News Archives

The ODP Corp. Announces Completion of Office Depot Reorganization

Leave a Comment / Operations / Eric Smith

The ODP Corp. (NASDAQ: ODP), Boca Raton, Florida announced Wednesday that it has completed its previously announced holding company reorganization to create a newly formed public company and implement a 1-for-10 reverse stock split effective June 30, 2020. The ODP Corp. replaces Office Depot Inc. as the public company trading on Nasdaq under the ticker […]

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Warehouse with variety of timber for construction and repair. Delivery concept. 3d illustration

ISA Announces 2020/21 Board of Directors

Leave a Comment / Leadership / Eric Smith

The Industrial Supply Association on Wednesday announced its new board of directors, effective July 1. ISA’s board of directors is a group of volunteer leaders dedicated to anticipating and serving the needs of ISA’s member companies (distributors, manufacturers and independent manufacturer representatives). Directors contribute knowledge, time and experience and are responsible for the development of

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RBC Bearings Nominates Dolores Ennico to Board of Directors

Leave a Comment / Leadership / Eric Smith

RBC Bearings Inc. (Nasdaq: ROLL), Oxford, Connecticut, an international manufacturer of bearings and components for the industrial, aerospace and defense industries, on Wednesday announced the nomination of Dolores J. Ennico to the board of directors. Chairman and CEO Dr. Michael J. Hartnett said, “We are very excited to nominate Ms. Ennico to our Board of Directors. Dolores brings over three decades of

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ABB Completes Divestment of Power Grids to Hitachi

Leave a Comment / Mergers & Acquisitions, Operations / Eric Smith

Swiss electrical manufacturer sold 80.1 percent of its Power Grids business to Hitachi in a deal valued at $7.6 billion to $7.8 billion.

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Earnings Confirm Hopes as Industrial Distributors Ride Momentum in ’22

Manufacturing Sector Expanded in June

Leave a Comment / Research / Eric Smith

The June PMI registered 52.6%, an increase of 9.5% from the May reading — and the second consecutive month of expansion.

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H.I.G. Capital Names President of Newly Acquired SSE

Leave a Comment / Leadership / Eric Smith

Supply Source Enterprises, Cleveland, Ohio, parent company of The Safety Zone and Impact Products and now a platform of private equity firm H.I.G. Capital, on Tuesday announced that it named Steve Schultz as president and CEO of SSE and a member of the company’s board of directors. Schultz, pictured right, is an experienced B2B manufacturing

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Genuine Parts Co. Sells S.P. Richards Co.

Leave a Comment / Mergers & Acquisitions, Operations / Eric Smith

Genuine Parts Co. (NYSE: GPC), Atlanta, Georgia, announced Tuesday that it has completed the sale of its S.P. Richards operations through two separate transactions. Genuine Parts sold S.P. Richards’ core U.S. operations to an investor group and it sold S.P. Richards’ Supply Source Enterprises business operations — The Safety Zone and Impact Products — to

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HARDI Distributors Report 10.2% Revenue Decline in May

Leave a Comment / Research / Eric Smith

The average annual sales growth for the 12 months through May 2020 is 0.4%.

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Advance Report: New Orders for Durable Goods Grew 15.8% in May

Leave a Comment / Research / Eric Smith

New orders for manufactured durable goods in May increased $26.6 billion or 15.8% to $194.4 billion, according to the U.S. Census Bureau. This increase in durable goods orders, up following two consecutive monthly decreases, followed an 18.1% April decrease. Excluding transportation, new orders increased 4%. Excluding defense, new orders increased 15.5%. Transportation equipment, also up

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TTI Appoints John Drabik to Vice President

Leave a Comment / Leadership / Eric Smith

TTI Inc., Fort Worth, Texas, a distributor of electronic components, on Friday announced industry veteran John Drabik will join the company as vice president in early July of this year. Drabik, pictured right, has held senior leadership positions across the industry and most recently held the position of president, Americas Components, Arrow Electronics. Drabik will

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First-Quarter U.S. GDP Down 5% According to Third Estimate

Leave a Comment / Research / Eric Smith

Real gross domestic product (GDP) decreased at an annual rate of 5 percent in the first quarter of 2020, according to the “third” estimate released Thursday by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.1 percent. The GDP estimate released Thursday was based on more complete source data than were available

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IRCG’s Weekly Pandemic Revenue Index Declines Again

Leave a Comment / Research / Eric Smith

Indian River Consulting Group’s (IRCG) weekly Pandemic Revenue Index for the work week of June 15-19 indicated an 5.7% decrease compared with the same week a year ago. Source: IRCG.com The index is still showing sales volatility among the distributors participating in the index, though the decline moderated from the previous week. “It appears

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ZSi-Foster Completes Acquisition of Hydra-Zorb

Leave a Comment / Mergers & Acquisitions, Operations / Eric Smith

ZSi-Foster Inc., an Ideal Tridon company, announced Thursday that it has completed the acquisition of Hydra-Zorb Co. Financial terms of the deal were not disclosed. Headquartered in Auburn Hills, Michigan, and founded in 1972, Hydra-Zorb makes pipe, hose and tube clamping for the hydraulic, HVAC, plumbing and refrigeration markets. “The Hydra-Zorb organization is excited to

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Jason Industries Files for Bankruptcy Due to Coronavirus Slowdown

Leave a Comment / Operations / Eric Smith

Jason Industries Inc., Milwaukee, Wisconsin, (Nasdaq:JASN) (Nasdaq:JASNW), parent company to a global family of manufacturers in the seating, finishing, automotive acoustics and components markets, on Wednesday filed for Chapter 11 bankruptcy protection in the Southern District of New York. The bankruptcy filing, coupled with a deleveraging of its balance sheet by $250 million, were due

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Kraft Fluid Systems Appoints New Territory Manager

Leave a Comment / Leadership / Eric Smith

Kraft Fluid Systems Inc., Cleveland, Ohio, on Wednesday appointed Adam Cornell as a new territory manager in Wisconsin. Cornell has been tasked with developing a new Danfoss territory for Kraft Fluid Systems in the northern part of the state. Cornell most recently managed a territory focused on supplying Danfoss products for fluid power distributor Certified

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