Headline News

SKF Wins Court Battle Against RBC Nice Bearings
9/8/2010
September 8, 2010 LANDSDALE, Penn – SKF USA Inc. recently announced that following a 16-day trial in Connecticut state court, the court found for SKF and against RBC Nice Bearings Inc. on RBC's claim that SKF had breached the parties’ sales and supply contract that made SKF the exclusive distributor of Nice® bearings to the industrial aftermarket. RBC had terminated SKF's distributorship in June 2006 and filed suit against it alleging that SKF had failed to comply with the contract’s payment terms.

China Accused Of Violating World Trade Organization Commitments
9/8/2010
September 8, 2010 BEIJING (AP) — China's vice president promised foreign companies equal treatment in the government's latest effort to reassure investors amid complaints conditions for them are worsening. Foreign business groups complain that China's efforts to promote "indigenous innovation" by favoring domestic companies violates the spirit of its World Trade Organization market-opening commitments. The vice president, Xi Jinping, said Beijing would alter the procurement rules that prompted an outcry from foreign companies by giving preference to Chinese-developed technology in multibillion-dollar annual government purchases of computers and other goods.

Air Products Boosts Offer To Buy Airgas
9/7/2010
September 7, 2010 NEW YORK (AP) — Air Products and Chemicals Inc. said Monday it has boosted its offer to buy rival Airgas Inc. to $65.50 per share, but said it will walk away if Airgas shareholders don't elect its board slate and approve its bylaw proposals. Based on 83.7 million Airgas shares outstanding in August, that puts Air Products' latest bid at about $5.48 billion. The new bid represents a 50 percent premium over the closing price for Airgas shares of $43.

Cintas Launches New Safety Training And Product Compliance Group
9/7/2010
September 7, 2010 CINCINNATI – Cintas Corporation  recently announced the launch of its new comprehensive Safety Training & Compliance product group during the Voluntary Protection Programs Participants’ (VPPPA) Annual Conference. This new product group completes the existing Cintas product offerings that provide: van-delivered first aid supplies, safety products, ReviveRTM AEDs, and CPR/AED/first aid training. The new online safety training and compliance programs are designed to improve productivity through worker safety and reduce workers’ compensation costs.

Airgas Inks Supply Pact With BAE Systems
9/7/2010
September 7, 2010 RADNOR, Penn. – Airgas recently announced it has signed a Strategic Agreement with BAE Systems, the United Kingdom-based defense and aerospace company. Airgas will supply BAE System's manufacturing locations throughout the United States with bulk and packaged industrial gas, welding hardgoods and related products, and personal protective equipment (PPE) products.  The five-year agreement will be part of the Airgas Strategic Accounts program which serves multi-location customers who benefit from sole-source supply and supply chain management services.

U.S. Productivity Falls While Labor Costs Increase
9/2/2010
September 2, 2010 by Martin Crutsinger, AP Economics Writer WASHINGTON (AP) — U.S. productivity in the spring fell by the largest amount in nearly four years while labor costs rose, signals that companies may have reached the limits of squeezing more work out of fewer workers. Productivity dropped at an annual rate of 1.8 percent in the April-to-June quarter, double the 0.9 percent decline originally reported a month ago, the Labor Department said Thursday.

Bourland & Leverich Sees Change In Ownership
9/2/2010
September 2, 2010 PAMPA, Tex. – Jefferies Capital Partners, Bourland & Leverich management, Edgen Murray and Edgen Murray management have formed an ownership group to acquire the assets of Bourland & Leverich Supply Company. Bourland & Leverich is one of the largest distributors of oil country tubular goods (OCTG) to the onshore upstream industry in North America, and Edgen Murray is a leading global provider of specialty steel products for energy infrastructure markets.

Airgas Announces Supply Pact With University Of Missouri
9/2/2010
September 2, 2010 RADNOR, Penn. - Airgas, Inc. recently announced it has signed a supply agreement with the University of Missouri, one of the nation's largest and most prestigious public research universities. Under the agreement, Airgas will provide specialty gases, equipment, safety products, and services to the university system, which includes campuses in Columbia, Kansas City and St. Louis, MO, and the Missouri University of Science & Technology in Rolla, MO.

Kaman Names New KIT President
9/2/2010
September 2, 2010 BLOOMFIELD, Conn. – Kaman Corporation recently announced that Steven J. Smidler has assumed the role of President of its subsidiary, Kaman Industrial Technologies Corporation (KIT). Smidler succeeds T. Jack Cahill, who retired yesterday, and he reports to Neal J. Keating, Chairman, President and CEO of the parent company. Smidler, 51, joined Kaman in December 2009 as Senior Vice President and Chief Operating Officer of KIT.

U.S. Jobless Rate Declines For Second Straight Week
9/2/2010
September 2, 2010 by Christopher S. Rugaber, AP Economics Writer WASHINGTON (AP) — The number of people requesting unemployment benefits declined for the second straight week, suggesting that the slowing economy isn't prompting widespread job cuts. New claims for unemployment aid fell last week by 6,000 to a seasonally adjusted 472,000, the Labor Department said Thursday. Economists had expected a slight increase, according to a survey by Thomson Reuters.

MSC Industrial Direct Releases 2010-11 Big Book
9/2/2010
September 2, 2010 MELVILLE, NY – MSC Industrial Direct Co., Inc., one of the country's leading distributors of metalworking and maintenance, repair and operation supplies, continues to support industrial customers throughout the United States with the release of the 2010/2011 Big Book. The catalog was be available online and in print startingon September 1, 2010. With more than 500,000 items, 40 product categories and over 2,000 name brand suppliers, MSC's annual Big Book is the industry's largest catalog of metalworking and MRO supplies.

Federal Judge Okays Visteon's Plan For Bankruptcy
9/1/2010
September 1, 2010 WILMINGTON, Del. (AP) — A federal judge has confirmed auto parts supplier Visteon's reorganization plan, clearing the way for the company's emergence from bankruptcy. Visteon, a major supplier of parts to Ford Motor Co., said Tuesday that it expects to emerge from Chapter 11 bankruptcy by Oct. 1. The company, based in Van Buren Township, Mich., filed its case in May 2009 as the auto industry was battered by sharply lower sales and the financial crisis.

U.S. Consumer Confidence Improves In August
9/1/2010
September 1, 2010 NEW YORK (AP) -- Americans' confidence in the economy improved slightly in August, but the mood is still gloomy amid job worries, according to a monthly survey. The Conference Board said Tuesday that its Consumer Confidence Index improved slightly to 53.5, up from a revised 51.0 in July. Economists surveyed by Thomson Reuters had expected 50.5. The improvement comes after two straight months of declines. It takes a reading of 90 or more to indicate a healthy economy -- a level not reached since the recession began in December 2007.

Airgas Continues To Battle Potential Air Products Takeover
8/31/2010
August 31, 2010 RADNOR, Pa. (AP) — Airgas Inc. on Monday told shareholders that if Air Products & Chemicals Inc.'s buyout plans don't receive majority support, Airgas will call a special meeting of its stockholders on June 21 next year. At that meeting, Airgas said it will take action to assure that Air Products or other stockholders will be able to nominate a number of individuals to its board. That would make it so that if a plurality of Airgas stockholders vote for those nominees, they, together with any Air Products nominees elected at the September 2010 Annual Meeting, would constitute a majority of the Airgas board.

Obama Expected To Criticize Chinese Aluminum Export Industry
8/31/2010
August 31, 2010 by Foster Klug, Associated Press Writer WASHINGTON (AP) — Analysts say the Obama administration, under congressional pressure to take a tough stance on Chinese trade policies, is expected to declare that China unfairly helped its aluminum industry. The finding, which could spark higher import duties, was anticipated Tuesday as the White House attempts to strike a delicate balance ahead of November congressional elections that will be dominated by the weak U.

Ford Settles Lawsuit Over Employee Stock Losses
8/31/2010
August 31, 2010 DETROIT (AP) -- Ford Motor Co. has settled a lawsuit over losses suffered by nonunion employees and retirees who held company stock in retirement accounts. The company will offer free investment advice for four years but no money will be paid except to lawyers. In a court filing Friday, lawyers for plaintiffs say Ford Motor's improved health and stock price could have helped the company win the lawsuit or defeat some claims.

R.B. Mosher Picks PUMP-FLO Selection Software Solution
8/30/2010
August 30, 2010 LACEY, Wash. -- PUMP-FLO™ Solutions, a provider of software solutions to the pump and fluid handling industry, recently announced that R.B. Mosher, a distributor of products and services to the petrochemical, oil, power and municipal industries, has awarded PUMP-FLO Solutions a contract for its ePUMP-FLO™ web-based selection software. Under terms of the agreement, R.B. Mosher will license the full featured ePUMP-FLO software including a hosted online pump selection solution and lead generation & management tools.

Eaton Names New Chief Technology Officer
8/30/2010
August 30, 2010 CLEVELAND (AP) — Diversified industrial manufacturer Eaton Corp. said Friday it named Lennart Jonsson executive vice president and chief technology officer. Jonsson joined Eaton in its Powerware acquisition in 2004 and served as a senior engineering manager. He was named vice president of technology and chief technology officer for the Electrical Group in 2007. Shares of Eaton rose $1.37, or 2 percent, to $71.

Ford Recalls 575K Windstar Vans
8/30/2010
August 30, 2010 WASHINGTON (AP) -- Ford Motor Co. says it is recalling 575,000 older model Windstar vans in the United States and Canada because of the possibility that the rear axles can corrode and potentially break. The recall covers vehicles in the model years 1998 to 2003 sold in states where the heavy use of road salt can cause more corrosion. That includes Canada, New England, the Mid-Atlantic states and the Great Lakes region.

Auto Industry Expected To See Sales Slowdown
8/30/2010
August 30, 2010 NEW YORK (AP) — August auto sales are expected to be much lower than the year-ago month, a time when sales were pumped up by the federal government's Cash for Clunkers vehicle trade-in program, according to analyst predictions. The seasonally adjusted annual rates for the month may also suggest that the auto industry's steady recovery in the first half of the year is losing steam, the analysts predicted. The August results are "unlikely to ease investors doubts about the shape of the recovery for the auto industry," wrote Brian Johnson of Barclays Capital.

Boeing Sees Another Delay In Delivery of 787
8/27/2010
August 27, 2010 by Samantha Bokamp, AP Airlines Writer NEW YORK (AP) — Boeing Co. postponed the delivery of its first 787 to the middle of the first quarter of 2011, compounding a string of delays for the jetliner that is already more than two years past its original scheduled debut. The latest delay is the result of engine delivery problems, Boeing said in a statement early Friday. The Chicago company said in July it expected to deliver the plane late this year, but it warned that might not happen.

Auto Supplier Visteon Teams Up With Russian Firm
8/27/2010
August 27, 2010 VLADIMIR, Russia (AP) — Auto parts supplier Visteon Corp. said Thursday that it has formed a joint venture with a Russian company, Avtopribor, to provide vehicle cockpit electronics to the Russian auto market. The venture, called OOO Visteon Avtopribor Electronics, will make products such as audio equipment, infotainment devices and driver information and control electronics. It will be based in Vladimir, located to the east of Moscow.

Toyota Recalls 1.33M Corollas, Matrixes
8/27/2010
August 27, 2010 by Dan Strumpf, AP Auto Writer NEW YORK (AP) — Toyota recalled 1.33 million Corolla sedans and Matrix hatchbacks in the U.S. and Canada Thursday because their engines may stall, the latest in a string of quality problems at the Japanese automaker. The recall covers vehicles from the 2005-2008 model years sold in the U.S. and Canada. Three accidents and one minor injury have been reported, though Toyota said a link to the engine issue has not been confirmed.

Wolseley Sells Brandon Hire Limited To Rutland Partners
8/26/2010
August 26, 2010 READING, UK -- Wolseley announced today that it has agreed to dispose of Brandon Hire Limited, its UK tool and equipment hire business, to Rutland Partners. Total cash consideration of £43 million will be payable on completion, subject to normal closing adjustments. Completion is expected within 30 days. In the year ended 31 July 2010, the business generated revenue of approximately £70 million. Net assets being disposed amount to approximately £35 million.

Businesses Cut Back Investments In Machinery
8/26/2010
August 26, 2010 by Alan Zibel and Daniel Wagner, AP Business Writers WASHINGTON (AP) — It's starting to feel like another recession. Businesses are ordering fewer goods. Home sales are the slowest in decades. Jobs are scarce, and unemployment claims are rising. Perhaps most worrisome, manufacturing activity, which had been one of the economy's few bright spots, is faltering. "The odds of a double-dip are rising and uncomfortably high," said Mark Zandi, chief economist at Moody's Analytics, referring to the possibility that the nation will tip back into recession.

MRC Agrees To Buy Dresser Oil Tools & Supply
8/26/2010
August 26, 2010 HOUSTON --  McJunkin Red Man Corp.,  has agreed to acquire operations and assets from Dresser Oil Tools & Supply. Dresser currently has five branches. The operations and assets to be bought by McJunkin Red Man relate to the business of the sale and distribution of pipe, valves and fittings, oilfield production, and drilling supplies and related products. These assets generated net sales of about $12 million in 2009.

Labor Department: U.S. Job Market Still Unstable
8/26/2010
August 26, 2010 by Christopher S. Rugaber, AP Economics Writer WASHINGTON (AP) — New requests for unemployment benefits fell sharply last week, the first decline in a month and a hopeful sign after a raft of negative economic reports. New claims for jobless aid dropped by 31,000 to a seasonally adjusted 473,000, the Labor Department said Thursday. Still, claims remain much higher than they would be in a healthy economy.

Air Products One Step Closer To Airgas Purchase
8/26/2010
August 26, 2010 LEHIGH VALLEY, Pa. (AP) — Air Products & Chemicals Inc. said Tuesday it has filed its required notification with the Federal Trade Commission regarding its proposed $5.5 billion cash acquisition of Airgas Inc. The FTC has until Sept. 8 to decide on antitrust clearance of the deal. Air Products has offered to buy Airgas Inc. for $63.50 per share, plus about $1.7 billion of debt — a price Airgas directors maintain "grossly undervalues" the company.

Ford, Mazda See Thailand As A Quality Outsourcing Option
8/26/2010
August 26, 2010 by Yuri Kageyama, AP Business Writer TOKYO (AP) — Ford Motor Co. and Mazda Motor Corp. are investing $350 million in their joint venture plant in Thailand to revamp production of pickup trucks, both sides said Thursday. The investment at AutoAlliance Thailand, a 50-50 joint venture, underlines that four years of political upheaval has not yet deterred automakers from expanding their manufacturing in the Southeast Asian nation, which offers incentives such as tax breaks to foreign manufacturers.

Durable Goods Orders See Slight Rise
8/25/2010
August 25, 2010 by Daniel Wagner, AP Business Writer WASHINGTON (AP) — Orders to U.S. factories for big-ticket manufactured goods increased slightly in July, but businesses spent less as the economic recovery lost momentum. Demand for durable goods rose 0.3 percent last month, the Commerce Department said Wednesday. The overall increase was driven by a 75.9 percent increase in orders for commercial airplanes. Without the volatile transportation sector, orders dropped 3.

Northrop Grumman Expects To Lay off 642 Workers
8/25/2010
August 25, 2010 PASCAGOULA, Miss. (AP) — Northrop Grumman Corp. plans to lay off 642 workers at its Pascagoula shipyard by the end of the year, the company said. The first 292 affected workers were notified Wednesday under a federal law requiring 60 days notice of layoffs that affect 500 or more people. The company told The Mississippi Press that the layoffs are due to the cyclical nature of shipbuilding, including the timing of contracts.

Feds Consider Jeep Grand Cherokee Recall
8/25/2010
August 25, 2010 WASHINGTON (AP) -- Federal safety officials have opened an investigation of 3 million Jeep Grand Cherokees over concerns that defective fuel tanks could cause fires in crashes. The investigation is in response to allegations made last year by an auto safety group that the placement of the gas tank behind the rear bumper and below the rear axle could make the SUV vulnerable to spillage during a rear end crash. The National Highway Traffic Safety says it has identified 10 crashes and 13 deaths that could be linked to the potential problem, though the safety group says there are more cases.

U.S. Government Beefs Up Toyota Probe
8/24/2010
August 4, 2010 by Yuri Kageyama, AP Business Writer TOKYO (AP) — The U.S. government has beefed up its investigation into Toyota's Corolla and Matrix vehicles because of a possible engine defect that might cause them to stall. The National Highway Traffic Safety Administration said in a statement that it was raising its preliminary evaluation to a more serious scrutiny called an engineering analysis to look into the problems that could cause the engine to stall, not start or to shift gear harshly.

Prius Gets Sound To Protect Pedestrians
8/24/2010
August 4, 2010 by Yuri Kageyama, AP Business Writer TOKYO (AP) -- Toyota's Prius hybrid is becoming a little less quiet with a new electronic humming device that is the automaker's answer to complaints that pedestrians can't hear the top-selling car approaching. The 12,600 yen ($148) speaker system that goes under the hood of the third-generation Prius sets off a whirring sound designed to be about the same noise level as a regular car engine so that it isn't annoying, Toyota Motor Corp.

Biden: U.S. Auto Industry Will Thrive
8/24/2010
August 4, 2010 by John Seewer, Associated Press Writer TOLEDO, Ohio (AP) — Vice President Joe Biden said Monday that U.S. automakers will thrive in the coming years despite the economic challenges still facing the industry. Addressing auto workers, Biden painted a rosy picture of an industry that only a year ago was facing questions about whether it could survive and still is struggling to sell cars and other vehicles.

Suppliers Tied To Massive Egg Recall
8/23/2010
August 23, 2010 by Mary Clare Jalonick, Associated Press Writer WASHINGTON (AP) — Two Iowa farms that recalled more than a half-billion eggs linked to as many as 1,300 cases of salmonella poisoning share suppliers of chickens and feed as well as ties to an Iowa business routinely cited for violating state and federal law, an egg industry spokeswoman said. Food and Drug Administration investigators have yet to determine the cause of the salmonella outbreaks at Wright County Egg and Hillandale Farms.

U.S. Jobless Rate Remains Stuck At 9.5 Percent
8/23/2010
August 23, 2010 by Christopher S. Rugaber, AP Economics Writer WASHINGTON (AP) -- Unemployment fell in fewer states in July than in the previous three months, a sign that the pace of job growth has slowed. The jobless rate dropped in 18 states and Washington, D.C. last month, the Labor Department said Friday. It rose in 14 states and stayed the same in 18. That's a slowdown from the past three months when unemployment fell in more than 30 states.

Food Distributor Says Recalled Eggs Sold Without Permission
8/20/2010
August 20, 2010 CHICAGO (AP) — A food distributor says the company at the center of a massive egg recall used unauthorized cartons to package and sell eggs under its brand name without its knowledge. Dutch Farms says it is taking legal action against Wright County Eggs. Dutch Farm eggs and several other brands are being recalled for possible salmonella contamination. An estimated 380 million eggs are being recalled in a case suspected to have caused hundreds of illnesses.

Labor Department: Layoffs Are Back
8/20/2010
August 20, 2010 by Christopher S. Rugaber, AP Economics Writer WASHINGTON (AP) — Layoffs are back, and that's bad news for the fragile economic recovery. New applications for unemployment benefits hit a nine-month high last week — a spike that suggests private employers may shed jobs this month for the first time this year. Workers are losing construction jobs in Georgia and manufacturing jobs in Indiana. Some of the layoffs are coming as stimulus money dries up and public works projects come to a halt.

Economic Indicators See Small Rise In July
8/20/2010
August 20, 2010 by Tali Arbel, AP Business Writer NEW YORK (AP) — A private research group said its gauge of future economic activity edged up in July, suggesting growth will be sluggish for the rest of the year. The Conference Board said Thursday that its index of leading economic indicators rose 0.1 percent last month after dropping 0.3 percent in June. Economists polled by Thomson Reuters had expected a gain of 0.2 percent.

AP: Obama's Handling Of Economy Is Questioned
8/19/2010
August 19, 2010 by Ben Feller, AP White House Correspondent WASHINGTON (AP) -- President Barack Obama earned his lowest marks ever on his handling of the economy in a new Associated Press-GfK poll, which also found that an overwhelming majority of Americans now describe the nation's financial outlook as poor. A frustrated electorate could take it out on the party in power -- Obama's Democrats -- in the November elections.

ATC To Move Ahead With Genco Deal
8/19/2010
August 19, 2010 DOWNERS GROVE, Ill. (AP) -- After spending 30 days exploring various options, ATC Technology Corp. said Wednesday it's decided its planned acquisition by Genco Distribution System Inc. is the best deal available. The Downers Grove, Ill., engineering and supply chain logistics firm said a "go-shop" period in which it was allowed to seek alternatives to the takeover by Genco expired Tuesday night. ATC's financial adviser, Robert W.

Air Products Prepares For Takeover Of Airgas
8/19/2010
August 19, 2010 ALLENTOWN, Pa. (AP) — Air Products and Chemicals Inc. said Monday it has reached an agreement with staff at the Federal Trade Commission on the terms of a consent decree for its $5.5 billion takeover of rival Airgas Inc. The decree allows Air Products to acquire Airgas if it divests of certain assets, including Airgas's liquid bulk and onsite supply of atmospheric gases. The decree must now be approved by the FTC's commissioners.

A Year After Bankruptcy, GM Is Back
8/19/2010
August 19, 2010 by Ken Thomas and Tom Krisher, Associated Press Writers DETROIT (AP) — Thirteen months ago, General Motors was fighting for its life in bankruptcy court. Now, the automaker is laying the groundwork to sell stock to the public once again with the eventual goal of ridding itself of government ownership. General Motors Co. filed the first batch of paperwork required to hold an initial public offering of stock late Wednesday.

Electric Vehicles Group Pushes For Wider Commercialization
8/19/2010
August 19, 2010 by Elaine Kurtenbach, AP Business Writer SHANGHAI (AP) — China has set up an electric vehicles association in its latest effort to encourage wider commercialization of the costly technology. The new group made up of state-owned automakers and other related manufacturers will promote common standards and accelerate research among related state-owned companies, Li Rongrong, head of the government agency in charge of state assets, said in a speech Wednesday posted on the agency's website.

Cheese Distributors Recall Products Tainted With Metal
8/19/2010
August 19, 2010 TOKYO, Aug. 18 (Kyodo) — Cheese maker Union Cheese Co. and two other cheese distributors said Wednesday they will voluntarily recall some of their cheese products in the wake of Meiji Dairies Corp.'s recall on Monday after finding metallic pieces in cheese ingredients imported from Germany. Sharing the same German ingredients with Meiji Dairies, Union Cheese said it will withdraw some 380,000 cheese products from shops run by supermarket chains Seiyu GK, Seijo Ishii Co.

General Motors, Chinese Partner Team Up For Engine Development
8/18/2010
August 18, 2010 by Elaine Kurtenbach, AP Business Writer SHANGHAI (AP) — General Motors Co. and Chinese partner SAIC announced Wednesday plans for joint development of fuel-efficient small engines and transmissions, focusing squarely on the fastest-growing part of China's huge auto market. The companies, which run several joint ventures including their flagship Shanghai GM, will develop a 1 liter to 1.5 liter direct-injection, turbocharged gasoline engine to be used by both sides in China and in globally sold vehicles, they said.

Foxconn Holds Rallies To Raise Worker Morale
8/18/2010
August 18, 2010 by Gillian Wong, Associated Press Writer SHENZHEN, China (AP) — Following a string of suicides at its Chinese factories, Foxconn Technology Group raised workers' wages and installed safety nets on buildings to catch would-be jumpers. Now the often secretive manufacturer of the iPhone and other electronics is holding rallies for its workers to raise morale at the heavily regimented factories. The outreach to workers shows how Foxconn has been shaken by the suicides and the bad press they have attracted to the normally publicity shy company.

EU Loses Case Over Taxes On U.S. Asian, Goods
8/18/2010
August 18, 2010 GENEVA (AP) — The European Union is weighing whether to appeal a World Trade Organization ruling that condemned the bloc for illegally collecting tariffs on billions of dollars worth of high-tech goods from the U.S., Japan and Taiwan. EU spokesman Patrizio Fiorilli said officials were still studying the decision, even though they've had weeks to read through the 444-page confidential report. It was made public Monday.

Abrupt Growth Slowdown Affects More Than Just China
8/17/2010
August 17, 2010 by Joe McDonald, AP Business Writer Beijing (AP) -- China's abrupt growth slowdown is sending a chill through Asian economies and as far away as Australia and Africa as its voracious demand for imports fades. Beijing is cooling its economy with lending and investment curbs after explosive 11.9 percent first-quarter growth fed fears of overheating. Growth is slowing more sharply than expected, cutting demand for American and European factory machinery, industrial components from Asia and iron ore and other raw materials from Australia and Africa.

Industrial Production Rises In July
8/17/2010
August 17, 2010 by Daniel Wagner, AP Business Writer WASHINGTON (AP) — Industrial production rose in July on the strength of U.S. manufacturing, as auto factories stayed open and businesses replaced worn-out equipment. Output at America's factories, mines and utilities increased 1.0 percent last month, the Federal Reserve reported Tuesday. Factory output, the largest single component of industrial production, grew 1.

GM Recalls 250,000 Vehicles For Seat Belt Issues
8/17/2010
August 17, 2010 by Ken Thomas, Associated Press Writer WASHINGTON (AP) — General Motors is recalling nearly 250,000 crossover vehicles worldwide to inspect second-row seat belts that could be damaged and not latch. GM says the recall affects 2009-2010 models of the Chevrolet Traverse, Buick Enclave, GMC Acadia and Saturn Outlook. Most of the recalled vehicles are in the United States but some are also in Canada, Mexico and elsewhere.

Fed Official Says Low Interest Rates A 'Dangerous Gamble'
8/16/2010
August 16, 2010 WASHINGTON (AP) -- A Federal Reserve official says keeping interest rates at record lows is a "dangerous gamble" that could hurt the economy later on by unleashing inflation or new speculative bubbles. Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, made the comments Friday, just days after dissenting with the Fed's decision to take an unconventional step to strengthen the fragile recovery by buying government debt.

Apple Manager, Suppliers Accused Of Kickback Scheme
8/16/2010
August 16, 2010 CUPERTINO, California (AP) — A manager at Apple Inc. has been indicted by a federal grand jury in an alleged kickback scheme involving suppliers of iPhone and iPod accessories. Authorities say Paul Shin Devine of Sunnyvale was arrested on Friday on charges of wire fraud, money laundering and kickbacks. The indictment had been filed under seal Wednesday. Devine, 37, is accused of accepting more than $1 million in exchange for providing confidential information to Apple suppliers in Asia.

No Easy Fix Ahead For Struggling Economy
8/16/2010
August 16, 2010 by Jeannine Aversa, AP Economics Writer WASHINGTON (AP) — The Federal Reserve has little power left to lift the economy out of its rut. Congress, with an election looming, has no appetite for more stimulus. Shoppers are reluctant to spend, and businesses are slow to hire. Let's face it: There is no easy or imminent fix for the flagging recovery. The sluggish economic summer wore on Friday with news that Americans spent less at most retail stores in July.

After Leading Company Turnaround, GM CEO Steps Down
8/13/2010
August 13, 2010 by Dee-Ann Durbin and Tom Krisher, AP Auto Writers DETROIT (AP) — In a signal moment for the turnaround of the American auto industry, General Motors is edging toward a public stock sale, and its profits are now solid enough that the demanding CEO will step aside, saying his work is done. GM said Thursday that it made $1.3 billion from April through June, its second straight quarter in the black and a complete reversal from last year, when it was forced into bankruptcy and the U.

Avnet To Acquire itX In $69.2M Deal
8/13/2010
August 13, 2010 PHOENIX (AP) — Electronic parts and computer products distributor Avnet Inc. said Friday it will acquire itX Group Ltd., an Australian distributor of software, hardware and services in an all-cash deal valued at $69.2 million. The deal requires approval by itX shareholders and Australian courts. The Australian company reserves the right to pay to its shareholders a special dividend of up to nearly $9 million, on top of its normal full-year dividend, subject to certain conditions.

U.S. Trade Deficit Hurts Industrial Marketplace
8/12/2010
August 12, 2010 by Martin Crutsinger, AP Economics Writer WASHINGTON (AP) — The United States is selling fewer products around the world and spending more on cheap imported goods, an imbalance that hurts the job market at home and means the economy is even weaker than previously thought. The trade deficit of nearly $50 billion for June is the biggest in almost two years, and economists fear that economic growth for the second quarter, which came in at a sluggish rate of 2.

GM Posts $1.33B Profit, A Sign Of Strength
8/12/2010
August 12, 2010 by Dee-Ann Durbin and Tom Krisher, AP Auto Writers DETROIT (AP) — General Motors Co. said Thursday it made $1.33 billion in the second quarter, a sign it's getting healthier as it prepares to sell stock to the public. It was the second straight quarterly profit for GM, which made $865 million in the first quarter. CEO Ed Whitacre said last week that the company is eager to sell shares in an initial public offering so it can end its dependence on the government and pay off $43.

Jobless Rate Rises To Highest Level In Six Months
8/12/2010
August 12, 2010 by Christopher S. Rugaber, AP Economics Writer WASHINGTON (AP) — New applications for unemployment insurance rose last week to their highest level in almost six months, the latest evidence that some employers are still cutting their staffs. First-time claims for jobless benefits edged up by 2,000 to a seasonally adjusted 484,000, the Labor Department said Thursday. Analysts had expected a drop. That's the highest total since February.

Avnet Sees Fiscal, Revenue Growth In 4Q
8/12/2010
August 12, 2010 PHOENIX (AP) — Electronic parts and computer products distributor Avnet Inc. on Wednesday reported a better-than-expected fiscal fourth-quarter profit, helped by revenue growth across all regions. Net income for the three months ended July 3 totaled $141.1 million, or 92 cents per share, compared with a loss of $30.9 million, or 20 cents per share, last year. Revenue rose 39 percent to $5.21 billion from $3.

China Refutes Claim It's World's Largest Energy Consumer
8/12/2010
August 12, 2010 BEIJING (AP) -- China insisted Wednesday that it is only the world's second largest energy consumer, weeks after the International Energy Agency said it had passed the United States to become No. 1. A joint statement by China's National Energy Administration and National Bureau of Statistics gave a higher estimate of China's energy consumption last year than Chinese officials earlier provided, but said it was still less than that of the United States.

Grainger Reports July Sales Results
8/11/2010
August 12, 2010 CHICAGO -- Grainger today reported sales results for the month of July 2010. Daily sales increased 21 percent versus July 2009. Results for the month included a 5 percentage point positive contribution from acquisitions and a 1 percentage point contribution from foreign exchange. Excluding acquisitions and foreign exchange, daily sales for the company increased 15 percent. W.W. Grainger, Inc. with 2009 sales of $6.

Obama To Sign Key Manufacturing Bill
8/11/2010
August 11, 2010 WASHINGTON (AP) — The White House says President Barack Obama will sign a bill on Wednesday that will help U.S. manufacturers by reducing and suspending some tariffs on certain materials they must import to make their products. Obama is scheduled to sign the bill at the White House. The National Association of Manufacturers says it will help create jobs, cut costs for businesses and consumers and boost U.

Worried About U.S. Economy, Fed Buys Debt
8/11/2010
August 11, 2010 by Jeannine Aversa, AP Economics Writer WASHINGTON (AP) — As recently as two months ago, the Federal Reserve sounded optimistic about the economic recovery. Now the central bank is clearly more worried, and economists say there is not much more it can do to help. The Fed said Tuesday that it would spend a relatively small amount of money — about $10 billion a month, economists estimate — buying government debt.

Inventories Edge Upward, But Sales Drop
8/10/2010
August 10, 2010 by Martin Crutsinger, AP Economics Writer WASHINGTON (AP) — Inventories at the wholesale level edged up slightly in June but sales fell by the largest amount in 15 months. Wholesale inventories rose 0.1 percent in June, the Commerce Department reported Tuesday. Sales fell 0.7 percent. It marked the second straight drop in sales, providing further evidence that the economy was slowing in the spring. Businesses helped drive the early stages of the recovery last year by building up their stocks after slashing them during the recession.

U.S. Business Leader Label Obama 'Antibusiness'
8/10/2010
August 4, 2010 by Tom Raum, Associated Press Writer WASHINGTON (AP) — Labeled antibusiness by Republicans and some corporate chiefs, President Barack Obama mounted a campaign to show he wasn't. But his charm offensive has hit a rocky patch. Business leaders gripe about burdensome new financial and health care regulations, what they see as unfriendly tax policies and vast government spending. They were put off by Obama's harsh depiction of "fat cat bankers" and "reckless practices," a label he applied both to Wall Street and to oil-spill giant BP.

Honda Announces Recall Of Civics And Accords
8/10/2010
August 10, 2010 NEW YORK, Aug. 9 (Kyodo) — Honda Motor Co. on Monday announced the recall of a total of about 434,000 vehicles in North America and other regions due to a defect that could cause the cars to roll away if they are parked incorrectly. The recall affects such vehicles as the Accord and Civic from the 2003 and 2004 model years. There are some 384,000 cars under recall in the United States, about 44,000 in Canada and a total of roughly 6,000 in Germany and Latin America.

U.S. Economists: Faster Job Growth Is Needed
8/6/2010
August 6, 2010 by Christopher S. Rugaber, AP Economics Writer WASHINGTON (AP) — Companies showed a lack of confidence about hiring for a third straight month in July, making it likely the economy will grow more slowly the rest of the year. The unemployment rate was unchanged at 9.5 percent. Private employers added a net total of only 71,000 jobs in July, far below the roughly 200,000 needed each month to reduce the unemployment rate.

Fallout Continues After Shooting At Beer Distributor
8/6/2010
August 6, 2010 by Mark Scolforo and Stephen Singer, Associated Press Writers HARTFORD, Conn. (AP) — For two days, employees at a beer distribution company puzzled over why an easy-going co-worker with no history of violence would go on a rampage, fatally shooting eight men and wounding two others before killing himself. Then, the shooter himself told them why. In a chilling, 4-minute 911 call, Omar Thornton told a police dispatcher how he sought to avenge racial discrimination through the shootings Tuesday at Hartford Distributors Inc.

Dematic Purchases HK Systems
8/5/2010
August 5, 2010 LUXEMBORG - Dematic, a global supplier of integrated material handling solutions and services, announces it has signed an agreement in principle to purchase HK Systems, a North American automated material handling and software solutions provider. The transaction is expected to close sometime in the third quarter of 2010. The Dematic and HK Systems merger will result in a stronger and more responsive company providing added value and expanded solution portfolios for customers.

PTM And Lafert North America Extend Partnership
8/5/2010
August 5, 2010 CALGARY -- PTM and Lafert North America are pleased to announce a significant extension to their existing partnership. Effective July 2010, PTM will provide distribution and logistic services for Lafert in Western Canada. A comprehensive range of Lafert’s metric motors and associated products are now stocked for immediate delivery from PTM’s Calgary distribution centre. PTM currently acts as national representatives of Lafert’s SITI metric gearbox and Sacemi coolant pump lines.

Applied Announces Two Acquisitions
8/5/2010
August 5, 2010 CLEVELAND – Applied Industrial Technologies recently announced it has acquired the assets of UZ Engineered Products of Cleveland, Ohio. UZ is a distributor of products for maintenance, repair and operational needs. The business was acquired from State Industrial Products Corporation, also located in Cleveland. Terms of the sale were not disclosed. “UZ is an important addition to our government business sector,” said Todd A.

Labor Department: Unemployment On The Rise Again
8/5/2010
August 5, 2010 by Christopher S. Rugaber, AP Economics Writer WASHINGTON (AP) — Initial requests for jobless benefits rose last week to their highest level since April, a sign that hiring remains weak and some companies are still cutting workers. The Labor Department said Thursday that new claims for unemployment insurance rose by 19,000 to a seasonally adjusted 479,000. Analysts had expected a small drop. Claims have risen twice in the past three weeks.

Food Distributors Sued For False Marketing
8/5/2010
August 5, 2010 SANTA ANA, Calif. (AP) — A group of prominent California restauranteurs and chefs, including a contestant from Bravo's "Top Chef" reality competition, has sued olive oil distributors and retailers over a study that found many of the oils were not as pure as they were marketed. The lawsuit cites a recent University of California, Davis, study that sampled a random selection and found that 69 percent of imported oils branded as extra-virgin did not meet international standards for the label.

Obama Defends Decision To Back Big Three Automakers
8/5/2010
August 5, 2010 by Darlene Superville, Associated Press Writer CHICAGO (AP) — President Barack Obama was wrapping up a tour of the Big Three automakers and defending his decision to help them stay afloat by visiting a Ford Motor Co. assembly plant in his hometown. Most of the president's time in Chicago on Thursday, however, will be spent raising some of the millions of dollars Democrats will need as they campaign to keep control of both houses of Congress in the fall elections.

Conn. Distributor Shooting Spree Raises Racial Questions
8/5/2010
August 5, 2010 by John Christoffersen, Associated Press Writer ENFIELD, Conn. (AP) — A woman hiding under her desk tells an emergency dispatcher that a co-worker is in the midst of a shooting spree. The dispatcher presses for any information about the man. "I don't know anything," the woman says, according to a 911 tape released Wednesday. "He's a tall black guy. He's like the only black guy that works here." Family and friends say Omar Thornton was only too painfully aware of that distinction, as he claimed he was subjected to racial discrimination while working as a union driver at Hartford Distributors in Manchester.

Ford: UAW Deals Save Jobs From Going To Foreign Suppliers
8/5/2010
August 5, 2010 by Tom Krisher, AP Auto Writer TRAVERSE CITY, Mich. (AP) — Competitive contracts with the United Auto Workers union are helping Ford Motor Co. bring nearly 2,000 jobs back into its factories that would have gone to parts supply companies — some in other countries, the company said Wednesday. The Dearborn, Mich., automaker said the 2007 union master contract allows it to hire workers at $14 per hour, about half the hourly rate of current workers.

Factory Orders Fall For Second Straight Month
8/4/2010
August 4, 2010 by Christopher S. Rugaber, AP Economics Writer WASHINGTON (AP) — Factory orders fell in June for the second straight month due to lower demand for steel, construction machinery and aircraft. The Commerce Department said Tuesday that factory orders dropped by 1.2 percent to a seasonally adjusted $406.4 billion. Analysts expected a much smaller drop. May's decline was revised to a steeper decrease of 1.

Nine Killed In Shooting Rampage At Beer Distributor
8/4/2010
August 4, 2010 by Stephen Singer, Associated Press Writer MANCHESTER, Conn. (AP) — A warehouse driver who was asked to resign his job at a beer distributor went on a shooting rampage Tuesday morning that left nine people dead, including himself, and others wounded, company and government officials said. The number of dead was confirmed by a Connecticut government official who was not authorized to speak publicly and spoke to The Associated Press on the condition of anonymity.

Toyota Reports $2.2 Billion Quarterly Profit
8/4/2010
August 4, 2010 by Yuri Kageyama, AP Business Writer TOKYO (AP) — Toyota reported a quarterly profit of $2.2 billion, reversing from red ink a year earlier as the world's top automaker benefited from a global sales recovery that offset lingering doubts about the safety of its cars. The company, which makes the Camry sedan and Prius hybrid, raised its full year earnings forecast Wednesday, and said it now expects to sell 7.

Cognex Honors 400th Channel Partner
8/3/2010
August 3, 2010 NATICK, Mass. - Cognex Corporation recently announced that it has achieved an important milestone in the development of its system integrator and distributor partner program. The Electrical Equipment Company of Richmond, Virginia, USA has become the company’s 400th channel partner.  The Electrical Equipment Company is a leading provider of electrical supplies and automation equipment throughout the southeastern United States.

Manufacturing Sector Grows For 12th Straight Month
8/3/2010
August 3, 2010 by Martin Crutsinger and Tali Arbel, AP Business Writers WASHINGTON (AP) — It's a rare bright spot in an otherwise troubled economy: The U.S. manufacturing sector has now grown for a solid year, and more of its companies say they're ready to hire. Chip maker Texas Instruments says its business has recovered to pre-recession levels. Intel, which makes semiconductors, posted its best quarterly profit in a decade.

At Least 3 Shot At Conn. Beer Distributor
8/3/2010
July 1, 2010 by Stephen Singer, Associated Press Writer MANCHESTER, Conn. (AP) — Authorities say some people were seriously injured when a warehouse worker who had been called in to resign opened fire at a beer distributor in Connecticut. A company executive says at least three people were shot Tuesday morning in Manchester, about 10 miles east of Hartford. Manchester police Lt. Joe San Antonio would not confirm whether anyone was killed, how many people were shot or what happened to the gunman.

GM, Ford See Sales Growth Slowdown
8/3/2010
August 3, 2010 by Joe McDonald, AP Business Writer BEIJING (AP) — General Motors and Ford said Tuesday their Chinese sales growth slowed sharply in July in a new sign China's rapid economic expansion is cooling. China is the biggest auto market by number of vehicles sold, and automakers are looking to the country to drive revenues amid weak global demand. But growth has fallen since last year, when Beijing boosted demand with tax cuts and subsidies.

China Sees Manufacturing Slowdown
8/2/2010
August 2, 2010 BEIJING (AP) — Expansion of Chinese manufacturing activity slowed for the third month in July, as production, new orders and purchasing prices all declined, a survey showed Sunday. The state-affiliated China Federation of Logistics and Purchasing said its purchasing managers index, or PMI, fell to 51.2 in July from 52.1 in June. Numbers above 50 show manufacturing activity expanding. The index, an indicator of future manufacturing trends, has remained above 50 for 17 straight months after slowing in late 2008 and early 2009.

AP: U.S.'s Economic Stress Worsens
8/2/2010
August 2, 2010 by Jeannine Aversa and Mike Schneider, Associated Press Writers After easing for four months, the nation's economic stress worsened in June because more bankruptcies in the West and foreclosures outside the Sun Belt outweighed lower unemployment, according to The Associated Press' monthly analysis of conditions around the country. The setback halted a drop in month-to-month stress readings that had begun in February.

ISM Says Manufacturing Index Slipped
8/2/2010
August 2, 2010 NEW YORK (AP) — An industry trade group says growth in the manufacturing sector weakened in July to the slowest pace this year. The Institute for Supply Management says its manufacturing index slipped to 55.5 in July from 56.2 in June. A reading above 50 indicates growth. Economists polled by Thomson Reuters had forecast a lower reading of 54.1. A swell of production in factories has helped lead the economic recovery as exports increased and companies rebuilt their stocks, which had dwindled during the downturn.

Commerce Dept: Economic Growth Has Slowed
7/30/2010
July 30, 2010 by Jeannine Aversa, AP Economics Writer WASHINGTON (AP) — The recovery lost momentum in the second quarter as growth slowed to a 2.4 percent pace, its most sluggish showing in nearly a year and too weak to drive down unemployment. Weaker spending by consumers, less growth coming from companies restocking shrunken stockpiles and a bigger drag from the nation's trade deficits were the main factors behind the second quarter's slowdown.

Obama To Weigh In On Auto Bailout
7/30/2010
July 30, 2010 by Charles Babington, Associated Press Writer WASHINGTON (AP) — President Barack Obama is going to the heart of the U.S. auto industry to push an important election-year claim: his administration's unpopular auto industry bailout has turned into an economic good-news story. With Americans facing a still-limping economy and potentially pivotal congressional elections in three months, the White House sees progress in the auto industry as a concrete area of improvement, and one with direct ties to the president's own actions.

Interline Brands Post Solid 2Q
7/30/2010
July 30, 2010 JACKSONVILLE -- Interline Brands, Inc., a leading distributor and direct marketer of maintenance, repair and operations ("MRO") products, reported sales and earnings for the quarter ended June 25, 2010. Sales for the second quarter of 2010 increased 0.1% compared to the second quarter of 2009. Earnings per diluted share were $0.27 for the second quarter of 2010, an increase of 35% compared to earnings per diluted share of $0.

Applied Releases 2010-2011 Product Catalog
7/29/2010
July 29, 2010 CLEVELAND, Ohio – Applied Industrial Technologies has announced the publication of its 2010 / 2011 Applied® Product Catalog with more than 3,000 new products. The full-line catalog, with 38,000 products overall, includes the industry’s best selection of bearings, motors, drives, belts, fluid power products, tools, welding supplies, safety items and more. New to this year’s catalog is a full selection of popular janitorial supplies, such as cleaning chemicals, bags and liners, mops, brooms and brushes, odor control items, paper products and dispensers, skin care and personal hygiene products, storage items and more.

New Jobless Claims Fall For Third Time In Four Weeks
7/29/2010
July 29, 2010 by Christopher S. Rugaber, AP Economics Writer WASHINGTON (AP) — New jobless claims fell last week for the third time in four weeks in the U.S. but remain elevated. The Labor Department said Thursday that first-time claims for unemployment insurance dropped by 11,000 to a seasonally adjusted 457,000. Claims have fluctuated this month because of temporary seasonal factors. General Motors and other manufacturers skipped their traditional summer shutdowns, which led to fewer layoffs and unemployment claims.

OSHA Fines Components Maker $140K For 44 Violations
7/29/2010
July 29, 2010 HARTFORD, Conn. (AP) — An Eastford, Conn., jet engine components manufacturer faces nearly $140,000 in federal fines for alleged violations of chemical, mechanical, electrical and other hazards. The Occupational Safety and Health Administration said Wednesday it cited Whitcraft LLC for 44 alleged violations. The agency says Whitcraft must address the issues "promptly and comprehensively." Jeffrey Paul, president and co-owner of the privately-held Whitcraft, said the company has made many improvements and committed $150,000 for more work.

DXP Sees Sales, Income Increase In 2Q
7/29/2010
July 29, 2010 HOUSTON, Tex. -- DXP Enterprises, Inc. recently announced net income of $4,584,000 for the second quarter ended June 30, 2010, with diluted earnings per share of $0.31 compared to net income of $2,166,000 and diluted earnings per share of $0.15 for the second quarter of 2009. Sales increased $22.9 million, or 15.9%, to approximately $167.3 million from $144.4 million for the same period in 2009. After excluding the $13.4 million of sales of Quadna, acquired on April 1, 2010, sales for the second quarter of 2010 increased 6.

Pace Of U.S. Economic Activity Has Slowed
7/29/2010
July 29, 2010 by Jeannine Aversa, AP Economics Writer WASHINGTON (AP) — The pace of economic activity has slowed or held steady in parts of the country, revealing a choppy path back to health. A new survey released by the Federal Reserve Wednesday found the U.S. economy growing this summer, even as risks mount. Of the 12 regions tracked by the Fed, the survey said that growth held steady in Cleveland and Kansas City, but slowed in Atlanta and Chicago.

Toyota To Recall 412,000 Vehicles For Steering Problems
7/29/2010
July 29, 2010 by Yuri Kageyama, AP Business Writer TOKYO (AP) — Toyota is recalling 412,000 passenger cars, mostly the Avalon model, in the U.S., and another 16,420 vehicles in Japan for steering problems, the automaker said Thursday. The 373,000 Avalons being recalled in the U.S. range from the 2000 model year through to 2004 and have improper casting of the steering lock bar — a component for the steering system — causing cracks to develop on the surface.

Boeing Sees 21-Percent Profit Decline In 2Q
7/29/2010
July 29, 2010 by Joshua Freed, AP Business Writer MINNEAPOLIS (AP) — Boeing's second-quarter profit fell 21 percent, and it said layoffs are likely in its defense business because of expected government spending cuts and bargain-hunting. Profits and revenue fell in both Boeing's airplane and defense businesses. The commercial airplane downturn seems to be ending, with orders up sharply from last year and U.S. airlines reporting profits.

Consumer Confidence Index Slips In July
7/28/2010
July 28, 2010 by Anne D'Innocenzio, AP Retail Writer NEW YORK (AP) — Americans' confidence in the economy eroded further in July amid worries about a still-stagnant job market. The report raised concerns about the economic recovery and the back-to-school shopping season. The Conference Board, a private research group, said Tuesday that its Consumer Confidence Index slipped to 50.4 in July, down from the revised 54.3 in June.

Durable Goods See Broad Fall In June
7/28/2010
July 28, 2010 by Daniel Wagner, AP Business Writer WASHINGTON (AP) — Orders to U.S. factories for big-ticket manufactured goods fell broadly in June as the fragile recovery continued to slow. Demand for durable goods dropped 1 percent last month to a seasonally adjusted $190.5 billion, the Commerce Department said Wednesday. It was the second straight monthly decline and the largest drop since August 2009. Orders for commercial aircraft fell 25.

GM To Sell Volt for $41K
7/28/2010
July 28, 2010 by Tom Krisher, AP Auto Writer DETROIT (AP) — General Motors Co. said Tuesday its Chevrolet Volt electric car will cost $41,000 when it goes on sale in November. While the price is about $8,000 more than its closest rival, the Nissan Leaf, GM said it will offer a $350-per-month lease deal that's essentially equal to the Leaf's. That will put the battery-powered Volt within reach of many people, GM said. Both cars also are eligible for a federal tax credit that will cut their prices by $7,500.

Execs From Body Armor Supplier Could See Fraud Convictions
7/27/2010
July 27, 2010 by Frank Eltman, Associated Press Writer CENTRAL ISLIP, N.Y. (AP) — Two former top executives of the nation's leading supplier of body armor to the U.S. military shared a limitless appetite to steal from the company and cover up their wrongdoing, a federal prosecutor said Monday in closing arguments at the pair's fraud and insider trading trial. An attorney for one of the defendants argued that his client had permission to make purchases with the money he earned for the company and that prosecutors had failed to prove their case.

Chinese Workers Engage In Sustained Labor Protests
7/27/2010
July 27, 2010 by Anita Chang, Associated Press Writer BEIJING (AP) — Hundreds of troops were on alert for further unrest in a manufacturing district in eastern China on Tuesday, following sustained protests by residents demanding more compensation for farms given up years ago to make way for factories, residents said. Paramilitary police and SWAT teams rolled into Huqiu district of Suzhou city, home of many foreign-invested factories, on Sunday following protests that have flared sporadically since July 15, said a man surnamed Wang who lives in the district's Tongan township and refused to give his full name.

Lockheed Martin Sees 12 Percent Profit Increase In 2Q
7/27/2010
July 27, 2010 by Stephen Manning, AP Business Writer WASHINGTON (AP) — Defense contractor Lockheed Martin Corp. said Tuesday that its second-quarter profit rose 12 percent thanks to stronger military hardware sales and a gain from plans to sell off a business unit. Earnings from the nation's biggest supplier of military equipment beat Wall Street expectations and the company raised its earnings per share outlook by 15 cents mostly due to a lower expected share count and an expected $30 million of higher profits in its space division.

White House Predicts $1.47 Trillion Deficit
7/26/2010
July 26, 2010 by Andrew Taylor, Associated Press Writer WASHINGTON (AP) — The White House says the government is now borrowing 41 cents of every dollar it spends. New estimates predict the unemployment rate will average 9 percent next year and the budget deficit will be $1.42 trillion — even bigger than previously expected. That's because tax revenues are still slumping and the economic recovery is going slower than hoped.

Japan's Exports Rise For Seventh Straight Month
7/26/2010
July 26, 2010 TOKYO (AP) -- Japan's exports rose for the seventh straight month in June, driven by machinery and steel products, indicating that overseas demand continues to underpin recovery in the world's No. 2 economy even amid a stronger yen. Exports climbed 27.7 percent from a year earlier to 5.87 trillion yen ($67.2 billion), the Finance Ministry said Monday. With demand lackluster at home, Japan has depended on Asia, and China in particular, to fuel its recovery.

Ford Unveils New Explorer
7/26/2010
July 26, 2010 by Dee-An Durbin, AP Auto Writer DEARBORN, Mich. (AP) -- The Ford Explorer, the hulking family-hauler that helped launch the SUV boom in the early 1990s, is back. And it hopes to define a new generation of more streamlined, fuel-efficient sport utility vehicles. Ford begins a marketing campaign Monday for the 2011 Ford Explorer, which will be in dealerships this winter. It's an important vehicle for the automaker.

Industrial Goods To Lead Economic Recovery?
7/23/2010
July 23, 2010 by Alan Zibel and Christopher S. Rugaber, AP Business Writers People aren't spending money like they used to. Unemployment is still flirting with double digits. And the housing market is still shaky. So the future looks bleak for the economy, right? Not necessarily. A handful of surprisingly good earnings reports Thursday suggested that some of the major U.S. companies that make things and move them around — including Caterpillar, 3M and UPS — could lead the way to an economic recovery.

Ford Posts 2Q Profit, But Trims U.S Sales Forecast
7/23/2010
July 23, 2010 by Dee-Ann Durbin and Tom Krisher, AP Auto Writers DEARBORN, Mich. (AP) — Ford Motor Co. posted a strong second-quarter profit Friday but trimmed its U.S. sales forecast and predicted weaker results in the second half as the economy slowly recovers. The automaker surprised Wall Street, making $2.6 billion in the quarter as it continued to grab sales from rivals. Ford's U.S. sales rose 28 percent in the first six months of this year.

Economic Indicators Drop As Recovery Slows
7/23/2010
July 23, 2010 by Alan Zibel and Christopher S. Rugaber, AP Business Writers People aren't spending money like they used to. Unemployment is still flirting with double digits. And the housing market is still shaky. So the future looks bleak for the economy, right? Not necessarily. A handful of surprisingly good earnings reports Thursday suggested that some of the major U.S. companies that make things and move them around — including Caterpillar, 3M and UPS — could lead the way to an economic recovery.

New Jobless Claims Jump To Highest Mark Since February
7/22/2010
July 22, 2010 by Christopher S. Rugaber, AP Economics Writer WASHINGTON (AP) — New jobless claims jumped last week by the most since February, reversing the previous week's sharp decline. The rise is partly a result of seasonal factors but also reflects the job market's weakness. New claims for unemployment insurance jumped by 37,000 to a seasonally adjusted 464,000, the Labor Department said Thursday. The sharp increase comes after claims fell steeply two weeks ago to their lowest level since August 2008.

Würth Sees 10.5 Percent Sales Increase In First Half Of Year
7/22/2010
July 22, 2010 KUNZELSAU, Germany --The worldwide operating Würth Group, world market leader in its core business, the trade in assembly and fastening material, reported overall sales of EUR 4.2 billion in the first half of 2010. This corresponds to a sales increase of 10.5 percent compared to the same period of the previous year (9.3 percent adjusted for exchange rates). “We succeeded in further boosting the upward trend experienced in the first four months of the year and showed double-digit growth during the first half-year,” said Robert Friedmann, Chairman of the Central Managing Board of the Würth Group.

Airgas Rejects Buyout Offer From Air Products
7/22/2010
July 22, 2010 RADNOR, Pa. (AP) — Airgas Inc. on Wednesday rejected a sweetened buyout offer from competitor Air Products & Chemicals Inc. and reported that its fiscal first-quarter earnings rose 18 percent. The industrial gas maker also boosted its quarterly dividend and raised its earnings forecast for the year. Air Products offered to buy Airgas for $5.5 billion in cash, or $63.50 per share. Air Products had also agreed to take over about $1.

Striking Honda Supplier Workers Agree To 47 Percent Pay Hike
7/22/2010
July 22, 2010 BEIJING (AP) — Striking workers at a factory in China that supplies Honda Motor Co. went back to work Thursday after agreeing to a 47 percent pay hike, an employee said. The strike at the Atsumitec Co. factory in the southern city of Foshan in Guangdong province near Hong Kong came amid a wave of wage protests that have idled dozens of Chinese and foreign-owned factories. Atsumitec's 200 employees went back to work Thursday afternoon after accepting a 500 yuan ($74) increase in monthly salaries that start at 1,070 yuan ($158), the employee said by phone from the factory office.

Airgas Reports Solid 1Q Results
7/22/2010
July 22, 2010 RADNOR, Penn.  -- Airgas, Inc., a U.S. distributor of industrial, medical, and specialty gases, and related supplies, reported net earnings of $64.8 million, or $0.76 per diluted share, for its first quarter ended June 30, 2010. Excluding legal and professional fees of $0.03 per diluted share related to an unsolicited takeover attempt, debt extinguishment charges of $0.02 per diluted share, and multi-employer pension plan withdrawal charges of $0.

Hyde Tools Names New President
7/22/2010
July 22, 2010 SOUTHBRIDGE, Mass. – Robert Scoble has been named president and chief operating officer for industry leader Hyde Tools, Inc. Scoble succeeds Richard M. (Rick) Clemence, who has stepped forward to lead the Hyde Group as chief executive officer. After more than 20 years of leadership in other privately held companies, Scoble joined the Hyde Group family of companies in 2005 as vice president of sales and marketing for Hyde Tools.

Former Foxconn Intern Falls To His Death
7/21/2010
July 21, 2010 GUANGZHOU, China (AP) — A 19-year-old summer intern at a factory affiliated with the Foxconn Technology Group was found dead after falling from a six-story company dormitory in southern China, his employer said. The death adds to a string of worker suicides at factories in south China run by or linked to Foxconn, a supplier to Apple Inc. Chinese state media said the student from the Dongfang Vocational School of Technology in north China's Hebei province died early Tuesday.

Strike Stops Production At Chinese Auto Plant
7/21/2010
July 21, 2010 TOKYO (AP) — Around 300 workers at a Japanese auto parts plant in China went on strike Wednesday to demand higher wages, the latest in a string of labor disputes to hit foreign companies there. Japanese company Omron Corp. said the strike forced its factory in Guangzhou, southern China, to halt some production. The Chinese plant, which makes auto parts including window switches, employs 800 workers. "Some 300 workers at the factory refused to work.

Applied Boosts Divident By 13 Percent
7/21/2010
July 21, 2010 CLEVELAND (AP) — Industrial parts distributor Applied Industrial Technologies Inc. said Tuesday its board of directors raised the quarterly dividend 13 percent to 17 cents. The company said the dividend is payable Aug.

Schurter Announces Distribution Pact With Electro Sonic
7/20/2010
July 20, 2010 SANTA ROSA, Calif. – Schurter recently announced that it has reached a distribution agreement with Canada’s leading full-service electronic component distributor, Electro Sonic. The agreement confirms Schurter’s commitment to further expand its presence and growth in the Canadian market. The agreement also expands Electro Sonic’s product offering to include the industry’s most complete range of multi-functional power entry modules.

EU Looks Into French Subsidies To Suppliers
7/20/2010
July 20, 2010 BRUSSELS (AP) — The European Union's executive says it is investigating French state help to companies that supply parts to aircraft manufacturers. It says it doubts that France's "Aero 2008" program offering exchange rate risk insurance is legal under EU rules, claiming that the insurance premiums may not be in line with market prices and could be easily supplied by banks. The EU sets strict limits on state aid to companies which can be granted only at market terms and if companies can't get similar coverage elsewhere.

China Experiences Economic Recovery Slowdown
7/20/2010
July 20, 2010 by Joe McDonald, AP Business Writer BEIJING (AP) — In new signs China's rapid rebound is slowing, the government said Tuesday growth in factory output and state company revenues has fallen and exports will weaken in the second half of the year. A government spokesman said slower growth will help to promote efforts to make China's energy-guzzling economy more efficient. But he acknowledged that exporters and small companies are facing tougher times.

ExxonMobil, Caterpillar Ink Agreement
7/20/2010
July 20, 2010 FAIRFAX, Va. (AP) — ExxonMobil Corp. said Monday it has signed a multiyear agreement to manufacture lubricants for Caterpillar Inc. factories and dealers. Under terms of the pact, ExxonMobil will continue to be the exclusive supplier of 33 private-label lubricants that are used in Caterpillar engines, transmissions, hydraulics and final drives. The two companies, which first formed a business partnership in 1987, also are working on new lubricant technologies to help cut emissions.

Krayden Announces 2009 Distributor Sales Professional Of The Year
7/20/2010
July 20, 2010 DENVER — Krayden, Inc., a distributor of engineered materials, recently announced that Fernando Montes de Oca was presented the Gold Award from Dow Corning Electronics for the “Distributor Sales Professional of the Year 2009,” in a ceremony on May 19 in Denver. de Oca was chosen from a competitive group of sales professionals within the Dow Corning Electronics North America distribution network based on his outstanding performance with new business growth opportunities and exceptional sales revenue, in addition to his cross area specification work and “best in class” business performance.

Economists Say Recovery Continues, But Pace Slows
7/19/2010
July 19, 2010 by Marley Seaman, AP Business Writer NEW YORK (AP) — Economists say the U.S. recovery continued during the second quarter of this year with more businesses hiring workers and fewer cutting jobs, but the pace of growth has slowed, a new survey shows. The National Association for Business Economics said its latest survey, released Monday, found 31 percent of businesses added workers between April and June, the highest level in three years.

Treasury Department Criticized For Its Handling Of Car Dealers
7/19/2010
July 1, 2010 by Ken Thomas, Associated Press Writer WASHINGTON (AP) — The Treasury Department failed to consider the economic fallout when it told General Motors and Chrysler to quickly shutter many dealerships as part of government-led bankruptcies, a federal watchdog found. A report released Sunday by the special inspector general for the government's bailout program raised questions about whether the Obama administration's auto task force considered the job losses from the closings while pressuring the companies to reduce costs.

Genco Acquires ATC Technology
7/19/2010
July 19, 2010 DOWNERS GROVE, Ill. (AP) — ATC Technology Corp. said Monday it has agreed to be acquired by privately held Genco Distribution System Inc. for $512.6 million in cash. ATC, an engineering and supply chain logistics firm based in Downers Grove, said the boards of ATC and Genco have approved the deal. Shareholders still need to approve the acquisition. The deal would make ATC a subsidiary of Genco, a logistics services company based in Pittsburgh.

Strike In China Idles Another Honda Supplier
7/16/2010
July 16, 2010 by Joe McDonald, AP Business Writer BEIJING (AP) — A strike has shut down another factory in China that supplies Honda Motor Co. amid a wave of protests by workers for higher wages, an employee and a labor official said Friday. The strike at the Atsumitec Co. factory in the southern city of Foshan near Hong Kong involves 90 percent of the 200 employees and began Monday, the employee said by phone. The factory supplies gearshift levers to Honda assembly plants in China.

Consumer Prices Fall Again, Spark Deflation Talk
7/16/2010
July 16, 2010 by Jeannine Aversa, AP Economics Writer WASHINGTON (AP) — Consumer prices fell for the third straight month, providing some bargains to American shoppers. The Consumer Price Index, the government's most closely watch inflation barometer, dipped 0.1 percent in June, the Labor Department reported Friday. Less expensive energy bills were a big factor behind the drop. Prices for some food items, airlines fares, computers, telephone service and personal care products also fell last month.

Manufacturing Cools As Recovery Slows
7/16/2010
July 16, 2010 by Daniel Wagner and Martin Crutsinger, AP Business Writers WASHINGTON (AP) — New evidence of a slowing economic rebound emerged Thursday in reports that manufacturing activity is slowing after helping drive the early stages of the recovery. Factory output fell in June, according to a government report on industrial production. It was the sharpest monthly drop in a year. And two regional manufacturing indexes sank this month.

Grainger Reports 16 Percent Sales Increase In 2Q
7/15/2010
July 15, 2010 CHICAGO -- Grainger today reported results for the second quarter and six months ended June 30, 2010. Second quarter sales of $1.8 billion increased 16 percent versus the 2009 second quarter. Both quarters had the same number of selling days (64). Net earnings for the quarter increased 40 percent to $129 million versus $92 million in 2009. Earnings per share increased 43 percent to $1.73 versus $1.21 for the second quarter of 2009.

New Unemployment Applications See Sharp Fall
7/15/2010
July 15, 2010 by Christopher S. Rugaber, AP Economics Writer WASHINGTON (AP) — New applications for unemployment benefits fell sharply last week as General Motors and other manufacturers skipped their usual summer shutdowns. The Labor Department said Thursday that new claims dropped by 29,000 to 429,000, the lowest level since August 2008. It was the second straight week that initial claims dropped sharply and the third drop in the last four weeks.

Government Continues To Investigate Toyota Recalls
7/15/2010
July 15, 2010 by Ken Thomas, Associated Press Writer WASHINGTON (AP) — The government said Wednesday it had not reached any conclusions about whether Toyota drivers may be to blame for their vehicles suddenly accelerating, a problem that has led to millions of recalled cars and trucks since last year. The National Highway Traffic Safety Administration said in a statement that its engineers were continuing to investigate the possible causes of sudden acceleration in Toyotas along with scientists and researchers with the National Academy of Scientists and NASA.

White House: Stimulus Law Led To More Than 2.5 Million Jobs
7/15/2010
July 15, 2010 WASHINGTON (AP) -- A new White House report says last year's $862 billion stimulus law has now "saved or created" between 2.5 million and 3.6 million jobs. That's up from 2.2 million to 2.8 million in the last quarterly report from the White House Council of Economic Advisers. Christina Romer, head of the council, says in congressional testimony prepared for Wednesday that every $1 from the stimulus bill is matched by $3 in private money.

Krayden Receives 2009 Dow Corning Electronics Distributor of the Year Award
7/14/2010
July 14, 2010 DENVER — Krayden, Inc., a distributor of engineered materials, recently announced that it received the Dow Corning Electronics 2009 Distributor of the Year award during a ceremony that was held in May 19 at its headquarters in Denver. This is the second consecutive year Krayden has earned this award. “This prestigious recognition for Krayden, Inc. is well deserved, noted Arthur Hanlon, Global Commercial Director for the Electronics business.

Kaman Announces Distribution Pact With Predictive Service
7/14/2010
July 15, 2010 WINDSOR, Conn . – Kaman Industrial Technologies, a distributor of industrial parts, and Predictive Service, LLC, a provider of predictive maintenance and engineering services (reliability services), announced a collaboration between the two companies today, whereby Kaman will distribute reliability services from Predictive Service in the industrial distribution market. The agreement allows Kaman to offer complete solutions across North America that include industrial components, inventory management and reliability services through its more than 200 service centers and extensive sales force.

Fastenal's 2Q Income Climbs 59 Percent
7/14/2010
July 15, 2010 WINONA, Minn. (AP) — Fastenal Co. said Tuesday its second-quarter profit rose 59 percent to beat Wall Street estimates on higher sales of fasteners and other industrial supplies. The company said a stronger Canadian dollar and contributions from its Holo-Krome business, acquired in December, also contributed to the stronger quarter. Festenal is pushing forward with plans to open additional stores during the second half of this year.

Inventories Up, Sales Down For U.S. Businesses
7/14/2010
July 14, 2010 by Martin Crutsinger, AP Economics Writer WASHINGTON (AP) — Inventories held by businesses rose for a fifth consecutive month in May but sales dropped for the first time in more than a year. Inventories edged up 0.1 percent in May, the Commerce Department reported Wednesday. Sales dropped 0.9 percent, the first decline since March 2009 when they fell 2.1 percent. The drop in total business sales was further evidence that the recovery was slowing in the late spring.

DDI To Host Live Demonstration July 14
7/13/2010
July 13, 2010 BRIDGEVILLE, Penn. -- Join DDI Wednesday, July 14 at 11a.m. EST for a live interactive demonstration. See why so many industrial and fastener distributors are succeeding with DDI's   inform distribution software.

U.S. Trade Deficit Widens To Highest Level in 18 Months
7/13/2010
July 13, 2010 by Martin Crutsinger, AP Economics Writer WASHINGTON (AP) — The U.S. trade deficit widened in May to the highest level in 18 months as a rebounding economy pushed up demand for imports of foreign-made cars, computers and clothing. The Commerce Department says the trade deficit increased 4.8 percent to $42.3 billion, the largest imbalance since November 2008. American exports of goods and services rose 2.

Semiconductor Distributor NU Horizons Reports Strong 1Q
7/13/2010
July 13, 2010 MELVILLE, N.Y. (AP) — Semiconductor distributor Nu Horizons Electronics Corp. reported a first-quarter profit Thursday, as recovering demand among businesses for new technology helped it recover from a loss a year earlier. Shares spiked 9 percent in electronic trading after the market closed. For March through May, Nu Horizons said it earned $3.4 million, or 18 cents per share. In the year-ago quarter, the company lost $944,000, or 5 cents per share.

Supplier Strikes Take Toll On Honda
7/12/2010
July 12, 2010 SHANGHAI (AP) — Honda Motor Co. says its sales in China fell 2.7 percent in June from a year earlier, the second straight month of declines amid labor strife and a slowing in overall demand. Honda sold 50,113 vehicles in June in China, down from 51,497 in June 2009, while its sales for the first half of the year climbed 22 percent to 309,575, the company said in a statement released Monday. After hitting record production levels in April, the company was hit by strikes at key suppliers that forced it to halt output at several of its factories in China.

China's Auto Sales Growth Weakens
7/12/2010
July 12, 2010 BEIJING (AP) — China's auto sales growth weakened further in June as explosive demand driven by government incentives cooled, an industry group reported Friday. Sales rose 19.4 percent from a year earlier to just over 1 million vehicles, the China Association of Automobile Manufacturers said. Growth has fallen steadily since March, when sales grew by 63 percent. Automakers are looking to China, the biggest auto market by number of vehicles sold, to drive sales amid weak global demand.

Analyst: Commercial Aftermarket Sales Rebound Won't Be Robust
7/12/2010
July 12, 2010 NEW YORK (AP) — Shares of aircraft parts supplier TransDigm Group Inc. were downgraded Monday by an analyst at Wedbush Securities who said the rebound in commercial aftermarket sales won't be as robust as he had thought. TransDigm, based in Cleveland, has predicted a commercial aftermarket sales increase in the low to mid single digits for fiscal 2010. Wedbush analyst Kenneth Herbert now believes sales will be up by just the low single digits, compared with a previous forecast of a high single-digit increase.

Wholesaler Inventories Rise For Fifth Straight Month?
7/9/2010
July 9, 2010 WASHINGTON (AP) — Inventories held by wholesalers likely rose for a fifth straight month in May while sales are expected to post another gain as well. Economists surveyed by Thomson Reuters expect wholesale inventories rose 0.4 percent in May and they are looking for a similar 0.4 percent increase in sales. The Commerce Department will release the report at 10 a.m. EDT Friday. The gains in sales and inventories would be encouraging signs that the economic recovery can be sustained.

Food Supplier Sees Bitter Four-Month Worker Strike End
7/9/2010
July 9, 2010 METHUEN, Mass. (AP) — A sometimes bitter four-month long strike by about 300 workers at a Shaw's Supermarkets Inc. distribution center in Methuen has ended with the signing of a new four-year contract. An official with Local 791 of the United Food and Commercial Workers says workers overwhelmingly voted to accept the new contract on Thursday. The employees went on strike March 7. Union officials did not reveal details of the deal, but called it "one of the best warehouse contracts in the industry.

Cheap Made-in-China Era Could Be Coming To An End
7/9/2010
July 9, 2010 by Elaine Kurtenbach, AP Business Writer SHANGHAI (AP) — Factory workers demanding better wages and working conditions are hastening the eventual end of an era of cheap costs that helped make southern coastal China the world's factory floor. A series of strikes over the past two months have been a rude wakeup call for the many foreign companies that depend on China's low costs to compete overseas, from makers of Christmas trees to manufac