News
Jobless Benefits Requests Fall Again
April 14, 2011 4:43 amWASHINGTON (AP) — Fewer people probably applied for unemployment benefits last week, a sign that companies are slowing the pace of layoffs as the economy improves. Economists forecast that applications for unemployment benefits fell by 4,000 to a seasonally adjusted 378,000 in the week that ended April 9.
Fastenal Profits Rise 42% In 1Q
April 13, 2011 5:47 amWINONA, Minn. (AP) — Fastenal Co., which makes nuts, bolts and other fasteners, said Tuesday its profit rose 42 percent in the first quarter as revenue climbed 23 percent. Net income rose to $79.5 million, or 54 cents per share, for the three months ended March 31 from $56 million, or 38 cents per share last year.
HD Supply Waterworks Acquires RAMSCO
April 13, 2011 5:46 amST. LOUIS – HD Supply Waterworks, an HD Supply business that distributes a complete line of water, sewer, fire protection and storm drain products to serve the needs of contractors and municipalities in the water, wastewater, storm and fire protection markets, today announced it has entered into a definitive agreement to purchase Rexford-Albany Municipal Supply Company (RAMSCO).
Bossard Reports 9.6% Sales Increase In 1Q
April 13, 2011 5:44 amZUG, Switzerland -- For the first three months of the current business year, Bossard Group reported sales of CHF 130 million. Year on year this is a sales increase of an excellent 18.4 percent in local currencies, which was generated through purely organic growth. It is a continuation of the Group's planned growth strategy, after sales had already increased by 11.
Airgas Receives CGA Fleet Safety Awards
April 13, 2011 5:42 amRADNOR, PA -- Airgas, Inc. today announced that it received two fleet safety awards from the Compressed Gas Association (CGA), the U.S. industrial and medical gas industry's standard-setting organization for the promotion of safety standards and safe practices. It was the second straight year Airgas has been awarded the two CGA Fleet Safety Awards, one for Bulk Gas Transportation in recognition of the best safety record among bulk gas fleets with more than 20 million miles driven during 2010, and one for Cylinder Gas Transportation in recognition of the best safety record among cylinder gas fleets with more than three million miles driven during 2010.
Former Wolseley CEO Joins Advent International
April 13, 2011 5:40 amBOSTON -- Advent International, one of the world’s leading global private equity firms, today announced that Chip Hornsby has joined the firm’s Operating Partner Program. He will advise on opportunities in the industrial sector, with a focus on distribution and building products investments.
Inventories And Sales Both Gain In Feb.
April 13, 2011 5:39 am | by Martin Crutsinger, AP Economics WriterWASHINGTON (AP) — Businesses added to their stockpiles for a 14th straight month in February while sales increased for an eighth consecutive month, signs that factories expect to see rising demand in coming months. The Commerce Department says business inventories rose 0.5 percent in February.
IRS Awards $4.5M To Tax Lapse Whistleblower
April 8, 2011 5:25 am | by Maryclaire Dale, Associated PressPHILADELPHIA (AP) — An in-house accountant who raised a red flag about a tax lapse that his employer then ignored, leading him to tip off the IRS, has received $4.5 million in the first IRS whistleblower award. The accountant's tip netted the IRS $20 million in taxes and interest from the errant financial-services firm.
Toyota To Resume Japan Car Output At Half Capacity
April 8, 2011 5:23 am | by Shino Yuasa, Associated PressTOKYO (AP) — Toyota Motor Corp. said Friday it will resume car production at all its plants in Japan at half capacity from April 18 to 27 after the March earthquake and tsunami forced it to halt manufacturing due to shortages of parts and power. Toyota, the world's No. 1 automaker, said production at its 18 plants will then halt from April 28 to May 9, a period that includes Golden Week holidays when factories would normally close.
WorldWide Electric Announces Distribution Agreement With Hyundai Heavy Industries
April 7, 2011 5:44 amPITTSFORD, NY -- WorldWide Electric announced today that they have reached a long term agreement with Hyundai Heavy Industries to be the exclusive master distributor and representative for Hyundai’s low voltage electric motor line for North America. The product line includes Premium Efficient TEFC, IEEE-841, IEC aluminum frame, IEC Cast iron, Marine duty and Explosion proof motors.
Gibraltar Acquires The D.S. Brown Company
April 6, 2011 6:44 amBUFFALO, N.Y. -- Gibraltar Industries, Inc., a leading manufacturer and distributor of products for building and industrial markets, has completed its previously announced acquisition of The D.S. Brown Company, an Ohio-based manufacturer of expansion joints, structural bearings and pavement sealants for bridges, highways and other infrastructure projects, from Altus Capital Partners, Inc.
Fastenal: Grow Sales By Buying Less
April 6, 2011 6:07 amWINONA, Minn -- Fastenal, a national distributor of industrial and construction supplies, is growing its business by doing something counterintuitive for a sales-based organization -- helping customers buy fewer products. That’s the concept behind the company’s FAST 5000 industrial vending program, and it’s hitting home in an industrial market focused on cost savings and protecting jobs.
MSC Industrial Direct Reports 22% Net Sales Jump In 2Q
April 6, 2011 6:06 amMELLVILLE, NY -- MSC Industrial Direct, one of the largest direct marketers and premier distributors of Metalworking and Maintenance, Repair and Operations ("MRO") supplies to industrial customers throughout the United States, today reported financial results for its fiscal 2011 second quarter ended February 26, 2011.
Kaman Awarded A $19.8M Contract Modification
April 6, 2011 6:03 amBLOOMFIELD, Conn. -- Kaman Corporation announced today that its Aerospace segment has been awarded a contract modification in the amount of $19.8 million for the procurement of Joint Programmable Fuzes (JPF). The award is a follow-on order under Option 8 of Kaman's JPF contract with the U.S. Air Force (USAF).
Chrysler Decides To Cut Overtime As Japan Supply Issues Continue
April 6, 2011 6:00 amDETROIT (AP) — Chrysler Group LLC is cutting overtime at plants in Canada and Mexico to conserve parts from Japan. Chrysler plants in Brampton, Ontario, and Toluca, Mexico, are affected by the change. The Brampton plant makes the 300 sedan, Dodge Challenger and Dodge Charger. The Toluca plant makes the Dodge Journey and Fiat 500.
Poll: Baby Boomers' Are Concerned About Retirement
April 6, 2011 5:59 amALAN FRAM,Associated Press WASHINGTON (AP) — Baby boomers facing retirement are worried about their finances, and many believe they'll need to work longer than planned or will never be able to retire, a new poll finds. The 77 million-strong generation born between 1946 and 1964 has clung tenaciously to its youth.
Federal Regulators Pledge To Strengthen Financial Oversight
April 6, 2011 5:58 am | by Jeannine Aversa, AP Economics WriterWASHINGTON (AP) — Regulators are working closely to strengthen oversight of inner workings of the nation's financial system, part of a broader effort to prevent a repeat of the 2008 financial crisis, Federal Reserve Chairman Ben Bernanke said Monday. The financial overhaul law enacted last year directs the Fed and other agencies to better coordinate supervision of financial "clearinghouses.
Unemployment Rate Falls To Two-Year Low
April 1, 2011 5:57 am | by Jeannine Aversa, AP Economics WriterWASHINGTON (AP) — The unemployment rate fell to a two-year low of 8.8 percent in March and companies added workers at the fastest two-month pace since before the recession began. The Labor Department reported Friday that the economy added 216,000 new jobs last month, offsetting layoffs by local governments.
U.S. Economy Outpaces Rivals Even As Job Growth Lags
March 31, 2011 4:34 am | by Paul Wiseman, AP Economics WriterWASHINGTON (AP) — The United States is out of step with the rest of the world's richest industrialized nations: Its economy is growing faster than theirs but creating far fewer jobs. The reason is U.S. workers have become so productive that it's harder for anyone without a job to get one.
Fewer People Applied For Unemployment Last Week
March 31, 2011 4:33 am | by Christopher S. Rugaber, AP Economics WriterWASHINGTON (AP) — Fewer people applied for unemployment benefits last week, a sign that layoffs are dropping and companies may be stepping up hiring. The Labor Department said Thursday that the number of people seeking benefits dipped by 6,000 to a seasonally adjusted 388,000 for the week that ended March 26.
