The 2020 Mid-Year Economic Update_long

News Digest 3721

Hagemeyer and Rexel have entered exclusive negotiations aimed at finalizing an agreement under which Rexel would make an all-cash offer of & euro; 4.85 per share, approximately & euro; 3.1 billion in total, or US$4.5 billion. Under the agreement, Hagemeyer's Management and Supervisory Boards would recommend Hagemeyer accept this offer. The offer is up from Rexel's original bid of & euro; 4.60, which had valued the company at US$4.3 billion Rexel's agreement with Sonepar will stand to sell Sonepar the American, Asian-Pacific and select European activities of Hagemeyer. More


3M,

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w:st=”on”>FL , a producer of aerospace components and equipment. The business had sales of $45 million in 2007. More

Moro Corp.,Wayne, PA , has acquired J & J Sheet Metal Works, Vestal, NY. J & J fabricates and installs commercial grade sheet metal products used in the heating, ventilating and air conditioning (HVAC) industry. More

Electrical supplier Legrand has acquired Macse, a Mexican producer of metal cable trays. The move strengthens Legrand’s presence in , where sales have risen 15 percent since the year’s start. Macse reported 2006 sales of close to & euro; 10 million (US$14 million). More

Schneider Electric has finalized the formation of Delixi Electric, its new 50/50 joint venture infor low-voltage products. The joint venture will be focused on the manufacturing, marketing and distribution of low-voltage products to the Chinese market. More

SPX Corp.,Charlotte, NC , has agreed to buy APV, a global manufacturer of process equipment and engineered solutions primarily for the sanitary market, for 250 million British pounds (US$510 million). APV is a division of Invensys plc, an industrial automation, transportation and controls group based in London. More

Alfa Laval -supplier in heat transfer, centrifugal separation and fluid handling -has agreed to acquire Finnish industrial cooling company Fincoil-teollisuus Oy from Carrier Corp., a subsidiary of United Technologies Corp. Alfa Laval will pay SEK 425 million in cash (US$67 million). More

Saint-Gobain Gypsum has moved into through the purchase of Vinh Tuong Joint Venture, created at the beginning of 2007 and owned by Vinh Tuong Corp., Universal Cement () and Compact Resources (). More

Air Liquide Deutschland GmbH is planning to set up one of the largest units in for the liquefaction of gases (nitrogen, oxygen and argon) in theUlm region to reinforce its supply network there for industrial gases. The start-up of the unit is scheduled for the end of 2009. More

Diversified industrial manufacturer Eaton Corp., Cleveland, OH, has acquired Arrow Hose & Tubing Inc.,Guelph, Ontario , a manufacturer of specialty thermoplastic hose and tubing for the industrial, food and beverage, and agricultural markets. The business had 2006 sales of $12 million. More

Katy Industries, Inc., Arlington, VA, has agreed to sell its Electrical Products Group, comprised of Woods Industries Inc. and Woods Industries () Inc., to Coleman Cable Inc. for $45 million. More

Barnes Group Inc.,Bristol, CT , aerospace and industrial components manufacturer and distributor, reported third quarter 2007 sales of $360.4 million, an increase of 11.9 percent. Profit was $27.7 million, up 46.7 percent. More

Interline Brands, Inc., Jacksonville, FL,&nbsp ; a distributor and direct marketer of maintenance, repair and operations products, reported sales were up 5.1 percent in the third quarter 2007 ended Sept. 28. Sales were $330.2 million. More

Industrial Distribution Group, Inc.,Atlanta, GA , reported sales fell 3 percent to $134.3 million in the third quarter ended Sept. 30, 2007. Profit was $1.3 million, compared with profit of $1.8 million in the prior-year period. Year-to-date, sales were down 3 percent.&nbsp ; More

Rexnord LLC,Milwaukee, WI Hagemeyer and Rexel have entered exclusive negotiations aimed at finalizing an agreement under which Rexel would make an all-cash offer of & euro; 4.85 per share, approximately & euro; 3.1 billion in total, or US$4.5 billion. Under the agreement, Hagemeyer’s Management and Supervisory Boards would recommend Hagemeyer accept this offer. The offer is up from Rexel’s original bid of & euro; 4.60, which had valued the company at US$4.3 billion Rexel’s agreement with Sonepar will stand to sell Sonepar the American, Asian-Pacific and select European activities of Hagemeyer. More

3M,St. Paul, MN , has acquired Standard Abrasives, a manufacturer of coated abrasive specialties and non-woven abrasive products for the metalworking industry. Standard Abrasives employs 375 people and is headquartered inSimi Valley , CA. 3M has also agreed to acquire Bondo Corp., a manufacturer of auto body repair products for the automotive aftermarket and various other professional and consumer applications. More

Wolseley plc, the UK-based global distributor of plumbing and heating products to professional contractors and a supplier of building materials, announced five bolt-on acquisitions for an aggregate of 84 million poundsSterling (US$174 million). In a full year, these bolt-on acquisitions are expected to add 109 million pounds (US$226 million) to total revenue. More

Wolseley subsidiary Stock Building Supply has purchased three companies in commercial and industrial markets in the U.S., and HVAC and plumbing distributor Ferguson has acquired one in southwestColorado. More

After closing down earlier this month, the largest independent wood flooring distributor in the U.S. at more than $600 million in sales, Hoboken Wood Flooring LLC,Wayne, NJ , has filed a voluntary petition for Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware. According to a report from local paper The Record, sales had fallen about 25% each month for the past year. More

Womack Machine Supply Company, Dallas, TX, has acquired Salt Lake City, UT-based Interstate Hydraulics, Inc. Interstate Hydraulics distributes many of the same product lines as Womack and operates a hydraulic repair center inSalt Lake City . The addition of IHI allows Womack Machine Supply to expand its distribution and service of fluid power and automation products into Utah, Arizona, Nevada and most of Idaho.More

Airgas Inc., Radnor, PA, has acquired Central Welding Supply Inc., an industrial packaged gas distributor with three locations south ofDallas, TX .&nbsp ; Also effective Nov. 1, 2007, it has acquired Texas Industrial Gas Inc., with one location inHouston, TX . More

WESCO International, Inc., Pittsburgh, PA, a provider of electrical MRO products and construction materials, has acquired J-Mark Inc., Phoenix, AZ. J-Mark, with four locations in theand annual sales of $30 million, is a provider of interior products and components to the manufactured housing industry. More

Ainsworth Lumber Co.,Vancouver, , has entered into an agreement with the direct-purchaser plaintiffs in the OSB Antitrust Litigation. Under the agreement, Ainsworth will pay US$8.6 million to be distributed across the settlement class. Five building products distributors had filed a class-action lawsuit against manufacturers of OSB, including Ainsworth, alleging the suppliers suppressed supply to raise prices to unprecedented highs, despite increasing demand. More

Dutch distributor Hagemeyer has acquired SIA Energo, an electrical distributor in. The acquisition of Energo, through Hagemeyer’s fully-owned Finnish subsidiary Elektroskandia Oy, follows on the acquisition of Kolorits, announced earlier this week. More

Economic activity in the manufacturing sector expanded in October, say the nation’s supply executives in the latest Manufacturing ISM Report on Business. However, manufacturing growth slowed to its lowest level since March 2007. More

Real gross domestic product -the output of goods and services produced by labor and property in the-increased at an annual rate of 3.9 percent in the third quarter 2007, according to advance estimates released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 3.8 percent. More

Regal Beloit Corp., Beloit, WI, has acquired Alstom‘s motors and fans business in. The business is inKolkata, , and manufactures low and medium voltage industrial motors and fans for the industrial and process markets. More

Electrical distributor McNaughton-McKay Electric Co., Detroit, MI, has acquired S+S GmbH and S & D GmbH in Wegberg, , the largest Rockwell Automation distributor in. S+S/S & D will operate under the name of Mc-Mc GmbH, McNaughton-McKay’s German subsidiary. More

HD Supply,Atlanta, GA , diversified wholesale distributor of construction and maintenance products, has tapped Tom Lazzaro, president of HD Supply’s Interiors business (CTI), as president of the Construction Supply business (HD Supply White Cap). More

Weaker sales of automotive products and machinery and electronic equipment pushed wholesale sales in substantially lower in August, bringing to an end a string of three straight monthly increases. Wholesale sales fell&nbsp ; 2 percent to an estimated&nbsp ; $43.2&nbsp ; billion in August. More&nbsp ;

Parker Hannifin Corp.’s Parker Aerospace has acquired Shaw Aero Devices, Inc.,Naples,

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