April 8, 2009

CEO Turnover Up in March

Free, Human Resources in Wholesale Distribution, Operations, Subscriber Only / MDM Staff

While CEOs have generally been staying put in the past few months, March saw a "resurgence" in turnover, according to the firm Challenger, Gray & Christmas Inc. This article says that a total of 309 CEO changes occurred in the first quarter, down nearly 17 percent from the year-ago period. It is the fewest CEO exits since fourth quarter …

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Zep Reports Net Loss in 2Q Fiscal 2009

Chemicals & Plastics Distribution, Facilities Maintenance (MRO), Free, News, Subscriber Only, Top Distributor Sectors / MDM Staff

Zep Inc., producer of cleaning and maintenance products, reported a net loss of $0.9 million in the second quarter fiscal 2009.

Sales were at $114.6 million in the second quarter, down 13.9% from the prior-year period.

The company reported weakened demand in most markets – management estimated that about 70 percent of the 14 percent decline in quarterly sales volume was attributable to the global economic slowdown, with the remainder due to reduced selling capacity resulting from the elimination of underperforming sales representatives and other demand-shaping initiatives.

Sales in the first half fiscal 2009 were $243.8 million, down 11.9 percent from the prior-year period. The company reported a net loss of $2.5 million, versus $8.2 million …

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3M, Lawson Products Cut Staff

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

Layoffs and buyouts continue as the weak economy persists. Two industrial companies announced further staff reductions this week.

3M, St. Paul, MN, said it would offer early retirement packages to 3,600 employees in the U.S., about 11% of its total U.S. workforce, according to a report published by the St. Paul Pioneer Press. The announcement comes a week after the diversified manufacturer reported it would be laying off 1,200 employees, primarily outside the U.S.

Lawson Products Inc., Des Plaines, IL, announced it would eliminate 150 positions – about 11% of its workforce – by the end of the second quarter 2009. In addition, the industrial distributor will close its Dallas, TX, distribution center in response to economic …

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Agencies Already Releasing Details On How They’ll Spend Stimulus Funds

Economic Trends, Research & Analytics, Subscriber Only / Jenel Stelton-Holtmeier

The American Recovery and Reinvestment Act of 2009 – more commonly referred to as the economic stimulus package – is not government as usual.

I have never seen a bill as Web-based as this one, said Pembroke Consulting’s Adam Fein in a recent MDM Webcast, "Economic Stimulus Package: Impacts & Opportunities for Distributors."

A big shift is the transparency being required of all the involved agencies – from cities and towns all the way up the channel to the federal government. Every detail of how the $787 billion will be spent is supposed to be made available, in advance, to the general public.

"What that means is that we have an unprecedented ability to track specific funding initiatives and …

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April 8, 2009

CEO Turnover Up in March

Zep Reports Net Loss in 2Q Fiscal 2009

3M, Lawson Products Cut Staff

Agencies Already Releasing Details On How They’ll Spend Stimulus Funds

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