April 23, 2008 - Modern Distribution Management

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April 23, 2008

Luther King Capital Management Beats Platinum’s Bid for IDG

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

The bid for Industrial Distribution Group, Inc., Atlanta, GA, has gone up again. This time, Luther King Capital Management has offered $12.10 per share in cash, an increase from Platinum Equity’s recent bid of $11.80.
 
Platinum’s bid had been made in response to WESCO Distribution’s offer of $11.75. WESCO has since announced it would no longer bid for IDG.
 
LKCM presented IDG an equity financing commitment letter from an LKCM investment fund.
 
IDG’s board is now recommending the LKCM offer.
 
Platinum could still come back with an increased offer; the private equity firm that also owns Strategic Distribution has until 5 p.m. ET on Friday, April 25, to match or beat the bid.
 
Luther King Capital Management is IDG’s largest …

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Ferguson Opens New Waterworks Location

Finance, Free, HVACR, Mergers & Acquisitions, News, Plumbing Products & PVF Distribution, Subscriber Only, Top Distributor Sectors /

Wolseley company Ferguson, Newport News, VA, has opened a new waterworks location in Clifton Park, NY.
 
The 15,000-square-foot location will include water, sewer, drain and geotextiles …

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Praxair Sales Rise 22% in 1Q

Companies, Free, Gases & Welding Equipment, News, Subscriber Only, Top Distributor Sectors /

Praxair, Inc., Danbury, CT, reported first quarter sales of $2.6 billion, up 22% from the first quarter 2007. Profit was $307 million.
 
Growth came primarily from new business, plant start-ups, and strong pricing trends.
 
In North America, first-quarter sales reached $1.4 billion, 21% above the prior year. Sales grew in all major end markets, led by energy and general manufacturing.
 
In Europe, sales in the first quarter of $390 million grew 18%. Currency effects contributed 13% to sales growth. Underlying sales growth came primarily from growth in merchant and packaged gases volumes in Spain, Italy, and Germany.
 
In South America, first-quarter sales of $466 million grew 34% versus the prior-year quarter due to higher prices and volumes, …

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Economic Stimulus Act May Spur Capital Investment

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

The Economic Stimulus Act of 2008 provides incentives to businesses to make purchases they may have otherwise put off another year. The incentives include a 50% depreciation allowance for 2008 purchases and an increase in the small business expensing limitation for tax years beginning in 2008.
 
The National Association of Wholesaler-Distributor’s Jade West said that the association worked extensively for it,” and that though the act may not significantly change the plans of larger businesses who had planned to make capital purchases anyway, it may change the plans of smaller businesses who want to take advantage of the incentives.
 
Here are the details per the IRS and NAW:

50% Depreciation Allowance: Depreciation is an income tax deduction that …

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Report: U.S. Slowdown’s Impact on Global Growth

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

Recent data offer persuasive evidence that the U.S. recession and financial crisis are having a material impact on the near-term prospects for economic growth in key industrialized regions, most notably Canada, the Eurozone, and the United Kingdom, according to a new report from the Manufacturers Alliance/MAPI.
 
But while weaker growth is likely in these areas, there are not signs of significant instability in the global picture and a soft landing” for industrialized countries and overall world growth remains within reach, the report says. Further, economic activity remains strong in South Asia and East Asia outside of Japan.
 
In the MAPI Quarterly Forecast of U.S. Exports, Global Growth, and the Dollar: Second Quarter 2008 Through Fourth Quarter …

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