January 24, 2008

EnPro Buys Chinese Sealing Distributor

Finance, Free, Mergers & Acquisitions, News, Power Transmission/Motion Control/Fluid Power, Subscriber Only, Top Distributor Sectors / MDM Staff

EnPro Industries, Charlotte, NC, has acquired Sinflex Sealing Technologies, a distributor and manufacturer of industrial sealing products, in Shanghai, China. The operations will do business as Garlock Sealing Technologies (Shanghai) Co Ltd. and will be operated by Garlock Sealing Technologies, an EnPro Industries company.

Sinflex has been Garlock’s principal distributor in China for more than 10 years and in recent years has expanded its manufacturing operations.

Establishing an operational presence is key to our ability to address China’s fast growing sealing products market,” said Ernie Schaub, EnPro’s president and chief operating officer. “Sinflex is one more small but important step in this direction. We will continue on this path later this quarter, when …

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Canadian Economy Grows, But Shows Signs of Slowing

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

Wholesale trade in Canada was the fastest growing industry for the country in the fourth quarter 2007, according to a recent report from Statistics Canada. The sector saw 9% growth, reflecting an 11% gain in the volume of imports. Manufacturing grew 1.2%.

Overall, the Canadian economy performed well in the fourth quarter 2007, thanks in part to an exchange rate above parity with the U.S. dollar. Output growth was steady in October, while employment rose 0.8% despite a softening in December.

Still, according to the report, there are signs that the economy could slow at the beginning of 2008. The composite leading index decelerated in the last three months of 2007, mostly due to weak U.S. demand …

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Kennametal North American Sales Fall

Free, Metals Service Centers, News, Subscriber Only, Top Distributor Sectors / MDM Staff

Kennametal Inc., Latrobe, PA, reported that sales in the first half of 2008 were $1.3 billion, up 14% from the same period a year ago. Organic growth was 3%. Income from continuing operations was up 35% to $85 million.

Sales for the second quarter were $647 million, up 14% from the prior year. Organic growth was 2%. Income from continuing operations was $50 million, up 49%.

Metalworking Solutions and Services Group sales were up 16%, 4% of which was organic growth. India and Asia-Pacific organic growth was 15% and 11% respectively. Latin America organic sales were up 9% and Europe organic growth was 6%.

North America sales fell 2%.

Advanced Materials Solutions Group sales increased during the latest quarter, driven by the effects of …

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Danaher 4Q Organic Growth at 4.5%

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

Danaher Corp., Washington DC, reported sales from continuing operations in 2007 were $11 billion, up 16.5% from the prior year. Profit was $1.2 billion.

Sales for the fourth quarter were $3.1 billion, 19.5% higher than the same period last year. Organic growth was 4.5%. Profit was $320 million.

Danaher Corporation is a manufacturer of Professional Instrumentation, Medical Technologies, Industrial Technologies, and Tools and Components. …

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Columbus-McKinnon Sales Up 9.3% in 3Q

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

Material handling equipment manufacturer Columbus McKinnon Corp., Amherst, NY, reported sales for its fiscal 2008 third quarter were $155.2 million, up 9.3%. International sales were $55.8 million, or 36% of total sales, up 13% from the prior-year period.

Product segment sales, representing 90.5% of total sales, increased to $140.5 million, or 10.7%, on strong sales reported by CMCO Europe’s operations, as well as domestic hoists, cranes and rigging products.

The company’s Solutions segment reported a revenue decline to $14.7 million, due to planned revenue reduction in the company’s Univeyor business. The company is considering selling that unit.

Profit was $10 million for the third quarter, up 9.5%.

Sales for the first nine months were …

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