The 2020 Mid-Year Economic Update_long

MDM News Digest 4013

News briefs from June 26 - July 10, 2010.

ABC Supply Co. Inc., Beloit, WI, No. 3 on MDM’s top 10 building materials/construction distributors, has finalized its purchase of Bradco Supply Corp. The acquisition of Avenel, N.J.-based Bradco, No. 6 on the MDM list, is the largest in ABC Supply’s history and adds 129 locations in 30 states to the ABC Supply roster. With these additions, ABC Supply now has 479 locations in 44 states and the District of Columbia, and sales of more than $4 billion. More

Cooper Industries plc and Danaher Corp. announced the completion of the joint venture combining Cooper’s Tools business with certain tools businesses from Danaher’s Tools and Components unit. More

ProBuild Company LLC, Denver, CO, a professional building materials distributor, has agreed to acquire some of the assets of Chopp Lumber, a building materials supplier based in Waldorf, MD. ProBuild also announced the opening of a new millwork facility in San Antonio, TX. More

MSC Industrial Direct Co. Inc., Melville, NY, No. 13 on MDM’s top 40 industrial distributors, reported sales for its fiscal 2010 third quarter ended May 29, 2010, were up 28.5 percent to $450.4 million from the prior-year period. For the third quarter, the industrial distributor reported profit of $44.2 million, an increase of 59.4 percent from the prior year. Sales for the first nine months of fiscal 2010 were $1.231 billion, up from $1.135 billion in the year-ago period. Profit year-to-date was $106.3 million, up from last year. More

Construction spending in May 2010 was estimated at a seasonally adjusted annual rate of $841.9 billion, 0.2 percent below April, and 8 percent below May 2009. During the first five months of this year, construction spending was $314.2 billion, 12 percent below the same period in 2009. More

North American HVACR distributor sales in May increased nearly 8 percent in a year-over-year comparison, according to Heating, Airconditioning and Refrigeration Distributors International (HARDI) in its Monthly Targeted and Regional Economic News for Distribution Strategies (TRENDS) report. This marks the third consecutive month in which overall distributor sales increased. More

The manufacturing sector expanded in June for the 11th consecutive month, and the overall economy grew for the 14th consecutive month, according to the latest Manufacturing Report On Business from the Institute for Supply Management. The rate of growth in the manufacturing sector, as indicated by the PMI, slowed primarily due to lower New Order and Production indexes. June’s PMI registered 56.2 percent, a decrease of 3.5 percentage points from May’s reading. More

Canada’s Industrial Product Price Index increased 0.3% in May, mainly as a result of the weakening of the Canadian dollar against its American counterpart. The Raw Materials Price Index declined 7.2%, due primarily to lower crude oil prices. More

The Chicago Fed National Activity Index edged lower to +0.21 in May from +0.25 in April. Production indicators continued to make strong contributions to the index in May, while weaker contributions from employment- and housing-related indicators accounted for the slight decrease in the index from April. The index’s three-month moving average, CFNAI-MA3, rose to its highest level since March 2006, increasing to +0.28 in May from +0.05 in April. More

Real gross domestic product – the output of goods and services produced by labor and property located in the United States – increased at an annual rate of 2.7 percent in the first quarter of 2010, according to the third estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2009, real GDP increased 5.6 percent. More

Worthington Industries, Inc., Columbus, OH, reported sales for the fourth quarter were $626.4 million, an increase of 24.7 percent over fourth quarter fiscal 2009. Profit was $33.1 million, compared to a year ago loss of $13.7 million. Sales for fiscal year 2010 declined 26.2 percent to $1.94 billion. Profit for the diversified metals manufacturing company was $45.2 million, compared to a year ago loss of $108.2 million. More

Zep Inc., Atlanta, GA, reported sales for the third quarter ended May 31, 2010, were $153 million, a 24.4 percent increase over the prior year period. Profit declined 3.7 percent to $5.2 million. For the first nine months of fiscal 2010, sales were $407.1 million, up 11 percent from a year ago. Profit was $11.4 million, compared to $2.9 million for the first nine months of fiscal 2009. More

H.B. Fuller Company, St. Paul, MN, reported sales for the second quarter ended May 29 were $347.9 million, up 16 percent from the prior year period. Organic sales grew by 13 percent. Profit for the manufacturer declined 37.5 percent to $11 million. Year-to-date, sales were $657.4 million, an increase of 13.8 percent over a year ago. Profit improved 26.6 percent to $30 million. More

3M, St. Paul, MN, has acquired U.K.-based Dailys Ltd., a supplier of non-woven disposable protective clothing, primarily chemical protective coveralls for industrial use. More

Fastening technology and logistics company Bossard, Zug, Switzerland, reported sales for the first half of 2010 increased 18.5 percent over the first half of 2009. In local currencies, sales increased 21.5 percent. More

About the Author
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

By subscribing, you are agreeing to MDM’s Privacy Policy.
Social Media Auto Publish Powered By :