, 2008, were $625 million, an increase of 17.1% over the third quarter 2007. Profit increased to $72.9 million in the third quarter, an increase of 17.3%. Sales for the nine months ended Sept. 30, 2008, were $1.79 billion, an increase of 16.4% over the same period in 2007. Profit increased 23.1% to $217.1 million. More
 
Electronics distributor Avnet, Inc., Phoenix, AZ, reported sales of $4.49 billion for first quarter fiscal 2009 ended Sept. 27, 2008, an increase of 9.7% over the prior-year period. Organic growth was up 0.9%.  Profit for first quarter fiscal 2009 was $92.8 million as compared with net income of $105.5 million for the first quarter last year. More
 
U.K.-based Bunzl plc, the international distribution and outsourcing group, reported sales for the third

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