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2008

Industrial Distribution Group Now Private

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

Industrial Distribution Group Inc., Atlanta, GA, distributor of maintenance, repair, operating and production (MROP) products and integrated supply services to manufacturers and other industrial users, is now owned by an affiliate of Luther King Capital Management.
 
We are delighted that the merger with Eiger (the affiliate of Luther King) has been successfully completed,” said Charles A. Lingenfelter, IDG’s president and CEO. “The consummation of this transaction enables us to focus our full attention on our customers and suppliers. We will be a more agile company with the ability to adapt more swiftly in response to market changes.”
 
Eiger now owns 100% of the company’s stock. Eiger was formed to acquire IDG. Before the merger agreement, Luther King owned 14.9% …

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New Report Encourages Companies to Work Directly With Factory Managers Overseas

Free, Subscriber Only /

According to a new report by Business for Social Responsibility, companies should work directly with factory managers overseas to equip them with skills, knowledge and systems to better address labor standards violations, environmental degradation and poor health and safety protections. The recommendation comes from the organization’s report: Pilot Summary Report: Building Capabilities to Implement Corporate Social Responsibility (CSR) Management Systems at ICT Suppliers in China.”
 
The report is based on recently completed pilot projects the organization says were aimed at breaking through common barriers to improving factory conditions. The project included many participants including the World Bank and the Foreign Investment Advisory Service and others.
 
BSR …

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Interline Brands Sales Down 0.6% in 2Q

Companies, Facilities Maintenance (MRO), Free, News, Subscriber Only, Top Distributor Sectors /

Interline Brands, Inc., Jacksonville, FL, a distributor and direct marketer of maintenance, repair and operations products, reported sales for the second quarter of 2008 were $311.4 million, a 0.6% decrease compared to the same period 2007. Profit decreased 6.7% to $11.2 million.
 
The facilities maintenance end-market, which comprised 70% of sales, grew 2.5% during the second quarter on an average daily sales basis. This growth was offset by continued weakness in the pro contractor and specialty distributor end-markets, which declined 8.7% in the quarter. The specialty distributor end-market, which comprised 11% of sales, declined 4.5% for the quarter.
 
Sales for the six months ended June 27, 2008 were $600.6 million, a 1.3% decrease over the comparable 2007 …

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Passing On the Business, If They’re Interested

Finance, Free, Mergers & Acquisitions, Subscriber Only /

The Wall Street Journal has a section dedicated to small business. Two articles stuck out to me this week: one on saving energy costs, and one on when and whether young people should join the family business.

The energy-savings article made this point: Energy is not going to get much cheaper than it is now, so now’s the time to upgrade. Focus on the big stuff first, such as energy-efficient systems and lighting; or routing software to save on fuel costs. (A florist in the article says she has used online mapping tools such as MapQuest to determine the most efficient routes for her delivery drivers. She also cut down to one delivery a day.) The article is

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How United Stationers Is Using Technology to Improve Customer Relations

Companies, Free, Subscriber Only, Technology /

Recently, United Stationers Inc. held a conference call to discuss its second quarter earnings. Though the earnings themselves are interesting -sales were up 9.7%, mostly on the strength of the ORS Nasco acquisition, what was more interesting was how the company is utilizing technology to address transportation costs and improve customer relations.
 
Sure, a lot of companies are utilizing route analysis software to improve delivery routes and reduce fuel usage. United Stationers is doing that as well. However, they’ve also worked with an outside firm to create a network of local and regional couriers to supplement deliveries already being handled by UPS or FedEx.
 
In particular, smaller orders or harder-to-deliver orders can be turned over to the courier network for …

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Transport & Logistics Deals On Pace to Beat 2007 Totals

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

Total transportation and logistics M&A deal value for the first half of 2008 is on pace to surpass 2007 totals, according to PricewaterhouseCoopers’LLP second-quarter edition of Intersections: Global Transportation &Logistics Mergers and Acquisitions Analysis. 
 
The rapid rise in deal value over the first half of the year has been driven primarily by the growing interest in large T&L deals (disclosed value of at least $1 billion) with four of the five largest deals of the year being announced in the second quarter. While deal value is on track to surpass 2007 levels, deal volume is falling short. In the first half of 2008, there were 84 deals announced, compared to the 190 announced for all of 2007. 
 
Interest in large deals was robust during the …

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Womack Machine Supply Buys Catey Controls

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

Womack Machine Supply Co.-West, Farmers Branch, TX, has acquired Missoula, MT-based Catey Controls, Inc.
 
This purchase continues our expansion plan into new products and markets,”said Mike Rowlett, CEO of Womack Machine Supply.
 
Catey Controls provides sales, service, and repair of hydraulic and pneumatic equipment from offices in Missoula and Billings, Montana. With this addition, Womack Companies will now serve customers in the states of Montana, Wyoming, and the Dakotas.
 
Womack Machine Supply is an industrial distributor of hydraulic, pneumatic and factory automation …

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Kaman Sales Up 16.1% in 2Q

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

Kaman Corp., Bloomfield, CT, reported sales in the second quarter 2008 were $316.3 million, up 16.1% from the prior-year period. Profit from continuing operations in the second quarter was $6.1 million, down from $9 million.
 
For the first half of 2008, sales from continuing operations were $602.1 million, up 11.7% from the first half of last year. Profit was down to $15 million, compared with $18.1 million last year.
 
The company also announced its Fuzing segment was renamed Kaman Precision Products to better represent the diversity of its capabilities.”
 
Industrial Distribution sales increased 16.5% in the second quarter to $203.3 million. Organic sales growth in the quarter was 8.4%, compared with 2.4% in the prior-year period, with the remaining …

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Construction Spending Falls 0.4% in June

Building Materials/Construction, Economic Trends, Free, News, Research & Analytics, Subscriber Only, Top Distributor Sectors /

Construction spending during June 2008 was estimated at $1,081.9 billion, 0.4% below the revised May estimate, according to the U.S. Census Bureau of the Department of Commerce.
 
The June figure is 5.9% below the June 2007 estimate of $1,149.4 billion. During the first six months of this year, construction spending amounted to $514.2 billion, 5.4% below the same period in 2007.
 
Spending on private construction was at a seasonally adjusted annual rate of $780.6 billion, 0.4% below the revised May estimate of $783.9 billion. Residential construction was at a seasonally adjusted annual rate of $372.5 billion in June, 1.8% below the revised May estimate. Nonresidential construction was at a seasonally adjusted annual rate of $408.1 billion in June, 0.8% above the …

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Manufacturing Flat in July

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

Manufacturing was flat in July, say the nation’s supply executives in the latest Manufacturing ISM Report On Business.
 
In the report, manufacturers indicated no change in overall business activity when comparing July with June. This continues a trend biased toward relatively minor contraction established more than 12 months ago, according to ISM.
 
While the PMI indicates little to no change has occurred during this period, it would be hard to convince manufacturers who are faced with higher costs and uncertain demand that there is little change taking place, said Norbert Ore, chairman of the ISM’s Manufacturing Business Survey Committee.
 
Daniel Meckstroth, chief economist for the Manufacturers Alliance/MAPI, said:
 
The ISM index indicates …

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Foodservice Distributor Goes Biodiesel

Free, Grocery & Foodservice Distribution, Strategy, Subscriber Only, Top Distributor Sectors /

Here’s a distributor going all the way to green its vehicles. Foodservice distributor Favorite Foods in New Hampshire has announced it will fuel all of its delivery trucks with biodiesel. According to this article, the use of biodiesel in a conventional diesel engine results in a “substantial reduction of unburned hydrocarbons, carbon monoxide, and particulate matter when compared to emissions from diesel fuel.”
 
The company’s president, Chris Barstow, is quoted as saying:

“As a business, we have always done everything we can to positively impact …

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Anixter Buys QSN Industries and Quality Screw de Mexico

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

Anixter International Inc., Glenview, IL, distributor of communication products, electrical and electronic wire &cable, fasteners and other small parts, has acquired QSN Industries, Inc. and Quality Screw de Mexico SA.
 
QSN, Chicago, IL, is a distributor and manufacturer of fasteners for the OEM marketplace. QSN operates 13 facilities in Alabama, Arizona, Georgia, Illinois, Michigan, Ohio, South Carolina, Tennessee and Texas. Its sole manufacturing facility is in Wood Dale, IL.
 
Headquartered in Aguascalientes, Mexico, QSM is a distributor of fasteners with a total of five operational sites in Mexico.
 
Anixter will pay $80 million in cash and assume liabilities for both companies. Combined annualized sales for these businesses are expected to be over …

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ERIKS Adds Gaskets to Core Capabilities

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

ERIKS has acquired Seals, Packings &Gaskets Ltd. in the United Kingdom. SPG sells gaskets, rubber and moulded parts. It has sales of GBP7 million (US$13.7 million at current exchange rates).
 
SPG is strong in the OEM heating and boiler market, but also has significant business in the OEM pump sector and across MRO markets including power, automotive and food.
 
Sales by product group broken down: gaskets, 41%; moulded parts, 38%; rubber (cut parts and sheet), 15%; and miscellaneous products and services, 6%.
 
With this acquisition, ERIKS adds gaskets and moulded parts to its current core product areas power transmission, sealing technology, hoses and electro mechanical repairs. With the acquisition of Econosto in May 2008, ERIKS now also offers valves in …

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VWR International Buys Hungarian Distributor

Companies, Facilities Maintenance (MRO), Free, News, Nondurable Products Distribution, Safety Products, Subscriber Only, Top Distributor Sectors /

VWR International, LLC, West Chester, PA, distributor of laboratory supplies, has acquired Spektrum-3D Kft, a Hungarian scientific laboratory supply distributor.
 
Spektrum-3D distributes scientific products including laboratory chemicals, consumables, furniture, equipment and instrumentation. Spektrum-3D supplies laboratories throughout Hungary including customers in the pharmaceutical and chemical industries and scientific research institutes.
 
VWR says the acquisition represents the distributor’s commitment to expanding in the Central and Eastern European markets and its intentions to expand globally.
 
VWR has global sales of $3.5 …

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Companies Paying Close Attention to Economic Trends

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

I sat in on a conference call with economist Alan Beaulieu on Friday, where he was discussing his latest industry association collaboration to put together a regular economic trends update for Heating, Air Conditioning, and Refrigeration Distributors International (HARDI). In addition to that announcement, he also took the time to address the current state of the U.S. economy and answered my question on the Canadian economy.
 
Beaulieu speaks at many distribution association events and his firm, the Institute for Trend Research, does analysis and regular reports for its clients on economic conditions.
 
He told those on the call Friday that he sees a …

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United Stationers Sales Up 9.7% in 2Q

Companies, Free, News, Operations, Paper Products & Packaging Distribution, Subscriber Only, Top Distributor Sectors /

United Stationers Inc., Deerfield, IL, master distributor of business, janitorial/breakroom and industrial products, reported sales in the second quarter 2008 were up 9.7% to $1.25 billion.
 
Seven percent of the growth rate came from ORS Nasco, which was acquired in December 2007.
 
Sales were up nearly 14.4% in the janitorial/breakroom category, up modestly in office products and technology, and partially offset by an 8% decrease in furniture sales.
 
Sales in the first half 2008 rose 7.3% increase over the prior year, with 6.6% related to ORS Nasco.
 
Our supplier and reseller partners continue to tell us that the marketing and distribution services we offer as a wholesaler are even more critical during times of slow growth, high fuel costs …

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Advance Estimates: U.S. GDP Rises 1.9% in 2Q

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

Real gross domestic product -the output of goods and services produced by labor and property in the U.S. -increased at an annual rate of 1.9% in the second quarter of 2008 (from the first quarter to the second quarter), according to advance estimates released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 0.9 percent.
 
The Bureau emphasized that the second-quarter advance” estimates are based on source data that are incomplete or subject to further revision by the source agency (see the box on page 3). The second-quarter “preliminary” estimates, based on more comprehensive data, will be released on Aug. 28, 2008.

More details …

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Parker Hannifin Sales for 2008 Grow 13.3%

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

Parker Hannifin Corp., Cleveland, OH, manufacturer of motion and control technologies and systems, reported sales for the fourth quarter ended June 30, 2008, were $3.3 billion, an increase of 13.3% over fourth quarter 2007. Profit was $252.6 million, 16.3% more than the same period a year ago.
 
For the 2008 fiscal year, the company reported sales of $12.1 billion, an increase of 13.3% over 2007. Profit increased 14.4% to $949.5 million, compared to the prior year. Organic sales growth was 4.8% for the year.
 
Despite challenging economic conditions, our continued focus on the core goals of the Win Strategy has enabled us to consistently produce record results for our shareholders,”said CEO and President Don Washkewicz. “Our sales growth also demonstrates the …

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Eaton Buys Indian Engine Valves Business

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

Eaton Corp., Cleveland, OH, has acquired the engine valves business of Indian company Kirloskar Oil Engines Ltd.
 
Through this acquisition, we will be able to use our global resources to meet the needs of the domestic Indian customer base and provide support to our customers around the world,”said Joseph P. Palchak, CEO -Automotive Group. “In addition, Kirloskar’s new facility in Ahmednagar, India, provides Eaton with a first-class valve facility, expansion opportunities and an experienced workforce.”
 
The engine valves business of Kirloskar Oil Engines Ltd. employs 500 people in India and had 2007 sales of $5 million. The business designs, manufactures and sells intake and exhaust valves for diesel and gasoline engines.
 
Eaton is a diversified …

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DXP Enterprises Sales in First Half at $356.3M

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

DXP Enterprises, Inc., Houston, TX, reported sales for second quarter ended June 30, 2008, increased 120.1% to $187.8 million from the second quarter of 2007. Profit was $6.4 million, an increase of 86.5% from the same period a year ago.
 
Businesses acquired in 2007 and 2008, including Precision Industries, contributed $76.1 million to second quarter sales.
 
Sales for the six months ended June 30, 2008, were $356.3 million, an increase of 110.9% from the first of 2007. DXP reported income for the sale period of $11.8 million, an increase of 65.3%. Organic sales for the fist half of 2008 increased 22.3% from 2007.
 
DXP Enterprises, Inc. is a distributor of products focused on pumping, integrated supply and …

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