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2008

Timken Expands Service To Wind Market

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

The Timken Company, Canton, OH, plans to expand production capacity at its Tyger River facility in Union, SC, to serve the wind energy market.  The investment is part of a strategy to strengthen Timken’s position in serving growing global demand for highly engineered large-bore bearings that will help customers harness wind power.
 
Timken expects demand for large-bore bearings used in main-rotor shafts and gear drives in wind turbines to grow rapidly in the coming years as reliance on renewable energy increases.  The Tyger River investment will allow the company to serve demand from North American customers and provide expanded capability to produce prototypes in support of new wind-turbine programs.   
 
Expansion work at Timken’s Tyger …

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Air Liquide Sales Up 10.4% In 3Q

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

Paris-based Air Liquide reported third quarter 2008 sales grew 10.4% to €3.2 billion (US$4.1 billion), as compared to the same period the prior year. Excluding negative currency exchange impact, sales grew 13.1%.
 
Sales in the Gas and Services segment, the company’s largest segment, increased 11% to €2.8 billion (US$3.6 billion). …

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Atlas Copco Sees Organic Growth of 13% for 3Q

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Swedish supplier Atlas Copco reported sales of MSEK 18,440 (US$2.3 billion) for the third quarter ended Sept. 30, 2008, up 12% over the prior year. Profit for the period was MSEK 2,432 (US$308 million), an increase of 29%. The company benefited from organic growth of 13%.
 
The company experienced growth in all geographic regions, even though the rate of growth is beginning to experience moderation. Demand for mining equipment remained strong across all markets.
 
Demand for all products is expected to decrease in the coming months as the construction markets in North America and Western Europe continue to be weak. …

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Black & Decker 3Q Profit Drops 18%

Building Materials/Construction, Free, News, Subscriber Only, Top Distributor Sectors /

The Black &Decker Corp., Towson, MD, reported profit for the third quarter of 2008 was $85.8 million, as decrease of 18% in a year-over-year comparison. Sales declined 4% for the quarter to $1.6 billion.
 
Sales for the first nine months ended Sept. 30, 2008, dropped 4% to $4.7 billion. Profit for the period declined 24.4% to $249.9 million.
 
In the Power Tools and Accessories segment, sales decreased 6% for the quarter, driven by weak demand for housing-related and discretionary goods in the U.S. and deteriorating economic conditions in Europe. Sales for the segment increased in Canada, Asia and Latin America.
 
Third quarter sales in the Hardware and Home Improvement segment decreased 13%.
 
The Fastening and Assembly Systems segment saw …

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Airgas 3Q Sales Increase 15%

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

Airgas, Inc., Radnor, PA, a U.S. distributor of industrial, medical and specialty gases, and welding, safety and related products, reported sales for the second quarter ended Sept. 30, 2008, were $1.2 billion, up 15% from the prior year. Profit increased 44% to $72.8 million.
 
Sales for the first six months of the fiscal year increased 18.5% to $2.3 billion, in a year-over-year comparison. Profit was $141 million, up 38.5%.
 
Acquisitions contributed 7% to the quarterly increase, and total same-store sales grew 8%, with gas and rent up 12% and hardgoods up …

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Saint-Gobain Sales Up For First Nine Months

Building Materials/Construction, Chemicals & Plastics Distribution, Free, News, Subscriber Only, Top Distributor Sectors /

The Saint-Gobain Group, Courbevoie, France, reported sales €33.4 billion (US$43.1 billion) for the first nine months of 2008, an increase of 2.5% from the prior year same period. The group saw organic growth of 2.8%.
 
All of the Group’s business sectors saw a rise in like-for-like sales over the first nine months of 2008.
 
The residential construction market in the U.S. benefited from a momentary rebound in renovation businesses related to siding and roofing products. In western Europe, business tailed off in the third quarter with a deceleration in volumes in most countries and a recession taking hold and intensifying in Spain and the UK. Overall, demand related to industrial output and capital spending remained steady in both Europe and the U.S. …

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Snap-On Inc. 3Q Sales Up

Building Materials/Construction, Free, News, Subscriber Only, Top Distributor Sectors /

Snap-on Inc., Kenosha, WI, manufacturer of tools, diagnostics, equipment, software and service products for professional users, reported sales of $697.8 million for the third quarter of 2008, an increase of 17.1% over the prior year. Profit improved 32.8% to $54.6 million.
 
For the nine months ended Sept. 27, 2008, sales were $2.2 billion, an increase of 4.2% over the same period a year ago. Profit increased 43.7% to $178.1 million.
 
The Commercial &Industrial Group segment sales were $338.1 million, up 3.1% from the prior year. Excluding $12.4 million of currency translation, sales declined $2.2 million year-over-year as continued growth in emerging markets, contributions from increased sales of power tools, higher sales of tools, kits and tool storage …

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Builders FirstSource Reports 3Q Loss

Building Materials/Construction, Free, News, Subscriber Only, Top Distributor Sectors /

Builders FirstSource, Inc., Dallas, TX, reported a net loss of $18.9 million on sales of $288.3 million for the third quarter ended Sept. 30, 2008. These results compare to a net loss of $12.0 million on sales of $413.9 million for the same period the prior year.
 
 Our industry is facing unprecedented times. Annualized housing starts in September 2008 fell to 817 thousand units, the lowest level since 1958 based on currently available data from the U.S. Census Bureau. Additionally, the credit markets supporting mortgages and commercial lending were virtually frozen at the end of the quarter as a result of the financial crisis affecting our country. This contraction in lending could further damage already weak housing conditions,” said Floyd Sherman, CEO. …

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Avnet Sales Up in 1Q

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

Electronics distributor Avnet, Inc., Phoenix, AZ, reported sales of $4.49 billion for first quarter fiscal 2009 ended Sept. 27, 2008, representing an increase of 9.7% over the prior-year period and 7% excluding the impact of changes in foreign currency exchange rates.
 
Organic growth was up 0.9%.  
 
Profit for first quarter fiscal 2009 was $92.8 million as compared with net income of $105.5 million for the first quarter last year.
 
 Our September quarter continued a multi-quarter trend of muted organic growth rates as sluggish demand in several end markets persisted,” said Roy Vallee, CEO. “Although it is difficult to predict how macro conditions will impact tech demand over the next few quarters, we will continue to focus on achieving our …

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Stock Building Supply to Close 86 Branches

Building Materials/Construction, Companies, Free, News, Subscriber Only, Top Distributor Sectors /

Wolseley plc, UK-based distributor of plumbing and heating products and building materials, reported it would not sell Stock Building Supply but instead extensively restructure the U.S. building materials distributor.
 
The company will close 86 branches, bringing the number down to 209. It will be leaving 16 markets in six states, while leaving a presence in 27 states. And Stock will reduce headcount by 3,000. About 8,700 employees will remain. Stock has cut about 55% of its work force since 2006, its peak.
 
The 86 branches to be closed represent about 25% of Stock’s revenue and 28% of its headcount. 
 
The decision comes after a six-month review of the business.
 
Chip Hornsby, Group Chief Executive of Wolseley, said: With the ongoing …

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84 Lumber Closes 20 More Stores

Building Materials/Construction, Free, News, Subscriber Only, Top Distributor Sectors /

84 Lumber has announced 20 more store closings, according to the Pittsburgh Tribune-Review. The building materials distributors closed nine stores a few weeks ago. The Pennsylvania-based company is describing the closings as market consolidations.”
 
The company now has 335 stores, down from …

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Kennametal Organic Growth at 3% in 1Q

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Kennametal Inc., Latrobe, PA, reported sales increased in the first quarter by 9% to $669 million. Organic sales growth was 3%. Profit was $35 million, flat from the previous quarter.
 
Our September quarter performance again demonstrates the effectiveness of our strategies to further balance Kennametal across geographies and end markets,” said President and CEO Carlos Cardoso. Cardoso also attributed the quarter’s results to a better geographic balance, with 54% of the company’s revenues coming from outside North America.
 
Metalworking Solutions &Services Group sales increased by 6% during the September quarter, driven primarily by favorable foreign currency effects which increased sales by 6 percent. Increased workdays added a further 2 percent which was offset by …

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WESCO Sales Up 5.3% in 3Q

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

WESCO International, Inc., Pittsburgh, PA, distributor of electrical MRO products, construction materials and integrated supply services, reported sales in the third quarter 2008 were $1.62 billion, up 5.3% from the prior-year period. Profit was $66 million, down from $72 million in the prior-year period.
 
Stephen A. Van Oss, chief financial and administrative officer, said gains were driven primarily by strength in commercial construction and utility end markets.
 
We are very mindful of the extraordinary challenges being experienced in the financial industry and the anticipated spillover into the commercial end markets,” said Roy W. Haley, CEO. “We have taken a conservative approach to managing our overall cost structure while investing to expand our sales …

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Alfa Laval Sales Grow 4% in 3Q

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Sweden-based Alfa Laval AB, a manufacturer in heat transfer, centrifugal separation and fluid handling, reported sales of SEK 6.6 billion (US$843 million) for the third quarter ended Sept. 30, 2008, an increase of 4% over the same period 2007, excluding the impact of exchange rate variation. Profit increased 9% to SEK 1 billion (US$128 million).
 
For the nine months ended Sept. 30, 2008, Alfa Laval reported sales increased 14.5% to SEK 19.8 billion (US$2.5 billion) in a year-over-year comparison. Profit was SEK 2.9 billion (US$370.6 million), up 38% over the prior year.
 
Asia, Eastern Europe and Latin America accounted for 48% of the group’s order intake. North America had the strongest development, partly supported by acquisitions. …

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MAPI Manufacturing Index Drops in September

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Fighting to stave off any prolonged damage from the current global economic crisis, manufacturers will face increasingly difficult challenges in the near term, according to the quarterly Manufacturers Alliance/MAPI Survey on the Business Outlook — September 2008, a leading indicator for the industrial sector.
 
The September 2008 composite index registered a drop to 48 from the 50 reported in the June 2008 report. At this level, the index indicates that overall manufacturing activity is expected to contract over the next three to six months. It should be noted, however, that the index measures the direction of change rather than the absolute strength of activity in manufacturing.
 
In line with other recent economic indicators, the index is at the lowest point …

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An Opportunity for Distributors to Hire Talented Graduates

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A recent survey by the National Association of Colleges and Employers puts the spotlight on employers’ hiring plans for the next year. NACE surveyed employers who had provided projections in August 2008. Compared with their earlier projections, employers expect to decrease hiring levels by 1.6%. In comparison to their actual hires from the Class of 2008, respondents expect to hire about 1.3% more graduates from the Class of 2009.
 
NACE’s executive director says that hiring plans are essentially flat, and that many employers are looking to cut back. In August about one-third of employers said they would trim their college hiring, but in the latest poll 52% said they were planning do so.
 
Manufacturing hiring expectations remained flat, while construction firms plan …

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Arrow Electronics Sales Grow 7% in 3Q

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

Arrow Electronics Inc., Melville, NY, reported sales of $4.3 billion for the third quarter 2008, an increase of 7% over the same quarter 2007. Profit was $76.1 million, a decrease of 22.6%.
 
For the first nine months, Arrow reported sales of $12.7 billion, an increase of 9.5% over the first nine months of 2007. Profit declined 12.1% to $258.2 million.
 
The volatility in the world’s economies and the virtual shutdown of the credit markets made the third quarter especially difficult,” said William E. Mitchell, CEO. “There is no doubt that market conditions will continue to be challenging, and in response to the rapidly changing environment, we will make the appropriate and necessary decisions and adjustments to our business model to ensure continuing and profitable …

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Moog Acquires Berkeley Process Control

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Moog Inc., East Aurora, NY, has acquired Berkeley Process Control, Inc., Richmond, CA, for $14 million. The acquisition expands Moog’s product offering.
 
Berkeley is a perfect addition because we believe its portfolio of products opens doors to new markets for high-performance motion control systems,”said Dave Fijas, group vice president and general manager of Moog Industrial Group, Americas.
 
Berkeley Process Control, Inc. holds several patents, among them its Autocalibration technology for improving the productivity and precision of equipment that processes semiconductor wafers.
 
Moog’s Industrial Group manufactures high performance motion control products combining electric, hydraulic, and hybrid technologies with expert consultative support …

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3M Sales Up 8.2% YTD

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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

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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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