The 2020 Mid-Year Economic Update_long

News Digest 5005

MDM's top news briefs from News briefs from February 26 - March 10, 2020.

Distributor

Core & Main, St. Louis, has entered into a definitive agreement to acquire R&B Co., San Jose, California. More.

Gardner Denver Holdings, Inc. completed its merger with the Ingersoll Rand industrial segment. The newly combined company, named Ingersoll Rand Inc., began trading Monday, March 2, on the New York Stock Exchange under the symbol “IR.” More.

Kaman Corp., Bloomfield, Connecticut, reported sales for 2019 of $761.6 billion, up 3.5% from the prior year. More.

Foundation Building Materials Inc, Tustin, California, reported sales for fourth quarter of 2019 of $514.8 million, up 0.3% from the same period in 2018. Profit was $9.4 million, down from $18.3 million the previous year’s quarter. More.

Pentair plc, Manchester, UK, reported sales for 2019 of $3 billion, down 0.3% year-over-year. Profit was $355.7 million, up 2.4% over a year ago. More.

Univar Inc., Downers Grove, Illinois, reported sales for 2019 of $9.3 billion, up 7.6% from 2018. The company reported a loss of $100.2 million, compared to a profit of $172.3 million the prior year. More.

Lawson Products Inc., Chicago, reported fourth quarter sales of $88.6 million, up 2.7% compared with the year-ago period. The company reported a loss of $3 million during the 2019 fourth quarter, compared to a profit of $2.6 million during the 2018 quarter. More.

Veritiv Corp., Atlanta, reported sales for 2019 of $7.7 billion, an 11.9% decrease from 2018. The company reported a loss of $29.5 million, compared to a loss of $15.7 million last year. More.

Huttig Building Products Inc., St. Louis, reported sales for 2019 of $812 million, a 3.3% decrease from the previous year. The company reported a loss of $21.3 million, compared to a loss of $6.4 million the previous year. More.

Canadian distributor Wajax Corp., reported sales for 2019 of $1.6 billion, a 4.8% increase compared to the previous year. Profit increased 10% to $39.5 million. More.

Sales for HARDI distributor members increased by 0.7% during January, according to its monthly TRENDS report. The average annualized sales growth for the 12 months through January 2019 is 5.5%.  More.

Economic

Real gross domestic product increased at an annual rate of 2.1% in the fourth quarter of 2019, according to the second estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP also increased 2.1%. More.

Manufacturer

Avery Dennison Corp., Glendale, California, has completed the acquisition of Smartrac’s Transponder business, for the purchase price of €225 million (US$250.6 million), subject to customary adjustments. More.

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