November 13, 2007

Machine Tool Consumption Up 6.7% to September

Economic Trends, Free, News, Research & Analytics, Subscriber Only, Top Distributor Sectors / MDM Staff

September U.S. manufacturing technology consumption was $438.95 million, according to the Association for Manufacturing Technology and the American Machine Tool Distributors’Association. This total, as reported by companies participating in the USMTC program, was up 21.7% from August, and up 2.9% from the total of $426.39 million reported for September 2006. With a year-to-date total of $3,076.65 million, 2007 was up 6.7% compared with 2006.
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These numbers and all data in this report are based on the totals of actual data reported by companies participating in the USMTC program.
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Evidence that manufacturing is alive and well in the U.S. can be seen in September’s extraordinary surge in manufacturing technology orders,” said John B. Byrd III, AMT president. …

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Worthington Acquires Stake in LEFCO

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

Worthington Industries, Columbus, OH, announced that its subsidiary, Worthington Steelpac Systems, LLC, has acquired a 49% interest in LEFCO Industries, LLC, a minority business enterprise.&nbsp ; The resulting joint venture will become LEFCO Worthington, LLC.&nbsp ; In addition to continuing LEFCO’s existing products, the joint venture will manufacture steel rack systems for a variety of industries, including automotive and trucking.&nbsp ;
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LEFCO operates a manufacturing facility in Cleveland, OH, where the company produces engineered wooden crates and specialty pallets.&nbsp ; Worthington Steelpac and LEFCO have been working in a strategic alliance for the past two years to assess opportunities for an MBE supplier in the steel rack fabrication market.&nbsp ; With …

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Home Depot Sales Down 3.5% in 3Q

Building Materials/Construction, Free, News, Subscriber Only, Top Distributor Sectors / MDM Staff

Home improvement retailer The Home Depot, Atlanta, GA, reported third quarter 2007 profits of $1.1 billion, compared with $1.5 billion, or $0.73 per diluted share, in the same period in fiscal 2006.
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Sales for the third quarter were $19 billion, a 3.5% decrease from the third quarter 2006, reflecting negative comparable store sales of 6.2%, offset in part by sales from new stores.
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The sale of HD Supply was completed on Aug. 30, 2007, and the company reflects the results of HD Supply as a discontinued operation. The operating results and financial impact of the sale of HD Supply are listed as a one-line item on the income statement. Earnings from discontinued operations were $20 million, down 26.8%.
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We are facing a tough environment as …

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Rexel North America Sales Fall 1.7% YTD

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

Electrical distributor Rexel reported sales were up 3.5% in the first nine months of 2007 to 7.9 billion euro (US$11.5B). Profit before IPO costs was up 57%.
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During the third quarter of 2007, Rexel saw continued growth in Europe and Asia-Pacific, led by the industrial and commercial end-markets while sals trends in North America were comparable to the second quarter. & hellip; Looking ahead, our proposed full-cash offer for Hagemeyer marks our confidence in the quality of Rexel’s business model and would provide compelling development opportunities for our Group,” says Jean-Charles Pauze, CEO.
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Rexel is in negotiations to acquire Hagemeyer NV for $4.5 billion, based on current exchange rates. The offer is 4.85 euro per share. Rexel would then sell the …

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Rexel North America Sales Fall 1.7% YTD Read More »

November 13, 2007

Machine Tool Consumption Up 6.7% to September

Worthington Acquires Stake in LEFCO

Home Depot Sales Down 3.5% in 3Q

Rexel North America Sales Fall 1.7% YTD

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