Ohio Transmission Corporation, an industrial equipment service provider and distributor headquartered in Columbus, Ohio, has acquired Keller Electrical, Phoenix, a dominant provider of industrial electrical services, equipment, components and supplies serving the southwestern United States. More.
AHB Tooling & Machinery Inc., Roseville, Michigan, has acquired Tool-Craft Supply, a part of Tool-Craft Industries of Sterling Heights, Michigan. Tool-Craft Industries will continue to operate as an independent entity under the leadership of Chet Wilson, its president. More.
Lane Industrial Supply Company, Denver, a wholesale distributor of general manufacturing, industrial, millwork and construction supplies, has acquired Compressed Air Technologies, Monroe, Ohio. Compressed Air was assisted in the sale by Generational Equity, a mergers and acquisitions advisor for privately held businesses. More.
The Macomb Group Inc., Sterling Heights, Michigan, has acquired the operations of Smith Metal & Supply, Inc. d/b/a Richburg Supply Company, Richburg, South Carolina, a distributor of pipe, valves and fittings to industrial customers. More.
HD Supply Holdings Inc., Atlanta, Georgia, reported sales of $1.6 billion for the third quarter of fiscal 2019 ended November 3, up 2% compared to the third quarter of fiscal 2018. The company’s third-quarter net income increased 61% to $132 million compared to the year-ago period. Current third-quarter sales in the distributor’s Facilities Maintenance business unit rose 2% to $826 million, and sales in its Construction & Industrial business unit rose 1.9% to $818 million. For the first nine months sales grew 3.5% to $4.8 billion. Profit rose 23.8% to $374 million. More.
FedEx Corp., Memphis, Tennessee, has reported sales for the second quarter of fiscal 2020, ended November 30, of $17.3 billion, down 2.8% from the same period last year. Net income fell 40.1% to $560 million. More.
Curbell Plastics Inc., Orchard Park, New York, has named four veteran sales employees to business manager roles. John Gregory, Stephen Foster, Steven Pruitt, and Jennifer Wright will now lead Curbell’s Houston, Tampa, Atlanta, and Pittsburgh branches, respectively. Their responsibilities include managing inside and outside sales personnel, sales budgeting and execution, along with day-to-day administration of their location. More.
Kaman Distribution Group, Bloomfield, Connecticut, has named James G. Coogan as vice president, investor relations & business development, effective January 1, 2020. In this role, he will report directly to Neal J. Keating, chairman, president and CEO. Coogan has been vice president, investor relations for Kaman Corporation since 2017. More.
Essendant Inc., Deerfield, Illinois, has promoted Guy Unterberg the role of senior director of vertical markets. More.
Sonepar USA, a subsidiary of the privately held France-based Sonepar Group, has named Ryan Sasscer as director of ecommerce and digitization, effective January 1, 2020. Sasscer was most recently at OneSource as the director of marketing and digital business. More.
Episerver, a customer-centric digital experience company, has agreed to acquire B2B commerce leader Insite Software. The deal continues Episerver’s momentum heading into 2020 after the company’s November 2019 acquisition of content personalization and analytics company Idio and its December 2019 hiring of longtime SAP executive Alex Atzberger as CEO. More.
Economic growth in the United States will continue in 2020, say the nation's purchasing and supply management executives in the December 2019 Semiannual Economic Forecast. Expectations are for a continuation of the growth that began in mid-2009, as indicated in the monthly ISM Report On Business. The manufacturing sector is optimistic about growth in 2020, with revenues expected to increase in all 18 manufacturing industries, and the non-manufacturing sector also indicates that 17 of its industries will see higher revenues. Capital expenditures are expected to decrease by 2.1% in the manufacturing sector (after 6.4% growth in 2019) and increase by 3.4% in the non-manufacturing sector. Manufacturing expects that its employment base will grow slightly, by 0.1%, while the outlook for the next 12 months is predominately growth oriented. More.
Nonfarm business sector labor productivity decreased 0.2% in the third quarter of 2019, according to the revised report from U.S. Bureau of Labor Statistics. Output increased 2.3% and hours worked increased 2.5%. From the third quarter of 2018 to the third quarter of 2019, productivity increased 1.5%, reflecting a 2.3% increase in output and a 0.9% increase in hours worked. Manufacturing sector labor productivity increased 0.1% in the third quarter of 2019, as output increased 1.3% and hours worked increased 1.2%. Total manufacturing sector productivity declined 0.1% over the last four quarters, as output decreased 0.5% and hours worked decreased 0.4%. Productivity increased 0.7% in the durable manufacturing sector in the third quarter of 2019, reflecting a 1.8% increase in output and a 1% increase in hours worked. Productivity decreased 0.8% in the nondurable manufacturing sector as output increased 0.8% and hours worked increased 1.6%. Unit labor costs in the total manufacturing sector increased 3.0% in the third quarter of 2019, and increased 4.4% from the same quarter a year ago. More.
Jason Industries Inc., Milwaukee, Wisconsin, parent company to a global family of manufacturers in the seating, finishing, automotive acoustics and components markets, has sold its Jason's Metalex business, Libertyville, Illinois, within its Engineered Components segment, to Morton Global for approximately $5 million in cash, effective immediately. Metalex is a manufacturer of expanded metal, perforated metal, perforated tubes, spiral tubes, filter mesh, grating and architectural metal. Morton Global is a subsidiary of UPG Enterprises, an operator of a set of industrial companies focused on metals, manufacturing, distribution and logistics. More.
Ingersoll-Rand plc has announced that Susan K. Carter, senior vice president and chief financial officer of Ingersoll Rand, has communicated her planned retirement in 2020, in conjunction with the close of the Reverse Morris Trust transaction with Gardner Denver Holdings, Inc. Christopher J. Kuehn will succeed Carter as senior vice president and chief financial officer of the pure-play climate company, effective upon the close of the transaction expected in early 2020. Kuehn will report directly to Chairman and CEO, Michael W. Lamach. More.
ITT Inc., White Plains, New York, has announced that its Board of Directors has appointed Richard P. Lavin to succeed current board chairman, Frank T. MacInnis, effective upon MacInnis’ retirement and following election at the Annual Meeting of Shareholders in May 2020. The company had previously disclosed MacInnis’ plan to retire as part of a succession strategy involving first the transition of the role of CEO to Luca Savi in January 2019, followed by the transition of the role of non-executive Chair in May 2020. More.
Switzerland-based power and automation company ABB has announced Claudio Facchin, Frank Duggan and Chunyuan Gu will step down from the executive committee of ABB as part of the organizational transformation announced on December 17, 2018. More.