The 2020 Mid-Year Economic Update_long

MDM News Digest 3616

a 10 percent jump. The company reported a net loss of $1.1 million in the second quarter 2006. For the six months ended June 30, 2006, Strategic Distribution reported revenues of $74 million compared with $62.7 million for the same period last year. The company reported a net loss of $2.2 million for the first half of the year. More …

Kennametal Inc., Latrobe, PA, has opened its new Tianjin, China, manufacturing facility. Located in the Tianjin Economic Development Area, the facility, initially sized at 160,000 square feet, will employ 200 people in manufacturing and advanced engineering and design activities. The operation could grow to 450,000 square feet and employment could reach 400 people. The $31 million invested in this plant is in addition to the approximately $35 million that Kennametal has already invested in its China businesses in other locations. More …

Beacon Roofing Supply, Peabody, MA, announced sales for the third quarter ended June 30, 2006, were up 63.9 percent to $407.1 million, reflecting sales from companies acquired since last year’s third quarter and internal growth of 5.4 percent. Net income for the third quarter was $17.1 million, an increase of 50.5 percent from last year. Year-to-date, sales increased 72.5 percent to $1.07 billion from $619.8 million in 2005, reflecting sales from companies acquired and internal growth of 13 percent. For the first nine months, net income was $34.7 million, an increase of 54.5 percent from the same period a year ago. More …

Diversified industrial manufacturer Eaton Corporation, Cleveland, OH, has agreed to acquire Dover Resources’ Ronningen-Petter industrial fine filtration business. Dover Resources is a subsidiary of Dover Corporation. Dover Resources’ Ronningen-Petter fine filtration business had 2005 sales of $30 million. It provides filters and components to customers in end markets that include the oil and gas, pulp and paper, and food and beverage industries. The business is based in Portage, MI, and has 110 employees. More …

Rexnord Corporation, Milwaukee, WI, reported sales grew 20.2 percent, excluding the acquisition of Falk, in first quarter fiscal 2007 over the prior-year quarter to $288.4 million. Approximately $25.2 million of this increase was due to the timing of the Falk acquisition in May 2005 as prior-year first quarter only included approximately 1.5 months of Falk sales. More …

Home Depot Supply reported 325 percent sales growth in the second quarter, thanks to its rapidly expanding base of newly acquired wholesale businesses. Sales at HD Supply were $3.38 billion for the quarter or 13 percent of Home Depot’s overall $26 billion in sales for the period. Home Depot Supply reported $2.1 billion in first quarter 2006 sales, putting its year-to-date sales at about $5.4 billion. Home Depot Supply also announced it agreed to acquire Edson Electric Supply, an Arizona-based electrical distributor operating 11 locations in the state, extending the reach of HD Supply’s electrical business to key growth markets in the Southwest. HD Supply’s electrical business now operates 59 branches in nine states the company announced it plans to become the “top global full-line supplier of electrical products and services.” More …

Stock Building Supply, Raleigh, NC, distributor of building materials to professionals in the U.S., has acquired Martin Architectural Products, in Cary, NC. Martin reported sales of $26.3 million in fiscal 2005. Martin is a fabricator, supplier, and installer of architectural products for commercial and institutional projects. Its product categories include hollow metal doors and frames, wood doors and frames, fire doors, electronic security entrance systems, and commercial hardware. The company operates from two locations. More …

Industrial gases distributor Airgas, Inc., Radnor, PA, has agreed to acquire Houston, TX-based Aeriform Corp., an independent distributor with 29 locations in Texas, Louisiana, Oklahoma and Kansas. Aeriform has 240 employees and annual sales of $65 million. About 58 percent of its revenue comes from gas and rent, with the balance from traditional welding hardgoods. More …

BlueLinx Holdings Inc., Atlanta, GA, a distributor of building products in North America, has acquired Austin Hardwoods, a privately held hardwood lumber distributor in Austin, TX, with four facilities and more than $22 million in sales for 2005. The acquisition expands BlueLinx’s presence in the Southwest and is expected to enhance the company’s ability to service industrial customers in certain local markets. More …

Interline Brands, Inc., Jacksonville, FL, reported sales for the second quarter of 2006 increased 15.6 percent over the comparable 2005 period to $235.4 million. Average organic daily sales growth for the second quarter was 11.8 percent. Interline recorded a net loss of $2.865 million compared with profit of $8.5 million last year. More …

July housing starts fell 2.5 percent from June, and 13.3 percent from July 2005. Building permits were 6.5 percent below June, and 20.8 percent below the July 2005 rate. More …

Applied Industrial Technologies, Cleveland, OH, reported sales for its fiscal year ended June 30, 2006, increased by 10.7 percent to $1.9 billion. Net income rose 30.6 percent to $72.3 million versus $55.3 million the previous year. Sales for the fourth quarter increased 11.2 percent to $504 million from $453.3 million in the same period a year ago. Net income increased 26.2 percent to $20 million compared with $15.9 million last year. More …

Strategic Distribution, Inc., Bristol, PA, reported revenues of $37.2 million for the second quarter 2006,

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