March 15, 2009

International Wire 4Q Sales Drop 28.3%

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

Camden, NY-based International Wire Group, Inc. reported sales for fourth quarter 2008 were $126.7 million, down 28.3% from fourth quarter 2007. The wire manufacturer recorded a loss of $8.7 million, a decrease of $11.2 million from the prior year.

Lower sales volume and the significant decline of the price of copper in the fourth quarter contributed to the decline. From September to December 2008, the monthly average copper price dropped by 55.8%.

Sales for the year ended Dec. 31, 2008, were $736.4 million, up 0.8%, from 2007 levels. Higher sales volume from the Hamilton Products and Global Wire acquisitions contributed to the increase. Profit for 2008 was $6.5 million, down 59.1% from the prior year. …

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ITW 1Q Sales Down 21%

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

Illinois Tool Works Inc., Glenview, IL, reported operating revenue decreased 21% for the three months ended Feb. 28, 2009. The decline was due to a 20% decrease in base revenues and a 7% fall off in contributions from currency translation. Acquisitions contributed 7%. Significantly lower than expected end market activity in North America, Europe and Asia in January and February also contributed to the decline in operating revenues.

On a segment basis, the Company’s three month moving average percentage change for operating revenues, comprised of base revenues, acquisitions/divestitures and currency translation, is provided below:

Industrial Packaging: -27.7%
Power Systems and Electronics: -26.9%
Transportation: -25.0%
Food Equipment: -15.5%

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Cooper Industries Buys IMS

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

Cooper Industries, Houston, TX, has acquired Irvine, CA-based Illumination Management Solutions, Inc., a manufacturer of specialized optics and system design for light-emitting diode (LED) fixtures. Terms of the transaction were not disclosed.

The acquisition of IMS demonstrates Cooper’s ongoing strategic commitment to become a market leader in energy-efficient solid state lighting solutions, said Cooper Industries’ CEO Kirk S. Hachigian. “The acquisition of IMS and the talent it brings into our organization strongly complements our technology investments by adding enhanced capabilities in LED-systems and optical design.”

IMS designs and manufactures LED systems and fixtures for a variety of lighting applications in roadway …

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Industrial Production Falls 1.4% in February

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

Industrial production fell 1.4% in February; the overall index has now declined for four consecutive months and for 10 of the past 12 months, according to the Federal Reserve.

At 99.7% of its 2002 average, output in February was 11.2% below its year-earlier level and was the lowest level since April 2002. Production in the manufacturing sector moved down 0.7%, with broad-based declines among its components.

An increase in the production of motor vehicles and parts after the extended plant shutdowns in January, however, added nearly a half percentage point to the change in manufacturing production. Outside of manufacturing, the output of mines moved down 0.4%, while a swing to above-average temperatures contributed to a 7.7% drop in the output of …

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March 15, 2009

International Wire 4Q Sales Drop 28.3%

ITW 1Q Sales Down 21%

Cooper Industries Buys IMS

Industrial Production Falls 1.4% in February

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