The 2020 Mid-Year Economic Update_long

News Digest 5006

MDM's top news briefs from News briefs from March 11 - March 25, 2020.

Distributor

Switzerland-based power and automation company ABB has completed its previously announced acquisition of a majority stake in Chargedot Shanghai New Energy Technology Co., Ltd., Shanghai.  More.

Building products distributor ABC Supply Co. Inc., Beloit, Wisconsin, has acquired the assets of Exterior Building Supply, Meridian, Idaho, a distributor of siding, gutters and other exterior building materials.  More.

Park-Ohio Holdings Corp., Cleveland, Ohio, reported sales for 2019 of $1.6 billion, a 2.4% decrease from 2018. Profit fell from $53.6 to $38.6 million. For the fourth quarter, the company reported sales of $380 million, down 6.4% over the same period a year ago. Profit fell from $14.8 million to $7.6 million.  More.

Turtle & Hughes has announced that Beverly Jennings has joined the company’s board of directors. Jennings is a retired senior Johnson & Johnson supplier diversity and inclusion executive. More.

Turtle & Hughes, Linden, New Jersey, has announced that it has promoted three of its branch managers to vice president. Brian Fitzgerald, Jeff Smith and John Donohue will service three different geographic regions. More.

Motion Industries, Birmingham, Alabama, a subsidiary of Genuine Parts Company, has promoted Greg Cook to executive vice president and chief financial officer, effective April 1, 2020. More.

Grainger, Chicago, has announced that the company will cancel the Grainger 2020 trade show, citing concerns over the potential spread of the coronavirus (COVID-19). The event was scheduled for March 15-19 and was expected to bring 13,000 attendees to Florida’s Orange County Convention Center. More.

WESCO International, Inc., has announced that, based on current market conditions, it has revised its expectations with respect to the financing of the cash portion of the consideration payable pursuant to the previously announced merger agreement with Anixter International Inc. The company also provided information about WESCO's participation in the J.P. Morgan Industrials Conference on Wednesday, March 11, 2020.  More.

Amazon.com, Inc.  has announced it will open 100,000 new full and part-time positions across the U.S. in fulfillment centers and delivery network to meet the surge in demand from people relying on Amazon’s service during the Coronavirus (COVID-19). More.

Due to concerns over coronavirus (COVID-19), the Industrial Supply Association has announced that the ISA Board of Directors have voted to cancel ISA Atlanta 2020. The event was scheduled to take place April 20-22 in Atlanta, Georgia. More.

North American buying group AD, Wayne, Pennsylvania, held its first ever live virtual member meeting on March 17, welcoming over 250 member distributors in their Industrial & Safety – U.S. division to the event. AD will be hosting live virtual member meetings for the PHCP, Electrical, and Gypsum Supply divisions in the coming weeks.  More.

Manufacturer

Motion control manufacturer Allied Motion Technologies Inc., Amherst, New York, has acquired Dynamic Controls Group, a wholly owned subsidiary of Invacare Corporation, a designer and manufacturer of equipment for the medical mobility and rehabilitation markets.  More.

Switzerland-based power and automation company ABB has completed its previously announced acquisition of a majority stake in Chargedot Shanghai New Energy Technology Co., Ltd., Shanghai.  More.

Hillenbrand, Inc., a global diversified industrial company that makes and sells premium business-to-business products and services for a wide variety of industries, has reached a definitive agreement to sell its Cimcool business to DuBois Chemicals, Inc. The sale follows Hillenbrand's previously announced strategic review of alternatives for this business, which was part of the 2019 acquisition of Milacron Holdings Corp. More.

Motion control manufacturer Allied Motion Technologies Inc., Amherst, New York, reported 2019 sales of $371.1 million, a 19% increase from 2018. Profit increased 7% to $17 million. Sales for the fourth quarter were $87.9 million, a 19% increase year-over-year. Fourth-quarter profit grew from $2.6 million to $3.5 million. More.

Bearings manufacturer NN Inc., Johnson City, Tennessee, reported fourth quarter sales of $198.6 million, a 0.5% decrease over the same period a year ago. The company reported a loss of $14.1 million, compared to a loss of $217.4 million the prior year. Sales for 2019 were $847.5 million, up 10% over the same period in 2018. The company reported a loss of $46.7 million, compared to a loss of $263 million in 2018. More.

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