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2007

Wholesale Prices Rise 1.1% in September

Economic Trends, Free, News, Research & Analytics, Subscriber Only /

The Producer Price Index for Finished Goods increased 1.1 percent in September, seasonally adjusted, the Bureau of Labor Statistics of the U.S. Department of Labor reported.&nbsp ; This advance followed a 1.4-percent decrease in August and a 0.6-percent rise in July.
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The index for finished goods excluding foods and energy moved up 0.1 percent in September after increasing 0.2 percent in August. At the earlier stages of processing, prices received by producers of intermediate goods turned up 0.4 percent after declining 1.2 percent a month earlier, and the crude goods index rose 0.1 percent following a 3.0-percent drop in August.
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More details

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Eaton Sales Up 7% in 3Q

Companies, Free, News, Subscriber Only, Top Distributor Sectors /

Diversified industrial manufacturer Eaton Corporation, Cleveland, OH, reported sales were up 7% in the third quarter 2007, and profit up 6% over the same period a year ago.
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Sales in the quarter were $3.3 billion.
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Sales growth consisted of 1% from organic growth, 3% from acquisitions and 3% from exchange rates.
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Alexander M. Cutler, Eaton CEO, said: We outgrew our end markets by 5% this quarter, which was offset in large part by a 4% reduction in our end markets, resulting in 1% organic growth.”
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“& hellip; Due to the economic uncertainties triggered by the late summer turmoil in global credit markets, we believe that our overall markets in the fourth quarter will not improve as we had earlier anticipated. While the …

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PT/MC Product Sales Rise Nearly 10% in August

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

U.S. distributors’sales of Power Transmission/Motion Control products continue to fluctuate, rising 9.9% from July to August after a 7% drop in sales the prior month, according to recent Power Transmission Distributors Association month-end trend data. Year-to-year comparisons remain positive with sales in August 2007 coming in 6.0% higher than in August 2006.
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Accounts receivable collection days were down 5.5% over July 2007. The August 2007 confidence index for U.S. distributors remained unchanged for the sixth month in a row at 6.6 (on a 10-point scale).
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Canadian distributors’sales in PT/MC products were also up, increasing 1.5% from July to August 2007. Year-to-year comparisons continued to rise, gaining 1.1% over sales in August of 2006. Account …

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Danaher to Buy Tektronix for $2.8B

Free, News, Subscriber Only, Top Distributor Sectors /

Danaher Corporation will acquire Tektronix, Inc., Beaverton, OR, for $2.8 billion, including debt.
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With annual revenues of approximately $1.1 billion, Tektronix is a supplier of test, measurement, and monitoring products enabling the design, manufacture, and management of next-generation global communications networks, computing and advanced technologies. The supplier has operations in 19 countries.
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Tektronix’s products are sold to the communications, computer, semiconductor and consumer electronics industries -as well as military/aerospace, education and a broad range of other industries.
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Tektronix would become part of Danaher’s Electronic Test platform, joining Danaher’s Fluke and Fluke Networks businesses, and nearly doubling the platform’s …

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CED to Acquire US Electrical Services

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

CED (Consolidated Electrical Distributors) will acquire US Electrical Services, LLC, Exton, PA; a recently formed distribution holding company lead by former Sonepar USA chief Richard Worthy.

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Sonepar Offers $3.5B for Hagemeyer

Companies, Electrical, Finance, Mergers & Acquisitions, Subscriber Only, Top Distributor Sectors /

Paris-based Sonepar’s unsolicited $3.5 billion (2.5 billion euro) bid Oct. 8 for Hagemeyer NV shook the electrical distribution world this week. Hagemeyer rejected the offer, saying it significantly undervalues the company.” Nevertheless, the Netherlands-based company says it will meet with Sonepar to “clarify its intentions.

Based on comments by Hagemeyer CEO Rudi de Becker in August, Hagemeyer is not interested in selling. Still, Sonepar will likely try to persuade the company’s board and raise its bid.

Joining Sonepar and Hagemeyer would create a global powerhouse with revenues of roughly 15 billion euro (US$21 billion), based on the two companies’reported sales in 2006. The merger would also mean greater and complementary market coverage for both companies …

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Monthly Wholesale Trade: August 2007

Economic Trends, Research & Analytics, Subscriber Only /

Sales
August 2007 sales of merchant wholesalers, except manufacturers’sales branches and offices, were $360.9 billion, up 0.4 percent from the revised July level and were up 6.8 percent from the August 2006 level. The July preliminary estimate was revised upward $0.5 billion or 0.1 percent. August sales of durable goods were up 0.9 percent from last month and were up 4.4 percent from a year ago. August sales of nondurable goods were down 0.1 percent from last month, but were up 9.1 percent from last year.
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Inventories
Total inventories of merchant wholesalers, except manufacturers’sales branches and offices, were $399.0 billion at the end of August, up 0.1 percent from the revised July level and were up 4.4 percent from a year …

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Forget Arbitration – Go For Jury Waiver

Legal Issues in Wholesale Distribution, Operations, Subscriber Only /

Pre-dispute resolution provisions should be carefully considered, along with much of the other seemingly legal “boiler-plate” provisions that show-up at the end of distribution and other contracts, before signing off on a contract that can affect a business relationship for years.
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Most distributors are familiar with written contracts (like distribution agreements) that have provisions near the end of the document that appear quite legal in nature. Generally, one set of these legal provisions relates to where and how contract disputes are resolved. Most distributors are familiar with arbitration, where the parties give up the right to have their claim heard in court, as well as their right to a jury trial. Mandatory arbitration provisions,”however, are just the tip of the …

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SKF’s View of Global Distribution

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

MDM Editor Lindsay Young spoke with SKF Service Division President Phil Knights at the European Power Transmission Distributors Association annual meeting last month in Monaco about how the global manufacturer views the distribution marketplace. Knights oversees all 70 of the SKF Service Division units worldwide. The division is responsible for sales to the industrial aftermarket via a network of 7,000 distributor locations and comprises about one-third of the SKF Group’s sales.
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MDM: What impact is consolidation having on independent distribution channels?

Phil Knights: The biggest get bigger and sometimes the smaller ones disappear. That is happening in Europe at quite a fast speed now. It’s following similar patterns in the U.S. with one …

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Euro Distributors May Tilt North American Landscape

Finance, Free, Mergers & Acquisitions, Subscriber Only /

Some big pieces are in play in distribution M & A again, including European distributors with extensive North American operations. French-based electrical distributor Sonepar’s unsolicited bid for Dutch-based Hagemeyer looks like the first low-ball shot across the bow in what likely will be a longer process of negotiating the price. Beyond price, the question may be whether the cultures of the French and Dutch-based companies can mesh.

With Hagemeyer teetering at the edge of a financial cliff just a few years back, its positioning looks better today. As our lead article in MDM this week notes, the big attraction for Sonepar is Hagemeyer’s strong North American industrial business. …

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U.S. Market Analysis: Mechanics Hand Tools

Market Analysis, Research & Analytics, Subscriber Only /

The industrial product group listed here – Mechanics Hand Tools – represented a market in 2007 of $2.95 billion, according to estimates by Industrial Market Information, Minneapolis.&nbsp ;
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These charts show the top ten industries, by SIC code, consuming these products; and the 2007 end-user consumption of these groups sorted by the nine government market …

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MDM October 10, 2007

Subscriber Only /

This is the pdf of this issue of Modern Distribution Management. Apply the full $24.95 pay-per-view cost toward an annual subscription (within 30 days of purchase), which includes two issues a month plus access to more than six years of online archives and market data. Call 1-888-742-5060 or email info@mdm.com to …

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MDM October 10, 2007 Read More »

News Digest 3719

Free, Subscriber Only /

CED (Consolidated Electrical Distributors) will acquire US Electrical Services, LLC, Exton, PA,&nbsp ; a recently formed distribution holding company lead by former Sonepar USA chief Richard Worthy. US Electrical Services will continue to operate as a separate entity. Worthy will lead the company as its CEO.&nbsp ; More
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Hagemeyer NV said in a press release Tuesday that Sonepar’s unsolicited bid of US$3.5 billion (2.5 billion euro) “significantly undervalues the company.” Hagemeyer says it will meet with Sonepar to “clarify its intentions.” Paris-based Sonepar announced in an unsolicited offer that it would pay 4.25 euro in cash per share for the …

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Commentary: Sonepar’s Goal with Hagemeyer Deal

Companies, Finance, Free, Mergers & Acquisitions, Perspective, Subscriber Only /

As our lead article notes, the big attraction for Sonepar is Hagemeyer’s North American industrial business. Sonepar’s U.S. customer base is 64 percent electrical contractors and only 14 percent industrial. Hagemeyer’s North American operations are 85 industrial and 15 percent contractor. Sonepar would get a well-developed integrated supply business with more diversified products.
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You have to ask how the model developed for a century or so by Cameron & Barkley and acquired by Hagemeyer at the turn of this century would change& hellip; again -for customers, vendors and employees.
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Will we see more diversification across channels? Is it possible to buy growth in big chunks and combine different pieces to produce a profitable entity? Recent history seems to …

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3M Outlines Growth Strategy

Companies, Free, News, Subscriber Only /

3M CEO George Buckley outlined to investors this week&nbsp ; how the diversified manufacturer wants to continue to rebuild and expand its core, especially adhesives, abrasives, tapes and films.
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Its continuing strategy, he said, is to advance its core businesses, grow through complementary acquisitions, build new business in adjacent markets and drive strong international expansion.
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I’m heartened by the way our growth strategy is taking hold and gaining momentum,” Buckley said. “We have increased R & D investment by 11% over 2006 and picked up the pace of new product introductions. In addition, we have made 15 complementary acquisitions this year.
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3M is expected to announce soon the acquisition of California-based rival Standard …

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McKesson to Acquire Specialty Drug Distributor

Finance, Free, Mergers & Acquisitions, News, Pharmaceutical & Health Care, Subscriber Only, Top Distributor Sectors /

McKesson Corporation, San Francisco, CA, has agreed to buy Oncology Therapeutics Network, a U.S. distributor of specialty pharmaceuticals, for $575 million.

According to Pembroke Consulting’s Adam Fein, OTN owns Onmark, a large buying group for thousands of small accounts. He says in his Distribution Trends blog: “Such forward integration makes it virtually impossible for a manufacturer to bypass and sell directly to the customer, because the distributor and the customer are the same company.” The customers of OTN will continue to operate as separate businesses.

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Sales of specialty drugs are increasing rapidly, especially oncology drugs. OTN …

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Hagemeyer: Sonepar’s Bid Is Too Low

Companies, Electrical, Finance, Free, Mergers & Acquisitions, News, Subscriber Only, Top Distributor Sectors /

Hagemeyer NV said in a press release Tuesday that Sonepar’s unsolicited bid of US$3.5 billion (2.5 billion euro) significantly undervalues the company.” Hagemeyer says it will meet with Sonepar to “clarify its intentions.”
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Paris-based Sonepar announced in an unsolicited offer that it would pay 4.25 euro in cash per share for the Netherlands-based distributor. The global electrical distributor notified Hagemeyer of its intention on Monday, Oct. 8.
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The joining of Sonepar and Hagemeyer would create a global electrical distribution giant with global revenues of roughly 15.5 billion euro (US$22 billion), based on the two companies’ reported sales in 2006. In North America, Hagemeyer did close to $2 billion in sales in 2006. The Sonepar USA division is reported to …

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Barnes Distribution Taps New President

Companies, Free, News, Subscriber Only, Top Distributor Sectors /

Barnes Group Inc., Bristol, CT, has named Patrick J. Dempsey as president of Barnes Distribution. Dempsey was the president of Barnes Aerospace and a vice president of Barnes Group. He replaces Idelle K. Wolf, who is retiring. Dempsey takes the helm immediately.

Dempsey joined Barnes Group in 2000 as president of Barnes Aerospace’s Windsor Airmotive Division, its worldwide maintenance and repair operation. In 2003, Mr. Dempsey was named group vice president, operations of Barnes Aerospace. In 2004, the Board of Directors appointed him president of Barnes Aerospace.

Barnes Group consists of three businesses: Barnes Aerospace, Barnes Distribution and Barnes Industrial. It has 65 locations …

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Hagemeyer Launches Marine Line

Companies, Electrical, Finance, Free, Mergers & Acquisitions, News, Subscriber Only, Top Distributor Sectors /

Industrial distributor Hagemeyer North America, Charleston, SC, is launching a marine product line focused specifically on the needs of the marine industry.
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Hagemeyer’s marine product range includes construction and repair materials and products; electrical systems; hardware; fittings; safety gear; and shop, yard, and marina equipment.
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Hagemeyer’s customer base already includes numerous marinas and boat builders.
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Hagemeyer North America is a distributor of Electrical, Safety, and Maintenance, Repair and Operations (MRO) products to industrial users, electrical contractors and government. Hagemeyer North America has annual revenues of $1.8 billion in more than 150 …

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Report: 3M to Acquire Standard Abrasives

Chemicals & Plastics Distribution, Companies, Finance, Free, Mergers & Acquisitions, News, Subscriber Only, Top Distributor Sectors /

The Minneapolis/St. Paul Star-Tribune reports that 3M Co. has told its workers that it is acquiring Standard Abrasives, Simi Valley, CA, a “significant rival in the metal-abrasives industry.” 3M officials have confirmed the coming acquisition.
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According to its Web site, Standard Abrasives designs and manufactures coated abrasive specialties and BriteRite non-woven abrasives for high-speed deburring, grinding, polishing, finishing and cleaning applications on metal surfaces.
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3M abrasives brands are Scotch-Brite, Cubitron, and Trizact.
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Standard will join 3M’s industrial and transportation …

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