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Canadian economists are saying the country will follow the U.S. into a recession. The severity of that recession -which is currently expected to be short -is dependent on how far the U.S. falls. Here’s an overview of the current situation.
While conditions in Canada no more than a few months ago pointed to a downturn, a recession was not necessarily yet in the cards thanks to strong domestic demand and high commodity prices.
But with the U.S. economy officially in a recession, Canada is facing the same prospect. Demand for its products in the U.S. continues to fall despite a weakening of the Canadian dollar -which in any other year might make Canadian products more attractive to U.S. companies.
 
What’s more, commodity prices and demand for raw materials have …

RBC Bearings Inc., Oxford, CT, an international manufacturer of highly-engineered precision plain, roller and ball bearings for the industrial, defense and aerospace industries, reported sales for the second quarter ended Sept. 27, 2008, were $94.3 million, an increase of 20.5% from second quarter sales a year ago. Profit increased 9.6% to $9.6 million.
 
For the first six months of fiscal year 2009, sales were $186.7 million, an increase of 18.1% over year-to-date results for fiscal year 2008. Profit improved 9.1% to $20.3 …

It seems like eroded confidence in the economy is seeping into our northern neighbor’s boardrooms. According to the second-quarter CICA/RBC Business Monitor report, only 6% of executives are more confident in the Canadian economy than they were a year ago.
 
The survey says that 23% of respondents are very optimistic about the economy, compared with 67% a year ago. Just under half of respondents said they had been negatively affected by the U.S. economy.
 
Respondents in Alberta and Manitoba/Saskatchewan were most optimistic about prospects in their provinces; those in Ontario responded with the least amount of optimism about their province. The province is facing manufacturing losses and impacts from the weak U.S. dollar.
 
The culprit, at least …

Industrial Distribution Group Inc., Atlanta, GA, distributor of maintenance, repair, operating and production (MROP) products and integrated supply services to manufacturers and other industrial users, is now owned by an affiliate of Luther King Capital Management. We are delighted that the merger with Eiger (the affiliate of Luther King) has been successfully completed,”said Charles A. Lingenfelter, IDG’s president and CEO. “The consummation of this transaction enables us to focus our full attention on our customers and suppliers. We will be a more agile company with the ability to adapt more swiftly in response to market changes.”Before the merger agreement, Luther King owned 14.9 percent of IDG common stock. <a ...

RBC Bearings Inc., Oxford, CT, international manufacturer of precision plain, roller and ball bearings for the industrial, defense and aerospace industries, reported sales for first quarter were $92.4 million, an increase of 15.7% from the same period a year ago. Profit was $10.7 million, an increase of 8.7% in a year-over-year comparison.
 
First-quarter results include costs associated with the company’s expansion into large bearings, facility moving costs and disposal of fixed assets, and a loss on early extinguishment of debt. …

RBC Bearings Inc., Oxford, CT, international manufacturer of highly-engineered precision plain, roller and ball bearings for the industrial, defense and aerospace industries, has acquired Precision Industrial Components LLC (PIC Design), Middlebury, CT, for $6.6 million in cash and assumption of debt.
 
PIC Design is a manufacturer and supplier of tight-tolerance, precision mechanical components for use in the motion control industry. PIC Design has over 20,000 active customers and generated revenues of $10 million for the year ended Dec. 31, 2007.
 
RBC Bearings operates 22 manufacturing facilities in four …

RBC Bearings Inc., Oxford, CT, international manufacturer of highly-engineered precision plain, roller and ball bearings for the industrial, defense and aerospace industries, reported sales for fiscal 2008 were $330.6 million, an increase of 8% from 2007. Excluding the impact of the decrease in the class 8 heavy truck market, sales rose 12%.
 
Profit for fiscal 2008 was $40.2 million, compared with $28.5 million in the same period a year ago.
 
Sales for the fourth quarter of fiscal 2008 were $92.1 million, a 13.7% increase from the fourth quarter fiscal 2007. Sales for the fourth quarter increased 15.7%, excluding the impact of the decrease in the class 8 truck market.
 
For the fourth quarter, the company reported profit of $12 million, compared with …

RBC Bearings Inc., Oxford, CT, international manufacturer of precision plain, roller and ball bearings for the industrial, defense and aerospace industries, announced the Federal District Court of Connecticut has issued an injunction against SKF USA Inc. in connection with the sale of Nice radial ball bearings.
 
The Federal Court found that SKF USA Inc.’s use of its current price list and other advertisements created confusion in the marketplace about whether SKF USA Inc. was still an authorized distributor of NICE products. The Federal Court found that SKF USA Inc.’s 2008 price list was missing a significant portion of RBC’s product line,”making its distribution by SKF USA Inc. “more likely to create confusion.”
 
The Federal Court’s injunction prohibits SKF USA …

RBC Bearings Inc., Oxford, CT, manufacturer of precision plain, roller and ball bearings for the industrial, defense and aerospace industries, has acquired A.I.D. Corporation and BEMD, Inc. for $5.9 million in cash and assumed liabilities.
 
AID/BEMD, in Clayton and Canton, GA, respectively, manufacture integrated bearing assemblies and aircraft components for the commercial and defense aerospace markets. The two companies generated combined revenues of $12 million for the year ended Dec. 31, 2007.
 
RBC Bearings operates 20 manufacturing facilities in four …

Regal Beloit Corp., Beloit, WI, has acquired Alstom’s motors and fans business in India. The business is in Kolkata, India, and manufactures and markets low and medium voltage industrial motors and fans for the industrial and process markets in India.
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The business will be reported as part of the Company’s Electrical Segment.
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Regal Beloit expects the business to add $10 million and $80 million to sales for the fourth quarter of 2007 and full year 2008, respectively.
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According to Henry W. Knueppel, Chairman and CEO of Regal Beloit, The acquisition of the Alstom India industrial motor and fan business is another significant step in the execution of our Globalization initiative. We intend to continue to improve our global commercial presence to …

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