The 2020 Mid-Year Economic Update_long

News Digest 3608

Stock Building Supply ($4.1 billion in sales), Raleigh, N.C., building materials distributor, has acquired the Wholesale Division of Davis Homes, in Indianapolis, IN. Davis Homes Wholesale ($19.4 million in sales) is the sole supplier of roof trusses, wall panels, door assemblies, framing lumber, windows, sub-flooring, interior and exterior trim, roofing, and sheathing for Davis Homes, which builds in the Indianapolis area. The acquisition of Davis Homes Wholesale marks Stock’s third in the state of Indiana. More

Ferguson Enterprises Inc., Newport News, VA, has acquired Pipe Products Inc. Pipe Products, a $60.5 million pipe distributor, operates six facilities across Ohio, Kentucky and Indiana. It conducts business in three principal market segments: mechanical/industrial, fire fabrication and process chemical/petroleum. More …

Wolseley plc, Ferguson’s UK-based parent company, has acquired K& R Building Supplies Limited, a builders’ merchant, in Penzance, Cornwall, UK. In the year ended March 31, 2005, K& R had revenue of ‘3.0 million ($5.3 million). Also in April, Wolseley UK acquired AC Electrical Limited, an electrical wholesaler, with ‘44.4 million ($79.3 million) in annual sales. Following this acquisition, Wolseley has 66 stand-alone electrical branches in the UK. More …

Motion Industries, Inc., Birmingham, AL, has acquired Don Hills Company, a single facility in Union, ME. Don Hills Company sells, services, and repairs hydraulic, fluid power and hose products and components. With 2005 sales of $2.8 billion, Motion Industries serves the automotive, chemical, food and beverage, wood and lumber, iron and steel, pulp and paper, mining and aggregate, and pharmaceutical industries through 460 operations across North America. More …

SKF, G’teborg, Sweden, has acquired for $21 million 51 percent of the shares of the North American seals company Macrotech Polyseal Inc., Salt Lake City, UT. SKF will acquire the remaining 49 percent within three years. Macrotech manufactures fluid power seals based on polyurethane technologies and engineered plastics for industrial customers in the U.S. See article on p. 4 of this section. More …

The Fastenal Company, Winona, MN, reported net sales for the three-month period ended March 31, 2006 totaled $431.7 million, an increase of 22.0 percent over net sales of $353.8 million in the first quarter of 2005. First quarter operating income increased from $59.4 million in 2005 to $76.9 million in 2006, an increase of 29.5 percent. Net earnings increased in the first quarter from $37 million in 2005 to $47.9 million in 2006, an increase of 29.2 percent. More …

W.W. Grainger, Chicago, IL, reported sales for the first quarter ended March 31, 2006 were $1.4 billion, up 6 percent over the prior year’s first quarter. Net earnings for the quarter increased 18 percent to $86.2 million, as compared to $72.8 million in the 2005 first quarter. For the first time, the company split out its Canadian business, Acklands-Grainger, which reported sales for the quarter of $139 million were up 19 percent versus the 2005 first quarter, 12 percent in Canadian currency. In its Branch-based segment, the company’s decision to wind down its integrated supply and automotive-related contracts resulted in a 3 percentage point reduction in the segment sales growth. More …

Kennametal Inc., Latrobe, PA, has signed an agreement with KPAC LLC to divest its Kemmer Praezision Electronics business. Kemmer Praezision manufactures and markets tungsten carbide consumable tools for the printed circuit board market. The disposition of this business is in line with Kennametal’s recently announced intention to accelerate its manufacturing rationalization opportunities and its strategy to focus on core businesses. More …

Applied Industrial Technologies, Cleveland, OH, reported sales for the third quarter 2006 increased 11.4 percent to $497.2 million from $446.5 million in the same period a year ago. Profit jumped to $19.9 million from $16.3 million in the same period a year ago. For the nine months ended March 31, 2006, sales increased 10.5 percent to $1.397 billion from $1.264 billion in the same period last year. More …

Reliance Steel & Aluminum Co., Los Angeles, CA, reported its profit for the first quarter 2006 was up 55 percent to $71.9 million. This compares with net income of $46.4 million for the 2005 first quarter. 2006 first quarter sales were a record $988 million, an increase of 22 percent compared with 2005 first quarter sales of $811.9 million. More …

Genuine Parts Company reported record sales and earnings for the first quarter ended March 31, 2006. Sales totaled $2.6 billion, up 9 percent compared with the first quarter of 2005. Net income for the quarter was $113.9 million, an increase of 7 percent over $106.6 million recorded in the same period of the previous year. Motion Industries, the Industrial Group, grew sales by 12 percent. The Automotive Group reported a 5 percent sales increase for the quarter. S.P. Richards, the Office Products Group, generated a 13 percent sales increase for the quarter, and EIS, the Electrical Group, was up 13 percent. More …

WESCO International Inc., Pittsburgh, PA, a provider of electrical MRO products, construction materials, and advanced integrated supply procurement outsourcing services, reported sales for the first quarter 2006 of $1,265.5 million compared with $990.9 million in 2005, an increase of 27.7 percent. Profit in the first quarter was $44.5 million in 2006 versus $11.3 million in the comparable 2005 quarter. For the quarter, WESCO delivered organic sales growth of 17 percent. More …

Huttig Building Products Inc., St. Louis, MO, a distributor of millwork, building materials and wood products, reported first quarter 2006 sales of $281.1 million, a 13 percent increase over the year-ago period. The company attributed sales growth to aggressive market and product expansion strategies, as well as to favorable weather. Millwork and building product sales increased 17 percent and 20 percent respectively over the prior year quarter. More …

Building materials distributor Orgill Inc., Memphis, TN, reported its sales for the 12 months ended March 31, 2006, exceeded $1 billion, a 14 percent increase over the same period last year. The private company reported its five distribution centers have had strong sales through the first quarter of calendar year 2006, with total warehouse sales up 31 percent in March 2006 over March 2005.

Watsco Inc., distributor of air conditioning and heating products, reported its revenues grew 14 percent to $394 million in the first quarter ended March 31, 2006. Net income rose to $13 million compared with $9.1 million in the same period last year. Same-store growth rates for revenue and gross profit were also 14 percent for the quarter. More …

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