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November 2024 News

Advance wholesale inventories rise in October
Wholesale inventories for October (adjusted for seasonal variations and trading day differences, but not for price changes) were estimated at an end-of-month level of $905.1 billion, up 0.2% (±0.4%) from September 2024.

LINC Systems acquires CORUS Fastening
LINC Systems has acquired CORUS Fastening, a distributor of industrial fastening solutions and pneumatic tools.

Advance report: October durable goods inch up
New orders for manufactured durable goods in October, up following two consecutive monthly decreases, increased $0.7 billion or 0.2% to $286.6 billion, according to the U.S. Census Bureau.

Starrett doubles US sawing products specialists
The L.S. Starrett Co., a global manufacturer of saw blades, precision hand tools and gages, power tool accessories, and more, has doubled its sawing products specialists team in the U.S., strengthening its territory sawing application support.

Alliance MRO launches EPA-compliant anti-spatter
Alliance Distribution Partners LLC. has introduced a complete Whale Spray anti-spatter product line replacement to meet new EPA standards on methylene chloride. 

AD announces industrial, safety award winners
Industry leaders, innovators, and collaborators gathered October 21–24 at the Hyatt Regency Chicago for AD's 2024 Industrial & Safety – U.S., Mexico and Safety Network Divisions’ North American Meeting.

Core & Main opens Chattanooga facility
Core & Main Inc., a specialty distributor dedicated to advancing reliable infrastructure with local service, nationwide, announced the opening of its new facility located in Chattanooga, Tennessee.

Sonepar appoints new senior vice president
Sonepar appointed Heather Naida as senior vice president of sales, marketing and customer experience at Sonepar USA.

STAFDA inaugurates Hahs as new president at Nashville convention
Nearly 2,800 distributors, manufacturers, and rep agent members convened in Nashville for the 48th Specialty Tools & Fasteners Distributors Association (STAFDA) Annual Convention and Trade Show, November 10-12.

Rockwell names Van Meter Distributor of the Year
Van Meter Inc. was named the 2024 Distributor of the Year and awarded the Bradley Cup during Rockwell Automation’s “Make it Matter” Automation Fair in Anaheim, California on Tuesday, November 19.

BlackHawk Industrial appoints GM for Northeast team
BlackHawk Industrial has neamed Marco Morgado as general manager of the Northeast region.

IDCO wraps up 'first-class' Expo in Louisville
The 2024 IDCO Expo November 4-6 in Louisville brought ogether IDCO’s member companies and supplier partners for an exciting and productive event.

Streamlight donates $20K for breast cancer research
Streamlight Inc., a rovider of high-performance lighting, announced its continued commitment to the Breast Cancer Research Foundation (BCRF) with a $20,000 donation to support breast cancer research and prevention.

Applied Industrial to acquire Hydradyne
Applied Industrial Technologies has signed a definitive agreement to acquire Hydradyne, LLC, a provider of fluid power solutions and value-added services.

September cutting tool orders up 0.7% year to date
By Christopher Chidzik
Shipments of cutting tools, measured by the Cutting Tool Market Report compiled in a collaboration between AMT – The Association For Manufacturing Technology and the U.S. Cutting Tool Institute (USCTI), totaled $188.7 million in September 2024.

NIBCO opens new interactive museum
NIBCO Inc. has opened the Rex Martin NIBCO Interactive Museum, which honors its 120 years in business providing innovative and reliable flow control products.

Singer Industrial buys Fluid Tech Hydraulics
Singer Industrial has teamed up with Fluid Tech Hydraulics (FTH), a distributor/service provider in the hydraulic industry.

AD launches second cohort of leadership program
AD’s Center for Independent Distributor Leadership (CIDL) announced the launch of the second cohort of its Leadership Experience Program. The four-year certification program is designed for current and next-generation executives of AD independent distributor member companies.

Investors acquire suspension manufacturer
MidOcean Partners, a New York-based alternative asset manager specializing in middle-market private equity, structured capital, and alternative credit investments, has acquired Arnott Industries.

White Cap acquires Midstream Supply & Rental
White Cap has acquired Midstream Supply & Rental, a distributor of concrete accessories, erosion control, safety products, and rental equipment based in Shreveport, Louisiana, serving non-residential and infrastructure end markets.

Electronic Drives grows revenue 39% in 2024
Electronic Drives and Controls, Inc. (EDC), a control system integrator and field service company for industrial automation and drive technology, announced it has experienced a year of growth and success, achieving a 39% increase in revenue year-over-year.

Motion names senior vice president
Motion Industries, Inc., a distributor of maintenance, repair and operation replacement parts, and a premier provider of industrial technology solutions, has promoted Eric Gonzalez to senior vice president of Mexico, Canada, industry segments, and business development, effective immediately.

National Ladder Safety Month coming in March
The months leading up to March and National Ladder Safety Month are critical because the milestone month does more than amplify a safety message; it also celebrates message penetration and accident reduction.

NetPlus Alliance recognizes award winners
NetPlus Alliance, an industrial and contractor supplies buying group, presented its annual member awards during its 11th Annual Meeting last month in San Antonio.

NAVAC debuts industry’s smallest dry screw vacuum pump
NAVAC Industrial Vacuum, a manufacturer of industrial vacuum pumps, recently debuted its HelixDrive HD8, the industry’s smallest dry screw vacuum pump, at two key industry events: the Best Practices Expo and the AVS 70th International Symposium & Exhibition.

AIRMATIC celebrates 80th anniversary at Friends and Family event
AIRMATIC, trusted provider of innovative solutions and services for the industrial and construction markets, recently hosted its annual Friends and Family event, which held added significance this year as part of the company’s 80th-anniversary celebrations.

E Tech Group named Rockwell Platinum Partner
E Tech Group, a provider of high-quality automation, control and engineering services for industrial clients, has been designated a Platinum System Integrator within the Rockwell Automation PartnerNetwork.

Power transmission leaders gather at Industry Summit
The PTDA 2024 Industry Summit, held at The Broadmoor in Colorado Springs brought together over 425 power transmission/motion control (PT/MC) industry executives for insightful presentations, education, and networking.

Caterpillar names Kennametal a top indirect supplier
Kennametal Inc. announced it has been recognized as one of Caterpillar Inc.'s top indirect suppliers in 2024.

PTDA Foundation announces employee, student scholarship recipients
The PTDA Foundation has introduced two new scholarship programs aimed at helping PT/MC employers further the education of current and upcoming talent.

ISA welcomes new director of education
The Industrial Supply Association (ISA) appointed Ashley Wade as director of education.

Brian Short honored with PTDA Warren Pike Award
The Power Transmission Distributors Association (PTDA) has named Brian Short the 33rd recipient of its Warren Pike Award for lifetime achievement in the power transmission/motion control (PT/MC) industry.

Van Meter appointed authorized Rockwell distributor
Van Meter Inc., a distributor of electrical, automation and mechanical solutions in the Midwest, is the newly authorized Rockwell Automation distributor in the greater Duluth-Twin Ports, Minnesota market, which extends into Northeastern Minnesota and Northwestern Wisconsin. Mielke Electric Works, Inc. was the previously authorized distributor.

Rivet|MRO earns AD first-ever service provider award
AD has awarded Rivet|MRO with the buying group's first-ever Service Provider Excellence Award at its annual meeting.

Allient Q3 revenue down 14%
Allient Inc. reported third-quarter revenue was $125.2 million, a decrease of 14%, with a gross margin of 31.4% and net income of $2.1 million.

Airgas receives Military Friendly 2025 Gold Recognition
Airgas has been awarded Gold Level Recognition on the 2025 Military Friendly Employers list by VIQTORY for the third consecutive year.

Streamlight's Stinger flashlight wins safety, personal gear award
The Streamlight Stinger Color-Rite was named a PTEN Magazine 2024 Innovation Award winner in the Safety and Personal Gear category.

We Supply America launches Season 4
The We Supply America tour hit the road again this summer, championing the noble calling of distribution and gathering stories of innovation, inspiration and leadership from distributors and manufacturers across the country. Those stories will be told starting Nov. 12 at WeSupplyAmerica.net.

Sonepar earns 5 Military-Friendly awards
Sonepar has been honored with five 2025 Military Friendly awards, including a Gold rating as a Military Friendly Employer.

White Cap acquires TOOFast Supply
White Cap has acquired TOOFast Supply, a supplier of professional grade tools and fasteners with four locations in Nebraska, serving commercial, industrial, agricultural and residential end markets.

Metalworking machine orders increase 24%
Orders of manufacturing technology, measured by the U.S. Manufacturing Technology Orders (USMTO) report published by AMT – The Association For Manufacturing Technology, totaled $450.6 million in September 2024.

Fed’s soft landing may ignite manufacturing technology market growth
By Kristin Bartschi
In a widely anticipated move, the Federal Reserve slashed the federal funds rate by another 25 basis points to a target range of 4.5% to 4.75%. In announcing the decision, the FOMC stated “that the risks to achieving its employment and inflation goals are roughly in balance.” However, Fed Chair Jerome Powell cautioned that there may be bumps along the road.

DSG expands into Illinois
DSG has acquired Peoria Pump in an asset purchase effective November 4.

Kennametal reports 2% sales drop in Q1-25
Kennametal Inc. reported results for its fiscal 2025 first quarter, which included a 2% sales decline – $482 million compared to $492 million in the prior year quarter.

Wright honors team with service, achievement awards
Wright announced the 2024 winners of its annual employee service and achievement awards commemorating employees for their years of service and recognizing their hard work and dedication that contribute to the company’s success.

MRC net income down 14% YOY
In third quarter reporting, MRC Global Inc. said its net income was $23 million, a 14% decrease from $29 million in the third quarter of '23.

MRC Global names new board chair
MRC Global Inc. announced its board of directors has elected Deborah G. (Debbie) Adams as its new board chair, effective immediately. She succeeds Robert L. (Bob) Wood, previous chairman of the board, who has retired from the board for personal reasons.

Fastenal October net sales rise 7.5%
Fastenal reported October net sales increased 7.5% to $69.3 million versus from $64.5 million in 2023.

DXP sales rise 6.1% in third quarter
DXP Enterprises Inc. reported its third quarter sales increased 6.1% sequentially to $472.9 million, compared to $445.6 million for the second quarter of 2024 and increased 12.8% compared to $419.2 million for the third quarter of 2023.

October Service PMI in 'expansion territory'
Economic activity in the services sector expanded for the fourth consecutive month in October, say the nation’s purchasing and supply executives in the latest Services ISM Report On Business. The Services PMI registered 56%, which is the highest reading since July 2022 and indicates sector expansion for the 50th time in 53 months.

Enpro Q3 sales climb 4.1% YOY
Enpro Inc. announced its financial results for the third quarter and nine months ended September 30 – the company reports that sales of $260.9 million are up 4.1% from the prior year period; organic sales up 0.9%.

Distributors invited to Profit & Productivity Summit next week
The Distribution Strategy Group will host its Profit & Productivity Summit November 11–13 at the Marriott Chicago O’Hare. Distribution expert Mike Marks will present the opening keynote "Sales Productivity in the Age of AI."

Construction spending to date estimated 7.3% above first nine months of '23
September construction spending was estimated at a seasonally adjusted annual rate of $2,148.8 billion, 0.1% (±1.0% ) above the revised August estimate of $2,146.0 billion.

Aerospace/defense deliver strong performance for RBC Bearings
RBC Bearings Inc. reported the following results for its second quarter of fiscal 2025: net sales of $397.9 million increased 3.2% over last year, aerospace/defense up 12.5%, and industrial down 1.4%.

Ingersoll Rand grows orders 10%, revenue 7%
Ingersoll Rand Inc. reported strong third quarter revenues of of $1,467 million, up 3% over the same period 2023 – down 2% organically. The company's reported orders of $1,421 million were up 5% versus 2023, or flat organically.

DSG increases revenue 6.6% in third quarter
Distribution Solutions Group's third quarter revenue increased $29.1 million, or 6.6%, to $468.0 million including $38.1 million of incremental revenue from three acquisitions closed in 2024.

Wesco International to buy data center management company
Wesco International has entered a definitive agreement to acquire Ascent LLC., a privately held provider of data center facility management services located in St. Louis. The $185 million deal was a cash- and debt-free purchase.

October employment maintains status quo
The October unemployment rate was unchanged at 4.1%, according to the U.S. Bureau of Labor Statistics. Employment declined in manufacturing due to strike activity.

September durable goods order decrease 0.8%
September new orders for manufactured durable goods decreased $2.2 billion or 0.8% to $284.8 billion, the U.S. Census Bureau announced.

Parker sales up 1.2% for Q1 of new fiscal year
Parker Hannifin Corp. reported its Q1 sales for fiscal year 2025 increased 1.2% to $4.9 billion; organic sales growth was 1.4%.

Grainger Q3 sales up 4.3%
Grainger reported third quarter sales of $4.4 billion, up 4.3%, or 4.0% on a daily, organic constant currency basis.

October manufacturing contracts
Economic activity in the manufacturing sector contracted in October for the seventh consecutive month and the 23rd time in the last 24 months, say the nation’s supply executives in the latest Manufacturing ISM Report On Business.

White Cap aquires Valley Supply
White Cap has acquired Valley Supply Inc., a distributor of concrete accessories, fabricated rebar, chemicals and safety products based in Mechanicsburg, PA, serving non-residential and infrastructure end markets.

AD reports record member sales
AD reported that member sales in the first nine months of 2024 increased 6% to a record $61 billion across AD’s 14 divisions and three countries.