PTDA Business Index plummets to 46.6 the first quarter of contraction since the index began in 2010.
Latest In Power Transmission/Motion Control/Fluid Power
Bearings manufacturer spending $615 million on acquisition.
Leadership changes reflect new position, succession planning for company.
Distributor sales increased 6.1 percent, according to a PTDA report.
Fourth quarter sales increased 3.5 percent year-over-year.
Purchase enhances company's transmission and engine oil pumps production.
Buckeye Pumps will operate as a division of OTP Industrial Solutions.
Company will continue to do business as Precision Castparts.
Rob Maida appointed to new position and Mike Leach will succeed him as CFO.
Sales for the first half of 2015 reached $16.7 billion.
SMI is a distributor of linear motion and motion control products.
