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MDM News Digest 4810

MDM's top news stories from May 11 - May 25, 2018.

Distribution News

Motion Industries, a wholly owned subsidiary of Genuine Parts Company, will acquire Power Industries, Inc., also known as Santa Rosa MRO, LLC, based in Santa Rosa, CA. More.

U.S. LUMBER Group, LLC, Atlanta, GA, a building materials distributor, will acquire Midwest Lumber, Stillwater, MN. Terms of the deal were not disclosed. More.

Henkel, Dusseldorf, Germany, agreed to acquire JemPak Corporation, Canada, for CAD $118 million (US$ 92.6 million), strengthening its North American laundry and home care portfolio. More.

Safety and industrial supply distributor Mallory Safety and Supply, Portland, OR, has acquired Essential Safety Products. More.

Ferguson Fire & Fabrication, a distributor of fire protection systems and a subsidiary of Ferguson Enterprises, has acquired National Fire. More.

Foodservice distributor Sysco Corp., Houston, TX, reported fiscal third-quarter sales of $14.3 billion, a 6.1 percent increase compared to the year-ago period. Profit was $330 million. More.

Canadian distributor Wajax Corp., reported sales for the first quarter ended March 31 of $342.7 million, a 7.3 percent increase year-over-year. Profit increased 57.1 percent to $9.9 million. More.

The Home Depot, Atlanta, GA, reported first-quarter sales of $24.9 billion, a 4.4 percent increase compared to the year-ago period. Profit rose 19 percent to $2.4 billion. More.

Builders FirstSource Inc., Dallas, TX, reported first-quarter sales of $1.7 billion, an 11 percent increase compared to the first quarter of 2017. Net income was $23.2 million, compared to $3.8 million in the year-ago period. The increase was driven by sales growth, cost management, and lower interest expense, the company said. More.

DXP Enterprises Inc., Houston, TX, reported sales of $285.9 million for the first quarter of 2018, a 19.9 percent increase compared to the first quarter of 2017. Net income was $4.5 million. More.

Beacon Roofing Supply Inc., Herndon, VA, reported sales of $1.43 billion for its fiscal second quarter ended March 31, a 64 percent increase compared to the same period in 2017. The company reported a loss of $72.7 million, compared to a loss of $9.4 million in the second quarter of 2017. More.

Houston Wire & Cable Co., Houston, TX, reported sales of $85 million for the first quarter of 2018, an 8 percent increase over the same period a year ago. Profit was $2 million, compared with a loss of $0.5 million a year ago. More.

3M, St. Paul, Minn., has named Mojdeh Poul as executive vice president, Safety and Graphics Business Group, effective July 1, 2018. Poul will replace Frank Little, who has announced his intention to retire. More.

DXP Enterprises Inc., Houston, TX, has named Eugene Padgett chief accounting officer, effective May 21. Padgett replaces Mac McConnell, who retired in March. More.

Building products distributor ABC Supply Co. Inc., Beloit, WI, opened its fourth branch in San Diego County. More.

SRS Distribution, McKinney, TX, a roofing distribution holding company,has opened three new locations in Florida, Washington and Virginia. More.

Economic News

The Conference Board Leading Economic Index for the U.S. increased 0.4 percent in April to 109.4 following a 0.4 percent increase in March, and a 0.7 percent increase in February. More.

Economic growth will continue throughout 2018, according to the Spring 2018 Semiannual Economic Forecast from the Institute for Supply Management. Purchasing and supply executives responding to the ISM survey said conditions will remain positive in both the manufacturing and non-manufacturing sectors. More.

ISSA, the worldwide cleaning industry association, Northbrook, IL, has formed a partnership with Afidamp FAB, the Italian trade association for cleaning industry manufacturers. The groups will work together to develop programs for members and the global cleaning industry. More.

Canadian manufacturing sales rose 1.4 percent $57.1 billion in March, according to new data from Statistics Canada. Higher sales at primary metal; aerospace products and parts; fabricated metal products; and other transportation equipment industries were the main drivers of the increase. More.

Manufacturer News

Air Products, Lehigh Valley, PA, completed its acquisition of the Coal Gasification Technology licensing business from Shell Global Solutions International B.V., a subsidiary of Royal Dutch Shell plc, and formed a strategic alliance with Shell for residue gasification technology to refinery complexes. More.

Swedish manufacturer Sandvik Materials Technology will divest its 50 percent stake in Fagersta Stainless wire rod mill, a joint venture between Sandvik Materials Technology and Outokumpu. More.

Air Products, Lehigh Valley, PA, opened an engineering center at Pune in Maharashtra, India, focused on its engineering, procurement and construction (EPC) activity. More.

Rexnord Corp., Milwaukee, WI, reported results for its fiscal fourth quarter and full year ended March 31. Fourth-quarter sales rose 14 percent to $575 million, and the company reported a $68 million loss. Sales for its fiscal year rose 8 percent to $2.07 billion; profit was $53 million, compared to $67 million the prior year. More.

Manufacturer Regal Beloit Corp., Beloit, WI, reported first quarter sales of $878.8 million, an 8 percent increase compared to the first quarter of 2017. Profit was $59.3 million. More.

Honeywell, Morris Plains, NJ, said that Olivier Rabiller will continue to lead the company’s Transportation Systems business as president and CEO after it spins into a standalone, publicly traded company by the end of the third quarter. More.

Honeywell, Morris Plains, NJ, has appointed Michael G. Nefkens president and CEO of its Homes business. More.

Honeywell, Rolle, Switzerland, has named Alessandro Gili chief financial officer for its Transportation Systems business. More.

Georgia-Pacific, Atlanta, GA, has formed Point A Center for Supply Chain Innovation, which will open this June. More.

Kimberly-Clark Corp., Dallas, TX, has named Kim Underhill group president, Kimberly-Clark North America. More.

Turtle & Hughes Inc., Linden, NJ, has named Kathleen Shanahan as company co-CEO. More.

IBT, Inc., Merriam, KS, has reorganized into a portfolio company, headed by parent organization Cumulus Companies and consisting of three business areas: industrial distribution, conveyance belting products, and aerospace parts manufacturing. The change was effective April 1. More.

 

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