October 21, 2008

MSC Industrial Direct Sales in Fiscal 2008 Grow 7.5%

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

MSC Industrial Direct Co., Melville, NY, distributor of metalworking and MRO supplies to industrial customers, reported sales in the fiscal year 2008 were $1.778 billion, up 7.5% from the prior year. Profit for the year was $196.2 million , up from $173.9 million in fiscal 2007.

We are pleased with our performance in the fiscal 2008 fourth quarter, which completed another very strong year for MSC,”said David Sandler, president and CEO. “During the quarter we strongly executed on our plan to gain market share from smaller, less well capitalized competitors that cannot offer the same combination of product breadth, customer service, and financial strength as MSC. Those attributes become even more important to customers, both large and small, during challenging economic times, …

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3M Sales Up 8.2% YTD

Companies, Free, News, Subscriber Only / MDM Staff

Diversified manufacturer 3M, St. Paul, MN, reported sales for the third quarter 2008 of $6.6 billion, up 6.2% from third quarter 2007. Profit was $991 million, versus $960 million in the prior-year period.

The company posted double-digit sales growth in its three largest businesses: Safety, Security and Protection Services, Health Care and Industrial and Transportation.

Segment trends were similar to the first half of 2008 with continued growth across the company’s international operations. 3M sales in Latin America increased 26% over last year, while Europe and Canada achieved 8% and 9% sales growth, respectively. Sales in Asia Pacific were down 1%, or up 13% excluding the impact of the transition underway in the company’s optical film business. …

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IDEX Acquires Semrock

Finance, Free, Mergers & Acquisitions, News, Subscriber Only / MDM Staff

IDEX Corp., Northbrook, IL, has acquired Semrock, Rochester, NY, provider of optical filters for biotech and analytical instrumentation in the life sciences markets. Semrock’s products are used in the biotechnology and analytical instrumentation industries.

Semrock has annual revenues of $21 million. Semrock will operate as a stand-alone business within IDEX’s Health and Science Technologies segment.

IDEX CEO Larry Kingsley said: The acquisition of Semrock extends our offerings to existing OEMs and provides us with significant access to new opportunities within the health and life sciences market. … Inclusive of the recent acquisitions of Richter, iPEK, IETG and Semrock, we are adding approximately $130 million of revenue and approximately $33 million of …

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Precision Castparts Sales Up 5.9% in 2Q

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

Precision Castparts Corp., Portland, OR, reported sales in the second quarter fiscal 2009 were $1.82 billion from continuing operations, up 5.9% from a year ago. Profit from continuing operations was up 13.6%.

Investment Cast Products
Segment sales totaled $612 million in the second quarter, an increase of 15.2%. Contractual metal pass-through for the quarter comprised $23.8 million of these sales, compared to $23.3 million in the same period last year. Investment Cast Products saw robust aerospace demand during the quarter. This demand has been interrupted by the Boeing strike, is expected to pick up when the Boeing strike ends, and will further accelerate when the 787 moves into production.

The industrial gas turbine (IGT) business continues to grow …

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Anixter Organic Growth at 2% in 3Q

Companies, Electrical, Fasteners, Free, News, Subscriber Only, Top Distributor Sectors / MDM Staff

Anixter International Inc., Glenview, IL, distributor of communication products, electrical and electronic wire &cable, fasteners and other small parts, reported sales in the third quarter ended Sept. 26, 2008, were up 4% to $1.59 billion. Profit fell 5% to $61.7 million.

Organic growth in the third quarter was 2%.

While we experienced strength early in the third quarter, broader negative economic factors, especially in Europe, impacted sales activities late in the period,” said Robert Eck, president and CEO. “Despite these headwinds we still generated 2% organic growth, primarily driven by our initiatives to expand the company’s presence in the security solutions market and increase the geographic footprint of our electrical wire and cable business in …

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McKesson Agrees to Sell Specialty Pharmacy Operations

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

Walgreen Co., Deerfield, IL, has agreed to acquire Atlanta, GA-based McKesson Corp.’s specialty pharmacy operations, a business within McKesson’s Specialty division. The acquisition includes the McKesson specialty pharmacy in Pittsburgh, PA, and IVPCARE based in Frisco, TX, with operations in Torrence, CA, Wilmington, MA, and St. Louis, MO. Terms of the agreement were not disclosed.

The acquisition of McKesson’s specialty pharmacy operations offers the opportunity to grow our own specialty pharmacy business with preferred payor agreements,” said Stanley B. Blaylock, president of Walgreens Health Services. “This transaction will broaden access for patients and clients in the fast-growing oncology area and other specialty areas including multiple sclerosis, rheumatoid …

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The Difference a Few Months Can Make in the Steel Market

Economic Trends, Free, Research & Analytics, Subscriber Only / Jenel Stelton-Holtmeier

It’s amazing the difference a few months can make. In July, steel prices were rising daily and manufacturers like Posi Lock Pullers Inc. in Cooperstown, ND, couldn’t get a supplier to contract a price. As Dean Somerville, president of Posi Lock, told me then: They won’t even invoice our order until we have a truck there to pick it up.”(Read Pressures in the Steel Market.)

Now, the tables have turned. The rate at which prices are dropping has some steelmakers worrying they may drop below the break-even point of $650 per metric ton, as reported in the Wall Street Journal earlier this month. In fact, many …

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October 21, 2008

MSC Industrial Direct Sales in Fiscal 2008 Grow 7.5%

3M Sales Up 8.2% YTD

IDEX Acquires Semrock

Precision Castparts Sales Up 5.9% in 2Q

Anixter Organic Growth at 2% in 3Q

McKesson Agrees to Sell Specialty Pharmacy Operations

The Difference a Few Months Can Make in the Steel Market

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