News
Breaking news in Wholesale Distribution
DXP Enterprises, Inc. reported profit of $3.4 million for the second quarter ending June 30, 2007, compared with profit of $2.9 million in the second quarter 2006.
  ;
Sales increased 22.3% to $85.3 million from $69.8 million in the prior-year period. Sales by the businesses acquired in 2006 and 2007 accounted for $13.3 million of the sales increase. Excluding sales by the acquired businesses, sales for the second quarter of 2007 increased 3.2% from the prior-year period.
  ;
Year-to-date profit for the six months ended June 30, 2007, increased 31% to $7.1 million. Sales increased 27.7% to $169 million from $132.3 million for the first six months of 2006. Sales by the businesses acquired in 2006 and 2007 accounted for $23.5 million of the sales increase. Excluding …
Industrial Distribution Group, Inc. announced it has formed a committee of independent directors to review strategic alternatives for the industrial distributor, which has about $500 million in annual sales. It also announced it expects revenue for the second quarter to be $132.6 million, down from last year.
  ;
In addition, the company preannounced announced a cost-reduction program and related changes to its executive team.
  ;
The independent committee will be led by the company’s non-executive chairman of the board, Richard M. Seigel.
  ;
IDG needs to consistently grow revenues at a higher level while also seeking a strategic way to reduce its cost profile, both of which have been a source of concern,” Seigel said. “It is imperative that we take …
Pricewaterhouse Coopers released the results of its quarterly survey of industrial manufacturers, who have downgraded their growth expectations for the next 12 months, citing oil and energy costs and competition from foreign markets, as well as high interest rates and unfavorable exchange rates. On the U.S. side, 62% expect growth in the domestic economy.
  ;
However, manufacturers are quite optimistic about the global economy, with 78% of respondents expecting growth over the next 12 months. This is not surprising based on earnings reports I see on a day-to-day basis; respondents expect their international sales to increase, on average, to 35% of total revenue …
Real gross domestic product -the output of goods and services produced by labor and property in the U.S. -increased at an annual rate of 3.4% in the second quarter of 2007, according to advance estimates released by the Bureau of Economic Analysis.  ; In the first quarter, real GDP increased 0.6%.
  ;
The Bureau emphasized that the second-quarter advance” estimates are based on source data that are incomplete or subject to further revision by the source.  ; The second-quarter “preliminary” estimates, based on more comprehensive data, will be released on Aug. 30, …
SKF has agreed to buy S2M, a subsidiary of British company Edwards Limited, a manufacturer of magnetic bearings, for 55 million euros (US$75.04 million).
  ;
S2M has annual sales of 40 million euros (US$54.5 million). It is headquartered in Vernon, France.
  ;
S2M focuses mainly on the European markets, with end-user segments in vacuum pumps, small air and gas compressors, turbo expanders and compressors in the oil and gas industry.
  ;
S2M will be part of SKF’s Industrial …
Kaman Industrial Technologies, Windsor, CT, distributor of bearings, power transmission, electrical, and motion control products, has opened new branches in Lathrop, CA, Bradenton and Port St. Lucie, FL, and Danville, IL.
  ;
Kaman Industrial Technologies is a subsidiary of Kaman Corp. of Bloomfield, CT., which conducts business in the aerospace, industrial distribution and music markets. Kaman Industrial Technologies has 200 …
Huttig Building Products, Inc., distributor of millwork, building materials and wood products, reported sales in the second quarter were $239.6 million, down 19% from the prior-year period.
  ;
Sales to national accounts, or 35% of sales in the second quarter, declined by only 17%.
  ;
Jon P. Vrabely, president and CEO, said: This quarter represents the first profitable quarter for Huttig since a year ago, just before the significant downturn in the housing market.”
Sales for the first six months of 2007 were $461.9 million, a 20% decrease over the prior-year period. This decrease is primarily attributable to the 27% drop in housing …
Saint-Gobain overall sales were up 6% in the first half of 2007 to US$29.8 billion (21.7 billion euros).
  ;
All the group’s sectors saw a rise in sales, with organic growth overall at 6.9%.
  ;
Construction markets in Europe, bolstered by the impact of regulations promoting energy efficiency, offset the downturn in the U.S. housing market. Sales were strong in Asia and emerging countries (organic growth of 19%).
  ;
Construction Products posted a 4.1% organic growth rate. About three-fourths of sales in this sector come from Europe and emerging countries. Only a quarter is in the U.S.
  ;
The Building Distribution sector posted a 13.3% rise in sales, buoyed by acquisitions, and organic growth of 8.7%. Strong sales were seen in France, …
UK-based Wolseley plc has appointed Dan Parr to vice president of Acquisitions and Business Integration for Wolseley’s North American Division, comprised of Ferguson, Stock Building Supply and Wolseley Canada.
  ;
He will oversee acquisitions, and coordinate business integration and installation into Wolseley’s systems and processes.
Parr began his career with Ferguson in 1988 as an Internal Auditor. He was promoted two years later to internal audit manager and transferred to Atlanta, Ga., in 1993 to become the integration manager for our Hub, Inc. acquisition. Parr returned to headquarters in 1995 as manager of Acquisitions and Installations, and was promoted to director in 2003 and to vice president in …
RBC Bearings Inc., Oxford, CT, an international manufacturer of precision plain, roller and ball bearings, has acquired CBS/Coastal Bearing Services, Houston, TX, for $3.7 million in cash.
  ;
CBS manufactures, inspects and refurbishes large bearings for the oil and mining industries, as well as other general industrial applications with sizes ranging up to 124 inches in diameter. CBS has sales of $3.1 million for the year ended Dec. 31, 2006.
RBC said that CBS represents another step in our strategy to expand our presence in the large bearing segment.”
RBC operates 17 manufacturing facilities in four …
