February 2009

Sysco Sales Down In 2Q

Companies, Free, Grocery & Foodservice Distribution, News, Subscriber Only, Top Distributor Sectors / MDM Staff

Sysco Corp., Houston, TX, reported sales of $9.1 billion for its second quarter ended Dec. 27, 2008, a decrease of 1% from the prior year. Profit was $237.7 million, down 10%.

For the first half of fiscal year 2009, sales increased 2% to $19 billion. Profit declined 3.1% to $514.5 million.

"The business environment remains difficult in the short term, as demonstrated by our decline in sales last quarter," CEO Richard J. Schnieders said. "However, we remain focused on execution and operational excellence, which we believe will strengthen our position within the industry over the long term."

Food cost inflation, as estimated by the change in Sysco’s cost of goods, was 7% for the quarter.

Sysco sells, markets and …

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Construction Spending in 2008 Down 5.1%

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

Construction spending in December 2008 was estimated at a seasonally adjusted annual rate of $1,053.7 billion, 1.4% below November. December was 3.6% below December 2007.

The value of construction in 2008 was $1,078.9 billion, 5.1% below the $1,137.2 billion spent in 2007.

Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $737.1 billion, 1.7% below November. Residential construction was at a seasonally adjusted annual rate of $319.2 billion in December, 3.2% below the November. Nonresidential construction was at a seasonally adjusted annual rate of $417.9 billion in December, 0.4% below November.

The value of private construction in 2008 was $770.4 billion, 9.4% below the $850 billion spent in …

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Atlas Copco 4Q Sales Up 12%

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

Swedish manufacturer Atlas Copco reported sales of MSEK 19,731 (US$2.4 billion) for fourth quarter 2008, an increase of 12% over the prior year, with 3% organic growth. Profit more than doubled to MSEK 2,919 (US$349.9 million).

During the quarter, the workforce was reduced by about 1,350 people, affecting all three business areas, and other cost saving measures were introduced.

The current economic situation makes the outlook very uncertain but demand is expected to remain very weak in most industries and regions in the near term, CEO Gunnar Brock says. “The government stimulus packages recently introduced, primarily aimed at infrastructure projects, are expected to give support for construction equipment demand.”

For …

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Grainger Names Carruthers President Of International Businesses

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

Industrial distributor Grainger, Chicago, IL, has named Court Carruthers to a newly created position as president of its international businesses in Canada, Mexico, and China. Carruthers’ new responsibilities include growing and improving Grainger’s international business operations, which had sales of more than $800 million in 2008.

Carruthers is currently president of Grainger’s Canadian subsidiary, Acklands-Grainger. He has been with Acklands-Grainger since …

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Manufacturing Contracts in January

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

Manufacturing contracted again in January, according to purchasing managers in the latest Manufacturing Report on Business from the Institute for Supply Management.

The report pointed out that the rate of decline as measured by the Purchasing Managers Index was slower than experienced in December. The January New Orders Index is at 33.2%, up from the seasonally adjusted 23.1% recorded in December. While this is a significant month-over-month improvement, it is still a sign of continuing weakness in the sector, according to ISM.

The report found that a recovery in automobiles and housing will go a long way toward helping the manufacturing sector recover.

The Prices Index indicated significant deflation in prices that manufacturers have to pay for …

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HD Supply to Receive $22M Payout from Home Depot

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

HD Supply, diversified wholesale distributor in the infrastructure and energy, maintenance, repair and improvement and specialty construction markets, has reached an agreement with The Home Depot, Atlanta, GA, related to post-closing purchase price adjustments from the sale of HD Supply in August 2007.

Home Depot sold HD Supply to three private equity firms for $8.5 billion, with the Home Depot retaining a 12.5% equity stake in the company.

Under the terms of the agreement, HD Supply will receive a payment of $22 million and other non-cash considerations.

"We are very pleased to have reached an agreement and to put this matter behind us," saidJoe DeAngelo, HD Supply’s Chief Executive Officer, …

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February 2009

Sysco Sales Down In 2Q

Construction Spending in 2008 Down 5.1%

Atlas Copco 4Q Sales Up 12%

Grainger Names Carruthers President Of International Businesses

Manufacturing Contracts in January

HD Supply to Receive $22M Payout from Home Depot

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