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2009

Hexcel Sales Down 8.8% in 4Q

Free, News, Subscriber Only, Top Distributor Sectors /

Hexcel Corp., Stamford, CT, reported sales in the fourth quarter 2008 were down 8.8% to $289.5 million. Profit was $28.3 million, up from $13 million in the same period a year ago.

Hexcel reported that inventory corrections (including the downtime at Boeing Commercial Airplanes), as well as a decline in recreation, automotive and general industrial sub-markets offset growth in space, defense and wind energy markets.

For the 2008 fiscal year, sales grew 13.1%.

More details on Hexcel’s sales here.

Hexcel is an advanced structural materials company. It develops, …

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Avnet Sales Down in 2Q

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

Avnet, Inc., Phoenix, AZ, reported sales of $4.27 billion for second quarter fiscal 2009 ended Dec. 27, 2008, a decrease of 10.2% over second quarter fiscal 2008. Excluding the impact of changes in foreign currency exchange rates, sales were down 6.4% for the quarter. Organic sales were down 14.9%.
 
Profit was $112.3 million, down 21% from the prior year quarter.
 
"Our second fiscal quarter was unusually challenging as demand weakened through the quarter culminating with lower-than-expected revenue in the month of December, CEO Roy Vallee said. This slowdown was widespread as all three regions and both operating groups contributed to a double digit year-over-year organic revenue decline for the quarter.
 
“Based on these …

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Columbus McKinnon 3Q Sales Up 12.9%

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

Columbus McKinnon Corp., Amherst, NY, designer, manufacturer and marketer of material handling products, reported sales of $165.1 million for the third quarter of fiscal 2009 ended Dec. 28, 2008, up 12.9% over the prior-year same period. Profit was down 61.8% to $3.8 million.

Reported quarterly results include the acquisition of Pfaff-silberblau that closed on Oct. 1, 2008. One-time accounting adjustments related to the acquisition, higher material costs, lower sales volume of the higher margin pre-Pfaff businesses, and restructuring charges affected fiscal 2009 third quarter income from operations.

Sales for the first nine months of fiscal 2009 were $470.9 million, up 8.9% compared with the first nine months of fiscal 2008 and up 2.7% excluding the Pfaff …

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Housing Starts Down 33.3% in 2008

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

U.S. housing starts in December were down 15.5% from November, and 45% below December 2007, according to the U.S. Census Bureau and the Department of Housing and Urban Development.
 
Privately-owned housing starts were at a seasonally adjusted annual rate of 550,000 in December.
 
Single-family housing starts in December were at a rate of 398,000; this is 13.5% below the November figure. The December rate for units in buildings with five units or more was 145,000.
 
An estimated 904,300 housing units were started in 2008. This is 33.3% below the 2007 figure of 1,355,000.

By region, the Northeast saw a 15.4% drop in housing starts in 2008, Midwest had a 35.7% decline, the South a 33.5% fall, and the West was down …

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AMETEK Acquires High Standard Aviation

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

AMETEK, Inc., Paoli, PA, acquired High Standard Aviation, a Miami, FL-based provider of electrical/electromechanical, hydraulic and pneumatic repair services to the aerospace industry. The privately held High Standard Aviation has annual sales of approximately $31 million.
 
The acquisition broadens AMETEK’s position in the aerospace maintenance, repair and overhaul market, and provides a presence in Miami. High Standard Aviation will become a unit of AMETEK Aerospace & Defense.
 
AMETEK is a global manufacturer of electronic instruments and electromechanical devices with annualized sales of $2.5 …

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Sysco CEO Announces Retirement

Free, Grocery & Foodservice Distribution, Management, News, Strategy, Subscriber Only, Top Distributor Sectors /

The CEO of Sysco Corp., Houston, TX, Richard J. Schnieders, has announced his plan to retire on June 27, 2009, the end of Sysco’s 2009 fiscal year. Schnieders will continue as chairman of the board subsequent to stepping down as CEO on March 31. He joined Sysco in 1982, serving as CEO since 2003.
 
Bill DeLaney, Sysco’s executive vice president and chief financial officer, will become CEO. Delaney will continue to act as CFO until his replacement is chosen. In addition, Ken Spitler, Sysco’s president and chief operating officer, has been promoted to vice chairman of the board of directors and will continue in his current responsibilities.
 
DeLaney has been with Sysco since 1987, and has served in his current position since 2007. Spitler joined Sysco in 1986 and was …

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Canadian Manufacturing Sales Fall in November

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

Source: Statistics Canada

Canadian manufacturing sales decreased for a fourth consecutive month in November. Sales fell 6.4% to $48.4 billion, the lowest level since December 2004.

Constant dollar manufacturing sales, which are measured in 2002 prices, fell to their lowest level in almost 10 years, decreasing by 3.0% in November. Therefore, about half of the drop in the current dollar series compared with October reflected price declines. The most significant price decreases were in the petroleum and coal industry (-18.5%) and primary metal industry (-6%).

At the industry level, sales in 12 of 21 manufacturing industries decreased in November, accounting for over four-fifths of …

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Options Outside of Standard Downsizing to Bolster Profits

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Long-time industry consultant Bruce Merrifield addresses profitability in a recent post to his Web site. He says that companies have options outside of traditional downsizing moves to boost performance in these tough times.

He asks: How do we carefully: either sculpt away our corporate bloat (losing customers, products, people); or, redeploy losing-activity resources into revitalizing the ripped, profitable athlete that is hiding within the general average numbers?”
 
Toward the end of his post, found here, he recommends: 

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Praxair Completes 15 Acquisitions In 2008

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

Praxair Distribution, Inc., Danbury, CT, a subsidiary of Praxair, Inc., completed 15 acquisitions in 2008 with sales totaling nearly $90 million, including five acquisitions made during the fourth quarter.
 
Our acquisition program over the past two years has been very successful and remains an important part of our overall growth strategy, said George Ristevski, president of Praxair Distribution. “We have acquired 26 companies with sales exceeding $350 million since 2007 and remain committed to acquiring selected, high-quality distribution businesses. We have many active projects in the pipeline that meet our strict return criteria.”
 
Praxair Distribution, with sales of $1.7 billion, supplies a comprehensive range of industrial, specialty …

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Distributors Feel Dismal 2008 Auto Sales

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General Motors and Toyota both announced 2008 vehicle sales this week. General Motors said vehicle sales dropped 11% in 2008, with a 21% drop in North America and a 6.5% drop in Europe. Toyota saw its global sales drop about 5%. Distributors are feeling the ripple effect from automotive supplier customers far, wide and deep.
 
Automotive supplier musical chairs is in full effect from a distribution perspective. If your customer plant is still running, it might even be increasing production as work is shifted from other operations, now shut down.
 
As some automotive suppliers struggle and go under, some distributors are seeing tooling and production work shifted to other suppliers, again with some increase in business on that end. But the good news in January is …

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Venture Tape To Buy Compac’s Pressure Sensitive Adhesives

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

Venture Tape Corp., a subsidiary of St. Paul, MN-based 3M, has agreed to acquire the pressure sensitive adhesive (PSA) tape assets of Compac Corp. from Lamtec Corp. Terms of the transaction were not disclosed.
 
TriMas Corp., the parent company of Hackettstown, NJ-based Compac, recently agreed to sell Compac to Lamtec. The acquisition is expected to be completed in the first quarter of 2009. Upon completion of this transaction, all Compac PSA tape products will be supplied from Venture Tape Corp.  Compac products primarily are used in the heating, ventilation and air condition, insulation, and industrial markets.
 
Venture Tape manufactures a broad range of tapes used in construction, oil and gas, HVAC, electronics, aerospace, marine and appliance markets. It …

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Precision Castparts 3Q Sales Down 3.2%

Fasteners, Free, Subscriber Only, Top Distributor Sectors /

Precision Castparts Corp., Portland, OR, reported sales for the third quarter were $1.6 billion, a decline of 3.2% over the prior year period. Profit was $239.1 million, down 3%.
 
Current quarter sales were significantly impacted by the lengthy Boeing strike and flattening demand in the casting and forging aerospace businesses. PCC completed three acquisitions in the quarter.
 
For the first nine months ended Dec. 28, 2008, sales improved 4.8% to $5.2 billion, compared to the first nine months of fiscal year 2008. Profit for the period increased 10.7% to $784.2 million.
 
Investment Cast Products
Segment sales increased slightly to $541.5 million in the third quarter, versus $540.9 million for the same period the prior year. Contractual material …

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Report: Wolseley Seeks Cash Infusion

Building Materials/Construction, Companies, Free, HVACR, Plumbing Products & PVF Distribution, Subscriber Only, Top Distributor Sectors /

A report from the Sunday Times in England says that global building materials and plumbing distributor Wolseley plc is in talks with investors and private equity groups to raise possibly more than $500 million (converted from British pounds) in what the paper calls a rescue fundraising.
 
According to the article, a final decision on how much cash is required and whether they will move forward on this will be made in the next three weeks before the end of its financial half year. The distributor will report results next week.
 
Here is the article.

 

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Parker Hannifin 2Q Sales, Profit Down

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

Parker Hannifin, Cleveland, OH, reported sales of $2.7 billion for fiscal 2009 second quarter ending Dec. 31, 2008, a decline of 5% from the same quarter a year ago. Profit declined 26.7% to $155.4 million.
 
"Current quarter results reflect the fact that the global recession has deepened and widened in recent months and creates some uncertainty for the remainder of our fiscal year and throughout calendar 2009," said Don Washkewicz, president and CEO.
 
Segment Results
In the Industrial North America segment, second-quarter sales increased slightly to $993 million, and operating income declined 24% to $107.6 million, compared with the same period a year ago.
 
In the Industrial International segment, second-quarter sales declined …

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Fastenal Sales Up 13.5% in 2008

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

Fastenal Company, Winona, MN, reported sales for the year ended Dec. 31, 2008, were $2.34 billion, an increase of 13.5% from the prior year. Profit was up to $279.7 million, an increase of 20.2%.
 
In 2008, Fastenal opened 161 new stores, an increase of 7.5%.
 
Although the distributor had overall growth, its same-store sales saw a slowdown in the last three months of the year.
 
In the fourth quarter, Fastenal reported sales of $544.9 million, up 5% over the prior-year period. Profit increased 11.3% to $62.5 million.
 
More details on Fastenal’s year-end results in the Fastenal report

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Aviation, Power & Marine Acquired By Private Equity Firm

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

Aviation, Power & Marine, Inc., a Boynton Beach, FL-based distributor of aeroderivative gas turbine engine parts and related services, has been acquired by private equity firm Pfingsten Partners, L.L.C., Deerfield, IL. AP&M provides parts and services to  a variety of end markets: electrical utility and power generation, naval and commercial marine propulsion, heavy industrial manufacturing, and oil and gas exploration and transmission. AP&M also coordinates gas turbine engine leases and component repair services.
 
Pfingsten plans to grow the business though expansion into new engine types and brands, domestic and international expansion, increased leased engine placements, and greater penetration of existing market segments.
 
Under the terms of …

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Industrial Production Falls 2% in December

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

Industrial production fell 2% in December, and declines were again widespread. Output was revised up in October, but it was revised down in November; for the fourth quarter as a whole, total industrial production decreased 11.5% at an annual rate.

At 103.6% of its 2002 average, output in December was 7.8% below its year-earlier level. In December, manufacturing production dropped 2.3%.

The output of mines moved down 1.6%, and the output of electric and gas utilities was little changed. Capacity utilization for total industry fell to 73.6% in December, a level 7.4 percentage points below its average level from 1972 to 2007.

More details …

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MSC Case Illustrates Complexities in Doing Business with Government

Companies, Facilities Maintenance (MRO), Free, Legal Issues in Wholesale Distribution, Operations, Subscriber Only, Top Distributor Sectors /

The Melville, NY-based distributor of metalworking and MRO supplies, MSC Industrial Direct Co. Inc., is facing an audit by the General Services Administration related to government sales and compliance with the Trade Agreements Act. According to an SEC filing of its quarterly results, "the U.S. Department of Justice has advised the company that GSA OIG’s audit identified non-compliant sales and potential liability arising therefrom." MSC reported however that it does not anticipate its potential liability, if any, to have "any material adverse effect on the company’s consolidated financial position, results of operations or liquidity."
 
And that’s all we know. MSC is one of many companies that do business with the government, which has stringent rules …

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Rexnord Agrees to Acquire Fontaine-Alliance

Free, HVACR, News, Plumbing Products & PVF Distribution, Power Transmission/Motion Control/Fluid Power, Subscriber Only, Top Distributor Sectors /

Rexnord LLC, Milwaukke, WI, announced that Zurn Industries, LLC, its wholly owned water management subsidiary, has agreed to acquire Fontaine-Alliance Inc. for CAD30 million.
 
Fontaine manufactures sluice gates and other engineered flow control products for the municipal water and wastewater markets. Fontaine is based in Magog, Quebec, Canada.Fontaine employs 185 employees with annual sales of CAD40 million.
 
Fontaine will expand Rexnord’s strategic water management platform, which was created with the company’s acquisition of Zurn in February 2007.
 
Rexnord is a diversified industrial company with two key platforms: Power Transmission and Water Management. …

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Canadian Nonresidential Construction Spending Up in 3Q

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

Source: Statistics Canada

Investment in non-residential construction reached $11 billion in current dollars in the fourth quarter of 2008, up 1.7% from the third quarter. In 2002 constant dollars, however, investment was down 1.2% from the third quarter.

The increase in current dollars was mainly the result of rises in institutional and commercial building construction. Investors spent $6.8 billion on commercial projects, up 1.5% from the third quarter, while in the institutional component, investment rose 3.7% to $2.8 billion. Spending in the industrial component declined 1% to $1.4 billion.

All provinces and two territories recorded advances in the fourth …

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