May 2010 News
KC Fed says manufacturing slows
Tenth District manufacturing activity grew at a much slower rate in May than in previous months, but producers were more optimistic about future activity.
Chicago Fed Midwest Manufacturing Index up
The Chicago Fed Midwest Manufacturing Index (CFMMI) increased 1.2% in April, to a seasonally adjusted level of 85.2.
Columbus McKinnon sales and earnings fall
Columbus McKinnon Corporation's net sales for the fourth quarter of fiscal 2010 were $123.0 million, down $12.8 million, or 9.4%, from the same period in the prior year.
GDP rises 3 percent
Gross domestic product increased at an annual rate of 3.0 percent in the first quarter of 2010, according to the Bureau of Economic Analysis.
PT Distributor Performance Report available
The recently completed 2010 PT Distributor Performance Report reveals that high-profit distribution firms had a pre-tax profit margin nearly 5 percentage points higher in 2009 than the typical firm's pre-tax profit margin.
Rexnord suffers sales decline
Rexnord reported fourth quarter sales of $407 million, a decline of $26 million, or 6%, compared with the prior year fourth quarter.
Durable goods orders increase
New orders for manufactured durable goods increased $5.6 billion or 2.9 percent to $193.9 billion in April, the U.S. Census Bureau announced today.
Central Atlantic manufacturing expands
Manufacturing activity in the central Atlantic region expanded for the fourth straight month, according to the Richmond Fed's latest survey.
GearWrench kicks off nationwide tour
GearWrench, a division of Danaher Tool Group, announced the extension of its industrial line of hand tools to include more than 700 new products.
Sherwin-Williams acquires Becker Acroma
The Sherwin-Williams Company has signed a definitive agreement to acquire Becker Acroma Industrial Wood Coatings, a subsidiary of AB Wilh. Becker, based in Sweden.
Chicago Fed National Activity Index increased
Led by continued improvements in production- and employment-related indicators, the Chicago Fed National Activity Index increased to +0.29 in April, up from +0.13 in March.
Applied renews GSA contract
Applied Industrial Technologies announced the successful extension of its General Services Administration (GSA) Schedule contract.
Steelmax announces ownership change
Steelmax Tools LLC, Centennial, Colo., completed the acquisition of the Steelmax business in April.
Philadelphia area manufacturing expands
Manufacturing activity in the Philadelphia area continues to expand.
Brady income climbs 31.9 percent
Brady Corporation reported sales for the quarter were up 16.3 percent to $321.9 million compared to $276.7 million in the fiscal 2009 third quarter.
MAPI: Recovery real
Enough indicators are now emerging to reflect that the U.S. economy is poised to trend upward in the next two years, reversing the 2.4 percent decline in 2009, according to a new report.
Housing starts up in April
Privately owned housing starts in April were at a seasonally adjusted annual rate of 672,000.
PTDA Survey: mechatronics expansion plans
Post-recession business plans for many distributor members of the Power Transmission Distributors Association (PTDA) includes expansion into the motion control and mechatronics area of factory automation.
Graybar income up 42 percent
Graybar reported a 42 percent increase in net income for the first quarter of 2010. Sales declined slightly for the quarter and in line with expectations, according to a company press release.
Home Depot sales up 4.3 percent
The Home Depot reported Q1 net earnings of $725 million, or 43 cents per diluted share, compared with $514 million, or 30 cents per diluted share, in the same period of fiscal 2009.
Kennametal makes management changes
Kennametal Inc. announced that Gary W. Weismann will become vice president and president, Business Groups, assuming responsibility for the company's two business units worldwide.
Court seeking bids for Alamo Iron Works
The United States Bankruptcy Court for the Western District of Texas is still accepting bids for the assets of Alamo Iron Works, which filed for bankruptcy protection in April.
NY manufacturing conditions improve
Conditions for New York manufacturers continued to improve for a tenth consecutive month in May, but at a slower pace than in April.
ITW boosts revenues 19 percent
Illinois Tool Works Inc. reported an operating revenue increase of 19% for the three months ended April 30 versus the year-ago period.
Allied Motion sales and earnings up
Allied Motion Technologies Inc. achieved Q1 net income of $734,000 or 9 cents per diluted share.
Industrial production up in April
Industrial production increased 0.8 percent in April after having risen 0.2 percent in March.
Manufacturing gains in Canada
Canadian manufacturing sales advanced 1.2% to $44.5 billion in March according to Statistics Canada.
Ames True Temper sales decline
ATT Holding Co., parent of Ames True Temper Inc., reported net sales for Q2 2010 were $139.4 million, a 2.0% decrease over $142.3 million in Q2 2009.
Air Products and Air Gas duel over board nominees
Airgas Inc. and Air Products & Chemicals Inc. continue to skirmish over the hostile takeover attempt of Airgas by Air Products.
PTDA sales growing
U.S. and Canadian manufacturers’ sales increased for the third consecutive month in March.
Metalformers anticipate growth
Metalforming companies expect business conditions to continue in a positive direction during the next three months.
Snap-on launches Canadian distribution group
Snap-on announced the launch of Snap-on Distribution in Canada, a single-source industrial supplier for high-quality torque equipment, hand tools, power tools and accessories.
Ironclad Performance Wear reports loss
Ironclad Performance Wear Corp.reported net sales for the first quarter of $2.48 million, a decrease of 1.4% percent from the first quarter 2009 of $2.52 million.
Distribution economic reports available
Pembroke Consulting and Modern Distribution Management announce the release of the 2010 Wholesale Distribution Economic Reports (www.mdm.com/wder).
Stock Building Supply to buy Bison Building
Stock Building Supply Holdings LLC entered into an agreement to purchase the assets of Bison Building Holdings Inc. and its subsidiaries.
Grainger April sales up 16 percent
Grainger reported sales results for the month of April increased 16% versus April 2009.
ABC Supply to acquire Bradco Supply
Bradco Supply Corp. has signed a definitive agreement to be acquired by ABC Supply Co. Inc.
Machine tool consumption up 58.1 percent
March U.S. manufacturing technology consumption totaled $258 million, up 58.1% from February and up 49.5% from the total of $172.59 million reported for March 2009.
NN Inc. returns to profitability
Bearings manufacturer NN Inc. reported net sales for the first quarter of 2010 of $85.3 million, up $27.4 million, or 47.3% compared to $57.9 million for the same period of 2009.
General Bearing profit climbs in quarter
General Bearing Corp. reported sales of $32.6 million for the first quarter, 65% higher than the $19.8 million reported in the same quarter last year.
Economy adds jobs, but unemployment rises
Employment rose by 290,000 in April, with gains in several major industries.
Praxair's sales up 14 percent
Praxair Inc. reported first-quarter sales of $2.42 billion, 14% above the previous-year quarter.
Airgas reports sales decline
Airgas Inc.reported quarterly sales of $980 million, 4% higher than the third quarter but 3% below the same period last year.
Kaman reports 1.3 percent sales gain
Kaman Industrial Technologies said its sales were $179.3 million in the 2010 first quarter compared to $176.9 million a year ago, an increase of 1.3%.
Beacon Roofing Supply reports loss
Beacon Roofing Supply reported that its second-quarter sales declined 10.6% to $285.4 million in 2010 from $319.3 million in 2009.
Eight companies join PTDA
The Power Transmission Distributors Association (PTDA) welcomed eight new members in the first quarter of 2010.
Sales down at Precision Castparts
Precision Castparts Corp. reported quarterly sales of $1.4 billion, versus sales of $1.6 billion in the same quarter a year ago.
H.B. Fuller announces price increase
H.B. Fuller Company announced that it will implement a price increase on its water-based, hot melt and reactive adhesives sold in North America.
Attendance up at ISA annual convention
Distributor delegate attendance was up 100 percent for the annual Industrial Supply Association event that concluded in Indianapolis on May 4.
Regal Beloit reports 14.4 percent sales increase
Regal Beloit Corporation reported first-quarter net sales of $507.3 million, an increase of 14.4% compared to $443.3 million reported for the first quarter of 2009.
Emerson records 1 percent sales gain
Emerson announced that net sales for the second quarter were $5.1 billion, an increase of 1 percent from the same quarter last year.
Alamo Iron Works to sell to IDG
Texas-based industrial distributor Alamo Iron Works, which recently filed for Chapter 11 bankruptcy protection, will sell to Industrial Distribution Group when it comes out of bankruptcy protection.
ISM: PMI increases 0.8 percent
Economic activity in the manufacturing sector expanded in April for the ninth consecutive month according to the latest Manufacturing ISM Report On Business.
DXPE's sales drop 6.7 percent
DXP Enterprises Inc. announced sales for Q1 2010 decreased 6.7% to approximately $147 million from $157.6 million for the same quarter last year.
Kaman acquires Minarik
Kaman Industrial Technologies Corporation (KIT) has acquired Minarik Corporation.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
