Housing Starts Fall 11.9% From February
Privately-owned housing starts in March were at a seasonally adjusted annual rate of 947,000. This is 11.9% below the revised February estimate and 36.5% below the March 2007 rate, according to the U.S. Census Bureau and the Department of Housing and Urban Development.
Single-family housing starts in March were at a rate of 680,000; this is 5.7 percent below the February figure of 721,000. The March rate for units in buildings with five units or more was 247,000.
Year-to-Date Percent Change
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Housing Starts Fall 11.9% From February Read More » Current Economic Climate Ripe for Gaining a Strategic AdvantageA slew of economic indicators out this month don’t portend well for the U.S. economy. Many economists are uttering the R” word, but it is noteworthy that many are preceding it with “mild.”
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Current Economic Climate Ripe for Gaining a Strategic Advantage Read More » IDG Board Recommends Accepting WESCO’s $130M BidAtlanta, GA-based Industrial Distribution Group’s board of directors announced it was prepared to accept WESCO Distribution Inc.’s offer of $11.75 per share, or $130 million, and withdraw its recommendation of the pending acquisition by Platinum Equity. WESCO was the previously unnamed bidder in the war for the industrial distributor, which had $537 million in sales last year. WESCO Chief Financial and Administrative Officer Stephen Van Oss said IDG was a good fit for the company. Like IDG, WESCO also has a substantial integrated supply business. IDG’s small-site integrated supply …
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IDG Board Recommends Accepting WESCO’s $130M Bid Read More » Industrial Production Up 0.3% in MarchIndustrial production rose 0.3 percent in March after having dropped 0.7 percent in February. For the first quarter as a whole, output declined at an annual rate of 0.1 percent after edging up at a rate of 0.4 percent in the fourth quarter of last year.
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Industrial Production Up 0.3% in March Read More » SKF Sales Up 8.5% in 1QSKF sales for the first quarter 2008 were up 8.5% in SEK, with 4.9% attributable to volume, 1% to structure, 3.8% to price and mix, and -1.2% to currency effects.
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SKF Sales Up 8.5% in 1Q Read More » Swagelok Acquires CoreflexSwagelok Company, Solon, OH, has acquired Coreflex LLC, Bowie, MD, a manufacturer of hose products used mostly in semiconductor, biopharmaceutical, and other applications. The Coreflex product line broadens the Swagelok Company’s portfolio of hose products. Swagelok is a developer and provider of fluid system solutions, including products, assemblies, and services for the research, instrumentation, pharmaceutical, oil and gas, power, petrochemical, alternative fuels, and semiconductor industries. Its manufacturing, research, technical support, and distribution facilities support a global network of more than 200 authorized sales and service centers in 57 …
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Swagelok Acquires Coreflex Read More » NAHB Economist: Economy in ‘Mild Recession’The chief economist for the National Association of Home Builders says the deepening slump in the U.S. housing markets has seriously eroded consumer sentiment” and pushed the economy into a mild recession.
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NAHB Economist: Economy in ‘Mild Recession’ Read More » Manufacturing Sales Up in Canada in FebruarySource: Statistics Canada, www.statcan.ca This marked the second successive increase in manufacturing sales, as manufacturers continued to make up ground lost after a tough December (-3.7%). The volume of goods manufactured also improved in February. At 2002 prices, manufacturing sales rose 2.7% to $49.0 billion, following a 2.2% increase in January. Again, contributing to the boost in volumes produced were several automotive manufacturers who continued to ramp up production during the month. Despite the consecutive increases, manufacturing sales were …
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Manufacturing Sales Up in Canada in February Read More » Illinois Tool Works North American Sales Fall in 1QIllinois Tool Works Inc., Glenview, IL, reported 11.4% growth to $4.139 billion in the first quarter 2008. The increase was due to a 6.3% contribution from acquisitions and a 4.8% contribution from currency translation. We are very pleased with our operating performance in the 2008 first quarter, especially in light of difficult end market conditions in North America and the modest slowing but still positive growth in international end markets,” said David B. Speer, CEO. “We believe end markets will continue to be challenging in North America over the foreseeable …
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Illinois Tool Works North American Sales Fall in 1Q Read More » Look Beyond Numbers in IDG DealUPDATE: IDG to Accept Luther King Capital Management Bid WESCO’s last-minute catch of Industrial Distribution Group is a good fit with its Bruckner Supply business, focused on integrated supply, together with its strong electrical distribution business into industrial accounts. It’s also a good fit from a broader perspective in terms of where WESCO is positioned with international competitors in North American markets. Most industry observers look at IDG’s checkered ten-year history as a public company, specifically its sluggish earnings reports, and see an …
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