July 22, 2009

Thomas & Betts Sales Drop 28.1% in Second Quarter

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

Thomas & Betts Corp., Memphis, TN, reported sales of $461.0 million for the second quarter 2009, down 28.1% year over year. Profit declined 84.7% to $22.7 million.

"2009 has proven to be considerably more challenging than anticipated, with continued pressure in all of our key markets," CEO Dominic J. Pileggi said. "The lack of any meaningful improvement in credit availability has crippled capital investment in the global industrial base and severely curtailed spending on construction projects. In addition, we have not yet seen any notable impact from government-initiated stimulus spending.

"The result is an unprecedented decrease in demand. While we have responded aggressively by reducing headcount, freezing wages and cutting discretionary spending, it has not been possible to …

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ITW Sales Down 25.5% in 2Q

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

Illinois Tool Works Inc., Glenview, IL, reported operating revenue for the second quarter 2009 were $3.4 billion, down 25.5% from second quarter 2008. Profit declined 66.6% to $176.6 million. Base revenues declined 22.2%, with North American base revenues decreasing 26.8% and international base revenues declining 17.3%.

Year-to-date, the diversified industrial manufacturer reported sales of $6.5 billion, down 24.7% from same period a year ago. Profit declined 83.5% to $137.2 million.

The company incurred $65 million of restructuring charges in the quarter, bringing the year-to-date total to $98 million. An additional $50 million to $70 million of restructuring charges are expected in the second half of 2009.

Worldwide revenues for the Power Systems and Electronics segment declined …

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United Rentals Acquires Leasco Equipment Services

Building Materials/Construction, Finance, Free, Mergers & Acquisitions, News, Subscriber Only, Top Distributor Sectors / MDM Staff

United Rentals, Inc., Greenwich, CT, acquired Leasco Equipment Services, Inc., a Marietta, Ohio-based rental company that serves the industrial sector with a focus on power generation, petroleum, chemical, and pulp and paper companies.

"Leasco is a company with strong customer relationships built on 20 years of expertise in industrial rentals, and we are delighted that its senior management will be joining our team," CEO Michael Kneeland said. "This acquisition advances our strategy to expand our company’s presence in the industrial segment, where our industry-leading geographic footprint, rental fleet size and scope, and commitment to exceptional customer service provide us with a competitive advantage."

United Rentals, Inc. provides rental equipment through an integrated network …

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Carlisle Companies 2Q Sales Fall 28%

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

Carlisle Companies Inc., Charlotte, NC, reported net sales from continuing operations of $618.5 million for the second quarter 2009, a 28% decline from the same period a year ago. Profit improved 2.2% to $55.5 million. Organic sales decreased 28% with sales down across all segments.

Year-to-date, sales were $1.12 billion, down 25% from the first half of 2008. Profit was $62.1 million, compared to a loss of $8.3 million for the same period a year ago.

The Construction Materials segment reported second quarter 2009 sales of $314.4 million, a decline of 29% for the same period in 2008. The decrease in sales was across all product lines and is consistent with declines in the overall construction industry.

Applied Technologies had second quarter sales of $103.1 million, down 20% …

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Hubbell Agrees To Buy Burndy

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

Electrical and electronics manufacturer Hubbell Inc., Orange, CT, has agreed to acquire FCI Americas, Inc., more commonly known as Burndy, for$360 million in cash, subject to certain standard adjustments.

Burndy, Manchester, NH, is a North American manufacturer of connectors, cable accessories and tooling serving utilities, commercial and industrial customers. In 2008, Burndy generated sales of approximately $225 million with operating profit margins in the high teens. Products are primarily sold through distributors, the same channel utilized by Hubbell.

"Burndy has earned great respect over the years from distributors and end users and the brand is a natural complement to Hubbell’s positioning," said Timothy H. Powers, president and CEO of Hubbell. "Their emphasis on lean …

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