Distribution Industry News
Emerson reports drops in orders
Industrial conglomerate Emerson Electric Co (EMR.N) said its orders fell 20 percent to 25 percent in the three months ended in February, matching the pace in the three months ended in January, reflecting a stronger U.S. dollar and weaker demand for capital goods, according to a recent report from Reuters.
Airgas lowers fourth quarter earnings guidance
Airgas, Inc. (NYSE: ARG) lowered earnings guidance for its fourth quarter ending March 31, 2009.
Industrial production fall in February
Industrial production fell 1.4 percent in February; the overall index has now declined for 4 consecutive months and for 10 of the past 12 months, according to a report released March 16 by the Federal Reserve.
Segway inventor to keynote PTDA/FPDA event
The inventor of the Segway personal transporter, Dean Kamen, will be the opening keynote speaker for the co-located PTDA 2009 Industry Summit and FPDA 2009 Network Symposium.
Actuant Corp.'s sales down 25 percent
Sales for the quarter declined 25% to $300 million compared to $400 million in the second quarter of fiscal 2008.
Housing starts rise
Building permits for privately owned housing rose 3 percent in February to 547,000.
Cooper buys LED maker
Cooper Industries has acquired Irvine, Calif.-based Illumination Management Solutions Inc. (IMS).
Lincoln Electric acquires Chinese company
Lincoln Electric's Asian subsidiary has signed a definitive agreement to acquire Jinzhou Jin Tai Welding and Metal Co. Ltd., a welding wire business in Jinzhou, China.
ITW revenues drop 21 percent
Illinois Tool Works Inc. reported an operating revenue decrease of 21 percent for the three months ended Feb. 28.
Lawson Products to close NC facility
Lawson Products announced that it will close its Charlotte, N.C., distribution facility by the end of March in response to economic conditions.
DXP reports 14.7% sales gain
DXP Enterprises announced that its sales increased 14.7% to $193.6 million from $168.8 million for the fourth quarter of last year.
Grainger's February sales down
Grainger reported sales for the month of February declined 10 percent versus February 2008.
Milacron to be sold to investors
Milacron Inc. announced that it has filed for Chapter 11 bankruptcy protection and also reached an agreement to be acquired by investors.
Lewis-Goetz acquires Transport Parts
Pittsburgh-based Lewis-Goetz and Company has acquired Transport Parts Inc.
Machine tool consumption down
January U.S. manufacturing technology consumption totaled $94.95 million, according to AMTDA, the American Machine Tool Distributors’ Association and AMT - The Association For Manufacturing Technology.
Showa-Best Glove merger completed
Showa USA and Best Glove Inc. have merged to form Showa-Best Glove.
Wolseley to exit Stock Building Supply
Wolseley plc, the British wholesale giant, announced that it plans to exit its Stock Building Supply business by Aug. 1, 2009.
Altra Holdings to close plants, cut workforce
Power transmission component supplier Altra Holdings plans to close up to six plants and cut its workforce by 400 in response to economic conditions.
Report cites four strongest markets
A new report from the Precision Metalforming Association (PMA) suggests that companies are pinning their hopes on four markets in the next 12 months.
Graybar relocates WI branch
Graybar recently moved its Green Bay, Wis. operations to a new 1.5 million cubic-ft. distribution facility in De Pere, Wis.
Cable Ties Unlimited relocates
Cable Ties Unlimited, a nylon cable tie supplier, announced that it relocated from Columbus to Cleveland, Ohio.
Manufactured goods orders drop
New orders for manufactured goods decreased 1.9 percent in January to $351.9 billion, the U.S. Census Bureau reported today.
Ingersoll-Rand to reorganize in Ireland
Ingersoll-Rand Company Limited's board of directors has approved a reorganization of the company from Bermuda to Ireland.
Kaman names Goodrich VP
Kaman Corp. appointed Philip A. Goodrich its vice president - Business Development, reporting to Neal J. Keating, chairman, president and chief executive officer.
Penco opens NC warehouse
Penco Products, a producer of storage and work area products, opened its fifth QuickShip warehouse in Hamilton, N.C.
Graybar named to Fortune list
Graybar recently ranked No. 1 on the annual Fortune magazine “World’s Most Admired Companies” list in the Wholesalers: Diversified industry category.
Eaton, Kennametal announce furloughs
Two industrial manufacturers recently required employees to take a week of unpaid leave, according to a report in the Cleveland Plain Dealer.
Manufacturing contracts further
Manufacturing contracted in February as the PMI registered 35.8 percent, which is 0.2 percentage point higher than the 35.6 percent reported in January.
Iscar moves to four-day work week
Cutting tools manufacturer Iscar has implemented a four-day work week, according to a report in the Globes, an Israeli business publication.
Construction spending drops
Construction spending declined 3.3 percent in January to $986.2 billion.
Timken announces job cuts
The Timken Company announced it is cutting up to 400 jobs as part of a cost-cutting realignment effort.
