The 2020 Mid-Year Economic Update_long

News Digest 3717

Airgas, Inc., Radnor, PA, has acquired Dantack Corp., a Grand Prairie, TX-based safety distributor with branches in Columbus, OH, and Richmond, VA. The business generated more than $18 million in sales in 2006. Airgas'safety distribution business had $438 million in sales in fiscal 2007 through telesales and field-based safety specialists within its regional companies. More


The Home Depot has completed the sale of HD Supply to a trio of private equity firms -Bain Capital, Clayton Dubilier & Rice, and Carlyle Group. As announced earlier, the terms were as follows: Purchase price of $8.5 billion, The Home Depot to own a 12.5 percent equity interest for $325 million, ...

activity in the manufacturing sector expanded in August, according to the latest Manufacturing ISM Report On Business. Viewed from the manufacturing sector, the overall economy continues to grow at a significant rate, according to ISM. In comparing August to July, the rate of growth in manufacturing was slightly less but expansion continues, although at the slowest pace in the past five months.&nbsp ; More

In July, falling prices for metals and the strength of the Canadian dollar drove the prices of manufactured products down for a third consecutive month, while a jump in crude oil prices pushed raw materials prices upward. From June to July, prices charged by manufacturers, as measured by the Industrial Product Price Index (IPPI), fell&nbsp ; 0.7 percent following two consecutive monthly declines. On a 12-month basis, the IPPI edged down&nbsp ; 0.3 percent, its first decrease after&nbsp ; 22&nbsp ; consecutive advances. More
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Real gross domestic product -the output of goods and services produced by labor and property located in the U.S. -increased at an annual rate of 4 percent in the second quarter of 2007, according to preliminary estimates. In the first quarter real GDP increased 0.6 percent. These GDP estimates are based on more complete source data than were available for the advance estimates released last month. In the advance estimates, the increase in real GDP was 3.4 percent. More

Manufacturing industrial productionexpanded at a 3.9% annual rate in second quarter 2007, far better than the weak 0.8% in the first quarter, according to the MAPI Quarterly Industrial Outlook, a report that analyzes 27 major industries. For the year as a whole, though, the report predicts that manufacturing production growth will decelerate from the 4.7% recorded in 2006 to 2% growth in 2007, before rebounding to 2.9% growth in 2008. More

Construction intentions in Canada cooled down in July as the value of building permits declined, halting two months of record-setting performances. Municipalities issued building permits worth&nbsp ; $6.2&nbsp ; billion, down&nbsp ; 11.3 percent from&nbsp ; $6.9&nbsp ; billion in June. Still, July was one of only a handful of months in which permits exceeded the $6-billion mark. At&nbsp ; $6.9&nbsp ; billion in both May and June, the total value of permits was at its highest level on record. More

Graybar, St. Louis, MO, distributor of electrical and communications products and related supply chain management and logistics services, reported $2.56 billion in sales for the first six months of 2007, an increase of 5.1 percent over the same period in 2006.&nbsp ; Sales improved along with moderate growth in the electrical and communications/data markets. In comparison to the first half of 2006, profit rose 37.4 percent. More

Lincoln Industrial, a Harbour Group company, has acquired Lincoln Helios Ltd., Bangalore, India. LHI designs and manufactures automatic lubrication systems, ink delivery equipment and related services to clients throughout India. The company serves a variety of industries, including wind energy, steel production, mining and printing. More
Airgas, Inc., Radnor, PA, has acquired Dantack Corp., a Grand Prairie, TX-based safety distributor with branches in Columbus, OH, and Richmond, VA. The business generated more than $18 million in sales in 2006. Airgas’safety distribution business had $438 million in sales in fiscal 2007 through telesales and field-based safety specialists within its regional companies. More

The Home Depot has completed the sale of HD Supply to a trio of private equity firms –Bain Capital, Clayton Dubilier & Rice, and Carlyle Group. As announced earlier, the terms were as follows: Purchase price of $8.5 billion, The Home Depot to own a 12.5 percent equity interest for $325 million, and The Home Depot guaranteed a $1 billion senior secured loan. The acquisition includes a portfolio of 11 businesses and HD Supply Canada. The company will retain the HD Supply name. More

3M, St. Paul, MN, has agreed to acquire Venture Tape Corp., a supplier of pressure sensitive adhesive tapes based in Rockland, MA. Venture Tape manufactures tapes used in construction, oil and gas, heating, ventilation and air conditioning (HVAC), electronics, aerospace, marine and appliance markets. “This acquisition broadens our pressure sensitive adhesive tape platform, brings new channels to 3M, and allows us to expand into adjacent markets such as construction,” said Patrick Deconinck, division vice president, 3M Industrial Adhesives and Tapes Division. More

Diversified industrial manufacturer Ingersoll Rand Company Ltd. has agreed to buy privately owned Officine Meccaniche Industriali srl, a European supplier of compressed-air treatment equipment. OMI develops and manufactures compressed-air treatment products, including air dryers, filters, chillers, and system controllers. OMI is based in northeast Italy with an additional facility in Slovenia. More

Edgen Murray Corp., Baton Rouge, LA, the U.S. subsidiary of Edgen Murray II, L.P., has acquired Equipment Valve & Supply, Inc. Equipment Valve, from its locations in Houston, TX, and Broussard, LA, is a distributor of specialized valves and actuation packages to the oil and gas exploration and production, natural gas transmission, petrochemical, processing, and industrial market segments. More

Private equity firm Singer Equities has completed its purchase of National Hose & Accessory, Houston, TX.&nbsp ; Mike Deem, the former owner of the company, will continue to manage the day-to-day operations as a standalone business. More

Fairmont Supply Company, Canonsburg, PA, a national full-line distributor of industrial maintenance, repair and operating supplies has announced the acquisition of Brite Stars Sales, Elko, NV. Brite Stars Sales, an industrial distributor serving the northern Nevada industrial and mining market, specializes in automotive and filtration products sold primarily to the gold mining customers in Nevada. More

Regal Beloit Corp., Beloit, WI, has acquired Jakel Inc. and completed the announced $220 million acquisition of the FASCO Residential/Commercial and FASCO Asia/Pacific operations from Tecumseh Products. The two independent businesses are anticipated to add $355 million in sales to 2008. More

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