January 2010 News
Airgas reports 13% sales decline
Airgas Inc. reported net earnings of $46.9 million, or 56 cents per diluted share, for its third quarter.
Manufacturers report earnings
Kennametal, RBC Bearings, SKF Group and Dover Corporation are among industrial manufacturers to report quarterly earnings.
Kansas Fed: Midwest manufacturing picks up
Growth in Tenth District manufacturing activity strengthened in January, according to the Federal Reserve Bank of Kansas City.
Columbus McKinnon records 27.9% sales decline
Columbus McKinnon Corporation said its net sales for the third quarter of fiscal 2010 were $119.0 million, down $46.1 million, or 27.9%, from the same period in the prior year.
December durable goods orders increase
New orders for manufactured durable goods in December increased $0.5 billion or 0.3 percent to $167.9 billion, the U.S. Census Bureau announced today.
Wesco's Q4 sales fall 20.8%
Wesco International reported that its fourth quarter consolidated net sales were $1.13 billion compared to $1.42 billion, a decline of 20.8% from a year ago.
3M finished year strong
3M reported fourth-quarter earnings of $1.30 per share on sales of $6.1 billion, with operating income margins of 21.9 percent.
Midwest manufacturing output decreased in December
The Chicago Fed Midwest Manufacturing Index (CFMMI) decreased 0.3% in December, to a seasonally adjusted level of 84.1, according to the Chicago Federal Reserve Bank.
Praxair's sales up slightly
Praxair Inc. reported fourth-quarter net income $340 million and diluted earnings per share of $1.09.
Smith International revenue improves
Smith International Inc. announced fourth quarter net income of $20.1 million, or 9 cents per diluted share on revenue of $1.98 billion.
Rockwell Automation sees 10% sales decline
Rockwell Automation Inc. reported fiscal 2010 first quarter revenue of $1.06 billion, down 10 percent compared to $1.18 billion in the first quarter of fiscal 2009.
Stanley's sales fall 11%
The Stanley Works said its fourth quarter net sales were $969 million, down 11% compared to the same quarter last year as growth due to price (+1%) was more than offset by a 16% decline in unit volume.
ITW revenues fall 5 percent
Illinois Tool Works Inc. reported 2009 fourth quarter diluted income per share of 98 cents, a 66 percent increase compared to the 2008 fourth quarter.
Integrity Tool & Fastener formed
Integrity Tool & Fastener is a new distributor of tools, fasteners, and electrical supplies based in Elkton, Md.
Central Atlantic manufacturing improves
Manufacturing activity in the central Atlantic region contracted at a less pronounced rate in January, according to the Richmond Fed's latest survey.
Grainger anticipates 2010 growth
Following a 9 percent sales decline in 2009, Grainger is forecasting 6 percent to 10 percent sales growth in 2010.
Cooper posts 22.3% revenue decline
Cooper Industries plc reported 2009 revenues of $5.1 billion, a 22.3 percent decrease from the $6.5 billion in revenues for 2008.
Sherwin-Williams reports 5.9% sales drop
The Sherwin-Williams Company said its fourth-quarter consolidated net sales decreased 5.9% to $1.60 billion and 11.1% to $7.09 billion in the year due primarily to weak paint sales volume.
Eaton reports income gain
Diversified industrial manufacturer Eaton Corporation announced net income per share of $1.25 for the fourth quarter of 2009, an increase of 28 percent over 98 cents in the fourth quarter of 2008.
Wolseley CFO stepping down
Wolseley announced that CFO Steve Webster is stepping down as chief financial officer and as an executive director effective March 31.
Texas manufacturing expands
Texas factory activity expanded in January, according to business executives responding to the Texas Manufacturing Outlook Survey from the Federal Reserve Bank of Dallas.
OTP Industrial Solutions acquires Midwest Fluid Power
OTP Industrial Solutions has acquired Midwest Fluid Power LLC, a Toledo, Ohio fluid power distributor.
Workholding equipment shipments down
At $46.2 million for fourth quarter 2009, shipments of workholding equipment were down 19.0 percent from Q4 2008 according to the Advanced Workholding Technology (AWT) Group of AMT - The Association For Manufacturing Technology.
IDC-USA to support Haiti relief efforts
In light of the enormous earthquake devastation, injury and loss of life to the people of Haiti, the IDC Charitable Trust Corporation is matching IDC-USA generated donations up to a maximum match of $10,000.
U.S. productivity rises in 2009
U.S. productivity weathered the recession well, growing 2.5 percent (in per hour terms) in 2009, The Conference Board reported.
NAM report: Pro-growth policies needed
As U.S. manufacturers struggle to recover from the recession, a new report finds that manufacturing fuels economic prosperity but requires pro-growth policies to create jobs and remain globally competitive.
Philadelphia area manufacturing improves
The Philadelphia region's manufacturing sector continues to show improvement, according to firms polled for the most recent Business Outlook Survey by the Federal Reserve Bank of Philadelphia.
ISA members see signs of growth
A recent survey conducted by the Industrial Supply Association shows that companies in the industrial supply industry are beginning to see an increase in business.
Why manufacturing is bouncing back
Signs of a manufacturing rebound in the nation and around the world seem indicate that the global recession is coming to an end.
Sales/earnings drop at Precision Castparts
Precision Castparts Corp. reported Q3 sales of $1.37 billion, versus total sales of $1.63 billion in the third quarter of fiscal 2009.
NAHAD plans 2010 convention
NAHAD is accepting registration for its 2010 Annual Convention to be held in Orlando, Fla, April 17-21.
Canadian manufacturing edges up
Manufacturing sales in Canada edged up 0.1% to $42.6 billion in November, according to Statistics Canada.
BSA Winter Meeting sets record attendance
A record number of attendees participated in the Bearing Specialists Association (BSA) 2010 Winter Meeting January 17-19 in Tampa, Fla.
AIT posts 11% sales decline
Applied Industrial Technologies reported net sales for its fiscal second quarter decreased 11% to $446.25 million compared to $502.41 million in the same period last year.
ISA to coordinate Haiti relief effort
The Industrial Supply Association announced that ISA is coordinating an industry-wide response following the earthquake that recently devastated Haiti.
SKF USA appoints new president
AB SKF has appointed Poul Jeppesen as president and CEO of SKF USA Inc., effective immediately.
Fastenal's sales fall 12.5%
Fastenal reported net sales for the fourth quarter totaled $476.75 million, a decrease of 12.5% from $544.95 million in the fourth quarter of 2008.
PTDA: November PT sales decrease
Following gains in October 2009, U.S. manufacturers’ sales decreased while Canadian manufacturers posted no change in November 2009 according to sales data released by the Power Transmission Distributors Association (PTDA) in its Market Outlook Report.
Parker reports quarterly sales increase
Parker Hannifin Corporation reported fiscal 2010 second quarter sales were $2.4 billion, an increase of 5.3 percent compared with the first quarter and a decline of 12.4 percent from $2.7 billion in the second quarter a year ago.
Metalformers gaining optimism
Metalforming companies are increasingly optimistic as the new year kicks off.
Bunzl acquires Danish company
International distribution and outsourcing specialist Bunzl has acquired Danish cleaning supplier Clean Care.
Machine Tool Supply to acquire Cutting Edge Tool & Supply
Machine Tools Supply (MTS) announced the pending acquisition of Cutting Edge Tool & Supply (CET), of Chatsworth, Calif., as a wholly owned subsidiary of MT Supply Inc.
Atlas Copco buys compressor distributor
Atlas Copco Compressors LLC, USA, has purchased the compressor division of Premier Equipment Corporation Inc.
Eastman Chemical buys Chinese manufacturer
Eastman Chemical Company announced that it has completed the acquisition of Tongxiang Xinglong Fine Chemical Co., Ltd., a cellulose-based specialty polymers manufacturing facility located near Shanghai, China.
Precision Castparts buys Chinese manufacturer
Precision Castparts Corp. has acquired a 49 percent equity interest in Yangzhou Chengde Steel Tube Co., Ltd.
Industrial production rises
Industrial production increased 0.6 percent in December, according to the Federal Reserve.
DBM to publish magazine for IDC-USA
Direct Business Media (DBM), publisher of Industrial Supply magazine, signed an agreement with IDC-USA to publish the distributor cooperative’s publication IDC Industrial Review.
NY state manufacturing improves
The Empire State Manufacturing Survey indicates that conditions for New York manufacturers improved for the sixth consecutive month in January.
MAPI: Manufacturing recovery imminent
The long-awaited recovery in the manufacturing sector may be clearly in sight, according to the quarterly Manufacturers Alliance/MAPI Survey on the Business Outlook, a leading indicator for the industrial sector.
US LBM Holdings buys former Stock location
US LBM Holdings LLC announced it completed the acquisition of Universal Supply Company.
ASKO acquires Wapakoneta Machine Co.
ASKO Inc., a Homestead, Pa.-based manufacturer of shear knives and wear parts for metal producers, processers, and recyclers, recently acquired assets of The Wapakoneta Machine Company.
H.B. Fuller Co. Q4 revenue beats Q3
H.B. Fuller Company reported net revenue for the fourth quarter of 2009 was $341.6 million, down 2.5 percent versus the fourth quarter of 2008.
PTDA and BSA release V2.1 of PPIF
A joint task force of the Power Transmission Distributors Association (PTDA) and the Bearing Specialists Association recently approved a revision to the widely-used Product & Price Information Format (PPIF).
Bossard Group reports 24.5% sales decline
Swiss fastener distributor Bossard reported that its Q4 sales totaled CHF 95.2 million (about $93.4 million), down 24.5% compared to the same period last year.
Canadian economy fared better than most
The Canadian economy withstood the global recession in 2009 better than most G7 nations, including the United States, and is poised to see marginal improvement in 2010, according to a new Manufacturers Alliance/MAPI report.
WD-40 reports 22.5% increase in income
WD-40 Company reported sales for the first quarter of $77.7 million, a decrease of 7.0% from the first quarter last year.
Manufacturing technology consumption up 16 percent
November U.S. manufacturing technology consumption totaled $178.83 million, according to AMTDA, the American Machine Tool Distributors’ Association, and AMT - The Association For Manufacturing Technology.
ProBuild names new Northeast region president
ProBuild Holdings Inc announced the appointment of Russ Kathrein to the position of president of ProBuild’s Northeast region.
Interline names new CF
Interline Brands Inc. announced the appointment of John Ebner as the company's new chief financial officer and treasurer.
Acuity Brands reports sales decrease
Acuity Brands announced fiscal 2010 first quarter net sales of $391.7 million, a 13 percent decline compared with the $452.0 million reported in the year-ago period.
Merchant wholesaler sales increase
The U.S. Census Bureau announced that merchant wholesalers November sales were $337.4 billion, up 3.3 percent.
Driltec buys Heller Anchor Bore
Driltec LLC announced that it has acquired certain assets of Heller Anchor Bore, Shelby Township, Mich.
NN Inc. to close manufacturing plant
NN Inc. announced it will close its manufacturing facility located in Tempe, Ariz.
MSC's sales fall 11.1 percent
MSC Industrial Direct Co. reported net sales for the first quarter of fiscal 2010 fell 11.1% to $384.8 million, compared with $433.0 million in the prior year period.
ID magazine to cease publication
According to published sources, Industrial Distribution magazine will cease publication.
BMHC exits bankruptcy
Building Materials Holding Corp. (BMHC) announced it has completed its financial restructuring and successfully emerged from Chapter 11.
Versar acquires Professional Protection Systems
Versar Inc. has acquired Professional Protection Systems Ltd., located in Milton Keynes, United Kingdom.
Nordson acquires German distributor
Nordson Corporation announced that it has acquired German distributor GLT mbH based in Pforzheim, Germany.
Zep Inc. posts 1.9 percent sales drop
Zep Inc. reported operating profit of $8.8 million during the first quarter of fiscal year 2010 compared with a loss of $0.8 million in the first quarter of 2009.
EIS acquires Fay Electric Wire
EIS Inc., a distributor of electrical insulation and process materials used in the electrical OEM business, announced its acquisition of Fay Electric Wire Corporation of Elmhurst, Ill.
Koyo Bearings USA formed
JTEKT Corporation has created a new business unit, Koyo Bearings USA LLC, following the acquisition of The Timken Company's Needle Roller Bearings business.
Lord & Sons buys Carson Sales Co.
Lord & Sons Inc. announced that it has acquired privately held Carson Sales, a fastening and construction distributor in the Southwest.
Ideal buys Western Forge
Ideal Industries Inc. signed a definitive agreement to acquire privately held Western Forge, a Colorado Springs-based manufacturer of pliers, screwdrivers and adjustable wrenches for the professional trades and the general consumer.
Zep acquires Amrep
Zep Inc., a producer of specialty chemical products for industrial, institutional, and retail companies, announced that it has acquired Atlanta-based Amrep Inc. for $64.4 million.
GHX opens Louisiana facility
GHX Industrial LLC, a Houston-based fabricator and supplier of industrial fluid sealing and transfer products, announced the opening of a new facility in Geismar, La.
Central Welding Supply acquires A L Welding Products
Central Welding Supply announced the acquisition of A L Welding Products, a distributorship previously owned by Kirby Lang and Air Liquide America Specialty Gases LLC.
Construction spending dips
Construction spending during November was estimated at $900.1 billion, 0.6 percent below the revised October estimate of $905.6 billion.
Waukesha Bearings buys Inpro/Seal Company
Waukesha Bearings, an operating company in Dover Corporation's Fluid Management Segment, has acquired Inpro/Seal Company.
ISM: Manufacturing expands for 5th straight month
Economic activity in the manufacturing sector expanded in December for the fifth consecutive month.
Esmark Industrial Group acquires Excalibur Machine Co.
Esmark Industrial Group, a newly formed subsidiary of Esmark Incorporated, has completed the acquisition of Meadville, Pa.-based Excalibur Machine Company Inc. for $3.5 million in cash.
