To Win the Sale, Win Your Customer's Heart
4:21 PM Tuesday April 6, 2010
You're unappreciated in your company, and you've begun to doubt your importance there.
Huh? How did I know that? I didn't. But I'm rarely wrong when I make that assumption about people, and especially about potential clients. In fact, that premise is central to my company's approach to forging an emotional connection with prospective customers. Everything that happens during buyers' first contacts with our company counteracts their sense of being undervalued and lets them know how important they are to us.
To get a sense of what we do, imagine that you're a prospective buyer and that you've come to our company, at our invitation and cost, to pay us a visit (we routinely invite customers to our facilities). You're going to experience these seven steps to an emotional connection:
•You get picked up at the airport.
•At our headquarters, you're greeted with a welcome sign listing your name and title and all the names and titles of the people with you, along with pictures of your packaged products (we make cans and other types of packaging). By the way, our employees saw the same sign when they came to work, so they know that your visit is the most important thing going on today.
•At the security desk, the guards tell you that your visit is so important to us that you've been preregistered.
•Our salesperson ushers you to the office of the CEO, who is waiting to greet you.
•From there, the salesperson escorts you to the boardroom, the most important and prestigious room in the company, to symbolize your importance to us. Other management types are waiting to greet you.
•With all of our top managers in the room, you're asked to tell us about your company and to brag about yourself.
•We outnumber you five or six to one, so that you can vividly see how important you are.
Selling is both a feeling and a thinking proposition. Treating people as we do opens their hearts by inflating their sense of importance, and it makes them more receptive to the thinking part of the sales process, which takes place next, in these four steps:
•We begin a series of presentations in which our top people tell you who we are, what we do, and how we do it. These are not sales pitches.
•You're taken to a plant where you can judge for yourself whether we walk our talk. Tours are conducted by the people who would be making your packaging, and you're encouraged to ask any questions you want.
•At a reception in your honor, you meet many more people in the company.
•At a gracious dinner in our executive dining room, the people you would be doing business with engage you in unhurried conversation.
Many sales organizations do little to create an emotional connection with prospective customers and concentrate instead on hype-filled sales pitches. We do the opposite: By conveying our warm feelings, we create an emotional bond without appearing phony or insincere. Then, by making an objective presentation, we show that we respect our customers' ability to make their own judgments. The art of selling is in the heart, not the brain.
Clif Reichard (creichar@ball.com) is a sales consultant in his 55th year selling rigid packaging substrates.
Kevin L. Brown www.stardustspillproducts.com
STARDUST Super Absorbent
STARPOWER Super Cleaner-Degreaser
Monday, April 12, 2010
Wednesday, April 7, 2010
Four Fatal Online Writing Mistakes
Steve Strauss - Mr. AllBiz (The Strauss Group, Inc.)
Apr 05, 2010 -
Upon returning from a meeting recently, I received an email from one of the attendees. It opened with “It was great to sea everyone. I hope we can all contine to be so productive.”
Now that is a lesson in how not to impress anybody. But the author of that un-proofread email is not alone. In this age when everyone is self-published via the Internet, there are opportunities galore to blow it. And, while many business writing mistakes are minor, others can be fatal.
Here are the ones you simply must avoid:
1. TMI: Sharing too much information can be a killer. Especially in this age of tweeting and updating, business people increasingly make the mistake of posting too much information. And it is even worse because the very nature of Twitter is that you can dash off a tweet and not really think about its ramifications.
Doing so can not only hurt your reputation, it can even get you in legal hot water.For instance, every year Microsoft holds a summit for its most valuable professional partners (“MVPs”). Much of what these MVPs know is under NDA. Yet even so, at last year’s summit the MVPs tweeted so much confidential info that this year there was a Twitter logo outside sessions with a red X over it. The sign next to it read in part:“All Keynotes and Breakout and Side Sessions are . . . under your MVP Non-Disclosure Agreement (NDA) . . . Do not share session content from this event in any manner including: tweeting, blogging, posting, [etc.].”Violating your NDA for a tweet is dumb.
And what about tweeting too much personal information? That may be even worse.
How do you know when it is TMI? If you would not say in public what you are about to type, then you probably should not share it.Some things are better left un-tweeted.
2. Forgetting that it is still about business: Social media is the proverbial double-edged sword. On one hand, it allows you to have a more personal connection with colleagues and business associates. On the other, that very closeness can create an illusion of close friendship that may not be real, appropriate, or both.
And the danger there is that we say things to friends that we would never say to colleagues.So the important thing to remember is this: If you are posting about business, remember it is about business. Sure you can be friendly and colloquial, that’s great, but there better be a line.
And because there is no room for nuance with emails, posts, and tweets (since nuance is often expressed with a look or voice inflection), you run the real risk that people who do not know you well may misinterpret an overly-friendly post. If they don’t get your humor, or know your way, your post is liable to fall flat.
3. Not double-checking: Once upon a time, no business communication ever went out without being double-checked for errors; secretaries and aides would make sure of that. These days, with everyone in such a rush, double-checking may seem as antiquated as dictation, but it shouldn’t be because sloppiness can have severe ramifications. As the old commercial goes, “people judge you by the words you use.”
This mistake typically comes in two forms.
First, like my colleague above, it is very easy today to shoot off an email with typos, misspellings, or other grammatical errors. While a friend will forgive your error, colleagues may not forget; your written communication is a main way they form an opinion of, and eventually a judgment about, you.
Proofreading emails is a must, bottom line.
The second way a lack of thoroughness can be detrimental is a mistake probably all of us have made – sending an email to the wrong people, and/or cc’ing everyone by mistake. It can be devastating. Yes, mistakes happen, but creating a habit of double-checking means they will happen less often.
4. Mistaking texting for writing: While using texting language for tweets is at least understandable given Twitter’s truncated format, it should be avoided in business emails. Using “i” instead of I, emoticons, or cute abbreviations are the sorts of things that should only be used for people you know well, if then.
I mean really, how seriously would you take this column if I ended it with, “i hope u c what i am saying! J”
Right – not very.
Kevin L. Brown www.stardustspillproducts.com
STARDUST Super Absorbent
STARPOWER Super Cleaner
Apr 05, 2010 -
Upon returning from a meeting recently, I received an email from one of the attendees. It opened with “It was great to sea everyone. I hope we can all contine to be so productive.”
Now that is a lesson in how not to impress anybody. But the author of that un-proofread email is not alone. In this age when everyone is self-published via the Internet, there are opportunities galore to blow it. And, while many business writing mistakes are minor, others can be fatal.
Here are the ones you simply must avoid:
1. TMI: Sharing too much information can be a killer. Especially in this age of tweeting and updating, business people increasingly make the mistake of posting too much information. And it is even worse because the very nature of Twitter is that you can dash off a tweet and not really think about its ramifications.
Doing so can not only hurt your reputation, it can even get you in legal hot water.For instance, every year Microsoft holds a summit for its most valuable professional partners (“MVPs”). Much of what these MVPs know is under NDA. Yet even so, at last year’s summit the MVPs tweeted so much confidential info that this year there was a Twitter logo outside sessions with a red X over it. The sign next to it read in part:“All Keynotes and Breakout and Side Sessions are . . . under your MVP Non-Disclosure Agreement (NDA) . . . Do not share session content from this event in any manner including: tweeting, blogging, posting, [etc.].”Violating your NDA for a tweet is dumb.
And what about tweeting too much personal information? That may be even worse.
How do you know when it is TMI? If you would not say in public what you are about to type, then you probably should not share it.Some things are better left un-tweeted.
2. Forgetting that it is still about business: Social media is the proverbial double-edged sword. On one hand, it allows you to have a more personal connection with colleagues and business associates. On the other, that very closeness can create an illusion of close friendship that may not be real, appropriate, or both.
And the danger there is that we say things to friends that we would never say to colleagues.So the important thing to remember is this: If you are posting about business, remember it is about business. Sure you can be friendly and colloquial, that’s great, but there better be a line.
And because there is no room for nuance with emails, posts, and tweets (since nuance is often expressed with a look or voice inflection), you run the real risk that people who do not know you well may misinterpret an overly-friendly post. If they don’t get your humor, or know your way, your post is liable to fall flat.
3. Not double-checking: Once upon a time, no business communication ever went out without being double-checked for errors; secretaries and aides would make sure of that. These days, with everyone in such a rush, double-checking may seem as antiquated as dictation, but it shouldn’t be because sloppiness can have severe ramifications. As the old commercial goes, “people judge you by the words you use.”
This mistake typically comes in two forms.
First, like my colleague above, it is very easy today to shoot off an email with typos, misspellings, or other grammatical errors. While a friend will forgive your error, colleagues may not forget; your written communication is a main way they form an opinion of, and eventually a judgment about, you.
Proofreading emails is a must, bottom line.
The second way a lack of thoroughness can be detrimental is a mistake probably all of us have made – sending an email to the wrong people, and/or cc’ing everyone by mistake. It can be devastating. Yes, mistakes happen, but creating a habit of double-checking means they will happen less often.
4. Mistaking texting for writing: While using texting language for tweets is at least understandable given Twitter’s truncated format, it should be avoided in business emails. Using “i” instead of I, emoticons, or cute abbreviations are the sorts of things that should only be used for people you know well, if then.
I mean really, how seriously would you take this column if I ended it with, “i hope u c what i am saying! J”
Right – not very.
Kevin L. Brown www.stardustspillproducts.com
STARDUST Super Absorbent
STARPOWER Super Cleaner
Airgas renews rejection of tender offer
Airgas Inc., of Radnor, renewed its rejection of a $60-per-share buyout offer from Air Products & Chemicals Inc. after Air Products on Thursday said it had extended the offer for all outstanding shares from April 9 to June 4.
Airgas said in a news release that its board of directors continues to believe the offer from Air Products "grossly undervalues" Airgas.
As of the close of business Thursday, 12,291 of Airgas' 82.73 million shares had been tendered, Allentown-based Air Products said.
"We appreciate the support we have received and, going forward, encourage all Airgas stockholders not to tender their shares into Air Products' opportunistic and inadequate offer," Airgas said in its statement.
Airgas shares closed Thursday at $63.96, up 34 cents, on the New York Stock Exchange. The market was closed Friday. - Harold Brubaker
Kevin L. Brown www.stardustspillproducts.com
STARDUST Super Absorbent
STARPOWER Super Cleaner
Airgas said in a news release that its board of directors continues to believe the offer from Air Products "grossly undervalues" Airgas.
As of the close of business Thursday, 12,291 of Airgas' 82.73 million shares had been tendered, Allentown-based Air Products said.
"We appreciate the support we have received and, going forward, encourage all Airgas stockholders not to tender their shares into Air Products' opportunistic and inadequate offer," Airgas said in its statement.
Airgas shares closed Thursday at $63.96, up 34 cents, on the New York Stock Exchange. The market was closed Friday. - Harold Brubaker
Kevin L. Brown www.stardustspillproducts.com
STARDUST Super Absorbent
STARPOWER Super Cleaner
Monday, April 5, 2010
Today's TipWhy Cloud Storage is Feasible in 2010
Posted by: Today's Tip Contributor on March 31
With most emerging technologies, the hype is bigger than the reality. A welcome exception is cloud storage, which is enabling many organizations to achieve major economies of scale and greater control of growing data volumes. We recently polled customers worldwide about their readiness to use cloud-based solutions. More than half of the 535 respondents said they were seriously considering cloud storage now or in the future. Companies of all sizes can reap the benefits of cloud storage for a number of reasons, including the ability to:
1. Access a lower-cost tier of storage and drive down IT costs;
2. Shift storage costs from a capital expenditure to an operational expenditure, freeing capital to support other parts of the business.
3. Offload routine storage operations so IT teams can focus on more strategic technology initiatives that bolster profitability;
4. Replace or supplement tape—with all its management complexities and headaches—by storing off-site data copies in the cloud;
5. Access affordable disaster recovery as data copies stored in the cloud are, by nature, off-site and protected in the event of a local disaster;
6. Lower the costs of remote office data protection and remove the need for separate storage infrastructures because backup data can be consolidated in the cloud;
7. Leverage unlimited storage scalability with a "pay as you go" subscription model for increasing storage capacities as needed, without growing data center footprints.
Cloud storage is the right answer, especially for businesses requiring more space for archiving infrequently accessed data, undergoing infrastructure replacements, or seeking simplified compliance management. The key to the cloud: Secure the proper applications to simplify the movement, protection, archiving, and electronic discovery of all types of data stored there.
Jeff Echols
Senior Director of Cloud Storage
CommVault
Oceanport, N.J
Kevin L. Brown www.stardustspillproducts.com
STARDUST Super Absorbent
STARPOWER Super Cleaner
With most emerging technologies, the hype is bigger than the reality. A welcome exception is cloud storage, which is enabling many organizations to achieve major economies of scale and greater control of growing data volumes. We recently polled customers worldwide about their readiness to use cloud-based solutions. More than half of the 535 respondents said they were seriously considering cloud storage now or in the future. Companies of all sizes can reap the benefits of cloud storage for a number of reasons, including the ability to:
1. Access a lower-cost tier of storage and drive down IT costs;
2. Shift storage costs from a capital expenditure to an operational expenditure, freeing capital to support other parts of the business.
3. Offload routine storage operations so IT teams can focus on more strategic technology initiatives that bolster profitability;
4. Replace or supplement tape—with all its management complexities and headaches—by storing off-site data copies in the cloud;
5. Access affordable disaster recovery as data copies stored in the cloud are, by nature, off-site and protected in the event of a local disaster;
6. Lower the costs of remote office data protection and remove the need for separate storage infrastructures because backup data can be consolidated in the cloud;
7. Leverage unlimited storage scalability with a "pay as you go" subscription model for increasing storage capacities as needed, without growing data center footprints.
Cloud storage is the right answer, especially for businesses requiring more space for archiving infrequently accessed data, undergoing infrastructure replacements, or seeking simplified compliance management. The key to the cloud: Secure the proper applications to simplify the movement, protection, archiving, and electronic discovery of all types of data stored there.
Jeff Echols
Senior Director of Cloud Storage
CommVault
Oceanport, N.J
Kevin L. Brown www.stardustspillproducts.com
STARDUST Super Absorbent
STARPOWER Super Cleaner
Friday, April 2, 2010
Unisource Launches New Line of Protective Packaging Products
Unisource Launches New Line of Protective Packaging Products
By MDM Staff
March 31, 2010
Unisource Worldwide, Inc., Norcross, GA, distributor of paper, packaging and facility supplies, has launched a new line of protective packaging products under the Unisource brand
The line includes bubble cushioning, polyethylene foam and poly bubble mailers. Several of the products include recycled content targeted at businesses looking for environmental benefits.
“In addition to traditional protective packaging products, we wanted to offer our customers pre- and post-consumer recycled content alternatives,” said Steve Mohr, Director of Marketing – Packaging for Unisource. “We also wanted to ensure that these products could meet or exceed performance requirements.”
Kevin L. Brown
www.stardustspillproducts.com
stardust super absorbent
starpower super cleaner degreaser
By MDM Staff
March 31, 2010
Unisource Worldwide, Inc., Norcross, GA, distributor of paper, packaging and facility supplies, has launched a new line of protective packaging products under the Unisource brand
The line includes bubble cushioning, polyethylene foam and poly bubble mailers. Several of the products include recycled content targeted at businesses looking for environmental benefits.
“In addition to traditional protective packaging products, we wanted to offer our customers pre- and post-consumer recycled content alternatives,” said Steve Mohr, Director of Marketing – Packaging for Unisource. “We also wanted to ensure that these products could meet or exceed performance requirements.”
Kevin L. Brown
www.stardustspillproducts.com
stardust super absorbent
starpower super cleaner degreaser
Thursday, April 1, 2010
United Stationers, Deerfield, IL, released its 2010 Green Catalog with 2,700 items, an 8% increase over the 2009 catalog.
United Stationers Increases Green Catalog 8%
By MDM Staff -March 26, 2010
"Our offering of sustainable products has expanded significantly across all popular categories to offer consumers greater choice, and resellers more green marketing power," said Carol O'Hern, director of marketing research, analytics and sustainability. "Every item included as been verified for its green attributes by the manufacturers, who have also sought certification by third-party sustainability organizations."
The 2010 Green Catalog includes larger selections of paper SKUs with recycled content, sustainable binders and writing instruments, light bulbs – including more compact fluorescents, recycling receptacles, ink and toner cartridges, and fully biodegradable and compostable food service items.
In addition, the 2010 Green Catalog offers tips for sustainable purchasing, a guide to greener offices, and a glossary of sustainable terminology.
Kevin L. Brown http://www.stardustspillproducts.com/
STARPOWER Super Cleaner Degreaser
STARDUST Super Absorbent
By MDM Staff -March 26, 2010
"Our offering of sustainable products has expanded significantly across all popular categories to offer consumers greater choice, and resellers more green marketing power," said Carol O'Hern, director of marketing research, analytics and sustainability. "Every item included as been verified for its green attributes by the manufacturers, who have also sought certification by third-party sustainability organizations."
The 2010 Green Catalog includes larger selections of paper SKUs with recycled content, sustainable binders and writing instruments, light bulbs – including more compact fluorescents, recycling receptacles, ink and toner cartridges, and fully biodegradable and compostable food service items.
In addition, the 2010 Green Catalog offers tips for sustainable purchasing, a guide to greener offices, and a glossary of sustainable terminology.
Kevin L. Brown http://www.stardustspillproducts.com/
STARPOWER Super Cleaner Degreaser
STARDUST Super Absorbent
How Can We Map Social Media to B2B Sales?
Problem
We have a great B2B sales team. We've made a couple of forays into social media, and we like what we see! But what tactics are really working out there to draw prospects in—and not turn them off? What are some cool ways to match social with selling?
Expert: Kipp Bodnar
Kipp is Inbound Marketing Manager at HubSpot and the publisher of SocialMediaB2B.com, a multi-author blog for B2B companies planning to incorporate social media into their marketing strategies. He also blogs on technology and social media at his personal blog, DigitalCapitalism.com.
Solution
The key to monetizing B2B social media is to find ways to use the Web to solve problems for prospects, Kipp explains. "Problem-solving has always been a major aspect of what we do for our customers," he notes. "Now, B2B companies can use social media to better identify customer needs—and, by addressing them, improve engagement."
Here are a few key steps to take to blend social with selling.
1. Observe
"The first step in this process is to see what others are doing," Kipp advises. "Look to online resources that are B2B sales-focused." Perform keyword searches to find blogs, sites, and communities that match your industry or focus.You may find that industries tend to behave differently online, he notes. For instance, computer professionals such as software vendors "may spend more time on Twitter and message boards, while consultants and others in service-based industries may prefer sites like LinkedIn."
Regardless of the industry, you'll find one common thread in social-media conversations, he observes: "Every B2B customer thinks their niche is a difficult one." And that's a key point of entry, he notes: "You can find an empathy point with any prospect based on the business challenges they face."
2. Isolate
As you listen to the conversations taking place at the sites you choose to monitor, you'll begin to isolate the key questions people are asking. "Hang out in groups dedicated to your target audience," he suggests.
"Start to provide some feedback to the ongoing chats. As people heed your advice, you'll go up the list of folks they may consider calling on for help."
3. Study
How do you learn to solve problems online like a pro? Kipp suggests you check out some trade-organization websites. "You can trust that trade associations have spent time researching what's on their members' minds, what the major challenges are in their industry. Study the topics at their sites, and become familiar with the issues of the day. And observe how they're serving their members' needs." As you become better acquainted with the challenges your prospects face, you'll also naturally begin to isolate ways that your company can help, he notes.
4. Own it
The final step is to create an online presence—to "own some type of Web property"—where you can provide unique solutions that draw visitors in. "Build a hub, a home base, where you address the questions of the day," he advises. For instance, you can "start a blog that's dedicated to answering the questions of the community."
5. Market it
Finally, apply inbound-marketing tactics to your Web entity. "Ask visitors to sign in and provide their email addresses; optimize content so that you'll be picked up by search engines," he suggests. You can then begin to turn the resulting prospects into clients.
"The process behind blending B2B social media with selling is to learn the challenges facing your prospects, create valuable information to address those challenges, share it with folks who think it is valuable, build professional connections, and then begin to monetize your relationships," Kipp concludes.
Problem solved!
Don't miss Kipp Bodnar's session, Driving and Measuring B2B Conversations, Leads and Sales with Social Media Marketing, at the B2B Forum in Boston, May 3-5. Bring your company profile—and your B2B social media questions!
Kevin L. Brown
www.stardustspillproducts.com
STARPOWER Super Cleaner Degreaser
STARDUST Super Absorbent
We have a great B2B sales team. We've made a couple of forays into social media, and we like what we see! But what tactics are really working out there to draw prospects in—and not turn them off? What are some cool ways to match social with selling?
Expert: Kipp Bodnar
Kipp is Inbound Marketing Manager at HubSpot and the publisher of SocialMediaB2B.com, a multi-author blog for B2B companies planning to incorporate social media into their marketing strategies. He also blogs on technology and social media at his personal blog, DigitalCapitalism.com.
Solution
The key to monetizing B2B social media is to find ways to use the Web to solve problems for prospects, Kipp explains. "Problem-solving has always been a major aspect of what we do for our customers," he notes. "Now, B2B companies can use social media to better identify customer needs—and, by addressing them, improve engagement."
Here are a few key steps to take to blend social with selling.
1. Observe
"The first step in this process is to see what others are doing," Kipp advises. "Look to online resources that are B2B sales-focused." Perform keyword searches to find blogs, sites, and communities that match your industry or focus.You may find that industries tend to behave differently online, he notes. For instance, computer professionals such as software vendors "may spend more time on Twitter and message boards, while consultants and others in service-based industries may prefer sites like LinkedIn."
Regardless of the industry, you'll find one common thread in social-media conversations, he observes: "Every B2B customer thinks their niche is a difficult one." And that's a key point of entry, he notes: "You can find an empathy point with any prospect based on the business challenges they face."
2. Isolate
As you listen to the conversations taking place at the sites you choose to monitor, you'll begin to isolate the key questions people are asking. "Hang out in groups dedicated to your target audience," he suggests.
"Start to provide some feedback to the ongoing chats. As people heed your advice, you'll go up the list of folks they may consider calling on for help."
3. Study
How do you learn to solve problems online like a pro? Kipp suggests you check out some trade-organization websites. "You can trust that trade associations have spent time researching what's on their members' minds, what the major challenges are in their industry. Study the topics at their sites, and become familiar with the issues of the day. And observe how they're serving their members' needs." As you become better acquainted with the challenges your prospects face, you'll also naturally begin to isolate ways that your company can help, he notes.
4. Own it
The final step is to create an online presence—to "own some type of Web property"—where you can provide unique solutions that draw visitors in. "Build a hub, a home base, where you address the questions of the day," he advises. For instance, you can "start a blog that's dedicated to answering the questions of the community."
5. Market it
Finally, apply inbound-marketing tactics to your Web entity. "Ask visitors to sign in and provide their email addresses; optimize content so that you'll be picked up by search engines," he suggests. You can then begin to turn the resulting prospects into clients.
"The process behind blending B2B social media with selling is to learn the challenges facing your prospects, create valuable information to address those challenges, share it with folks who think it is valuable, build professional connections, and then begin to monetize your relationships," Kipp concludes.
Problem solved!
Don't miss Kipp Bodnar's session, Driving and Measuring B2B Conversations, Leads and Sales with Social Media Marketing, at the B2B Forum in Boston, May 3-5. Bring your company profile—and your B2B social media questions!
Kevin L. Brown
www.stardustspillproducts.com
STARPOWER Super Cleaner Degreaser
STARDUST Super Absorbent
5 Tricks for the Busy CEO Who Wants to be Active on Social Media
Mar 31, 2010 -
Social media is a great tool for connecting with your customers and getting some free PR, but it takes a ton of time to implement an effective campaign. How can you do all that if you're busy actually running your company?
Plenty of well-known CEOs really are the bloggers behind their blogs and the tweeters behind their Twitter updates. Think: Virgin CEO Sir Richard Branson, Marriott CEO Bill Marriott, and former Sun Microsystem’s CEO Jonathan Schwartz.
So how do they do it?
“My schedule is unpredictable at the moment,” says Barry Sutton, CEO of Hellbound Wine & Spirits whose company is in the process of launching a new wine brand. “I take every opportunity when I have any downtime to talk with users on our Twitter page. During this downtime I am swimming in a sea of information: business, viniculture, design, politics, entertainment, so I take the opportunity to post up information that is of interest to me [and] hopefully is also of interest to our customers and fans.”
Here are a few tips on how to manage your time running a successful small business and maintaining an active social media presence for your business. Remember: you want to be efficient, productive, and not waste your time.
1. Allocate designated time to social media. Budget in blocks of time for visiting your various social media sites. For some people it can be a three times a day: fifteen minutes in the morning, afternoon, and early evening. For people who require more time on their social networks for keeping up with customers, business advisors, and various industry innovators, fifteen minutes for every hour or two can be a good on topic break. Keep a timer and stay focused! It’s easy to get distracted by funny unrelated viral YouTube videos and Twitpics. Think of your social media time as little warm ups and sprints throughout the day that ultimately help you keep your business’ productivity up.
2. Figure out what you want to do on these sites. Make lists of which sites you want to focus on and why. While you are monitoring your social media sites for PR, customer service and marketing opportunities, you’re also extending your customer service and client relations.
3. Don’t make that allocated social media time all about you and your company. Spend some of time promoting the content and posts of other people to create dialogue and extend a conversation – just try to do it within your designated time slot!
4. Use social media with an end result in mind. Why are you updating your network? What do you have to share about your business? What do you want from sharing this information about your business? Tweet with new business and career opportunities in mind. Social media sites are destinations to showcase your expertise.
5. Hire a social media expert to ghost tweet and ghost Facebook for your company. “I outsource my social media needs to save time,” says Ted Pratt who operates financial ad network TakeAReport.com. “It saves me time and I benefit from experts from across a breadth of platforms. That way my reach is phenomenal and I don’t end up wasting time playing around.”
Kevin L. Brown
STARDUST Spill Products
STARDUST Super Absorbent
STARPOWER Super Cleaner/Degreaser
Social media is a great tool for connecting with your customers and getting some free PR, but it takes a ton of time to implement an effective campaign. How can you do all that if you're busy actually running your company?
Plenty of well-known CEOs really are the bloggers behind their blogs and the tweeters behind their Twitter updates. Think: Virgin CEO Sir Richard Branson, Marriott CEO Bill Marriott, and former Sun Microsystem’s CEO Jonathan Schwartz.
So how do they do it?
“My schedule is unpredictable at the moment,” says Barry Sutton, CEO of Hellbound Wine & Spirits whose company is in the process of launching a new wine brand. “I take every opportunity when I have any downtime to talk with users on our Twitter page. During this downtime I am swimming in a sea of information: business, viniculture, design, politics, entertainment, so I take the opportunity to post up information that is of interest to me [and] hopefully is also of interest to our customers and fans.”
Here are a few tips on how to manage your time running a successful small business and maintaining an active social media presence for your business. Remember: you want to be efficient, productive, and not waste your time.
1. Allocate designated time to social media. Budget in blocks of time for visiting your various social media sites. For some people it can be a three times a day: fifteen minutes in the morning, afternoon, and early evening. For people who require more time on their social networks for keeping up with customers, business advisors, and various industry innovators, fifteen minutes for every hour or two can be a good on topic break. Keep a timer and stay focused! It’s easy to get distracted by funny unrelated viral YouTube videos and Twitpics. Think of your social media time as little warm ups and sprints throughout the day that ultimately help you keep your business’ productivity up.
2. Figure out what you want to do on these sites. Make lists of which sites you want to focus on and why. While you are monitoring your social media sites for PR, customer service and marketing opportunities, you’re also extending your customer service and client relations.
3. Don’t make that allocated social media time all about you and your company. Spend some of time promoting the content and posts of other people to create dialogue and extend a conversation – just try to do it within your designated time slot!
4. Use social media with an end result in mind. Why are you updating your network? What do you have to share about your business? What do you want from sharing this information about your business? Tweet with new business and career opportunities in mind. Social media sites are destinations to showcase your expertise.
5. Hire a social media expert to ghost tweet and ghost Facebook for your company. “I outsource my social media needs to save time,” says Ted Pratt who operates financial ad network TakeAReport.com. “It saves me time and I benefit from experts from across a breadth of platforms. That way my reach is phenomenal and I don’t end up wasting time playing around.”
Kevin L. Brown
STARDUST Spill Products
STARDUST Super Absorbent
STARPOWER Super Cleaner/Degreaser
Suppliers Must Reposition Value Proposition
The days of sourcing everything in your own backyard are over as 82% of respondents to a Grant Thornton survey indicated that some portion of their supply chain is purchased internationally, up from 77% last year.
By James Ricci, Grant Thornton
March 29, 2010
More News »Outsourcing, off shoring, near shoring, what does it all mean? Is U.S. manufacturing being summarily dismantled and only to be rebuilt in China or India? The answers to these questions are complex and don't lend themselves to readymade sound bites. A recent survey conducted by Grant Thornton suggests that while China tries to meet demand for its own burgeoning market, it will continue to dominate as an origin for exports of manufactured goods. But that is only part of the story as suppliers reposition their value proposition amid evolving manufacturing and sourcing strategies.
For sure, the days of sourcing everything in your own backyard are over as 82% of respondents to a Grant Thornton survey indicated that some portion of their supply chain is purchased internationally, up from 77% last year. China remains the front-runner choice, with 28% sourcing from that country, up from 22% last year. What was the most interesting is only half of the firms surveyed (49%) have found international sourcing to produce a positive ROI.
This begs the question, why did the other half not find international sourcing to be profitable? Three possible reasons come to mind.
First, fluctuating fuel (transportation) and raw material prices increase risk of the return on investment. This risk exists even before production starts as these cost factors can change during the product planning and launch phases as well.
Second, quality and delivery can still be an issue. Companies are recognizing that supply chain reliability and agility are of growing importance to their business. Real costs are incurred when the supply chain breaks down or fails to function as intended. Recovery from offshore quality and delivery issues involves deploying resources overseas to fix the problem and can involve expensive air freight costs to refill pipelines.
Third, firms have varied levels of sophistication with regard to their sourcing criteria, approach and cost modeling. A more nuanced approach is being employed with increasing regularity in some industries though. In fact, the general trend toward using Far East manufacturing or other "low cost countries" to source the preponderance of components is being tempered by a need to provide local presence in each market. For example, more than ever before, automakers are designing and manufacturing global products yet sourcing remains "regional" through larger global suppliers.
As industries place greater importance on flexibility and an ability to react to market changes, suppliers and their supply chains will need to become more focused on supporting local operations. Thus, a migration toward globally sourcing into multiple lower cost regions can support a positive ROI while mitigating risk.
As companies begin to design and manufacture global products allowing for this regional approach to sourcing is key. Returning to the automotive example above, each of the major regional markets is structured to leverage the cost arbitrage compared to the home market. Three examples are cited below.
North America -- Mexico continues to dominate what would be considered the "low cost country of choice" for N.A. manufacturing. While Asia Pacific operations have increased their exports substantially over the past 5 years, Grant Thornton's analysis in the automotive space shows that the sheer number of plants and SKUs supplied by Asia Pacific operations is substantially less than Mexico. On average, Mexico operations supply more than three times as many SKUs from 50% more plants.
Europe -- Central/Eastern European countries such as Hungary, Poland, Russia and the Czech Republic continue to be the locations of choice for Western European manufacturing from both a plant and SKU perspective with supply percentages even greater than Mexico's support of North America.
Asia Pacific -- The Asia Pacific regional low cost sourcing is being dominated by China, India, Vietnam, Thailand and the Philippines. In fact, inland China is being employed as a low cost source for coastal manufacturing sites.
This sourcing approach incorporates other factors into the equation beyond the traditional definition of a total landed cost. In addition to quantifiable costs (component price including labor, overhead as well as international freight, import duties, special packaging, import-export costs, etc.) that companies evaluate when making a product sourcing decision, many companies are also quantifying supply chain risks associated with a particular region and/or country. These risk factors include but are not limited to:
Currency stability
Infrastructure needs
Inventory pipeline needs
Legislative framework and I/P protection
Management and workforce skills & capabilities
Political and/or societal stability
Quality control
Related industry or customer demand to spur and maintain competition
Reverse logistics requirements
When many of these factors are actually quantified in a sourcing decision, the incremental savings from sourcing to a higher risk region or country is often eliminated (especially when the principle benefit is labor arbitrage). For example, sourcing a product in Mexico versus the United States is very attractive as the wage difference between a typical U.S. worker and a Mexican worker is considerable (approx. $13/hr). The savings from the labor variance alone can often overshadow other cost considerations and risk factors. However, the labor rate difference between China and Mexico is not nearly as great (approx. $2/hr). Thus, when determining a non-domestic source for a particular component the other cost and risk factors have a growing importance as a criterion.
So what about those firms that aren't seeing a positive ROI from an international sourcing decision? Will they move product back to the home market or re-source it to a regional low cost country? In most cases the answer is no. Firms that have swung the sourcing pendulum too far in one direction will not move or re-source mass quantities of product back into a particular region -- it is costly and fraught with risk. What is a more likely scenario is they will revisit sourcing decisions on a case-by-case basis when a logical sourcing change can be made such as a new product introduction or for an engineering change.
So while China will continue to be a dominant player for manufactured goods, Mexico and Central/Eastern Europe will remain long-term partners and benefactors for their respective regions. For these reasons, we see this regional sourcing model continuing for the foreseeable future as manufacturers in mature markets leverage local international sources for cost competitiveness and market flexibility. What will be different is that these supplier firms will have a decidedly global footprint that mirrors their customer needs. Other firms will elect to reposition themselves as Tier 2 suppliers rather than scaling up to compete with these global Tier 1 suppliers.
James Ricci is a Director with Grant Thornton's Manufacturing Transaction Services group in Detroit and a Certified Supply Chain Professional. He assists companies with operational performance improvement and regularly consults on distressed and turnaround matters for manufacturing firms. http://www.granthorton.com
Kevin L. Brown
STARDUST SPILL PRODUCTS
STARDUST Super Absorbent
By James Ricci, Grant Thornton
March 29, 2010
More News »Outsourcing, off shoring, near shoring, what does it all mean? Is U.S. manufacturing being summarily dismantled and only to be rebuilt in China or India? The answers to these questions are complex and don't lend themselves to readymade sound bites. A recent survey conducted by Grant Thornton suggests that while China tries to meet demand for its own burgeoning market, it will continue to dominate as an origin for exports of manufactured goods. But that is only part of the story as suppliers reposition their value proposition amid evolving manufacturing and sourcing strategies.
For sure, the days of sourcing everything in your own backyard are over as 82% of respondents to a Grant Thornton survey indicated that some portion of their supply chain is purchased internationally, up from 77% last year. China remains the front-runner choice, with 28% sourcing from that country, up from 22% last year. What was the most interesting is only half of the firms surveyed (49%) have found international sourcing to produce a positive ROI.
This begs the question, why did the other half not find international sourcing to be profitable? Three possible reasons come to mind.
First, fluctuating fuel (transportation) and raw material prices increase risk of the return on investment. This risk exists even before production starts as these cost factors can change during the product planning and launch phases as well.
Second, quality and delivery can still be an issue. Companies are recognizing that supply chain reliability and agility are of growing importance to their business. Real costs are incurred when the supply chain breaks down or fails to function as intended. Recovery from offshore quality and delivery issues involves deploying resources overseas to fix the problem and can involve expensive air freight costs to refill pipelines.
Third, firms have varied levels of sophistication with regard to their sourcing criteria, approach and cost modeling. A more nuanced approach is being employed with increasing regularity in some industries though. In fact, the general trend toward using Far East manufacturing or other "low cost countries" to source the preponderance of components is being tempered by a need to provide local presence in each market. For example, more than ever before, automakers are designing and manufacturing global products yet sourcing remains "regional" through larger global suppliers.
As industries place greater importance on flexibility and an ability to react to market changes, suppliers and their supply chains will need to become more focused on supporting local operations. Thus, a migration toward globally sourcing into multiple lower cost regions can support a positive ROI while mitigating risk.
As companies begin to design and manufacture global products allowing for this regional approach to sourcing is key. Returning to the automotive example above, each of the major regional markets is structured to leverage the cost arbitrage compared to the home market. Three examples are cited below.
North America -- Mexico continues to dominate what would be considered the "low cost country of choice" for N.A. manufacturing. While Asia Pacific operations have increased their exports substantially over the past 5 years, Grant Thornton's analysis in the automotive space shows that the sheer number of plants and SKUs supplied by Asia Pacific operations is substantially less than Mexico. On average, Mexico operations supply more than three times as many SKUs from 50% more plants.
Europe -- Central/Eastern European countries such as Hungary, Poland, Russia and the Czech Republic continue to be the locations of choice for Western European manufacturing from both a plant and SKU perspective with supply percentages even greater than Mexico's support of North America.
Asia Pacific -- The Asia Pacific regional low cost sourcing is being dominated by China, India, Vietnam, Thailand and the Philippines. In fact, inland China is being employed as a low cost source for coastal manufacturing sites.
This sourcing approach incorporates other factors into the equation beyond the traditional definition of a total landed cost. In addition to quantifiable costs (component price including labor, overhead as well as international freight, import duties, special packaging, import-export costs, etc.) that companies evaluate when making a product sourcing decision, many companies are also quantifying supply chain risks associated with a particular region and/or country. These risk factors include but are not limited to:
Currency stability
Infrastructure needs
Inventory pipeline needs
Legislative framework and I/P protection
Management and workforce skills & capabilities
Political and/or societal stability
Quality control
Related industry or customer demand to spur and maintain competition
Reverse logistics requirements
When many of these factors are actually quantified in a sourcing decision, the incremental savings from sourcing to a higher risk region or country is often eliminated (especially when the principle benefit is labor arbitrage). For example, sourcing a product in Mexico versus the United States is very attractive as the wage difference between a typical U.S. worker and a Mexican worker is considerable (approx. $13/hr). The savings from the labor variance alone can often overshadow other cost considerations and risk factors. However, the labor rate difference between China and Mexico is not nearly as great (approx. $2/hr). Thus, when determining a non-domestic source for a particular component the other cost and risk factors have a growing importance as a criterion.
So what about those firms that aren't seeing a positive ROI from an international sourcing decision? Will they move product back to the home market or re-source it to a regional low cost country? In most cases the answer is no. Firms that have swung the sourcing pendulum too far in one direction will not move or re-source mass quantities of product back into a particular region -- it is costly and fraught with risk. What is a more likely scenario is they will revisit sourcing decisions on a case-by-case basis when a logical sourcing change can be made such as a new product introduction or for an engineering change.
So while China will continue to be a dominant player for manufactured goods, Mexico and Central/Eastern Europe will remain long-term partners and benefactors for their respective regions. For these reasons, we see this regional sourcing model continuing for the foreseeable future as manufacturers in mature markets leverage local international sources for cost competitiveness and market flexibility. What will be different is that these supplier firms will have a decidedly global footprint that mirrors their customer needs. Other firms will elect to reposition themselves as Tier 2 suppliers rather than scaling up to compete with these global Tier 1 suppliers.
James Ricci is a Director with Grant Thornton's Manufacturing Transaction Services group in Detroit and a Certified Supply Chain Professional. He assists companies with operational performance improvement and regularly consults on distressed and turnaround matters for manufacturing firms. http://www.granthorton.com
Kevin L. Brown
STARDUST SPILL PRODUCTS
STARDUST Super Absorbent
Tuesday, March 23, 2010
More Iphone Best Apps
Two of my most valuable Iphone apps for biz are,
Dragon Dictation and Docs to Go
Docs to Go allows me to keep full file folders of word, excel and pdf docs that sync right from my desktop. I now have pricing, images, credit apps, msds, etc all on my iphone that i can simply email right from my iphone! While a bit pricey as apps go- i would pay far more for this app in the convenience it brings.
Dragon Dictation- speech recognition app that really works! tap the icon, speak your message, hit the keyboard icon in the app if you need to edit then select to either email, mms/text or copy to windows clipboard. I use this for emails and have even dictated a letter while on the road that I edited when back at my desk.
Check them out and see what you think!
kevin l. brown - http://www.stardustspillproducts.com/
ecochoice natural sorbent solutions
stardust super absorbent - check them out!
Dragon Dictation and Docs to Go
Docs to Go allows me to keep full file folders of word, excel and pdf docs that sync right from my desktop. I now have pricing, images, credit apps, msds, etc all on my iphone that i can simply email right from my iphone! While a bit pricey as apps go- i would pay far more for this app in the convenience it brings.
Dragon Dictation- speech recognition app that really works! tap the icon, speak your message, hit the keyboard icon in the app if you need to edit then select to either email, mms/text or copy to windows clipboard. I use this for emails and have even dictated a letter while on the road that I edited when back at my desk.
Check them out and see what you think!
kevin l. brown - http://www.stardustspillproducts.com/
ecochoice natural sorbent solutions
stardust super absorbent - check them out!
Best Iphone Apps (more best iphone apps)
Best iPhone Business Apps
Mar 16, 2010 -
A funny thing happened with the rise of smartphones, netbooks and ultra-portable PCs: Technical performance quickly took a back seat to widespread software compatibility. While no surprise to industry pundits, who'd long argued that having to support varied hardware configurations and operating systems stifled programmers' ability to innovate, let's be real. The meteoric rise of Apple's iPhone App Store, from which 3 billion programs have now been downloaded, took even the most open-minded critics by surprise.
Credit growing public enthusiasm for "apps"--bite-sized, downloadable software applications capable of extending any supporting device's value by adding countless features that weren't included out of the box. More than 100,000 apps can currently be had for the iPhone alone, the vast majority created by a legion of bedroom coders and small entrepreneurial startups. Having clearly captured the world's imagination, apps can now be found on numerous platforms from Android to Windows 7, handsets like Google's Nexus One or Motorola's Droid, and even devices as diverse as computers, eReaders and HDTVs.
What's more, all it takes is a single glimpse to see why they enjoy such tremendous support from the business community. With a single download, you can turn your cell phone into a portable translator, download photos right to your living room television or manage all your social network updates via a single desktop client. So love them or hate them, there's no getting around it, especially for iPhone owners. Allowing one-touch access to weather and flight updates, inventory management or invoice processing systems, apps are here to stay.
Following are 10 examples of useful apps for working professionals that can help foster communications, grow customer relationships and boost productivity across the board. Consider them strictly a starting point, however. Look closely, and you'll find thousands of equally compelling choices to pick from tailored to a range of businesses and industries, with dozens more being added every day. Now that's what we call forward progress.
QuickOffice Mobile Office Suite--One of the most powerful bundles of productivity tools for the iPhone, owners gain the ability to create and edit Microsoft Word and Excel files, as well as view PowerPoint and PDF documents. The software suite also allows you to turn your iPhone into a wireless storage drive, accessible via Wi-Fi connection, or connect with cloud computing services like Dropbox, Google Docs and MobileMe for sharing creations.
Mobile Roadie--Dream of having your own iPhone app, but can't afford the time or cost required to build a custom project? Try this nifty subscription-based service, which lets you craft individually branded business apps, then populate them with status updates, photos, videos, web links, notifications about discounts and promotions, and details on upcoming appearances. Fans can comment on posts, upload photos and share their activities with other users via their Facebook and Twitter accounts, helping to grow your audience.
LinkedIn--This app allows you to access the most popular social network for business users. Using LinkedIn, you can check status updates, send messages, issue invitations and pull up contact info. Road warriors will find it a handy way to connect with peers, mentors and potential business partners.
Jott--You never know when inspiration will strike. Thankfully, the next time you've got a brilliant business idea, this handy app--which doubles as a personal stenographer--proves a ready-made way to take dictation. Capable of recording audio clips and converting them to text, Jott makes it simple to transcribe board meetings, send e-mails with a spoken command or dictate Facebook and Twitter updates.
XpenseTracker--The name says it all: From taxis to hotels and meals, this app lets you keep a running log of virtually any business expense. Owners can sort by personalized categories and payment types, plus break down costs in various currencies and track mileage reports. Once recorded, expense reports can quickly be exported into a spreadsheet or plain text document, helping speed up processing and reimbursement.
uCharge--Lets you process credit card payments from your handset or empower a sales force to charge customers from multiple devices while on the go. Just enter customer billing info and credit card details, and you can receive authorization and execute transactions in seconds, with support for major credit cards such as American Express featured.
Tweetie 2--The ultimate Twitter client, it gives power personal communicators the option to juggle multiple accounts, makes it easy to process and organize your tweets, and puts a tremendous range of functionality at one's fingertips. There's even the option to read tweets and perform actions such as responding while offline, which then synchronize once you log back in. From a slick, intuitive interface to features that make finding and communicating with contacts simpler, it's a great way to get the word out about your business.
QuickBooks Online--Balancing the books, issuing invoices and flipping through P&L statements can now be done right from your pocket. Armed with this program, you can check account balances and stay on top of outstanding payments/receipts, as well as keep track of client contact info. Consider it your portable accounting department.
Salesforce Mobile--Anyone who plans on fielding a mobile sales team should make a point of keeping this customer relationship management tool in their arsenal, which lets you stay abreast of quotes, leads and client relationships. While you'll need a salesforce.com login to access the app, it provides a superb way to stay informed on recent account activity, track outstanding RFPs and monitor breaking opportunities.
FlightTrack Pro--For road warriors, the friendly skies can prove a hazardous minefield of delayed flights and missed connections. Happily, this robust domestic and international flight tracker keeps a close eye on your itinerary, delivering updates and notices in the event of late arrivals or cancellations. Weather forecasts, live flight maps and detailed flight info (speed, arrival time, altitude, etc.) are also available.
Mar 16, 2010 -
A funny thing happened with the rise of smartphones, netbooks and ultra-portable PCs: Technical performance quickly took a back seat to widespread software compatibility. While no surprise to industry pundits, who'd long argued that having to support varied hardware configurations and operating systems stifled programmers' ability to innovate, let's be real. The meteoric rise of Apple's iPhone App Store, from which 3 billion programs have now been downloaded, took even the most open-minded critics by surprise.
Credit growing public enthusiasm for "apps"--bite-sized, downloadable software applications capable of extending any supporting device's value by adding countless features that weren't included out of the box. More than 100,000 apps can currently be had for the iPhone alone, the vast majority created by a legion of bedroom coders and small entrepreneurial startups. Having clearly captured the world's imagination, apps can now be found on numerous platforms from Android to Windows 7, handsets like Google's Nexus One or Motorola's Droid, and even devices as diverse as computers, eReaders and HDTVs.
What's more, all it takes is a single glimpse to see why they enjoy such tremendous support from the business community. With a single download, you can turn your cell phone into a portable translator, download photos right to your living room television or manage all your social network updates via a single desktop client. So love them or hate them, there's no getting around it, especially for iPhone owners. Allowing one-touch access to weather and flight updates, inventory management or invoice processing systems, apps are here to stay.
Following are 10 examples of useful apps for working professionals that can help foster communications, grow customer relationships and boost productivity across the board. Consider them strictly a starting point, however. Look closely, and you'll find thousands of equally compelling choices to pick from tailored to a range of businesses and industries, with dozens more being added every day. Now that's what we call forward progress.
QuickOffice Mobile Office Suite--One of the most powerful bundles of productivity tools for the iPhone, owners gain the ability to create and edit Microsoft Word and Excel files, as well as view PowerPoint and PDF documents. The software suite also allows you to turn your iPhone into a wireless storage drive, accessible via Wi-Fi connection, or connect with cloud computing services like Dropbox, Google Docs and MobileMe for sharing creations.
Mobile Roadie--Dream of having your own iPhone app, but can't afford the time or cost required to build a custom project? Try this nifty subscription-based service, which lets you craft individually branded business apps, then populate them with status updates, photos, videos, web links, notifications about discounts and promotions, and details on upcoming appearances. Fans can comment on posts, upload photos and share their activities with other users via their Facebook and Twitter accounts, helping to grow your audience.
LinkedIn--This app allows you to access the most popular social network for business users. Using LinkedIn, you can check status updates, send messages, issue invitations and pull up contact info. Road warriors will find it a handy way to connect with peers, mentors and potential business partners.
Jott--You never know when inspiration will strike. Thankfully, the next time you've got a brilliant business idea, this handy app--which doubles as a personal stenographer--proves a ready-made way to take dictation. Capable of recording audio clips and converting them to text, Jott makes it simple to transcribe board meetings, send e-mails with a spoken command or dictate Facebook and Twitter updates.
XpenseTracker--The name says it all: From taxis to hotels and meals, this app lets you keep a running log of virtually any business expense. Owners can sort by personalized categories and payment types, plus break down costs in various currencies and track mileage reports. Once recorded, expense reports can quickly be exported into a spreadsheet or plain text document, helping speed up processing and reimbursement.
uCharge--Lets you process credit card payments from your handset or empower a sales force to charge customers from multiple devices while on the go. Just enter customer billing info and credit card details, and you can receive authorization and execute transactions in seconds, with support for major credit cards such as American Express featured.
Tweetie 2--The ultimate Twitter client, it gives power personal communicators the option to juggle multiple accounts, makes it easy to process and organize your tweets, and puts a tremendous range of functionality at one's fingertips. There's even the option to read tweets and perform actions such as responding while offline, which then synchronize once you log back in. From a slick, intuitive interface to features that make finding and communicating with contacts simpler, it's a great way to get the word out about your business.
QuickBooks Online--Balancing the books, issuing invoices and flipping through P&L statements can now be done right from your pocket. Armed with this program, you can check account balances and stay on top of outstanding payments/receipts, as well as keep track of client contact info. Consider it your portable accounting department.
Salesforce Mobile--Anyone who plans on fielding a mobile sales team should make a point of keeping this customer relationship management tool in their arsenal, which lets you stay abreast of quotes, leads and client relationships. While you'll need a salesforce.com login to access the app, it provides a superb way to stay informed on recent account activity, track outstanding RFPs and monitor breaking opportunities.
FlightTrack Pro--For road warriors, the friendly skies can prove a hazardous minefield of delayed flights and missed connections. Happily, this robust domestic and international flight tracker keeps a close eye on your itinerary, delivering updates and notices in the event of late arrivals or cancellations. Weather forecasts, live flight maps and detailed flight info (speed, arrival time, altitude, etc.) are also available.
5 Tips for Nailing the Sales Visit
By Barry Farber
March 18, 2010
One of the best parts of my job is not the speaking or writing, but traveling in the field and selling. Sometimes my own products, and sometimes with sales reps from a variety of industries. When going on sales calls for the first time, there are a few things you can do upfront that can make a big difference later on in the sales cycle. It's not rocket science or some kind of magic sales secret, just plain common courtesy and common sense.
1.Introduce yourself around the office. Common sense says that you should introduce yourself to the receptionist or anyone else you pass on the way to your sales call. But it doesn't always happen. Many salespeople will ask to see the person with whom they have an appointment without giving the person they're talking to the time of day. Yet the receptionist has valuable information about the company and people who work there. Always remember to say, "Thanks Steve, I appreciate your help." It sounds like a little thing, but ends up going a long way. Great salespeople end up knowing a variety of people who work at the client's company because they understand that you never know who's going to be promoted and can assist you in the future.
2. Break the ice. Do you know what gets your prospects excited and passionate about their work and life? Did you notice the family pictures they have around their office or the plaques hanging on the wall? Or maybe it's the signed football sitting in a glass box. Ask them about the things they find important enough to have surrounding them all day. Those objects are there for a reason. Or do you really believe your prospects wake up in the morning and just can't wait to see your presentation?
Let me give you an example. The other day I was sitting in on a follow-up sales call. There were at least 30 pictures hanging on the walls, but one stood out. It was a picture of two people skydiving, taken from the plane.
I turned to the owner of the company and asked, "Who's the skydiver?" At that his eyes widened with excitement and his face lighted up with enthusiasm. "That's me the first and last time I jumped out of a plane!" I asked him what it felt like the moment he was airborne (sometimes these things take a gentle prod). He then went into a big story about his post-jump excitement; his euphoria was palpable. The transition to the sales call was easy, "Well, that's how excited you'll be when we install these six machines," I said jokingly. We all laughed and the meeting continued, but the atmosphere was quite different from when we started.
3.Review your time frame. Even though you might have confirmed the length of your sales meeting before the call, it's always good to do it again. You might not be aware that timing has changed for the customer. The following statement will set you straight: "I know we set aside an hour for today’s meeting. I just want to make sure that still works for you."
Now, some people might be saying, "Why are you asking that again? You already got the time, and the customer might tell you that now he only has 30 minutes." The answer is courtesy. Also, if the customer's had a crazy day, his attention is not going to be focused on you. I've gone on calls with reps who dive right into their presentation, no nod to time, no ice breakers, and I'll watch the customer squirm in his chair and look at his watch as if wondering; "How long is this going to take?" When you value the customer's time, it shows that you also value your own.
4.Ask, "Do you mind if I take some notes?" Before going into your qualifying and fact-finding mission, ask permission to take some notes. First, the customer will be impressed that you want to learn about his goals and needs. Second, it tells him that what he says is important, and you don't want to miss any key points. I sometimes put the word "LISTEN" in big letters at the top of the page to remind me that no one ever listens themselves out of a sale.
5.Say thank you and follow up. After the meeting, face the customer straight on, look him in the eye and say thanks, and mean it. Also, e-mail or mail him a follow-up letter going over the meeting points from your notes and next steps.
Sometimes we forget how important common courtesy is, the basic little things we should do that can make a big difference in the way we sell and the relationships we build.
"Knowledge, ability, experience are of little avail in reaching high success if courtesy is lacking. Courtesy is the one passport that will be accepted without question in every land, in every office, in every home, in every heart in the world. For nothing commends itself so well as kindness; and courtesy is kindness."
-- George D. Powers
March 18, 2010
One of the best parts of my job is not the speaking or writing, but traveling in the field and selling. Sometimes my own products, and sometimes with sales reps from a variety of industries. When going on sales calls for the first time, there are a few things you can do upfront that can make a big difference later on in the sales cycle. It's not rocket science or some kind of magic sales secret, just plain common courtesy and common sense.
1.Introduce yourself around the office. Common sense says that you should introduce yourself to the receptionist or anyone else you pass on the way to your sales call. But it doesn't always happen. Many salespeople will ask to see the person with whom they have an appointment without giving the person they're talking to the time of day. Yet the receptionist has valuable information about the company and people who work there. Always remember to say, "Thanks Steve, I appreciate your help." It sounds like a little thing, but ends up going a long way. Great salespeople end up knowing a variety of people who work at the client's company because they understand that you never know who's going to be promoted and can assist you in the future.
2. Break the ice. Do you know what gets your prospects excited and passionate about their work and life? Did you notice the family pictures they have around their office or the plaques hanging on the wall? Or maybe it's the signed football sitting in a glass box. Ask them about the things they find important enough to have surrounding them all day. Those objects are there for a reason. Or do you really believe your prospects wake up in the morning and just can't wait to see your presentation?
Let me give you an example. The other day I was sitting in on a follow-up sales call. There were at least 30 pictures hanging on the walls, but one stood out. It was a picture of two people skydiving, taken from the plane.
I turned to the owner of the company and asked, "Who's the skydiver?" At that his eyes widened with excitement and his face lighted up with enthusiasm. "That's me the first and last time I jumped out of a plane!" I asked him what it felt like the moment he was airborne (sometimes these things take a gentle prod). He then went into a big story about his post-jump excitement; his euphoria was palpable. The transition to the sales call was easy, "Well, that's how excited you'll be when we install these six machines," I said jokingly. We all laughed and the meeting continued, but the atmosphere was quite different from when we started.
3.Review your time frame. Even though you might have confirmed the length of your sales meeting before the call, it's always good to do it again. You might not be aware that timing has changed for the customer. The following statement will set you straight: "I know we set aside an hour for today’s meeting. I just want to make sure that still works for you."
Now, some people might be saying, "Why are you asking that again? You already got the time, and the customer might tell you that now he only has 30 minutes." The answer is courtesy. Also, if the customer's had a crazy day, his attention is not going to be focused on you. I've gone on calls with reps who dive right into their presentation, no nod to time, no ice breakers, and I'll watch the customer squirm in his chair and look at his watch as if wondering; "How long is this going to take?" When you value the customer's time, it shows that you also value your own.
4.Ask, "Do you mind if I take some notes?" Before going into your qualifying and fact-finding mission, ask permission to take some notes. First, the customer will be impressed that you want to learn about his goals and needs. Second, it tells him that what he says is important, and you don't want to miss any key points. I sometimes put the word "LISTEN" in big letters at the top of the page to remind me that no one ever listens themselves out of a sale.
5.Say thank you and follow up. After the meeting, face the customer straight on, look him in the eye and say thanks, and mean it. Also, e-mail or mail him a follow-up letter going over the meeting points from your notes and next steps.
Sometimes we forget how important common courtesy is, the basic little things we should do that can make a big difference in the way we sell and the relationships we build.
"Knowledge, ability, experience are of little avail in reaching high success if courtesy is lacking. Courtesy is the one passport that will be accepted without question in every land, in every office, in every home, in every heart in the world. For nothing commends itself so well as kindness; and courtesy is kindness."
-- George D. Powers
New stories and info to be added to STARDUST SPILL PRODUCTS BLOG
After working on this blog for awhile now and hitting it on and off with updates to distribution industry news I have decided to add some new components. For years now I have been receiving daily email updates from news sources, industry trade pubs, NAW, google alert and word on the streets or what I hear through the grapevine. I am going to start adding info on sales tools, economic indicators etc that might be of help to you as you manage your sales and distribution career!
Let me know about what you like, dislike, or think I should consider!
All the best!
kevin brown http://www.stardustspillproducts.com/
stardust super absorbent
starpower super cleaner degreaser
ecochoice natural sorbent products
Let me know about what you like, dislike, or think I should consider!
All the best!
kevin brown http://www.stardustspillproducts.com/
stardust super absorbent
starpower super cleaner degreaser
ecochoice natural sorbent products
Wednesday, March 17, 2010
Air Products Again Requests Meeting with Airgas
By MDM Staff
March 15, 2010
More about: Airgas, Gases/Welding Equipment, Industrial, Mergers/Acquisitions
Airgas continues to reject calls for meeting regarding Air Products' acquisition proposal.
Airgas 3Q Sales Fall 14%
Letters are going back and forth between Airgas and Air Products regarding Air Products' proposed acquisition of the industrial gases and welding equipment distributor.
In a letter dated March 11, 2010, Air Products President and CEO John McGlade sent a letter to the chairman of the Airgas Board's Governance and Compensation Committee, Lee Thomas. The letter asks Thomas to set a meeting with Air Products to "discuss the merits of our outstanding offer to acquire Airgas' common stock for $60 per share in cash."
Airgas has not yet agreed to a meeting with Air Products. McGlade says that if the companies do not meet, Airgas should "establish a process that will permit shareholders to consider our offer in a manner consistent with their rights and with your and our respective obligations of good corporate governance."
In response to the four-paragraph letter, found here, Thomas wrote: "It is our unanimous conclusion that in light of the gross inadequacy of Air Products' offer, there is no reason for our two companies to meet.
"Further, our Board of Directors is aware of it fiduciary duties. Our Board will make all decisions relating to the annual meeting of stockholders based on these fiduciary duties, and will communicate them to all of our stock holders at the appropriate time." McGlade had requested in his letter that Airgas agree to hold its 2010 shareholder meeting no later than Aug. 18, 2010.
Kevin L. Brown http://www.stardustspillproducts.com/
STARDUST Super Absorbent
STARPOWER Super Cleaner Degreaser
March 15, 2010
More about: Airgas, Gases/Welding Equipment, Industrial, Mergers/Acquisitions
Airgas continues to reject calls for meeting regarding Air Products' acquisition proposal.
Airgas 3Q Sales Fall 14%
Letters are going back and forth between Airgas and Air Products regarding Air Products' proposed acquisition of the industrial gases and welding equipment distributor.
In a letter dated March 11, 2010, Air Products President and CEO John McGlade sent a letter to the chairman of the Airgas Board's Governance and Compensation Committee, Lee Thomas. The letter asks Thomas to set a meeting with Air Products to "discuss the merits of our outstanding offer to acquire Airgas' common stock for $60 per share in cash."
Airgas has not yet agreed to a meeting with Air Products. McGlade says that if the companies do not meet, Airgas should "establish a process that will permit shareholders to consider our offer in a manner consistent with their rights and with your and our respective obligations of good corporate governance."
In response to the four-paragraph letter, found here, Thomas wrote: "It is our unanimous conclusion that in light of the gross inadequacy of Air Products' offer, there is no reason for our two companies to meet.
"Further, our Board of Directors is aware of it fiduciary duties. Our Board will make all decisions relating to the annual meeting of stockholders based on these fiduciary duties, and will communicate them to all of our stock holders at the appropriate time." McGlade had requested in his letter that Airgas agree to hold its 2010 shareholder meeting no later than Aug. 18, 2010.
Kevin L. Brown http://www.stardustspillproducts.com/
STARDUST Super Absorbent
STARPOWER Super Cleaner Degreaser
Bunzl Acquires Switzerland's Weita Holding - Update
Bunzl Buys Weita Holding, Units From Christoph Huber - Quick Facts
Bunzl FY09 Pre-tax Profit Rises - Update
(RTTNews) - Distribution and outsourcing group Bunzl plc (BNZL.L: News ) Monday said that it has acquired Switzerland-based consumable products supplier Weita Holding AG and its subsidiaries from Christoph Huber, which expands its presence in Switzerland. The company did not reveal any financial terms of the deal.
Basel-based Weita Holding is a supplier of cleaning and hygiene, foodservice, retail, healthcare and safety consumable products to both end users and redistributors throughout Switzerland. Weita Holding posted revenue of CHF 70.9 million for the year ended 31 December 2009 and the gross assets acquired are estimated to be CHF 47 million.
Michael Roney, Chief Executive of Bunzl, said "This is an important acquisition and an exciting development which extends our operations into the cleaning and safety, foodservice and healthcare sectors in Switzerland and significantly increases the size of our existing retail supplies business there."
Bunzl is aiming at geographic expansion and extension of its product offering and customer base through acquisitions. In January, Bunzl had acquired cleaning and hygiene consumable products supplier Clean Care A/S from a privately owned company, controlled by Jan Knygle and Ole Bæk in order to widen its cleaning and hygiene supplies business in Denmark.
For the full year ended 31 December 2009, Bunzl had posted a pre-tax profit of GBP 216.0 million on revenues of GBP 4.65 billion.
BNZL.L is currently trading at 719.50 pence per share, up 2.00 pence or 0.28% on the London Stock Exchange.
Kevin Brown - http://www.stardustspillproducts.com/
STARDUST Super Absorbent
STARPOWER Super Cleaner Degreaser
Bunzl FY09 Pre-tax Profit Rises - Update
(RTTNews) - Distribution and outsourcing group Bunzl plc (BNZL.L: News ) Monday said that it has acquired Switzerland-based consumable products supplier Weita Holding AG and its subsidiaries from Christoph Huber, which expands its presence in Switzerland. The company did not reveal any financial terms of the deal.
Basel-based Weita Holding is a supplier of cleaning and hygiene, foodservice, retail, healthcare and safety consumable products to both end users and redistributors throughout Switzerland. Weita Holding posted revenue of CHF 70.9 million for the year ended 31 December 2009 and the gross assets acquired are estimated to be CHF 47 million.
Michael Roney, Chief Executive of Bunzl, said "This is an important acquisition and an exciting development which extends our operations into the cleaning and safety, foodservice and healthcare sectors in Switzerland and significantly increases the size of our existing retail supplies business there."
Bunzl is aiming at geographic expansion and extension of its product offering and customer base through acquisitions. In January, Bunzl had acquired cleaning and hygiene consumable products supplier Clean Care A/S from a privately owned company, controlled by Jan Knygle and Ole Bæk in order to widen its cleaning and hygiene supplies business in Denmark.
For the full year ended 31 December 2009, Bunzl had posted a pre-tax profit of GBP 216.0 million on revenues of GBP 4.65 billion.
BNZL.L is currently trading at 719.50 pence per share, up 2.00 pence or 0.28% on the London Stock Exchange.
Kevin Brown - http://www.stardustspillproducts.com/
STARDUST Super Absorbent
STARPOWER Super Cleaner Degreaser
Wednesday, March 10, 2010
Air Products Says Court Refused to Disqualify Cravath
By Jef Feeley and Steven Church
March 5 (Bloomberg) -- Airgas Inc., target of a hostile $5.1 billion takeover offer from Air Products & Chemicals Inc., lost a bid to prevent law firm Cravath Swaine & Moore from representing its suitor.
The decision came as part of a February lawsuit filed by Air Products, based in Allentown, Pennsylvania. The company contends officials at Radnor, Pennsylvania-based Airgas violated duties to stockholders by refusing to consider the $60 per share offer.
“We are disappointed with today’s ruling,” Airgas Vice President of Communications Jay Worley said today in a statement. “Ultimately, however, the real issue in Air Products’ unsolicited tender offer is value, and this ruling doesn’t change the fact Air Products’ $60 per share offer grossly undervalues Airgas.”
Airgas sued Cravath in state court in Philadelphia, claiming that its former law firm obtained confidential information about Airgas before switching sides to represent Air Products in the takeover. That case was transferred to U.S. District Court, which decided on Feb. 22 to let Delaware Chancery Court Judge William Chandler III rule on the issue.
Combined Company
If merged, the combined company would have about $13 billion in annual sales. Air Products would gain more than 1,100 sites for gases such as medical oxygen, argon for welding and carbon dioxide for beverages. “No basis exists for me to disqualify Cravath, Swaine & Moore from representing Air Products in the litigation pending in this court,” Chandler said in his ruling. “Chancellor Chandler’s ruling speaks for itself. We have no comment beyond it,” Cravath said in an e-mail statement.
The companies issued dueling statements today, less than two hours after Chandler made his ruling during a conference call with attorneys, according to a transcript provided by Air Products.
“From the beginning, this has been a side show to divert attention from the real issue - the continuing effort by Airgas to block its shareholders from receiving a 38% all-cash premium and immediate liquidity for their shares,” Air Products spokesman David Reno said in a statement today.
The Pennsylvania case is Airgas Inc. v. Cravath, Swaine & Moore LLP, 10-612, U.S. District Court Eastern District of Pennsylvania (Philadelphia). The Delaware case is Air Products & Chemicals Inc. v. Airgas Inc., CA5249, Delaware Chancery Court (Wilmington).
--With assistance from Sophia Pearson and Phil Milford in Wilmington, Delaware and Jack Kaskey and Zachary Mider in New York. Editors: Steve Farr, Mary Romano.To contact the reporters on this story: Jef Feeley in Wilmington at jfeeley@bloomberg.net; Steven Church in Wilmington, Delaware, at schurch3@bloomberg.net.
Kevin Brown - http://www.stardustspillproducts.com/
March 5 (Bloomberg) -- Airgas Inc., target of a hostile $5.1 billion takeover offer from Air Products & Chemicals Inc., lost a bid to prevent law firm Cravath Swaine & Moore from representing its suitor.
The decision came as part of a February lawsuit filed by Air Products, based in Allentown, Pennsylvania. The company contends officials at Radnor, Pennsylvania-based Airgas violated duties to stockholders by refusing to consider the $60 per share offer.
“We are disappointed with today’s ruling,” Airgas Vice President of Communications Jay Worley said today in a statement. “Ultimately, however, the real issue in Air Products’ unsolicited tender offer is value, and this ruling doesn’t change the fact Air Products’ $60 per share offer grossly undervalues Airgas.”
Airgas sued Cravath in state court in Philadelphia, claiming that its former law firm obtained confidential information about Airgas before switching sides to represent Air Products in the takeover. That case was transferred to U.S. District Court, which decided on Feb. 22 to let Delaware Chancery Court Judge William Chandler III rule on the issue.
Combined Company
If merged, the combined company would have about $13 billion in annual sales. Air Products would gain more than 1,100 sites for gases such as medical oxygen, argon for welding and carbon dioxide for beverages. “No basis exists for me to disqualify Cravath, Swaine & Moore from representing Air Products in the litigation pending in this court,” Chandler said in his ruling. “Chancellor Chandler’s ruling speaks for itself. We have no comment beyond it,” Cravath said in an e-mail statement.
The companies issued dueling statements today, less than two hours after Chandler made his ruling during a conference call with attorneys, according to a transcript provided by Air Products.
“From the beginning, this has been a side show to divert attention from the real issue - the continuing effort by Airgas to block its shareholders from receiving a 38% all-cash premium and immediate liquidity for their shares,” Air Products spokesman David Reno said in a statement today.
The Pennsylvania case is Airgas Inc. v. Cravath, Swaine & Moore LLP, 10-612, U.S. District Court Eastern District of Pennsylvania (Philadelphia). The Delaware case is Air Products & Chemicals Inc. v. Airgas Inc., CA5249, Delaware Chancery Court (Wilmington).
--With assistance from Sophia Pearson and Phil Milford in Wilmington, Delaware and Jack Kaskey and Zachary Mider in New York. Editors: Steve Farr, Mary Romano.To contact the reporters on this story: Jef Feeley in Wilmington at jfeeley@bloomberg.net; Steven Church in Wilmington, Delaware, at schurch3@bloomberg.net.
Kevin Brown - http://www.stardustspillproducts.com/
Thursday, March 4, 2010
Airgas inks 5-year deal to supply nuke plants
http://www.philly.com/ / Philadelphphia Inquirer
Airgas Inc. has signed a five-year agreement to provide industrial and other gases to a nonprofit cooperative of utility companies that operate nuclear power plants, including several in the Philadelphia areaRadnor-based Airgas said the agreement with Utilities Service Alliance of Overland Park, Kan., is for industrial gases, specialty gases, liquid dewars, safety products and welding hard goods. The company estimates annual sales of $6 million.
USA is made up of 15 electric utilities that run 17 nuclear power stations across the country. The list includes Allentown-based PPL Corp., whose two Susquehanna units are in Luzerne County, and Public Service Enterprise Group Inc., which operates the Salem and Hope Creek Nuclear Generating Stations in Salem County.
Airgas said the arrangement began about three years ago, with safety products and welding hard goods being provided to five of the cooperative's nuclear power plants. - Roslyn Rudolph
Kevin L. Brown http://www.stardustspillproducts.com/
Airgas Inc. has signed a five-year agreement to provide industrial and other gases to a nonprofit cooperative of utility companies that operate nuclear power plants, including several in the Philadelphia areaRadnor-based Airgas said the agreement with Utilities Service Alliance of Overland Park, Kan., is for industrial gases, specialty gases, liquid dewars, safety products and welding hard goods. The company estimates annual sales of $6 million.
USA is made up of 15 electric utilities that run 17 nuclear power stations across the country. The list includes Allentown-based PPL Corp., whose two Susquehanna units are in Luzerne County, and Public Service Enterprise Group Inc., which operates the Salem and Hope Creek Nuclear Generating Stations in Salem County.
Airgas said the arrangement began about three years ago, with safety products and welding hard goods being provided to five of the cooperative's nuclear power plants. - Roslyn Rudolph
Kevin L. Brown http://www.stardustspillproducts.com/
Grainger launches online green product catalog
The industrial distributor hosts green educational events
By Susan Avery -- Purchasing, 4/17/2009 9:25:00 AM
Grainger plans to host ”green” educational events in 25 cities across the country focused on helping MRO buyers garner the knowledge and tools needed to maintain and operate more sustainable and energy-efficient facilities. MRO stands for maintenance, repair and operations.
In addition, the industrial distributor is launching an online green product catalog with more than 3,300 environmentally responsible products. “Businesses are looking to navigate the many definitions of ‘green’ to ultimately find ways to maintain and operate their facilities more efficiently and cost-effectively, without taxing our environmental resources,” says Deb Oler, vice president, Grainger Industrial Supply in Lake Forest, Ill.“We designed our ‘green’ catalog and the free educational events to provide businesses with a roadmap toward a more sustainable future,” she says.
The online catalog includes items certified by Green Seal, EcoLogo, NEMA Premium and ENERGY STAR as well as products that can be used to earn credits toward LEED certification.
The educational events will feature representatives from Grainger’s supplier base who will provide green product information and offer needs assessments and audits in areas such as energy, water, green cleaning and waste reduction.
In October 2008, Grainger opened its first two LEED-certified branches in New Iberia and Gonzales, La. Since then, it says it has committed to building new facilities to the LEED standard. LEED facilities not only reduce the energy and water use within the facilities, they also provide a healthier environment for employees and customers.
Kevin L. Brown - http://www.stardustspillproducts.com/
By Susan Avery -- Purchasing, 4/17/2009 9:25:00 AM
Grainger plans to host ”green” educational events in 25 cities across the country focused on helping MRO buyers garner the knowledge and tools needed to maintain and operate more sustainable and energy-efficient facilities. MRO stands for maintenance, repair and operations.
In addition, the industrial distributor is launching an online green product catalog with more than 3,300 environmentally responsible products. “Businesses are looking to navigate the many definitions of ‘green’ to ultimately find ways to maintain and operate their facilities more efficiently and cost-effectively, without taxing our environmental resources,” says Deb Oler, vice president, Grainger Industrial Supply in Lake Forest, Ill.“We designed our ‘green’ catalog and the free educational events to provide businesses with a roadmap toward a more sustainable future,” she says.
The online catalog includes items certified by Green Seal, EcoLogo, NEMA Premium and ENERGY STAR as well as products that can be used to earn credits toward LEED certification.
The educational events will feature representatives from Grainger’s supplier base who will provide green product information and offer needs assessments and audits in areas such as energy, water, green cleaning and waste reduction.
In October 2008, Grainger opened its first two LEED-certified branches in New Iberia and Gonzales, La. Since then, it says it has committed to building new facilities to the LEED standard. LEED facilities not only reduce the energy and water use within the facilities, they also provide a healthier environment for employees and customers.
Kevin L. Brown - http://www.stardustspillproducts.com/
Grainger launches occupational health and safety catalog
Print and online versions highlight the recent doubling of Grainger's safety offering
Industrial Distribution Staff -- Purchasing, 6/29/2009 3:09:09 PM
W.W. Grainger has launched a new occupational health and safety catalog that reflects the recent doubling of its safety offering, including more safety footwear, clothing, and training and reference materials.
Offered in print and electronic format , the catalog is organized by key safety issues and Occupational Safety & Health Administration standards.
"While companies make an honest effort to comply with OSHA regulations, our customers tell us that it isn't always easy to keep things up to date," Deb Oler, vice president, Grainger [Industrial Supply] Brand said in a statement announcing the catalog. "As the largest distributor of safety supplies, Grainger provides the expertise, resources and products needed to help businesses and institutions maintain regulatory compliance, reduce accident and injury rates, and decrease operating costs."
In addition to the catalog, Grainger also offers free "On the Job" webinars featuring third-party industry experts who speak on a variety of safety topics, including arc flash, lockout/tagout, and fall protection. For the webinar schedule and archives, go to www.grainger.com/onthejob.
Kevin L. Brown - STARDUST SPILL PRODUCTS
Industrial Distribution Staff -- Purchasing, 6/29/2009 3:09:09 PM
W.W. Grainger has launched a new occupational health and safety catalog that reflects the recent doubling of its safety offering, including more safety footwear, clothing, and training and reference materials.
Offered in print and electronic format , the catalog is organized by key safety issues and Occupational Safety & Health Administration standards.
"While companies make an honest effort to comply with OSHA regulations, our customers tell us that it isn't always easy to keep things up to date," Deb Oler, vice president, Grainger [Industrial Supply] Brand said in a statement announcing the catalog. "As the largest distributor of safety supplies, Grainger provides the expertise, resources and products needed to help businesses and institutions maintain regulatory compliance, reduce accident and injury rates, and decrease operating costs."
In addition to the catalog, Grainger also offers free "On the Job" webinars featuring third-party industry experts who speak on a variety of safety topics, including arc flash, lockout/tagout, and fall protection. For the webinar schedule and archives, go to www.grainger.com/onthejob.
Kevin L. Brown - STARDUST SPILL PRODUCTS
Grainger recognizes top 25 suppliers with awards
Susan Avery -- Purchasing, 3/2/2010 12:45:37 PM
Grainger recognized its 25 top performing suppliers with its partners in performance award at its annual supplier conference held recently in Schaumburg, Ill. Superior Manufacturing Group, maker of NoTrax anti-fatigue floor matting, is Grainger's supplier of the year, so named for its outstanding performance and customer service.
Grainger also presented its first sustainability supplier of the year award to Veolia ES Technical Solutions. Veolia works closely with Grainger to provide pre-paid recycling service to customers looking to recycle lighting and electronic waste.
"The partners in performance event is an opportunity to recognize suppliers that have demonstrated outstanding performance in helping us serve our mutual customers," says Fred Costello, vice president, product management, Grainger.Grainger's partners in performance award recognizes suppliers that achieve excellence in several categories, including ontime shipping, responsiveness, cost effectiveness and product quality. Suppliers are rated throughout the year, and judged on their overall performance and improvement.
Here's the list of Grainger's partners in performance award winners for 2009:
•Air Conditioning Products
•Akro-Mils
•CRC Industries
•Cotterman
•E.M. Wiegmann & Co.
•Georgia-Pacific
•General Electric Lighting
•Greenheck
•Johnson Level and Tool
•Klein Tools, Inc.
•M.K. Morse Co.
•Master Lock
•Mechanical Plastics
•Phillips Lighting Electronics
•Pitt Plastics
•Rubbermaid Commercial Products
•Rust-Oleum Corp.
•Shop Vac Corp.
•Wireway/Husky Corp.
•Wooster Brush
Best New Supplier:
•Guardian Equipment
Special Achievement/Contribution Award:
•GoJo Industries
Carrier of the Year:
•USA Truck, Inc.
Grainger recognized its 25 top performing suppliers with its partners in performance award at its annual supplier conference held recently in Schaumburg, Ill. Superior Manufacturing Group, maker of NoTrax anti-fatigue floor matting, is Grainger's supplier of the year, so named for its outstanding performance and customer service.
Grainger also presented its first sustainability supplier of the year award to Veolia ES Technical Solutions. Veolia works closely with Grainger to provide pre-paid recycling service to customers looking to recycle lighting and electronic waste.
"The partners in performance event is an opportunity to recognize suppliers that have demonstrated outstanding performance in helping us serve our mutual customers," says Fred Costello, vice president, product management, Grainger.Grainger's partners in performance award recognizes suppliers that achieve excellence in several categories, including ontime shipping, responsiveness, cost effectiveness and product quality. Suppliers are rated throughout the year, and judged on their overall performance and improvement.
Here's the list of Grainger's partners in performance award winners for 2009:
•Air Conditioning Products
•Akro-Mils
•CRC Industries
•Cotterman
•E.M. Wiegmann & Co.
•Georgia-Pacific
•General Electric Lighting
•Greenheck
•Johnson Level and Tool
•Klein Tools, Inc.
•M.K. Morse Co.
•Master Lock
•Mechanical Plastics
•Phillips Lighting Electronics
•Pitt Plastics
•Rubbermaid Commercial Products
•Rust-Oleum Corp.
•Shop Vac Corp.
•Wireway/Husky Corp.
•Wooster Brush
Best New Supplier:
•Guardian Equipment
Special Achievement/Contribution Award:
•GoJo Industries
Carrier of the Year:
•USA Truck, Inc.
Wednesday, March 3, 2010
Thermo Fisher completes $145M deal for Ahura
The Associated Press February 26, 2010, 2:00PM ET text size:
WALTHAM, Mass.
Thermo Fisher Scientific Inc. said Friday it completed its $145 million acquisition of analytical instrument maker Ahura Scientific.Thermo Fisher said Ahura makes devices that are used to identify chemicals for safety, security, and pharmaceutical applications. Ahura reported about $45 million in revenue in 2009, and Thermo Fisher said the company will become part of its analytical technologies business.
Thermo Fisher, based in Waltham, Mass., agreed to buy Ahura on Jan. 19. The deal was worth $145 million in cash, and other payments could be made if Ahura products reach sales targets. Ahura is based in Wilmington, Mass.
In afternoon trading, Thermo Fisher stock lost 88 cents to $48.40
WALTHAM, Mass.
Thermo Fisher Scientific Inc. said Friday it completed its $145 million acquisition of analytical instrument maker Ahura Scientific.Thermo Fisher said Ahura makes devices that are used to identify chemicals for safety, security, and pharmaceutical applications. Ahura reported about $45 million in revenue in 2009, and Thermo Fisher said the company will become part of its analytical technologies business.
Thermo Fisher, based in Waltham, Mass., agreed to buy Ahura on Jan. 19. The deal was worth $145 million in cash, and other payments could be made if Ahura products reach sales targets. Ahura is based in Wilmington, Mass.
In afternoon trading, Thermo Fisher stock lost 88 cents to $48.40
Wednesday, February 24, 2010
Airgas Urges Rejection of Air Products' Takeover Bid
By NATHAN BECKER
Airgas Inc.'s board has recommended its shareholders reject Air Products & Chemicals Inc.'s $5.1 billion takeover effort, again contending its larger rival "is trying to obtain the future value of Airgas at a bargain-basement price." Two weeks ago Airgas's board had rejected the $60 a share bid. Days later, Air Products said it would take the offer directly to shareholders.
"The Air Products offer significantly undervalues Airgas and fails to reflect the value of our industry leading position and future growth prospects," Airgas Chairman and Chief Executive Peter McCausland said Monday. An Air Products spokesman couldn't immediately be reached for comment. A merger would create the largest industrial-gas maker in North America by revenue. Air Products has annual sales of $8.3 billion and sells gases such as argon, hydrogen and oxygen to industrial plants. It previously tried to buy the smaller rival, which serves a different market segment and has a retail customer base, by offering cash and stock with an "implied" value of $62 a share in December. Some analysts believe Airgas has significant defenses to ward off a hostile takeover.
Kevin L. Brown http://www.stardustspillproducts.com/
Airgas Inc.'s board has recommended its shareholders reject Air Products & Chemicals Inc.'s $5.1 billion takeover effort, again contending its larger rival "is trying to obtain the future value of Airgas at a bargain-basement price." Two weeks ago Airgas's board had rejected the $60 a share bid. Days later, Air Products said it would take the offer directly to shareholders.
"The Air Products offer significantly undervalues Airgas and fails to reflect the value of our industry leading position and future growth prospects," Airgas Chairman and Chief Executive Peter McCausland said Monday. An Air Products spokesman couldn't immediately be reached for comment. A merger would create the largest industrial-gas maker in North America by revenue. Air Products has annual sales of $8.3 billion and sells gases such as argon, hydrogen and oxygen to industrial plants. It previously tried to buy the smaller rival, which serves a different market segment and has a retail customer base, by offering cash and stock with an "implied" value of $62 a share in December. Some analysts believe Airgas has significant defenses to ward off a hostile takeover.
Kevin L. Brown http://www.stardustspillproducts.com/
Monday, February 22, 2010
The Fight for Airgas
By Jack Keough
February 15, 2010
Air Products takes its acquisition proposal straight to Airgas' shareholders.
The battle is on for Radnor, PA-based Airgas (NYSE: ARG), one of the largest welding, gas, safety, and industrial supply companies in the country.
Air Products & Chemicals Inc. (NYSE: APD), which was rebuffed last Tuesday in its attempt to purchase Airgas, its smaller rival, for about $5 billion in cash, plus assumption of $1.9 billion of debt says it will now take its fight for Airgas directly to its shareholders. The all-cash offer was for $60 per share. Airgas' board of directors is reviewing the offer and said it intended to advise stockholders of its formal position within 10 business days. The offer is basically the one that Air Products made earlier and Airgas rejected. The board called the initial offer too low and said it should be considered a “bargain basement price.”
Three years ago, Airgas enacted a "poison pill" intended to ward off such hostile takeovers when a bidder acquires more than 15 percent of outstanding common stock. In a prepared statement, Air Products claimed their offer would be in the best interests of Airgas shareholders: “We respect Peter McCausland and greatly admire the company he founded and matured, but we fundamentally disagree with him on achievable standalone value and do not believe his approach is in the best interests of the owners of the other approximately 90% of Airgas shares,” the company said. “We urge the independent directors of Airgas to form a Special Committee that will objectively evaluate our offer and sit down with us to discuss it.
“Airgas’ repeated claim that its shares have outperformed Air Products’ shares is neither accurate nor relevant to Airgas shareholders’ consideration of a $60.00 per share all-cash offer. What is relevant is whether Airgas can create more value on a standalone basis. Airgas contends its recent share price is an anomaly and shareholders will receive value greater than $60.00 per share ‘simply with the passage of time’ - but this is hardly reassuring given that Airgas has provided no new information on its prospects and has just missed its quarterly earnings and lowered financial guidance for fiscal 2010. Even if shareholders believe Airgas can achieve its highly optimistic projections for fiscal 2013/2014, they are clearly better off with the certainty of cash at a 38% premium in the near term."
McCausland, who founded Airgas in 1982, is the company’s chairman and CEO. Since that time, Airgas has grown significantly, primarily though more than 400 acquisitions of small and regional distributors. In its largest transaction of 2009, Airgas acquired Tri-Tech, an independent distributor with 16 locations throughout Georgia, Florida and South Carolina, which generated $31 million in annual revenues. Airgas also improved its presence in Oklahoma and West Texas just a few months ago with its purchase of $10 million Lawton, OK-based Fitch Industrial & Welding Supply.
During an earnings call report with financial analysts last month McCausland indicated that the economy was starting to turn and pointed to a number of plants under construction throughout the country. He said that a recovery seemed underway in most of Airgas’ customer segments. “We were pleased to see a sequential increase in sales to our industrial manufacturing customers. Utilities and petrochemical along with our always-steady medical business posted the strongest sequential growth on a daily sales basis,” he said according to a transcript of the call provided by www.seekingalpha.com.
He noted the company would continue focusing on acquisitions in the highly fragmented market in the U.S. but was also looking “hard” at three opportunities for international expansion.
View all Airgas news at www.mdm.com/airgas.
February 15, 2010
Air Products takes its acquisition proposal straight to Airgas' shareholders.
The battle is on for Radnor, PA-based Airgas (NYSE: ARG), one of the largest welding, gas, safety, and industrial supply companies in the country.
Air Products & Chemicals Inc. (NYSE: APD), which was rebuffed last Tuesday in its attempt to purchase Airgas, its smaller rival, for about $5 billion in cash, plus assumption of $1.9 billion of debt says it will now take its fight for Airgas directly to its shareholders. The all-cash offer was for $60 per share. Airgas' board of directors is reviewing the offer and said it intended to advise stockholders of its formal position within 10 business days. The offer is basically the one that Air Products made earlier and Airgas rejected. The board called the initial offer too low and said it should be considered a “bargain basement price.”
Three years ago, Airgas enacted a "poison pill" intended to ward off such hostile takeovers when a bidder acquires more than 15 percent of outstanding common stock. In a prepared statement, Air Products claimed their offer would be in the best interests of Airgas shareholders: “We respect Peter McCausland and greatly admire the company he founded and matured, but we fundamentally disagree with him on achievable standalone value and do not believe his approach is in the best interests of the owners of the other approximately 90% of Airgas shares,” the company said. “We urge the independent directors of Airgas to form a Special Committee that will objectively evaluate our offer and sit down with us to discuss it.
“Airgas’ repeated claim that its shares have outperformed Air Products’ shares is neither accurate nor relevant to Airgas shareholders’ consideration of a $60.00 per share all-cash offer. What is relevant is whether Airgas can create more value on a standalone basis. Airgas contends its recent share price is an anomaly and shareholders will receive value greater than $60.00 per share ‘simply with the passage of time’ - but this is hardly reassuring given that Airgas has provided no new information on its prospects and has just missed its quarterly earnings and lowered financial guidance for fiscal 2010. Even if shareholders believe Airgas can achieve its highly optimistic projections for fiscal 2013/2014, they are clearly better off with the certainty of cash at a 38% premium in the near term."
McCausland, who founded Airgas in 1982, is the company’s chairman and CEO. Since that time, Airgas has grown significantly, primarily though more than 400 acquisitions of small and regional distributors. In its largest transaction of 2009, Airgas acquired Tri-Tech, an independent distributor with 16 locations throughout Georgia, Florida and South Carolina, which generated $31 million in annual revenues. Airgas also improved its presence in Oklahoma and West Texas just a few months ago with its purchase of $10 million Lawton, OK-based Fitch Industrial & Welding Supply.
During an earnings call report with financial analysts last month McCausland indicated that the economy was starting to turn and pointed to a number of plants under construction throughout the country. He said that a recovery seemed underway in most of Airgas’ customer segments. “We were pleased to see a sequential increase in sales to our industrial manufacturing customers. Utilities and petrochemical along with our always-steady medical business posted the strongest sequential growth on a daily sales basis,” he said according to a transcript of the call provided by www.seekingalpha.com.
He noted the company would continue focusing on acquisitions in the highly fragmented market in the U.S. but was also looking “hard” at three opportunities for international expansion.
View all Airgas news at www.mdm.com/airgas.
Wednesday, February 17, 2010
Grainger's daily sales increased 6% for January.
Grainger January Sales Up 3% from 2009
By MDM Staff
February 11, 2010
In U.S. Grainger's daily sales increased 6% for January.
Chicago, IL-based Grainger (NYSE: GWW) reported daily sales increased 12% in January 2010 compared with January 2009. Results for the month included a 5 percentage point positive contribution from acquisitions, a 2 percentage point benefit from the timing of the New Years' holiday and a 2 percentage point contribution from foreign exchange. Excluding acquisitions, holiday timing and foreign exchange, daily sales for the company increased 3%.
In the U.S. daily sales increased 6%, in Canada sales in local currency were up 4%, and Other Businesses sales were up 283% thanks to acquisitions. W.W. Grainger, Inc. had 2009 sales of $6.2 billion.
By MDM Staff
February 11, 2010
In U.S. Grainger's daily sales increased 6% for January.
Chicago, IL-based Grainger (NYSE: GWW) reported daily sales increased 12% in January 2010 compared with January 2009. Results for the month included a 5 percentage point positive contribution from acquisitions, a 2 percentage point benefit from the timing of the New Years' holiday and a 2 percentage point contribution from foreign exchange. Excluding acquisitions, holiday timing and foreign exchange, daily sales for the company increased 3%.
In the U.S. daily sales increased 6%, in Canada sales in local currency were up 4%, and Other Businesses sales were up 283% thanks to acquisitions. W.W. Grainger, Inc. had 2009 sales of $6.2 billion.
Grainger Adds 85,000 Products to Catalog
February 12, 2010
Grainger catalog now has more than 300,000 products; online, Grainger features 500,000.
Chicago, IL-based Grainger (NYSE: GWW), distributor of facilities maintenance supplies, has released its 2010 catalog, with more than 300,000 maintenance, repair and operating (MRO) products, the company’s largest offering yet. A Grainger spokesman said that some of the products the company added to its catalog were previously featured on its Web site, www.grainger.com.
Grainger added 85,000 new items to the catalog across product categories such as cutting tools, shelving and storage, and fleet maintenance products.
“Our customers have told us they want access to the broadest product offering with high inventory availability,” said D.G. Macpherson, Senior Vice President, Global Supply Chain. “We’re continually adding to our product line and investing in our supply chain network so that when our customers have a need, we are poised and ready to address it quickly and accurately with a product solution."
Beyond the product expansion to the catalog, the company added products to its Web site, which now lists 500,000 products. As of last February, Grainger had 240,000 products in its catalog and 300,000 online.
Friday, February 12, 2010
Airgas Outlines Why It Is Rejecting Air Products' Acquisition Proposal
By MDM Staff
February 10, 2010
More about: Airgas, Gases/Welding Equipment, Mergers/Acquisitions
Last week, Airgas Inc., Radnor, PA, (NYSE: ARG) received an unsolicited proposal from Air Products & Chemicals Inc. (NYSE: APD) to acquire the company in an all-cash deal for $60 a share. In a written response to Air Products CEO John McGlade, Airgas said: "… Air Products' proposal grossly undervalues Airgas. Therefore, the Board is not interested in pursuing your company’s proposal and continues to believe that there is no reason to meet."
Airgas also received a cash and stock proposal from Air Products in December worth $62 a share. In October, Airgas received an all-stock proposal worth $60 a share. According to an Air Products news release, the value of the transaction is $7 billion, including $5.1 billion of equity and $1.9 billion of assumed debt. Air Products said the combined company would be the "largest industrial gas company in North America and one of the largest in the world, with distinctive strengths across all geographies and in all three distribution channels: packaged gases, liquid bulk and tonnage."
Air Products' McGlade said: “While we are disappointed that Airgas has thus far prevented its shareholders from receiving a substantial premium and immediate liquidity, we have repeatedly communicated to the Airgas Board our willingness to improve our offer to reflect any incremental value they can demonstrate. While it remains our strong desire to reach an agreement with Airgas on a friendly basis, we are fully committed to pursuing this transaction and are prepared to take all necessary steps to complete it, including making an offer directly to Airgas shareholders.”
In a presentation Airgas outlines why it is rejecting the proposal. Among those reasons, Airgas says the proposal does not "reflect value of Airgas' industry-leading position and unrivaled platform" nor does it "reflect Airgas' significant leverage to economic recovery."
Airgas called Air Products' proposals "opportunistic," reflecting current market conditions and not long-term growth potential nor historical performance. Airgas also quotes analysts in its presentation that say that Air Products sold its packaged gas business to Airgas less than 10 years ago.
February 10, 2010
More about: Airgas, Gases/Welding Equipment, Mergers/Acquisitions
Last week, Airgas Inc., Radnor, PA, (NYSE: ARG) received an unsolicited proposal from Air Products & Chemicals Inc. (NYSE: APD) to acquire the company in an all-cash deal for $60 a share. In a written response to Air Products CEO John McGlade, Airgas said: "… Air Products' proposal grossly undervalues Airgas. Therefore, the Board is not interested in pursuing your company’s proposal and continues to believe that there is no reason to meet."
Airgas also received a cash and stock proposal from Air Products in December worth $62 a share. In October, Airgas received an all-stock proposal worth $60 a share. According to an Air Products news release, the value of the transaction is $7 billion, including $5.1 billion of equity and $1.9 billion of assumed debt. Air Products said the combined company would be the "largest industrial gas company in North America and one of the largest in the world, with distinctive strengths across all geographies and in all three distribution channels: packaged gases, liquid bulk and tonnage."
Air Products' McGlade said: “While we are disappointed that Airgas has thus far prevented its shareholders from receiving a substantial premium and immediate liquidity, we have repeatedly communicated to the Airgas Board our willingness to improve our offer to reflect any incremental value they can demonstrate. While it remains our strong desire to reach an agreement with Airgas on a friendly basis, we are fully committed to pursuing this transaction and are prepared to take all necessary steps to complete it, including making an offer directly to Airgas shareholders.”
In a presentation Airgas outlines why it is rejecting the proposal. Among those reasons, Airgas says the proposal does not "reflect value of Airgas' industry-leading position and unrivaled platform" nor does it "reflect Airgas' significant leverage to economic recovery."
Airgas called Air Products' proposals "opportunistic," reflecting current market conditions and not long-term growth potential nor historical performance. Airgas also quotes analysts in its presentation that say that Air Products sold its packaged gas business to Airgas less than 10 years ago.
Wednesday, February 10, 2010
Air Products bids for Airgas
By JEFFREY MCCRACKEN
Industrial-gas company Air Products & Chemicals Inc. made an unsolicited offer to acquire smaller rival Airgas Inc. for about $5.1 billion in cash late Thursday.
In a letter to Airgas's chief executive and board, Air Products offered to pay Airgas shareholders $60 a share in cash, a nearly 38% premium to Airgas shares' closing price Thursday of $43.53. The large premium is intended to ward off rival bids.
Air Products could launch a tender offer directly to shareholders in the coming weeks if the Airgas board does not reach a merger agreement, said people familiar with the matter. An Airgas spokeswoman declined to comment. A merger would create the largest industrial-gas maker in North America by revenue. Allentown, Pa.-based Air Products has annual sales of around $8.3 billion, selling gasses such as argon, hydrogen, and oxygen for industrial and manufacturing uses. It employs 18,900 workers and has a market capitalization about $16 billion
Airgas, based in Radnor, Pa., is in a different market segment—working with retailers who deliver propane to hardware stores and oxygen to hospitals. It employs 14,000, and has a market capitalization around $3.6 billion on sales of about $3.8 billion. Hoping to add this smaller, retail client base, Air Products has been pursuing Airgas for several months.
The chief executives of both companies met in mid-October. At that time, Air Products Chief Executive John McGlade proposed buying the company for $60 a share in stock, according to people familiar with the matter. Air Products also agreed to assume roughly $1.9 billion in Airgas debt.
Airgas Chief Executive Peter McCausland and his board turned down that offer and rejected a subsequent half cash, half stock bid in December. That second offer valued the company at $62 a share plus the assumption of debt, said these people. Its board unanimously rejected both offers, believing they undervalued the faster-growing company, said another person familiar with the talks.
Mr. McCausland, 59 years old, founded the company in the early 1980s. He owns about 9.5% of its shares, which dipped last week after the company posted weak fiscal third-quarter earnings. The latest proposal, which is expected to be made public on Friday, is fully financed by J.P. Morgan Chase & Co. The bank is serving as merger adviser on the transaction along with law firm Cravath, Swaine & Moore. Goldman Sachs Group, Bank of America Merrill Lynch and law firm Wachtell, Lipton, Rosen & Katz are advising Airgas
Like any such offer, Air Products's bid could draw out other suitors, which might include France's Air Liquide SA or Germany's Linde AG.
Air Products estimates that combining the two gas suppliers would produce some $250 million in annual savings. In its letter to Airgas, it expressed a willingness to sell assets to clear regulatory hurdles and to raise its offer if Airgas can demonstrate what it called any other "incremental value."
Industrial-gas company Air Products & Chemicals Inc. made an unsolicited offer to acquire smaller rival Airgas Inc. for about $5.1 billion in cash late Thursday.
In a letter to Airgas's chief executive and board, Air Products offered to pay Airgas shareholders $60 a share in cash, a nearly 38% premium to Airgas shares' closing price Thursday of $43.53. The large premium is intended to ward off rival bids.
Air Products could launch a tender offer directly to shareholders in the coming weeks if the Airgas board does not reach a merger agreement, said people familiar with the matter. An Airgas spokeswoman declined to comment. A merger would create the largest industrial-gas maker in North America by revenue. Allentown, Pa.-based Air Products has annual sales of around $8.3 billion, selling gasses such as argon, hydrogen, and oxygen for industrial and manufacturing uses. It employs 18,900 workers and has a market capitalization about $16 billion
Airgas, based in Radnor, Pa., is in a different market segment—working with retailers who deliver propane to hardware stores and oxygen to hospitals. It employs 14,000, and has a market capitalization around $3.6 billion on sales of about $3.8 billion. Hoping to add this smaller, retail client base, Air Products has been pursuing Airgas for several months.
The chief executives of both companies met in mid-October. At that time, Air Products Chief Executive John McGlade proposed buying the company for $60 a share in stock, according to people familiar with the matter. Air Products also agreed to assume roughly $1.9 billion in Airgas debt.
Airgas Chief Executive Peter McCausland and his board turned down that offer and rejected a subsequent half cash, half stock bid in December. That second offer valued the company at $62 a share plus the assumption of debt, said these people. Its board unanimously rejected both offers, believing they undervalued the faster-growing company, said another person familiar with the talks.
Mr. McCausland, 59 years old, founded the company in the early 1980s. He owns about 9.5% of its shares, which dipped last week after the company posted weak fiscal third-quarter earnings. The latest proposal, which is expected to be made public on Friday, is fully financed by J.P. Morgan Chase & Co. The bank is serving as merger adviser on the transaction along with law firm Cravath, Swaine & Moore. Goldman Sachs Group, Bank of America Merrill Lynch and law firm Wachtell, Lipton, Rosen & Katz are advising Airgas
Like any such offer, Air Products's bid could draw out other suitors, which might include France's Air Liquide SA or Germany's Linde AG.
Air Products estimates that combining the two gas suppliers would produce some $250 million in annual savings. In its letter to Airgas, it expressed a willingness to sell assets to clear regulatory hurdles and to raise its offer if Airgas can demonstrate what it called any other "incremental value."
Thursday, January 28, 2010
Grainger Total MRO Solutions event draws 4,000 MRO buyers
Industrial distributor provides training, networking opportunities at customer event
Susan Avery -- Purchasing, 1/21/2010 11:12:15 AM
"Tough doesn't begin to describe the challenges you're facing" Jim Ryan, chairman, president and CEO at Grainger, said in his opening remarks to the MRO buyers attending the industrial distributor's Total MRO Solutions National Customer event this week in Orlando. The next two days, he said, "are about learning and networking with people who can help you get your business up and running" as the economy comes out of recession.
More than 2,000 of the distributor's commercial customers attended the event Jan. 17-19, which also consists of a trade show with more than 400 of its manufacturer suppliers. Grainger is repeating the event again on Jan. 20-22 for a second set of customers.
Attendees, many of whom are purchasing professionals who source MRO goods and services, heard about the economic recovery from Nigel Gault, chief U.S. economist at IHS Global Insight, and the state of the distribution industry from David Manthey, senior analyst with Robert W. Baird. The two each gave an address following Ryan's opening remarks.
Gault said that the economic recovery, which started in the fourth quarter of 2009, won't be "gangbusters" because the current business cycle is not normal. While the economy got a boost from businesses restocking inventory and fiscal and monetary policy, high unemployment and lingering effects of the financial crisis will be a drag on growth in 2010, he said.
Along that same theme, Manthey said that the recovery would be "subdued" for companies in the distribution industry. Results of a survey of industrial distributors he conducted last year show revenues starting to pick up in the fourth quarter of 2009 and climbing just 2.4% in 2010. Beyond that, he said, the industry will continue to see consolidation.
The event began on Sunday, with a Solutions Under the Sun networking session that provided opportunities for attendees to meet with industry experts, Grainger executives and their peers in an informal setting. Grainger execs were positioned in tents set up for the event that focused on some of the company's key markets: contractors and facility maintenance; manufacturing-facility and plant maintenance; transportation, warehousing and distribution; healthcare and hospitality and retail. A reception and dinner followed the networking.
Eric Sandford, director of supply management, at OmniSource Southeast, took part in the networking session, sharing experiences of his team with his peers. Sandford is expanding the structured MRO sourcing program he set up, using his company's relationship with Grainger as a benchmark. Sandford and his team keep an eye on MRO inventory using the distributor's KeepStock (or vendor managed) inventory program.
Of the growth in the event compared with last year, Mike Pulick, president, Grainger U.S., told Purchasing.com, "We take continuous improvement seriously." There were more manufacturer suppliers at the trade show, more networking opportunities and more customers attending at the 2010 event. In fact, the industrial distributor held the gathering twice during the week for two separate groups of customers. In total, more than 4,000 purchasing and maintenance professionals took part.
Speaking to the current business climate, Pulick said, "Our customers are starting to increase production, but are doing it with the same resources. So, they have to be more productive. We see this as an opportunity to show our customers how to be more efficient at purchasing MRO items."
To that end, the distributor offered at its event educational training session on topics that concern its customers. These are: inventory management, safety, sustainability and business continuity.
At the training session on inventory management, Kevin Heath, vice president of strategic sourcing at Georgia Pacific, told attendees that he views MRO as opportunity for continuous improvement. Georgia Pacific spends $80 million annually on general mill supplies. The category is the first that Heath and his team selected in an effort to consolidate the company's purchasing and supply base.
For Georgia Pacific, consolidating the category has helped to lower inventory levels by 20%, increase productivity and improve equipment reliability, he said.
On the trade show floor, Sam Kim, vice president, e-commerce, provided customers with an overview of Grainger's online buying activities. In the past year, the company refined the search capability (by product attributes) of its website and added a merchandizing feature that suggests related products. It also introduced functionality embedded within grainger.com that allows users to customize some products such as hard hats, safety signs and mats.
Tom Blue, vice president of sales at Milwaukee Tools in Milwaukee, one of Grainger's manufacturer suppliers with a booth on the show floor, uses the event to demonstrate new products to Grainger customers, including new test and measurement tools. He told Purchasing.com that his company continued to introduce new products in 2009 viewing the economic downturn as an opportunity for the company to grow its business and take market share from competitors.
Mark Lindstrom, vice president of sales at Ergodyne in St. Paul, Minn., another supplier exhibitor, said that he likes having access to both Grainger sellers and end users. "This is one of the more productive distributor shows we attend," he said
Susan Avery -- Purchasing, 1/21/2010 11:12:15 AM
"Tough doesn't begin to describe the challenges you're facing" Jim Ryan, chairman, president and CEO at Grainger, said in his opening remarks to the MRO buyers attending the industrial distributor's Total MRO Solutions National Customer event this week in Orlando. The next two days, he said, "are about learning and networking with people who can help you get your business up and running" as the economy comes out of recession.
More than 2,000 of the distributor's commercial customers attended the event Jan. 17-19, which also consists of a trade show with more than 400 of its manufacturer suppliers. Grainger is repeating the event again on Jan. 20-22 for a second set of customers.
Attendees, many of whom are purchasing professionals who source MRO goods and services, heard about the economic recovery from Nigel Gault, chief U.S. economist at IHS Global Insight, and the state of the distribution industry from David Manthey, senior analyst with Robert W. Baird. The two each gave an address following Ryan's opening remarks.
Gault said that the economic recovery, which started in the fourth quarter of 2009, won't be "gangbusters" because the current business cycle is not normal. While the economy got a boost from businesses restocking inventory and fiscal and monetary policy, high unemployment and lingering effects of the financial crisis will be a drag on growth in 2010, he said.
Along that same theme, Manthey said that the recovery would be "subdued" for companies in the distribution industry. Results of a survey of industrial distributors he conducted last year show revenues starting to pick up in the fourth quarter of 2009 and climbing just 2.4% in 2010. Beyond that, he said, the industry will continue to see consolidation.
The event began on Sunday, with a Solutions Under the Sun networking session that provided opportunities for attendees to meet with industry experts, Grainger executives and their peers in an informal setting. Grainger execs were positioned in tents set up for the event that focused on some of the company's key markets: contractors and facility maintenance; manufacturing-facility and plant maintenance; transportation, warehousing and distribution; healthcare and hospitality and retail. A reception and dinner followed the networking.
Eric Sandford, director of supply management, at OmniSource Southeast, took part in the networking session, sharing experiences of his team with his peers. Sandford is expanding the structured MRO sourcing program he set up, using his company's relationship with Grainger as a benchmark. Sandford and his team keep an eye on MRO inventory using the distributor's KeepStock (or vendor managed) inventory program.
Of the growth in the event compared with last year, Mike Pulick, president, Grainger U.S., told Purchasing.com, "We take continuous improvement seriously." There were more manufacturer suppliers at the trade show, more networking opportunities and more customers attending at the 2010 event. In fact, the industrial distributor held the gathering twice during the week for two separate groups of customers. In total, more than 4,000 purchasing and maintenance professionals took part.
Speaking to the current business climate, Pulick said, "Our customers are starting to increase production, but are doing it with the same resources. So, they have to be more productive. We see this as an opportunity to show our customers how to be more efficient at purchasing MRO items."
To that end, the distributor offered at its event educational training session on topics that concern its customers. These are: inventory management, safety, sustainability and business continuity.
At the training session on inventory management, Kevin Heath, vice president of strategic sourcing at Georgia Pacific, told attendees that he views MRO as opportunity for continuous improvement. Georgia Pacific spends $80 million annually on general mill supplies. The category is the first that Heath and his team selected in an effort to consolidate the company's purchasing and supply base.
For Georgia Pacific, consolidating the category has helped to lower inventory levels by 20%, increase productivity and improve equipment reliability, he said.
On the trade show floor, Sam Kim, vice president, e-commerce, provided customers with an overview of Grainger's online buying activities. In the past year, the company refined the search capability (by product attributes) of its website and added a merchandizing feature that suggests related products. It also introduced functionality embedded within grainger.com that allows users to customize some products such as hard hats, safety signs and mats.
Tom Blue, vice president of sales at Milwaukee Tools in Milwaukee, one of Grainger's manufacturer suppliers with a booth on the show floor, uses the event to demonstrate new products to Grainger customers, including new test and measurement tools. He told Purchasing.com that his company continued to introduce new products in 2009 viewing the economic downturn as an opportunity for the company to grow its business and take market share from competitors.
Mark Lindstrom, vice president of sales at Ergodyne in St. Paul, Minn., another supplier exhibitor, said that he likes having access to both Grainger sellers and end users. "This is one of the more productive distributor shows we attend," he said
Grainger Reports Year End Results
Grainger Reports Sales of $6.2 Billion and Earnings Per Share of $5.62 for the Year Ended December 31, 2009
--Highlights --
4Q09 sales of $1.6 billion, up 3 percent
4Q09 EPS of $1.27, down 7 percent, including the following items:
$0.07 in asset impairment charges
$0.05 in severance charges
$732 million in operating cash flow for the year
$507 million returned to shareholders in dividends & share repurchases in 2009
Pretax ROIC* of 24.9 percent versus 29.8 percent in 2008
Visit www.grainger.com/investor to access a podcast describing Grainger's performance in more detail.
CHICAGO, Jan 26, 2010 /PRNewswire via COMTEX/ -- Grainger (NYSE: GWW) today reported sales, earnings and earnings per share for the year ended December 31, 2009. Sales of $6.2 billion were down 9 percent versus 2008. Net earnings of $430 million decreased 9 percent versus $475 million in 2008. Earnings per share of $5.62 decreased 6 percent versus $5.97** in 2008.
"I am very proud of our employees and how they have successfully navigated this company through one of the most difficult economic times in our history," said Chairman, President and Chief Executive Officer Jim Ryan. "The actions we took in 2009 to keep service levels and customer relationships strong are paying off. I am excited about the opportunity we have going forward to gain additional market share and create value for our shareholders by serving as the indispensable MRO partner to businesses and institutions."
*The GAAP financial statements are the source for all amounts used in the Return on Invested Capital (ROIC) calculation. ROIC is calculated using annualized operating earnings based on year-to-date operating earnings divided by a 13 point average for net working assets. Net working assets are working assets minus working liabilities defined as follows: working assets equal total assets less cash equivalents (non operating cash), deferred taxes, and investments in unconsolidated entities, plus the LIFO reserve. Working liabilities are the sum of trade payables, accrued compensation and benefits, accrued contributions to employees' profit sharing plans, and accrued expenses.
** Reported 2008 EPS were $6.04, which was restated after adopting FSP 03-6-1 on January 1, 2009, resulting in a 7 cent reduction in EPS in 2008 and 6 cents in 2009. (See page K-41 of the company's 2008 10-K for additional information).
Ryan added, "We are seeing some initial signs of improvement in the overall economy, although job growth is expected to lag the recovery. Stronger sales growth in December and January give us greater confidence to raise our 2010 sales growth guidance to a range of 6 to 10 percent and our earnings per share guidance to the new range of $5.40 to $5.90. We remain cautiously optimistic about the economy and are executing on the things we can control like our customer service and high product availability. As a result, we are well positioned for continued share gain, particularly as many competitors have been forced to reduce inventories." The company had previously issued 2010 guidance of 4 to 9 percent sales growth and earnings per share of $5.30 to $5.80.
For the 2009 fourth quarter, sales of $1.6 billion increased 3 percent versus the fourth quarter of 2008. There were 64 sales days in both the 2009 and 2008 fourth quarters. Daily sales decreased 3 percent in October, increased 2 percent in November and increased 11 percent in December. The 3 percent increase for the quarter included a 4 percentage point contribution from acquisitions, a 2 percentage point benefit from foreign exchange and a 2 percentage point lift from price increases, partially offset by a 5 percentage point decline in volume. Net earnings of $97 million decreased 10 percent versus $108 million in 2008. Earnings per share of $1.27 decreased 7 percent versus $1.37 in 2008. The effect of adopting FSP 03-6-1 was a 1 cent per share reduction in the fourth quarter of 2009 and 2 cents in the 2008 quarter.
During the quarter, the company continued to lower its cost structure by closing branches and reducing headcount. In total, 12 branches, including 6 Will Call Express locations, were closed. These closures, along with other asset write-downs, resulted in asset impairment charges of $9 million or 7 cents per share. In addition, the company reduced headcount by another 200 positions in the 2009 fourth quarter, incurring $7.5 million or 5 cents per share in severance cost. For the full year 2009, the company eliminated approximately 600positions and incurred $18 million in severance or 11 cents per share.
Effective with the first quarter of 2009, the company has two reportable business segments, the United States and Canada, which represent approximately 98 percent of full year company sales. This reporting structure reflects the integration of Lab Safety Supply with Grainger's U.S. branch-based business. The remaining operating units (Japan, Mexico, India, Puerto Rico, China and Panama) are included in other businesses and are not considered a segment. The company acquired Asia Pacific Brands India Private Limited in June 2009 resulting in the inclusion of the India operations in other businesses in the third quarter. The company also acquired a majority ownership of MonotaRO in September 2009, consolidated this Japanese entity in its balance sheet as of the end of the third quarter and began consolidating its income statement in the fourth quarter.
United States
Sales for the United States segment decreased 2 percent in the 2009 fourth quarter, with daily sales down 7 percent in October, down 3 percent in November and up 5 percent in December. Acquisitions and the timing of the Christmas holiday accounted for 3 percentage points of the sales growth in December.
Grainger serves a diverse set of customer end-markets in the United States. During the quarter, sales to government and commercial customers increased versus the 2008 fourth quarter, while sales to resellers, contractors, manufacturing and retail customers declined.
Throughout 2009, Grainger added products to its already broad offering that will result in having approximately 307,000 in-stock products in the 2010 catalog. Product line expansion contributed $260 million in sales for the fourth quarter versus $185 million in the 2008 fourth quarter. Products added over the last four years resulted in $934 million in sales in 2009.
Also contributing to segment performance in the quarter was ongoing work to integrate Lab Safety Supply with Grainger Industrial Supply. The company still expects this combination to deliver $70-$100 million in incremental revenue and $20-$30 million in cost savings by mid-2010. Through the end of 2009, the integration has generated $44 million of the additional revenue and $22 million of the cost savings.
Operating earnings for the quarter were down 6 percent in the United States, the result of operating expenses declining at a slower rate than sales. The decline in operating expenses was primarily the result of lower payroll-related expenses, reduced commissions and no bonus accruals, partially offset by higher severance and asset impairment charges particularly related to the branch closings. Gross profit margins for the quarter were flat with the prior year.
Canada
Sales for the Acklands-Grainger business in the quarter were up 11 percent versus the 2008 fourth quarter in U.S. dollars. In local currency, sales were down 3 percent for the quarter and on a daily basis were down 7 percent in October, down 8 percent in November and up 7 percent in December. Sales performance in December benefited from some large customer orders and the incremental sales from an acquisition. From a customer sector standpoint, the 3 percent sales decline for the quarter was attributable to continued weakness among heavy manufacturing, contractor and forestry, partially offset by growth among utilities, government and agriculture and mining.
Operating earnings in Canada increased 59 percent in the 2009 fourth quarter and were up 38 percent in local currency. This improvement resulted from the sales increase, a 0.9 percentage point improvement in gross profit margins, and operating expenses which increased at a slower rate than sales. The improvement in gross margins was driven by a year-end inventory pick up primarily attributable to lower than forecasted transportation and product costs. Product costs were lower than expected due in part to favorable foreign exchange. The 2008 fourth quarter included a charge for the bankruptcy of a provider of freight payment services. Excluding these items, operating earnings were up 6 percent in U.S. dollars, and down 7 percent in local currency, versus 2008.
--Highlights --
4Q09 sales of $1.6 billion, up 3 percent
4Q09 EPS of $1.27, down 7 percent, including the following items:
$0.07 in asset impairment charges
$0.05 in severance charges
$732 million in operating cash flow for the year
$507 million returned to shareholders in dividends & share repurchases in 2009
Pretax ROIC* of 24.9 percent versus 29.8 percent in 2008
Visit www.grainger.com/investor to access a podcast describing Grainger's performance in more detail.
CHICAGO, Jan 26, 2010 /PRNewswire via COMTEX/ -- Grainger (NYSE: GWW) today reported sales, earnings and earnings per share for the year ended December 31, 2009. Sales of $6.2 billion were down 9 percent versus 2008. Net earnings of $430 million decreased 9 percent versus $475 million in 2008. Earnings per share of $5.62 decreased 6 percent versus $5.97** in 2008.
"I am very proud of our employees and how they have successfully navigated this company through one of the most difficult economic times in our history," said Chairman, President and Chief Executive Officer Jim Ryan. "The actions we took in 2009 to keep service levels and customer relationships strong are paying off. I am excited about the opportunity we have going forward to gain additional market share and create value for our shareholders by serving as the indispensable MRO partner to businesses and institutions."
*The GAAP financial statements are the source for all amounts used in the Return on Invested Capital (ROIC) calculation. ROIC is calculated using annualized operating earnings based on year-to-date operating earnings divided by a 13 point average for net working assets. Net working assets are working assets minus working liabilities defined as follows: working assets equal total assets less cash equivalents (non operating cash), deferred taxes, and investments in unconsolidated entities, plus the LIFO reserve. Working liabilities are the sum of trade payables, accrued compensation and benefits, accrued contributions to employees' profit sharing plans, and accrued expenses.
** Reported 2008 EPS were $6.04, which was restated after adopting FSP 03-6-1 on January 1, 2009, resulting in a 7 cent reduction in EPS in 2008 and 6 cents in 2009. (See page K-41 of the company's 2008 10-K for additional information).
Ryan added, "We are seeing some initial signs of improvement in the overall economy, although job growth is expected to lag the recovery. Stronger sales growth in December and January give us greater confidence to raise our 2010 sales growth guidance to a range of 6 to 10 percent and our earnings per share guidance to the new range of $5.40 to $5.90. We remain cautiously optimistic about the economy and are executing on the things we can control like our customer service and high product availability. As a result, we are well positioned for continued share gain, particularly as many competitors have been forced to reduce inventories." The company had previously issued 2010 guidance of 4 to 9 percent sales growth and earnings per share of $5.30 to $5.80.
For the 2009 fourth quarter, sales of $1.6 billion increased 3 percent versus the fourth quarter of 2008. There were 64 sales days in both the 2009 and 2008 fourth quarters. Daily sales decreased 3 percent in October, increased 2 percent in November and increased 11 percent in December. The 3 percent increase for the quarter included a 4 percentage point contribution from acquisitions, a 2 percentage point benefit from foreign exchange and a 2 percentage point lift from price increases, partially offset by a 5 percentage point decline in volume. Net earnings of $97 million decreased 10 percent versus $108 million in 2008. Earnings per share of $1.27 decreased 7 percent versus $1.37 in 2008. The effect of adopting FSP 03-6-1 was a 1 cent per share reduction in the fourth quarter of 2009 and 2 cents in the 2008 quarter.
During the quarter, the company continued to lower its cost structure by closing branches and reducing headcount. In total, 12 branches, including 6 Will Call Express locations, were closed. These closures, along with other asset write-downs, resulted in asset impairment charges of $9 million or 7 cents per share. In addition, the company reduced headcount by another 200 positions in the 2009 fourth quarter, incurring $7.5 million or 5 cents per share in severance cost. For the full year 2009, the company eliminated approximately 600positions and incurred $18 million in severance or 11 cents per share.
Effective with the first quarter of 2009, the company has two reportable business segments, the United States and Canada, which represent approximately 98 percent of full year company sales. This reporting structure reflects the integration of Lab Safety Supply with Grainger's U.S. branch-based business. The remaining operating units (Japan, Mexico, India, Puerto Rico, China and Panama) are included in other businesses and are not considered a segment. The company acquired Asia Pacific Brands India Private Limited in June 2009 resulting in the inclusion of the India operations in other businesses in the third quarter. The company also acquired a majority ownership of MonotaRO in September 2009, consolidated this Japanese entity in its balance sheet as of the end of the third quarter and began consolidating its income statement in the fourth quarter.
United States
Sales for the United States segment decreased 2 percent in the 2009 fourth quarter, with daily sales down 7 percent in October, down 3 percent in November and up 5 percent in December. Acquisitions and the timing of the Christmas holiday accounted for 3 percentage points of the sales growth in December.
Grainger serves a diverse set of customer end-markets in the United States. During the quarter, sales to government and commercial customers increased versus the 2008 fourth quarter, while sales to resellers, contractors, manufacturing and retail customers declined.
Throughout 2009, Grainger added products to its already broad offering that will result in having approximately 307,000 in-stock products in the 2010 catalog. Product line expansion contributed $260 million in sales for the fourth quarter versus $185 million in the 2008 fourth quarter. Products added over the last four years resulted in $934 million in sales in 2009.
Also contributing to segment performance in the quarter was ongoing work to integrate Lab Safety Supply with Grainger Industrial Supply. The company still expects this combination to deliver $70-$100 million in incremental revenue and $20-$30 million in cost savings by mid-2010. Through the end of 2009, the integration has generated $44 million of the additional revenue and $22 million of the cost savings.
Operating earnings for the quarter were down 6 percent in the United States, the result of operating expenses declining at a slower rate than sales. The decline in operating expenses was primarily the result of lower payroll-related expenses, reduced commissions and no bonus accruals, partially offset by higher severance and asset impairment charges particularly related to the branch closings. Gross profit margins for the quarter were flat with the prior year.
Canada
Sales for the Acklands-Grainger business in the quarter were up 11 percent versus the 2008 fourth quarter in U.S. dollars. In local currency, sales were down 3 percent for the quarter and on a daily basis were down 7 percent in October, down 8 percent in November and up 7 percent in December. Sales performance in December benefited from some large customer orders and the incremental sales from an acquisition. From a customer sector standpoint, the 3 percent sales decline for the quarter was attributable to continued weakness among heavy manufacturing, contractor and forestry, partially offset by growth among utilities, government and agriculture and mining.
Operating earnings in Canada increased 59 percent in the 2009 fourth quarter and were up 38 percent in local currency. This improvement resulted from the sales increase, a 0.9 percentage point improvement in gross profit margins, and operating expenses which increased at a slower rate than sales. The improvement in gross margins was driven by a year-end inventory pick up primarily attributable to lower than forecasted transportation and product costs. Product costs were lower than expected due in part to favorable foreign exchange. The 2008 fourth quarter included a charge for the bankruptcy of a provider of freight payment services. Excluding these items, operating earnings were up 6 percent in U.S. dollars, and down 7 percent in local currency, versus 2008.
Monday, January 11, 2010
MSC's sales down 11%
Distributor points to strong cash generation, sequential sales growth as evidence of solid performance in first quarter
Victoria Fraza Kickham -- Industrial Distribution, 1/8/2010 1:33:04 PM
Industrial MRO products distributor MSC called its first-quarter results "solid" despite the ongoing difficult business climate. The Melville, N.Y.-based company reported lower sales and earnings compared to the first quarter of 2009, but pointed to strong cash generation performance and sequential average daily sales growth as positive achievements in a challenging market.
MSC's sales fell 11 percent for the quarter to $384.8 million, compared with $433 million a year ago. The distributor's operating income for the quarter was $51 million, compared with $74.4 million a year ago, while net income was $31.4 million compared with $45.1 million in the prior-year period. Earnings per share fell 31 percent to 50 cents, compared to 72 cents a share in the first quarter of 2009.
"The fiscal first quarter produced solid results for MSC," president and CEO David Sandler said in a statement announcing the results. "Despite operating in a business environment that remained difficult, we generated results in line with our expectations and continued to take market share. ..."
MSC posted sequential average daily sales growth of 12 percent from fiscal fourth-quarter levels, and generated $41.7 million in free cash during the period. Looking ahead, MSC said it expects second-quarter earnings per share to be between 43 cents and 47 cents on net sales of between $384 million and $396 million.
Victoria Fraza Kickham -- Industrial Distribution, 1/8/2010 1:33:04 PM
Industrial MRO products distributor MSC called its first-quarter results "solid" despite the ongoing difficult business climate. The Melville, N.Y.-based company reported lower sales and earnings compared to the first quarter of 2009, but pointed to strong cash generation performance and sequential average daily sales growth as positive achievements in a challenging market.
MSC's sales fell 11 percent for the quarter to $384.8 million, compared with $433 million a year ago. The distributor's operating income for the quarter was $51 million, compared with $74.4 million a year ago, while net income was $31.4 million compared with $45.1 million in the prior-year period. Earnings per share fell 31 percent to 50 cents, compared to 72 cents a share in the first quarter of 2009.
"The fiscal first quarter produced solid results for MSC," president and CEO David Sandler said in a statement announcing the results. "Despite operating in a business environment that remained difficult, we generated results in line with our expectations and continued to take market share. ..."
MSC posted sequential average daily sales growth of 12 percent from fiscal fourth-quarter levels, and generated $41.7 million in free cash during the period. Looking ahead, MSC said it expects second-quarter earnings per share to be between 43 cents and 47 cents on net sales of between $384 million and $396 million.
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