July 24, 2007

Watsco Sales Down 6% in First Half

Companies, Free, HVACR, News, Plumbing Products & PVF Distribution, Subscriber Only, Top Distributor Sectors / MDM Staff

HVAC distributor Watsco, Inc., Coconut Grove, FL, reported sales decreased 7% to $471 million for the second quarter ended June 30, 2007.
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Revenues in the first six months declined 6% to $842 million. Profit for the first six months was $35.4 million, down from the $41.8 million recorded in the same period a year ago. New branches added $21 million of revenue during the first half of 2007.
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The Watsco network has expanded by 23 locations over the past 12 months, with a working capital investment related to these network expansion activities of $18 million as of June 30, 2007.
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Watsco recently announced it would acquire ACR Group Inc. , which had $240 million in sales in 2006. It has 54 locations in 10 …

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Simpson Strong-Tie Buys Swan Secure Products

Fasteners, Finance, Free, Mergers & Acquisitions, News, Subscriber Only, Top Distributor Sectors / MDM Staff

Simpson Strong-Tie Company Inc. has purchased Swan Secure Products Inc., Baltimore, MD, a manufacturer of stainless steel and other fasteners, for $43.5 million in cash. Swan Secure has locations throughout the U.S.

Simpson offers a line of wood-to-wood, wood-to-concrete, and wood-to-masonry connectors and fastening systems, and pre-fabricated shearwalls. Simpson also sells adhesives, mechanical anchors and powder actuated tools for concrete, masonry and …

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Platinum Equity to Buy Ryerson for $2B

Finance, Free, Mergers & Acquisitions, Metals Service Centers, News, Subscriber Only, Top Distributor Sectors / MDM Staff

Platinum Equity has agreed to acquire Ryerson Inc., Chicago, IL, for $2 billion, which includes the assumption of debt. The price represents a 15% premium over Ryerson’s closing share price on Feb. 31, 2007, the day Ryerson announced it was considering strategic alternatives.

Ryerson is a distributor and processor of metals in North America, with 2006 revenues of $5.9 billion.
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With the transaction, Ryerson will go from a public to a private company.
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The merger agreement allows Ryerson to solicit additional proposals from other potential acquirers through Aug. 18, 2007.
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When Ryerson announced it was considering strategic alternatives for the company, 50 potential acquirers were identified and contacted, including foreign and domestic …

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Sumitomo Electric Carbide Buys Master Tool

Finance, Free, Mergers & Acquisitions, News, Subscriber Only, Top Distributor Sectors / MDM Staff

Sumitomo Electric Carbide Inc., Mount Prospect, IL, has acquired cutting tool manufacturer Master Tool, Grand River, OH.
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Master Tool specializes in the development of custom tooling to machine critical features on engine blocks, cylinder heads, connecting rods, crank shafts, transmission cases and other automotives parts.
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Sumitomo manufactures metal cutting tool …

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Anixter 2Q Organic Growth at 17%

Companies, Electrical, Free, News, Subscriber Only, Top Distributor Sectors / MDM Staff

Anixter International Inc., Glenview, IL, distributor of communication products, electrical and electronic wire & cable and a distributor of fasteners and other small parts, reported sales of $1.51 billion in the second quarter ended June 29, 2007, up 22% from the year-ago period.
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Profit for the second quarter increased 31% to $64.6 million. Organic growth for the second quarter was 17%.
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For the six-month period ended June 29, 2007, sales were $2.84 billion, up 22%, and profit was $118.2 million, up 46%.
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Factors influencing overall sales included:

Strong larger project business, particularly as relates to data center builds in the enterprise cabling market and within the energy/natural resources customers in the …

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July 24, 2007

Watsco Sales Down 6% in First Half

Simpson Strong-Tie Buys Swan Secure Products

Platinum Equity to Buy Ryerson for $2B

Sumitomo Electric Carbide Buys Master Tool

Anixter 2Q Organic Growth at 17%

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