November 19, 2007 - Modern Distribution Management

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November 19, 2007

United Rentals Sues Cerberus Capital

Free, Legal Issues in Wholesale Distribution, News, Operations, Subscriber Only, Top Distributor Sectors /

United Rentals Inc., Greenwich, CT, has filed a lawsuit against Cerberus Capital Management’s RAM Holdings Inc. and RAM Acquisition Corp. Cerberus had agreed to acquire United Rentals, but recently Cerberus has second-guessed its decision to do so.
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The lawsuit wants to force the agreed-upon acquisition, saying Cerberus has violated the merger agreement and should not be able to avoid the agreed-upon transaction by paying a break-up fee. The lawsuit contends that Cerberus has the financing necessary to complete the transaction.
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United Rentals is an equipment rental company with a network of more than 690 rental locations in 48 states, 10 Canadian provinces and one location in Mexico. The company offers for rent over 20,000 classes of rental equipment with a …

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ThyseenKrupp Services to Buy Apollo Metals Group

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

Duesseldorf, Germany-based ThyssenKrupp Services AG is expanding its aerospace materials services business by acquiring UK-based company Apollo Metals Group, which includes Aviation Metals for an undisclosed fee from Murray International Holdings, UK.
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Apollo provides high-grade products such as aluminium, stainless steel and non ferrous metals with value-adding processing services for aerospace manufacturers.

The acquisition will combine Apollo’s largely European and Far Eastern businesses with ThyssenKrupp Services’ largely U.S.-based operations to form a global enterprise with 30 locations in 13 countries and a turnover of more than $700 million.

Currently, ThyssenKrupp Services is servicing the aerospace industry with its subsidiaries in Brazil, …

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Flowserve Explores Partnership in China

Free, News, Power Transmission/Motion Control/Fluid Power, Subscriber Only, Top Distributor Sectors /

Flowserve Corp., supplier in the fluid motion and control industry, has signed a Memorandum of Understanding with the China National Nuclear Corporation (CNNC) and SUFA Technology Industry Co., LTD CNNC (SUFA). The memorandum is an exclusive agreement for the companies to explore forming a joint venture partnership in Suzhou, China.

The Chinese civilian nuclear power market is expected to experience significant growth in the coming years,” said Jiangang Qiu, vice president of China National Nuclear Corporation. “The joint venture we are exploring would produce nuclear valves exclusively for the Chinese domestic nuclear market.”

Management teams from CNNC, SUFA and Flowserve recently met at Flowserve’s headquarters in Irving, TX, to sign the agreement. The CNNC, an …

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Court Dismisses Hoboken’s Ch. 7 Bankruptcy Petition

Building Materials/Construction, Free, Legal Issues in Wholesale Distribution, News, Operations, Subscriber Only, Top Distributor Sectors /

The Ch. 7 bankruptcy petition recently filed by Hoboken Wood Flooring has been dismissed by the U.S. Bankruptcy Court for the District of Delaware.
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The dismissal places Hoboken back where it was before filing a petition for Ch. 7 bankruptcy, and potentially opens the floodgates for litigation by creditors against Hoboken and its subsidiaries, as well as its controlling investor, private equity firm Code Hennessy and Simmons.
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The trustee in the case filed a Motion to Dismiss Nov. 15, and the case was dismissed Nov. 16. John D. McLaughlin Jr., special counsel to Young Conaway Stargatt & Taylor LLP, law firm based in Wilmington, DE, filed the Motion to Dismiss for the trustee. He said this particular case of dismissal was rare, due to the size and complexity of …

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