Update
Victoria Fraza -- Industrial Distribution, 11/1/2002
Company News
The new Energy Consulting Services program from Rockwell Automation can help manufacturers seeking to reduce energy expenses. By saving on energy costs, manufacturers can immediately improve their profitability. Energy is one of the biggest expenses for manufacturers, so energy savings can have a significant impact on profits. The program helps manufacturers understand usage concerns through consultation in three broad areas: tariff analysis, power quality studies and plant energy audits.
Industrial Distribution Group, Inc. received official notice from the New York Stock Exchange that it has been removed from the NYSE's "Watch List'' and is now considered a "company in good standing.''
The NYSE stated its decision was a result of IDG's consistent positive performance with respect to the business plan submitted in December 2001. IDG will be subject to a 12-month follow-up period to ensure that standards are met.
The U.S. Small Business Administration's new SBAExpress loan program increases the maximum loan amount from $150,000 to $250,000. It also expanded the number of nationwide lenders to 2,400. Visit the SBA's Web site for more information at www.sba.gov/financing/frfastrak.html
For the full story and the latest news updates, go to www.inddist.com
Acquisitions & Mergers
Emerson's Ridge Tool division purchased Swiss toolmaker Von Arx AG ... Danaher Corp. agreed to acquire Raytek Corp. and Thompson Industries, Inc. ... Fenner Drives acquired Eagle Belting Co. ... MegaPro Tools Inc. agreed to purchase Britain-based manufacturer Spear & Jackson ... Exact Software North America acquired Integrated Planning Systems, Inc. and some assets of Comprehensive Business Systems ... BRECO Couplings, Inc. was purchased by NITTO Kohki USA, Inc. ... Lone Star Technologies, Inc. acquired Wheeling Machine Products, Inc. ... Illinois Tool Works, Inc. bought Britain-based Envopak Group Ltd. ... Schneider Electric plans to acquire a controlling share in Digital Electronics ... SunSource Fluid Power acquired Pabco Fluid Power ... Presco, a GE Supply Affiliate Company will become GE Presco.
Awards
Cleveland-Cliffs, Inc. recognized Ferguson Westburne Supply with a Supplier of the Year Award ... Lincoln Industrial presented a Distinguished Distributor Award to several Motion Canada branches ... freightquote.com CEO Tim Barton was awarded an Ernst & Young Entrepreneur of the Year award ... NACCO Material Handling Group, Inc. named Strategic Distribution, Inc. as a Top 10 Supplier
Send Update information to managing editor Victoria Fraza, 275 Washington St., Newton, Mass., 02458; call (617) 558-4791; fax to (617) 558-4327; or e-mail vfraza@reedbusiness.com.
Around & About
W.W. Grainger, Inc. and Roush Racing will sponsor Greg Biffle and the number 16 car in the 2003 Winston Cup Series. Grainger has sponsored Biffle since the 1998 NASCAR Craftsman Truck Series where he was rookie of the year.
The Williams® brand has survived bankruptcy, acquisition, relocation and a changing industrial environment to celebrate its 120th year. James Harvey Williams founded the J.H. Williams Co. in 1882 in Flushing, N.Y. and some of the company's drop-forged hand tools have remained unchanged since the late 1800's. Williams is currently a division of Bahco North America, Inc. based in Columbus, Ga.
I.D. One co-founder and former president Dan Judge formed NetPlus Alliance, an organization offering the benefits of buying groups to small and medium-sized distributors.
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