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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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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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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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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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Getting Sold on Green

Free, Management, Research & Analytics, Strategy, Subscriber Only /

Environmental sustainability in distribution center facilities is a growing trend, according to Bob Shaunnessey, executive director of the Warehousing Education and Research Council, which recently released its 2007 Facilities Trends Report.
 
In the spirit of Earth Day -Tuesday, April 22 -some of the changes distribution and manufacturing companies are making: recycling more materials, switching out bathroom facilities to use less water per flush, using less packaging to ship their products and asking suppliers to use less packaging so there is less waste. They are putting in more energy-efficient lighting, and installing motion sensors so that when no one is in a particular area, the lights stay off.
 
I think ‘the right thing to do’ set the stage for the …

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Anixter Sales Grow 11% in 1Q

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

Anixter International Inc., Glenview, IL, distributor of communication products, electrical and electronic wire &cable and a distributor of fasteners and other small parts to Original Equipment Manufacturers, reported sales of $1.47 billion in the first quarter 2008, up 11%. Sales included $12.3 million from acquisitions.
 
Profit in the quarter was up 8% to $57.7 million, from $53.6 million the prior-year period.
 
More details here …

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Graybar Sales at $5.25B in 2007

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

Graybar, St. Louis, MO, distributor of electrical and communications products and related supply chain management and logistics services, exceeded $5.25 billion in sales during 2007, an  increase of 5% over 2006. The company posted profit of more than $83 million, up 45%, from the previous year.
 
Graybar has more than 250 North American distribution …

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Parker Hannifin Organic Growth at 4.4% in 3Q

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

Cleveland, OH-based Parker Hannifin, supplier in motion and control technologies, reported sales in the third quarter 2008 were up 14.4% to $3.2 billion. Profit was up 22% to $255.4 million.
 
Organic growth was 4.3%.
 
In the Industrial North America segment, third-quarter sales increased 3.7% to $1.1 billion.
 
In the Industrial International segment, third-quarter sales increased 32.2% to $1.3 billion.
 
In the Aerospace segment, third-quarter sales increased 7.7% to $470.1 million. During the quarter, this segment was awarded a $2 billion long-term contract to supply the fuel package and hydraulic system for the new Airbus A350 XWB aircraft.
 
In the Climate &Industrial Controls segment, third-quarter sales increased 0.5% to …

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Rockwell Automation Agrees to Buy Incuity Software

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

Rockwell Automation, Inc., Milwaukee, WI, has agreed to buy Incuity Software, Inc., Mission Viejo, CA, a supplier of Enterprise Manufacturing Intelligence software.
 
Incuity Software has more than 45,000 seats of its products installed in more than 40 countries in 13 languages. The Incuity Software management team and their employees will become part of Rockwell Automation’s Architecture &Software operating segment.
 
As the demand for Enterprise Manufacturing Intelligence rapidly grows, this acquisition supports our commitment to expand the FactoryTalk software suite and enhance our plantwide information strategy to meet customers’evolving needs,”said Steve Eisenbrown, senior vice president of the company’s Architecture &Software segment.
 
Rockwell …

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Platinum Equity Increases Bid for IDG

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

The bidding war for industrial distributor Industrial Distribution Group Inc., Atlanta, GA, continues, but without WESCO. Pittsburgh, PA-based electrical distributor WESCO has dropped its bid for IDG, according to a statement released this morning.
 
 
Platinum Equity, the original victor with its offer of $10.30 per share for the distributor, has upped its bid to $11.80 per share in cash in response to WESCO Distribution’s earlier bid of $11.75.
 
IDG has until 5 p.m., Eastern Time, today (Tuesday) to accept the price or the offer from Platinum Equity will expire.
 
IDG’s Board of Directors have decided to accept Platinum’s offer if it does not receive a superior offer from Luther King Capital Management by 3 p.m., Eastern Time, today …

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Owens & Minor Record Sales Growth in 1Q

Free, News, Pharmaceutical & Health Care, Subscriber Only, Top Distributor Sectors /

Owens & Minor, Richmond, VA, reported sales for the first quarter ended March 31, 2008, were $1.75 billion, up 3.9% from the prior-year period.

Profit was up 124% to $24.2 …

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Crawford Electric Opens Branch in New Orleans

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

Crawford Electric Supply, Dallas, TX, a subsidiary of Sonepar USA, has opened a new branch in New Orleans, LA. The main focus is to help with the rebuilding efforts in New Orleans by supplying local commercial and residential markets.
 
The facility includes a 48,000-square-foot warehouse, with a full-service counter area focused on the pipe, wire, lighting, and electrical business. With brands such as GE distribution equipment, Lithonia, Pass and Seymour, Crouse Hinds, Ideal and others, the New Orleans branch will stock $3 million-$4 million in inventory.
 
Crawford Electric Supply, also known as CESCO, has other branches in Fort Worth, Houston, San Antonio, College Station, and Austin, TX.
 
Sonepar USA has 4,400 associates in 11 companies operating …

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Avnet to Acquire Horizon Technology Group

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

Avnet, Inc. plans to acquire Horizon Technology Group PLC in an all cash offer for €1.18 per share, or €98.5 million (US$156.1 million) and a transaction value of €94.4 million (US$149.6 million).
 
Horizon is a technical integrator and distributor of information technology products in the UK and Ireland.
 
Horizon’s distribution business markets enterprise server, storage, networking and security products from vendors including Sun Microsystems, EMC, F5 Networks Juniper, IBM, and Nortel.
 
In addition to the traditional distribution business, Horizon’s Client Solutions business unit partners with major software vendors including BMC, Microstrategy and SAP to provide a full range of development and implementation services. In 2007, …

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Timken Opens Two Facilities in Asia

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

The Timken Company, Canton, OH, has opened two new manufacturing facilities in Asia, adding to its ability to serve aerospace and industrial markets. 

The company will continue to ramp up production over the coming quarters at its industrial bearing manufacturing plant in Chennai, India, and its aerospace and precision products facility in Chengdu, China. Timken now operates seven manufacturing plants in Asia.  

Timken announced plans to build its industrial bearing plant in Chennai in October 2006. The facility is in one of India’s Special Economic Zones and will manufacture medium-sized tapered roller bearings for industrial customers. Timken has been in India since 1992 and also has two other facilities in the country, a bearing …

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Huttig Reports Net Loss in 1Q

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

Huttig Building Products, Inc., distributor of millwork, building materials and wood products, reported a net loss of $9.8 million for the first quarter 2008, compared with a net loss of $3.4 million in the year-ago period.
 
Sales fell 25% to $166.8 million.

While seasonally one of our slowest quarters, the 2008 first quarter was also significantly impacted by the 29% year-over-year decline in annualized housing starts,” said Jon Vrabely, president and CEO.

“Given this challenge, we continue to pursue all avenues aimed at controlling expenses, improving operating efficiencies, reducing inventories and generating cash. Although we incurred an operating loss in the quarter, our year-over-year sales decreased less than the overall decline in housing starts, …

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HD Supply Launches Proprietary Brands

Companies, Free, Management, News, Strategy, Subscriber Only /

HD Supply, Atlanta, GA, has launched its two new proprietary brands, Seasons and Brigade. The Seasons brand will be carried on products such as kitchen and bath fixtures and ceiling fans, ultimately used by consumers, while Brigade will be carried on heavy duty products, such as tools and hardware, ultimately used by professional contractors and trades people on the job.
 
Seasons branded products are positioned in the better” quality tier; products with elevated features and functionality in the “best” quality tier carry the Seasons Gold brand.
 
Brigade is used with better quality professional-grade products, and Brigade 5-Star is reserved for best quality products. Currently, Seasons and Brigade branded products are primarily being sold through HD Supply’s …

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Reliance Steel Sales Up 3.6% in 1Q

Free, Metals Service Centers, News, Subscriber Only, Top Distributor Sectors /

Reliance Steel &Aluminum Co., Los Angeles, CA, reported sales in the first quarter 2008 were $1.91 billion, an increase of 3.6% from the prior-year period. Profit was $107.4 million, down slightly from $111.7 million last year.
 
David H. Hannah, CEO of Reliance said: The 2008 first quarter turned out well. Pricing for our products was strong with significant increases in carbon steel, leading to improved gross profit margins. Demand in the markets that we serve remained fairly healthy, especially in the non-residential construction, energy, oil and gas, and aerospace industries.”
 
Hannah said Reliance expects prices to be up or flat for most of the metals it sells in the second quarter. “Demand remains more difficult to predict,” he said.
 
Reliance is a …

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Motion Industries Sales Rise 6% in 1Q

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

Genuine Parts Company, Atlanta, GA, reported sales for the first quarter ended March 31, 2008, were $2.74 billion, up 3% from last year. Profit was $123.5 million, an increase of 2%.
 
EIS, GPC’s Electrical Group, sales were up 7% in the quarter.

Motion Industries had a 6% sales increase for the quarter.
 
The Automotive Group reported a 4% increase in the quarter.
 
S.P. Richards, the Office Products Group, was down 2% for the quarter, reflecting continued softness in the office products industry.

During the quarter, Automotive bought Altrom Canada and Altrom America, Motion acquired Mill Supply Corp. in March, and S.P. Richards completed the acquisition of O’Henry, a regional office products distributor. …

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Praxair Announces Price Increases

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

Praxair Distribution, Inc.,, Danbury, CT, a subsidiary of Praxair, Inc., announced discount reductions and price increases for its industrial, medical and specialty gas cylinder customers in the U.S. and Canada.

Increases will be up to 30% for helium, fuel gases and rare gases; 15% for argon, hydrogen and carbon dioxide/dry ice; 10% for oxygen, USP oxygen, nitrogen and nitrous oxide; and 15% for cylinder rental and facility fees.
 
Praxair said the price increases were due in part to escalating labor, energy and fuel costs and reflect the limited global availability of raw materials for certain products, particularly helium.

Praxair, Inc. is an industrial gases company with 2007 sales of $9.4 …

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Danaher Organic Growth at 2% in 1Q

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

Danaher Corp., Washington, D.C., reported sales for the first quarter 2008 were $3.03 billion, 20% higher than the 2007 first quarter. Core growth was 2%, driven by strength in its Hach-Lange, Fluke, Radiometer and Leica businesses.
 
Danaher saw lower demand in certain OEM and consumer-driven operations.
 
Net earnings from continuing operations were $277 million, up from the same period a year ago.
 
Danaher Corporation is a manufacturer of Professional Instrumentation, Medical Technologies, Industrial Technologies, and Tools and …

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