August 2010 News
Manufacturers wary about hiring
Business leaders in the manufacturing space are pessimistic, with only a third (33%) expecting the U.S. economy to improve in the next six months, according to Grant Thornton's quarterly survey of U.S. business leaders.
Texas manufacturing stalls
Texas factory activity weakened during the month of August, according to the Dallas Federal Reserve.
3M acquires biometric systems company
3M entered into a definitive agreement to acquire Cogent Inc., a provider of finger, palm, face and iris biometric systems for governments, law enforcement agencies, and commercial enterprises.
Kansas City Fed: 10th District manufacturing slows
Tenth District manufacturing activity slowed in August, and producers were somewhat less optimistic than in previous months.
Midwest manufacturing output climbs in July
The Chicago Fed Midwest Manufacturing Index (CFMMI) increased 2.2% in July, to a seasonally adjusted level of 81.4.
McJunkin Red Man buys Dresser Oil Tools & Supply
McJunkin Red Man Corporation signed a definitive agreement to acquire Dresser Oil Tools & Supply.
Western Tool emerges from bankruptcy
Western Tool Supply announced that it emerged from bankruptcy protection.
Central Atlantic manufacturing advances
Manufacturing activity in the central Atlantic region advanced for the seventh consecutive month in August, but at a more modest pace than a month earlier, according to the Richmond Fed's latest survey.
Myrick named ProBuild CEO
ProBuild Holdings Inc. announced that Bill Myrick has been appointed chief executive officer, succeeding Paul Hylbert.
TTI profits up 40.5 percent
Milwaukee Electric Tool parent corporation Techtronic Industries Co. Ltd. said its net profits grew by 40.5% for the first six months of 2010.
Ideal Industries to buy SK Hand Tools
Ideal Industries Inc. has entered into a definitive agreement to purchase certain assets of SK Hand Tools Corporation, a manufacturer of tools for the professional mechanic.
Chicago Fed National Activity Index rebounds in July
Led by improvements in production-related indicators, the Chicago Fed National Activity Index returned to its historical average of zero in July, up from –0.70 in June.
UNK ID students volunteer for kids
Students enrolled in the Industrial Distribution program at the University of Nebraska at Kearney volunteered in a community outreach project to benefit local elementary school students.
Barnes expands 'green' catalog
Barnes Distribution has expanded its Eco-Friendly Greener Catalog for 2010 to include new soy based cleaners and degreasers.
Metalformers express confidence
Metalforming companies expect business conditions to remain fairly steady during the next three months, according to the August 2010 Precision Metalforming Association (PMA) Business Conditions Report.
Parker creates new distributor designation
Parker Hannifin Corp. recognized 17 top-performing North American distributors with the designation of Instrumentation Solution Centers.
MAPI: Economy in slow growth mode
The U.S. economy has decelerated to a "slow growth mode," primarily driven by consumers continuing to deleverage and rediscovering the need for thrift, according to a new report.
Emerson to sell motors business
Emerson announced that it has agreed to sell its Motors and Appliance Controls businesses to Nidec Corporation.
Industrial production rises in July
Industrial production rose 1.0 percent in July after having edged down 0.1 percent in June.
United Stationers announces management changes
United Stationers promoted P. Cody Phipps to president and chief operating officer, effective Sept. 1. He will report to Richard W. Gochnauer, who will remain chief executive officer.
Canadian manufacturing improved in June
Canadian manufacturing sales edged up 0.1% to $44.8 billion in June, according to Statistics Canada.
ITW sales up 16 percent
Illinois Tool Works Inc. said revenue increased 16% for the past three months.
Praxair announces price increase
Praxair Inc. and Praxair Canada Inc.announced price increase of up to 10% for bulk and packaged industrial and medical gas customers in the United States and Canada.
Allied Motion profits up
Allied Motion Technologies Inc. achieved second-quarter net income of $739,000, or 9 cents per diluted share, on sales of $19.9 million.
Keyser receives award
Former Grainger chairman and chief executive officer Richard L. Keyser has been named 2010 Public Company Director of the Year by the National Association of Corporate Directors (NACD).
Obama signs manufacturing bill
President Barack Obama has signed a bill meant to reduce costs for U.S. manufacturers and help them regain their footing in the shaky economy.
PT sales rise in June
Sales of power transmission/motion control (PT/MC) products rose in June according to the Power Transmission Distributors Association (PTDA) Market Outlook Report.
Report: Distributors showing steady improvement
A new report confirms that business conditions for distributors are improving for the first time in three years.
NN sales up 62 percent
Bearings manufacturer NN Inc. reported Q2 net sales were $92.7 million, 62.3% over the same period of 2009.
Grainger July sales up 21 percent
Grainger reported sales for the month of July increased 21 percent versus July 2009.
Productivity down, but manufacturing up
While the nation's productivity declined during the second quarter, manufacturing productivity grew by 4.5 percent, the U.S. Bureau of Labor Statistics reported today.
Applied Industrial Technologies income up
Applied Industrial Technologies reported fiscal 2010 full-year sales were $1.89 billion, down 1.6% from $1.92 billion.
Ames True Temper acquires Australian company
Ames True Temper Australia Pty Ltd. has acquired certain assets of West Barrows Mix Pty Ltd. (Wextmix) for approximately $12.7 million.
June manufacturing technology consumption up
June U.S. manufacturing technology consumption totaled $241.47 million, according to AMT - The Association For Manufacturing Technology and AMTDA, the American Machine Tool Distributors' Association.
Manufacturing adds jobs in July
While total employment declined by 131,000 in July, and the unemployment rate remained at 9.5 percent, manufacturers added 36,000 jobs during the month.
Kaman Industrial Technologies sales rise 35 percent
Sales at Kaman Industrial Technologies increased 35.2% in the 2010 second quarter to $210.9 million from $156.0 million a year ago.
Rexnord sales up 11 percent
Rexnord reported that its first quarter sales were $407 million, an increase of $39 million, or 11%, compared with the prior year first quarter.
Beacon Roofing profits fall
Beacon Roofing Supply reported that its fiscal 2010 third quarter sales increased 2.3% to $474.3 million from $463.6 million in 2009.
RBC Bearings profits soar
RBC Bearings said its net sales for the first quarter of fiscal 2011 were $82.4 million, an increase of 29.3% from $63.7 million in the first quarter of fiscal 2010.
ILMO Products acquires Smitty's Welding Supply
ILMO Products Company has acquired Smitty's Welding Supply Company of St. Louis, a distributor of medical, industrial, beverage, and laboratory gases, as well as gas and welding equipment.
Applied Industrial Technologies acquires SCS Supply
Applied Industrial Technologies Ltd., the Canadian subsidiary of Applied Industrial Technologies, announced it has acquired SCS Supply Group Inc., formerly known as Toronto Bearing & Belting and CBS Equipment. Terms of the sale were not disclosed.
Parker sales up 26 percent
Parker Hannifin Corporation reported fiscal 2010 fourth quarter sales were $2.8 billion, an increase of 26.0 percent from $2.2 billion in the same quarter a year ago.
Smith International earnings doubled
Smith International reported net income for the second quarter of 2010 of $65.1 million, or 26 cents per diluted share, on revenues of $2.30 billion.
Emerson sales up 11 percent
Emerson reported net sales for the third quarter of $5.6 billion, an increase of 11 percent from the prior year quarter.
Applied Industrial Technologies buys UZ Engineered Products
Applied Industrial Technologies has acquired the assets of UZ Engineered Products of Cleveland, Ohio.
ISM: Manufacturing growth continues
Economic activity in the manufacturing sector expanded in July for the 12th consecutive month, according to the Institute for Supply Management.
Barnes Group profit improves
Barnes Group reported net income of $14.8 million, or 26 cents per diluted share, compared to $10.4 million, or 19 cents per share in the second quarter of 2009.
Kansas City Fed: Manufacturing rebounds moderately
Tenth District manufacturing activity rebounded moderately in July, and expectations for future production remained positive.
Interline Brands sales up slightly
Interline Brands reported sales for the second quarter of 2010 increased 0.1% to $270.2 million compared to $269.9 million for the second quarter of 2009.
Simpson Mfg. profit declines
Simpson Manufacturing Co. reported a decline in net profit for the second quarter, hurt mainly by higher expenses, as well as a huge asset impairment charge.
Stanley Black & Decker buys CRC-Evans
Stanley Black & Decker has acquired CRC-Evans International, a global supplier of specialized tools, equipment and services for constructing oil and natural gas transmission pipelines.
United Stationers Q2 sales up 5.3 percent
United Stationers reported second quarter sales increased 5.3% to $1.22 billion, compared with $1.16 billion in the prior-year quarter.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
