Wednesday, May 27, 2009
Grainger 2009 Fact Book for Investors Now Posted Online
The 2009 Fact Book is now available online at http://www.grainger.com/investor. This "book" has been published for a number of years and is produced annually to share key facts and highlights; it provides a greater understanding of Grainger's business and investment profile.
Friday, May 22, 2009
Airgas raises quarterly dividend by 13 percent
RADNOR, Pa. - Industrial gas maker Airgas Inc. on Tuesday said it raised its quarterly cash dividend by 13 percent to 18 cents per share from 16 cents per share.
The dividend is payable June 30 to shareholders of record as of June 15.
"This dividend increase is a way to reward our shareholders in a tough environment," Chairman and Chief Executive Peter McCausland said in a statement.
Shares rose 41 cents to close at $43.06.
The dividend is payable June 30 to shareholders of record as of June 15.
"This dividend increase is a way to reward our shareholders in a tough environment," Chairman and Chief Executive Peter McCausland said in a statement.
Shares rose 41 cents to close at $43.06.
Wednesday, May 20, 2009
Motion Industries Acquires General Tool and Supply
Motion Industries has acquired General Tool and Supply, a regional industrial supplies distributor, headquartered in Portland, Oregon and its subsidiary Industrial Tool and Supply headquartered in Tucson, Arizona.
Jack Keough -- Industrial Distribution, 5/7/2009 2:31:33 PM
Motion Industries has acquired General Tool and Supply, a regional industrial supplies distributor, headquartered in Portland, Oregon and its subsidiary Industrial Tool and Supply headquartered in Tucson, Arizona. General Tool and Supply Company has four locations in Oregon, Washington, and Idaho; and Industrial Tool and Supply has two locations in Arizona.
Bill Derville, President; Jim Miller, Executive Vice President Sales and Marketing; and Rick Parlett, President Industrial Tool and Supply will remain as the leadership team and continue to manage the business as General Tool and Supply and Industrial Tool and Supply.
General Tool stocks in excess of 35,000 items of hand tools, power tools, precision tools, cutting tools, electronics tools and supplies, construction tools, abrasives, hoists, safety supplies, chemicals, and janitorial supplies. General Tool and Supply was recognized as one of the 5,000 fastest growing companies in America by Inc. Magazine in 2008. They distribute products from over 500 manufacturers.
General Tool and Supply's customers include aerospace, pulp and paper mills, general manufacturing plants, machine shops, foundries, electronic manufacturers, steel mills, construction companies, and government agencies. Industrial Tool and Supply customers include copper mines, general manufacturing, machine shops, contractors, and electronic manufacturers.
With 2008 sales of $3.5 billion, Motion Industries is a leading industrial parts distributor of bearings, mechanical power transmission, electrical automation, hydraulic and industrial hose, hydraulic and pneumatic components, industrial supplies, and material handling. Motion Industries has more than 500 operations including eight distribution centers throughout North America and serves more than 100,000 customers from the chemical, food and beverage, wood and lumber, iron and steel, pulp and paper, mining and aggregate, petrochemical, automotive and pharmaceutical industries.
Motion Industries is a wholly owned subsidiary of Genuine Parts Company (NYSE:GPC)..
Jack Keough -- Industrial Distribution, 5/7/2009 2:31:33 PM
Motion Industries has acquired General Tool and Supply, a regional industrial supplies distributor, headquartered in Portland, Oregon and its subsidiary Industrial Tool and Supply headquartered in Tucson, Arizona. General Tool and Supply Company has four locations in Oregon, Washington, and Idaho; and Industrial Tool and Supply has two locations in Arizona.
Bill Derville, President; Jim Miller, Executive Vice President Sales and Marketing; and Rick Parlett, President Industrial Tool and Supply will remain as the leadership team and continue to manage the business as General Tool and Supply and Industrial Tool and Supply.
General Tool stocks in excess of 35,000 items of hand tools, power tools, precision tools, cutting tools, electronics tools and supplies, construction tools, abrasives, hoists, safety supplies, chemicals, and janitorial supplies. General Tool and Supply was recognized as one of the 5,000 fastest growing companies in America by Inc. Magazine in 2008. They distribute products from over 500 manufacturers.
General Tool and Supply's customers include aerospace, pulp and paper mills, general manufacturing plants, machine shops, foundries, electronic manufacturers, steel mills, construction companies, and government agencies. Industrial Tool and Supply customers include copper mines, general manufacturing, machine shops, contractors, and electronic manufacturers.
With 2008 sales of $3.5 billion, Motion Industries is a leading industrial parts distributor of bearings, mechanical power transmission, electrical automation, hydraulic and industrial hose, hydraulic and pneumatic components, industrial supplies, and material handling. Motion Industries has more than 500 operations including eight distribution centers throughout North America and serves more than 100,000 customers from the chemical, food and beverage, wood and lumber, iron and steel, pulp and paper, mining and aggregate, petrochemical, automotive and pharmaceutical industries.
Motion Industries is a wholly owned subsidiary of Genuine Parts Company (NYSE:GPC)..
HD Supply White Cap acquires Orco Construction Supply
Deal expands HD Supply's presence in California, Arizona and Nevada
Victoria Fraza Kickham -- Industrial Distribution, 5/20/2009 2:06:18 PM
HD Supply White Cap said Wednesday it purchased the assets of Livermore, Calif.-based Orco Construction Supply. The deal expands HD Supply's coverage in California, Arizona and Nevada.
Orco, a construction supplies distributor with 11 distribution centers and two rebar facilities, filed for Chapter 11 bankruptcy protection earlier this year. In April, the distributor announced plans to sell to ACSP LLC, an entity run by White Cap founder and former executive Greg Grosch. White Cap was sold to The Home Depot in 2004 and became part of its HD Supply business, which was spun off in 2007.
The deal was contingent upon ACSP obtaining final financing and subject to an overbid process as part of the bankruptcy proceedings. Subsequently, HD Supply bid on and purchased Orco, according to an HD Supply spokesperson.
"The acquisition of ORCO's assets provides HD Supply White Cap with an increased ability to provide world-class service to our existing and prospective customers," said Tom Lazzaro, president, HD Supply White Cap. "It further strengthens our leading position in an important region with strong growth potential."
ORCO Construction Supply will be fully integrated into the HD Supply White Cap business and will begin operating under the HD Supply White Cap brand following the closing of the transaction.
Victoria Fraza Kickham -- Industrial Distribution, 5/20/2009 2:06:18 PM
HD Supply White Cap said Wednesday it purchased the assets of Livermore, Calif.-based Orco Construction Supply. The deal expands HD Supply's coverage in California, Arizona and Nevada.
Orco, a construction supplies distributor with 11 distribution centers and two rebar facilities, filed for Chapter 11 bankruptcy protection earlier this year. In April, the distributor announced plans to sell to ACSP LLC, an entity run by White Cap founder and former executive Greg Grosch. White Cap was sold to The Home Depot in 2004 and became part of its HD Supply business, which was spun off in 2007.
The deal was contingent upon ACSP obtaining final financing and subject to an overbid process as part of the bankruptcy proceedings. Subsequently, HD Supply bid on and purchased Orco, according to an HD Supply spokesperson.
"The acquisition of ORCO's assets provides HD Supply White Cap with an increased ability to provide world-class service to our existing and prospective customers," said Tom Lazzaro, president, HD Supply White Cap. "It further strengthens our leading position in an important region with strong growth potential."
ORCO Construction Supply will be fully integrated into the HD Supply White Cap business and will begin operating under the HD Supply White Cap brand following the closing of the transaction.
Monday, May 11, 2009
More on George Hayward
The article/posting below this one tells a great history of my friend and colleague George Hayward. The word icon probably doesn't really tell the story on Georgie. George was bigger than life. It doesn't matter if you loved George and hung on his every word or you disagreed with George - George was George and you knew where he stood. Always respectful, always confident and never short on words. Many people are found to not be short on words but also not have much of value to say. Not George, when he spoke he most likely had an idea, a thought, a suggestion etc that was going to be of value to you. If not today, sometime down the road it would come back to you.
Dave Johnsons description and history of George in the posting below is a great one. Other trade publications have published similar info but Dave did a great job in describing our friend and colleague. My experience with George goes back to the late 1980's. I was working for Zee Medical here in Irvine as a National Manager and George and I met at the Industrial Hygiene show.
In those days I didn't really understand the role of an Independent Rep but George was certainly willing to help me understand. Little did I know that in 1993 I would strike out on my own and start my own rep agency. Early on I had George and his experience, thoughts, opinions and relationships to help mentor me whenever I asked. George always knew "the guy to talk to" and was always willing to share and support. George knew the strengths and weaknesses of a company and the ins and outs of representing them in the market. You could always count on George.
Over the years every time I had a question I knew I could count on George and I was fortunate to get to know his two boys Tom (Tommy to me) and Todd as well. Over time I got to consider Tommy and Todd as friends along with their dad George. In 2003 when I left the rep biz and joined Tim McDuffie at STARDUST Spill Products I started to interview rep agencies. Guess who I called first? You bet-George and United Sales Associates.
I will never forget the first NSC show that Tim and I did. We were so focused on demo'ing our products to end users that when George, Todd, Tommy, Mark, Paul.......... stopped by our booth the Icon George couldn't figure out why the 6'8' Tim didn't have time for him and kept swirling that damn broom. Tim was selling and George was selling-they just were selling different things and to different people but in the same space and time. Somewhere we needed a buyer. Georgie stormed off! A year later or so our company hired (or maybe they agreed to pioneer our new line of products) George and the team and and I have enjoyed watching Tim and George reminisce that moment at the NSC show with guttural laughs a number of times.
As Tommy and Todd along with Mark and Paul have driven the business ahead I have enjoyed watching George slow down a bit and do his writing, his travel and pontificate on the state of the state. George and I have had many a conversation about contracts, product profiles, markets, channels, etc etc etc. As our business has grown over the past few years and I became a family man I havent had the same opportunity to take advantage of the sage advice of George as often as I'd like. Of course it wasnt always easy to find the jetsetter either-London, Dusseldorf, Napa, Florida.......!
I will miss George, I will miss knowing he is there for a question here and there. I will miss George holding up his numbered plaques during the USA Invitaional telling me how many minutes left in my presentation. I will miss George holding court at a lunch table at the back of the NSC or IH show. I will miss reading his writings. What I am happy for is the time that I did get to share with George and I am happy that I continue to work with his sons and his team.
I know that hundreds and hundreds of people have shared their love and thoughts with Mo, Tom and Todd in the past few weeks and I hope that soon their tears will turn to smiles when they remember the lives and careers that George touched-mine included!
Dave Johnsons description and history of George in the posting below is a great one. Other trade publications have published similar info but Dave did a great job in describing our friend and colleague. My experience with George goes back to the late 1980's. I was working for Zee Medical here in Irvine as a National Manager and George and I met at the Industrial Hygiene show.
In those days I didn't really understand the role of an Independent Rep but George was certainly willing to help me understand. Little did I know that in 1993 I would strike out on my own and start my own rep agency. Early on I had George and his experience, thoughts, opinions and relationships to help mentor me whenever I asked. George always knew "the guy to talk to" and was always willing to share and support. George knew the strengths and weaknesses of a company and the ins and outs of representing them in the market. You could always count on George.
Over the years every time I had a question I knew I could count on George and I was fortunate to get to know his two boys Tom (Tommy to me) and Todd as well. Over time I got to consider Tommy and Todd as friends along with their dad George. In 2003 when I left the rep biz and joined Tim McDuffie at STARDUST Spill Products I started to interview rep agencies. Guess who I called first? You bet-George and United Sales Associates.
I will never forget the first NSC show that Tim and I did. We were so focused on demo'ing our products to end users that when George, Todd, Tommy, Mark, Paul.......... stopped by our booth the Icon George couldn't figure out why the 6'8' Tim didn't have time for him and kept swirling that damn broom. Tim was selling and George was selling-they just were selling different things and to different people but in the same space and time. Somewhere we needed a buyer. Georgie stormed off! A year later or so our company hired (or maybe they agreed to pioneer our new line of products) George and the team and and I have enjoyed watching Tim and George reminisce that moment at the NSC show with guttural laughs a number of times.
As Tommy and Todd along with Mark and Paul have driven the business ahead I have enjoyed watching George slow down a bit and do his writing, his travel and pontificate on the state of the state. George and I have had many a conversation about contracts, product profiles, markets, channels, etc etc etc. As our business has grown over the past few years and I became a family man I havent had the same opportunity to take advantage of the sage advice of George as often as I'd like. Of course it wasnt always easy to find the jetsetter either-London, Dusseldorf, Napa, Florida.......!
I will miss George, I will miss knowing he is there for a question here and there. I will miss George holding up his numbered plaques during the USA Invitaional telling me how many minutes left in my presentation. I will miss George holding court at a lunch table at the back of the NSC or IH show. I will miss reading his writings. What I am happy for is the time that I did get to share with George and I am happy that I continue to work with his sons and his team.
I know that hundreds and hundreds of people have shared their love and thoughts with Mo, Tom and Todd in the past few weeks and I hope that soon their tears will turn to smiles when they remember the lives and careers that George touched-mine included!
Everyone’s “Partner in Safety,” George Hayward, dies at 67
May 4, 2009
George J. Hayward, 67, an icon in the tight-knit U.S. safety products industry, passed away on May 1, 2009, after a brief illness. George’s stature and influence extended far beyond the eight states served by the safety products manufacturers representatives of his company, United Sales Associates, founded by George in 1982 and based in Cincinnati. Beginning in March, 1997, George wrote a regular column (67 in total) for ISHN’s “For Distributors Only” supplement, prodding the safety products industry to see and seize the positive contributions it could deliver by being a holistic, integrated partnership of manufacturers, distributors, manufacturers’ reps, workplace safety and health professionals, regulators, and professional and trade associations. George had other “pet passions”: to think globally, to think beyond compliance selling, to make the business case for safety, and to think of new ways of servicing and educating safety and health professionals who purchase his industry’s products. In his first column for ISHN, George wrote: “In safety the heroes are not the doctors who repair those who have been injured but those who prevent the injuries in the first place! Those "Partners in Prevention" that Rick (Fulwiler) speaks to, those industrial hygienists, safety engineers, and the safety sales professionals - these are the heroes who prevent injuries and are truly the "Partners in Prevention." Here's to you all! - the real heroes!” In 1996, George was appointed to serve on the SEDA (Safety Equipment Distributors Association.), ISEA (International Safety Equipment Association.) and SEMAA Joint Committee on Education, a coalition responsible for creating and marketing the “Qualified Safety Sales Professional” (QSSP) program. QSSP is a week-long safety and health technical and regulatory fundamentals course, held twice each year, for sales and marketing professionals involved in the manufacture and distribution of safety equipment. The QSSP faculty, headed until his recent retirement as course director, by Dr. Rick Fulwiler, former director of Procter & Gamble Worldwide Safety and Health, has taught more than 700 graduates, increasing their knowledge base and raising their service capabilities to the benefit of thousands of worksite safety and health pros. QSSP classes have grown steadily in popularity, now selling out regularly. Thousands of safety and health professionals in the U.S. have benefited from George’s work and passion for safety without ever knowing who he was. George was a power-broker; a thought-provoking, humorous, extremely well-connected large man, almost larger-than-life to those who knew him. For most safety and health professionals, George’s work and contributions occurred behind the scenes, without their direct knowledge. More than an entrepreneur, George was one of the most visible and active leaders of the safety products community of manufacturers, distributors, purchasers and users; a tireless networker and alliance builder; a committed educator; a proponent of harmonized global safety and health regulations and closer working relationships between global safety and health associations; and a staunch advocate for protecting workers on the job. At trade shows such as the National Safety Congress, the American Industrial Hygiene Conference and Expo, and the American Society of Safety Engineers’ annual conference, George strolled the aisle joking, back-slapping, and conversing with his many friends as a sort of unofficial mayor of the expo floor. George was also a regular presence at industry meetings sponsored by the International Safety Equipment Association, the Safety Equipment Distributors Association, and the International Glove Association. George’s career in safety began in 1972 as a territory manager for Edmont-Wilson glove company, now Ansell Protective Products. In 1986, George was one of the founders and charter members of the Safety Equipment Manufacturers’ Agents Association (SEMAA), and served as its executive director and first president. In 1988, George was elected chairman of the National Industrial Glove Distributors Association (NIGDA) and served on its Hall of Fame Committee for 11 years. He was the first “rep” to be elected to the NIGDA Board, serving 8 years. In 1999, George was appointed MANA (Manufacturers’ Agents National Association) Manager of International Development to help guide MANA’s transition to a more global organization. MANA has a membership of approximately 4,000 rep agencies and 1,500 manufacturers in more than 25 countries. In 2001 George became the first non-European to be elected to the Board of IUCAB (International Union of Commercial Agents and Brokers). He served three terms ending in 2008. In 2005 he was elected to the MANA Board of Directors. In 2007, George was elected to serve on the MANA Board of Directors, Executive Committee. In 2008, he was also elected chairman of the MANA Board of Directors, Executive Committee. Founded by George in 1982, United Sales Associates, through its 13 field and inside sales reps, represents familiar product manufacturers such as Capital Safety fall protection, Haws emergency eyewash showers and fountains, Jackson Safety PPE, Lakeland Industries protective clothing, MAPA Professional gloves, Wells Lamont Industry Group gloves, and Justrite flammable storage containers. As manufacturers’ representatives, United Sales Associates operates as an independent sales and marketing contractor for the product lines of its principals (manufacturers), selling to distributors of safety products and making joint presentations with distributors to end-users of products (often worksite safety and health professionals). George is survived by his wife Ramona “Mo” Hayward (Steger), and his two sons Todd A. Hayward and Thomas J. Hayward, both employed at United Sales Associates.
George J. Hayward, 67, an icon in the tight-knit U.S. safety products industry, passed away on May 1, 2009, after a brief illness. George’s stature and influence extended far beyond the eight states served by the safety products manufacturers representatives of his company, United Sales Associates, founded by George in 1982 and based in Cincinnati. Beginning in March, 1997, George wrote a regular column (67 in total) for ISHN’s “For Distributors Only” supplement, prodding the safety products industry to see and seize the positive contributions it could deliver by being a holistic, integrated partnership of manufacturers, distributors, manufacturers’ reps, workplace safety and health professionals, regulators, and professional and trade associations. George had other “pet passions”: to think globally, to think beyond compliance selling, to make the business case for safety, and to think of new ways of servicing and educating safety and health professionals who purchase his industry’s products. In his first column for ISHN, George wrote: “In safety the heroes are not the doctors who repair those who have been injured but those who prevent the injuries in the first place! Those "Partners in Prevention" that Rick (Fulwiler) speaks to, those industrial hygienists, safety engineers, and the safety sales professionals - these are the heroes who prevent injuries and are truly the "Partners in Prevention." Here's to you all! - the real heroes!” In 1996, George was appointed to serve on the SEDA (Safety Equipment Distributors Association.), ISEA (International Safety Equipment Association.) and SEMAA Joint Committee on Education, a coalition responsible for creating and marketing the “Qualified Safety Sales Professional” (QSSP) program. QSSP is a week-long safety and health technical and regulatory fundamentals course, held twice each year, for sales and marketing professionals involved in the manufacture and distribution of safety equipment. The QSSP faculty, headed until his recent retirement as course director, by Dr. Rick Fulwiler, former director of Procter & Gamble Worldwide Safety and Health, has taught more than 700 graduates, increasing their knowledge base and raising their service capabilities to the benefit of thousands of worksite safety and health pros. QSSP classes have grown steadily in popularity, now selling out regularly. Thousands of safety and health professionals in the U.S. have benefited from George’s work and passion for safety without ever knowing who he was. George was a power-broker; a thought-provoking, humorous, extremely well-connected large man, almost larger-than-life to those who knew him. For most safety and health professionals, George’s work and contributions occurred behind the scenes, without their direct knowledge. More than an entrepreneur, George was one of the most visible and active leaders of the safety products community of manufacturers, distributors, purchasers and users; a tireless networker and alliance builder; a committed educator; a proponent of harmonized global safety and health regulations and closer working relationships between global safety and health associations; and a staunch advocate for protecting workers on the job. At trade shows such as the National Safety Congress, the American Industrial Hygiene Conference and Expo, and the American Society of Safety Engineers’ annual conference, George strolled the aisle joking, back-slapping, and conversing with his many friends as a sort of unofficial mayor of the expo floor. George was also a regular presence at industry meetings sponsored by the International Safety Equipment Association, the Safety Equipment Distributors Association, and the International Glove Association. George’s career in safety began in 1972 as a territory manager for Edmont-Wilson glove company, now Ansell Protective Products. In 1986, George was one of the founders and charter members of the Safety Equipment Manufacturers’ Agents Association (SEMAA), and served as its executive director and first president. In 1988, George was elected chairman of the National Industrial Glove Distributors Association (NIGDA) and served on its Hall of Fame Committee for 11 years. He was the first “rep” to be elected to the NIGDA Board, serving 8 years. In 1999, George was appointed MANA (Manufacturers’ Agents National Association) Manager of International Development to help guide MANA’s transition to a more global organization. MANA has a membership of approximately 4,000 rep agencies and 1,500 manufacturers in more than 25 countries. In 2001 George became the first non-European to be elected to the Board of IUCAB (International Union of Commercial Agents and Brokers). He served three terms ending in 2008. In 2005 he was elected to the MANA Board of Directors. In 2007, George was elected to serve on the MANA Board of Directors, Executive Committee. In 2008, he was also elected chairman of the MANA Board of Directors, Executive Committee. Founded by George in 1982, United Sales Associates, through its 13 field and inside sales reps, represents familiar product manufacturers such as Capital Safety fall protection, Haws emergency eyewash showers and fountains, Jackson Safety PPE, Lakeland Industries protective clothing, MAPA Professional gloves, Wells Lamont Industry Group gloves, and Justrite flammable storage containers. As manufacturers’ representatives, United Sales Associates operates as an independent sales and marketing contractor for the product lines of its principals (manufacturers), selling to distributors of safety products and making joint presentations with distributors to end-users of products (often worksite safety and health professionals). George is survived by his wife Ramona “Mo” Hayward (Steger), and his two sons Todd A. Hayward and Thomas J. Hayward, both employed at United Sales Associates.
Wednesday, April 29, 2009
Grainger names Ryan chairman of the board
W.W. Grainger's CEO and president James T. Ryan is promoted to chairman of the board, replacing Richard L. Keyser, who was named chairman emeritus
Victoria Fraza Kickham -- Industrial Distribution, 4/29/2009 1:44:53 PM
W. W. Grainger, Inc. announced Tuesday that CEO and president James T. Ryan will add the title and responsibilities of chairman of the board, effective immediately. He is succeeding Richard L. Keyser, who was named chairman emeritus and remains a member of the company's board of directors. Both men are standing for election to Grainger's board of directors Wednesday, April 29, 2009."Jim becomes chairman at a time that Grainger is poised to deliver even greater returns for its shareholders. He brings energy, discipline and passion to a company dedicated to providing great customer service. Jim's depth of industry experience and tenure with the company position him to lead Grainger into the future," Keyser said in a news release.Ryan was named CEO in June of 2008 and named chief operating officer and appointed to the board of directors in February 2007. He became president of Grainger in 2006.
Victoria Fraza Kickham -- Industrial Distribution, 4/29/2009 1:44:53 PM
W. W. Grainger, Inc. announced Tuesday that CEO and president James T. Ryan will add the title and responsibilities of chairman of the board, effective immediately. He is succeeding Richard L. Keyser, who was named chairman emeritus and remains a member of the company's board of directors. Both men are standing for election to Grainger's board of directors Wednesday, April 29, 2009."Jim becomes chairman at a time that Grainger is poised to deliver even greater returns for its shareholders. He brings energy, discipline and passion to a company dedicated to providing great customer service. Jim's depth of industry experience and tenure with the company position him to lead Grainger into the future," Keyser said in a news release.Ryan was named CEO in June of 2008 and named chief operating officer and appointed to the board of directors in February 2007. He became president of Grainger in 2006.
Thermo Fisher’s Q1 profit down 35%
Thermo Fisher’s Q1 profit down 35%
Boston Business Journal - by Julie M. Donnelly
Thursday, April 23, 2009
Thermo Fisher Scientific’s first quarter net income is off 35 percent, down to $148.9 million from $229.7 million during the same period last year. The Waltham, Mass.-based scientific instrument company is reporting its revenue for the first quarter was down 12 percent to $2.26 billion from $2.55 billion during the same period last year.
Thermo Fisher Scientific (NYSE: TMO) blamed the negative impact of currency exchange rates for 5 percent of the revenue loss, and said the rest was due to customers delaying purchasing of scientific equipment during the economic downturn.
The company has lowered its overall revenue guidance to between $9.6 and $9.9 billion, down $400 million from its previous forecast. Company officials said Thermo Fisher is focused on a combination of cost-cutting and strategic investment to improve its balance sheet.
Thermo Fisher’s stock sunk over 8 percent on the news, trading at $32.25 in mid-afternoon trading on Thursday, down from $35.19 at the previous day’s close.
Boston Business Journal - by Julie M. Donnelly
Thursday, April 23, 2009
Thermo Fisher Scientific’s first quarter net income is off 35 percent, down to $148.9 million from $229.7 million during the same period last year. The Waltham, Mass.-based scientific instrument company is reporting its revenue for the first quarter was down 12 percent to $2.26 billion from $2.55 billion during the same period last year.
Thermo Fisher Scientific (NYSE: TMO) blamed the negative impact of currency exchange rates for 5 percent of the revenue loss, and said the rest was due to customers delaying purchasing of scientific equipment during the economic downturn.
The company has lowered its overall revenue guidance to between $9.6 and $9.9 billion, down $400 million from its previous forecast. Company officials said Thermo Fisher is focused on a combination of cost-cutting and strategic investment to improve its balance sheet.
Thermo Fisher’s stock sunk over 8 percent on the news, trading at $32.25 in mid-afternoon trading on Thursday, down from $35.19 at the previous day’s close.
Applied Industrial fiscal third-quarter profit exceeds expectations
NAW SmartBrief 04/29/2009
Applied Industrial Technologies posted a profit of $11.6 million for the fiscal third quarter compared with $23.6 million for the third quarter of last year. The industrial-parts distributor's earnings per share of 27 cents exceeded analysts' expectations of 24 cents a share. "Sales generation and margin management will continue to be our greatest challenges for the near term as our customers respond to significant consumer withdrawal," CEO David Pugh said. Reuters (04/23) Plain Dealer (Cleveland), The (04/23)
http://www.smartbrief.com/news/naw/storyDetails.jsp?issueid=0BCA0F88-F165-42BB-8619-91DE99FC609B©id=441D239D-890C-429B-9FE9-11B86A46E78B
Applied Industrial Technologies posted a profit of $11.6 million for the fiscal third quarter compared with $23.6 million for the third quarter of last year. The industrial-parts distributor's earnings per share of 27 cents exceeded analysts' expectations of 24 cents a share. "Sales generation and margin management will continue to be our greatest challenges for the near term as our customers respond to significant consumer withdrawal," CEO David Pugh said. Reuters (04/23) Plain Dealer (Cleveland), The (04/23)
http://www.smartbrief.com/news/naw/storyDetails.jsp?issueid=0BCA0F88-F165-42BB-8619-91DE99FC609B©id=441D239D-890C-429B-9FE9-11B86A46E78B
Thursday, April 23, 2009
Danaher to lay off 2,300; close 16 facilities
Sales for diversified manufacturer Danaher Corp. drop 13 percent in first quarter; will accelerate cost reductions
Jack Keough -- Industrial Distribution, 4/23/2009 8:09:13 PM
The Danaher Corp. says revenues for the first quarter decreased roughly 13 percent year-over-year to $2.6 billion, with core revenues down 10 percent. The impact of currency reduced revenues by 5.5 percent, offset by acquisitions which contributed 2.5 percent to sales growth. Revenues also benefited from four extra days in the first quarter. The corresponding offset of days will be realized in the second and fourth quarters of this year.
"Given the (economic) environment, we are accelerating our cost reduction and restructuring activities, which now total $150 million to $170 million this year," Larry Culp, Danaher president and CEO told financial analysts in a conference call, according to a transcript provided by www.seekingalpha.com "These initiatives will result in the elimination of 2,300 positions and 16 facilities and provide annual cost savings of approximately $140 million. This is in addition to the more than $100 million of savings we discussed with you during our year-end call."
During the quarter, Danaher completed the acquisition of three companies, comprising about $50 million of annualized revenue to strengthen its environmental, test and measurement and sensors and controls businesses.
"We believe the acquisition environment is becoming more attractive and that we are well positioned to capitalize on strategic acquisition opportunities," Culp said.
Year-over-year gross margin for the first quarter increased approximately 110 basis points to 47.9 percent. Excluding the impact of prior-year Tektronix charges, gross margins were up slightly despite the revenue decline. This was primarily due to the impact of recent restructuring activities and lower raw material costs.
Mechanics hand tool core revenues declined 14 percent in the quarter, primarily due to lower sales to both the consumer and professional channels. Sales of Danaher's domestic China tool brand were also soft, although it saw sequential improvements through the quarter.
In March, Danaher was awarded a new multi-million dollar contract from the U.S. Marine Corps to supply tool kits, which it will begin shipping in the second quarter of this year.
"Our expectation is for the second quarter core revenues to be slightly worse than the first. And for the full year, we are forecasting core revenue declines approximately in line with our first-quarter decline of 10 percent," Culp said.
The $100 million to $120 million of additional restructuring charges are expected to reduce EPS by approximately $0.08 per share in the second quarter and $0.25 per share for the full year.
Jack Keough -- Industrial Distribution, 4/23/2009 8:09:13 PM
The Danaher Corp. says revenues for the first quarter decreased roughly 13 percent year-over-year to $2.6 billion, with core revenues down 10 percent. The impact of currency reduced revenues by 5.5 percent, offset by acquisitions which contributed 2.5 percent to sales growth. Revenues also benefited from four extra days in the first quarter. The corresponding offset of days will be realized in the second and fourth quarters of this year.
"Given the (economic) environment, we are accelerating our cost reduction and restructuring activities, which now total $150 million to $170 million this year," Larry Culp, Danaher president and CEO told financial analysts in a conference call, according to a transcript provided by www.seekingalpha.com "These initiatives will result in the elimination of 2,300 positions and 16 facilities and provide annual cost savings of approximately $140 million. This is in addition to the more than $100 million of savings we discussed with you during our year-end call."
During the quarter, Danaher completed the acquisition of three companies, comprising about $50 million of annualized revenue to strengthen its environmental, test and measurement and sensors and controls businesses.
"We believe the acquisition environment is becoming more attractive and that we are well positioned to capitalize on strategic acquisition opportunities," Culp said.
Year-over-year gross margin for the first quarter increased approximately 110 basis points to 47.9 percent. Excluding the impact of prior-year Tektronix charges, gross margins were up slightly despite the revenue decline. This was primarily due to the impact of recent restructuring activities and lower raw material costs.
Mechanics hand tool core revenues declined 14 percent in the quarter, primarily due to lower sales to both the consumer and professional channels. Sales of Danaher's domestic China tool brand were also soft, although it saw sequential improvements through the quarter.
In March, Danaher was awarded a new multi-million dollar contract from the U.S. Marine Corps to supply tool kits, which it will begin shipping in the second quarter of this year.
"Our expectation is for the second quarter core revenues to be slightly worse than the first. And for the full year, we are forecasting core revenue declines approximately in line with our first-quarter decline of 10 percent," Culp said.
The $100 million to $120 million of additional restructuring charges are expected to reduce EPS by approximately $0.08 per share in the second quarter and $0.25 per share for the full year.
Applied's Q3 sales drop 15 percent
Bearings and power transmission distributor expects no relief in 2009
Victoria Fraza Kickham -- Industrial Distribution, 4/23/2009 3:25:49 PM
In keeping with the tough economic climate, Applied Industrial Technologies announced a drop in sales and earnings for its fiscal third quarter on Wednesday.
The bearings and power transmission products distributor's sales dropped 14.8 percent, to $451.6 million, and earnings declined 51 percent, to $11.6 million, compared to the same period in 2008.
For the nine months ended March 31, 2009, Applied's sales were $1.5 billion, down 4 percent compared to the same period in 2008; net income for the period was down 29 percent and earnings per share declined nearly 28 percent to $1.17.
Applied's chairman and CEO David L. Pugh said the results were no surprise and pointed to sales generation and margin management as the company's greatest challenges in the current environment.
"In light of this, we have made prudent moves to reduce costs in line with demand, with a strong focus on asset management. As a result, our cash generation continues to be strong, which puts us in a solid strategic position going forward," Pugh said in a statement announcing the results. "The future remains difficult to forecast as the economic turmoil continues. At this time, we see no relief in this calendar year. ..."
Pugh re-affirmed the company's full-year earnings guidance of $1.30 to $1.70 per share and said sales should be at, or close to, the low end of its guidance of $1.95 billion to $2.1 billion.
Victoria Fraza Kickham -- Industrial Distribution, 4/23/2009 3:25:49 PM
In keeping with the tough economic climate, Applied Industrial Technologies announced a drop in sales and earnings for its fiscal third quarter on Wednesday.
The bearings and power transmission products distributor's sales dropped 14.8 percent, to $451.6 million, and earnings declined 51 percent, to $11.6 million, compared to the same period in 2008.
For the nine months ended March 31, 2009, Applied's sales were $1.5 billion, down 4 percent compared to the same period in 2008; net income for the period was down 29 percent and earnings per share declined nearly 28 percent to $1.17.
Applied's chairman and CEO David L. Pugh said the results were no surprise and pointed to sales generation and margin management as the company's greatest challenges in the current environment.
"In light of this, we have made prudent moves to reduce costs in line with demand, with a strong focus on asset management. As a result, our cash generation continues to be strong, which puts us in a solid strategic position going forward," Pugh said in a statement announcing the results. "The future remains difficult to forecast as the economic turmoil continues. At this time, we see no relief in this calendar year. ..."
Pugh re-affirmed the company's full-year earnings guidance of $1.30 to $1.70 per share and said sales should be at, or close to, the low end of its guidance of $1.95 billion to $2.1 billion.
Praxair Distribution acquires packaged gas companies
Alabama, Texas operations are added to southern region
Industrial Distribution Staff -- Industrial Distribution, 4/21/2009 1:41:27 PM
Praxair Distribution Inc., a subsidiary of Praxair, Inc., has acquired Alabama Welding Supply of Dolomite, Ala. Fowler Brothers of Birmingham, Ala., and Service Gas Supply of Midlothian, Texas. Terms of the agreement were not disclosed.
The operations will be integrated into Praxair Distribution's southern region. The division supplies industrial, specialty and medical gases and related equipment from 500 locations in the U.S. and Canada.
"We continue to execute our strategy of acquiring high quality distribution businesses that fit our portfolio while maintaining our strict return criteria," said George Ristevski, president of Praxair Distribution, in a company press release.
Industrial Distribution Staff -- Industrial Distribution, 4/21/2009 1:41:27 PM
Praxair Distribution Inc., a subsidiary of Praxair, Inc., has acquired Alabama Welding Supply of Dolomite, Ala. Fowler Brothers of Birmingham, Ala., and Service Gas Supply of Midlothian, Texas. Terms of the agreement were not disclosed.
The operations will be integrated into Praxair Distribution's southern region. The division supplies industrial, specialty and medical gases and related equipment from 500 locations in the U.S. and Canada.
"We continue to execute our strategy of acquiring high quality distribution businesses that fit our portfolio while maintaining our strict return criteria," said George Ristevski, president of Praxair Distribution, in a company press release.
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