News
Improved Demand Pushes RBC Bearings' 3Q Net Income Up 41%
February 16, 2011 4:20 amOXFORD, Conn. (AP) — Improved demand for its bearings by manufacturers and the military pushed RBC Bearings Inc.'s fiscal third-quarter profit 41 percent higher, the company said Thursday. Adjusted results, however, missed Wall Street expectations and shares slipped lower. The Oxford, Conn.
Watsco's 4Q Income Sees 48% Jump
February 16, 2011 4:16 amMIAMI (AP) — Watsco Inc. said Tuesday its fourth-quarter net income jumped 48 percent on higher sales of its air conditioning, heating and refrigeration equipment. Net income attributable to Watsco was $10.4 million, or 31 cents per share, compared with $7.1 million, or 21 cents per share, in the fourth quarter of 2009.
U.S. Industrial Production Continues To Rise
February 16, 2011 4:15 am | by Daniel Wagner, AP Business WriterWASHINGTON (AP) — Industrial production likely rose in January as factories continued boosting their output of goods for businesses and consumers. Economists expect that the output of the nation's factories, mines and utilities increased 0.5 percent in January, after jumping 0.8 percent in December.
Rohde & Schwarz Joins Forces With Tektronix Service Solutions For Calibration Services
February 14, 2011 5:10 amCOLUMBIA, MD — Rohde and Schwarz, a leading supplier of solutions in the fields of test and measurement, today announced that it has formed a relationship with Tektronix Service Solutions to offer customers in North America a single-source for calibration services. This represents the first time that two major test and measurement manufacturers have joined forces to provide customers with a comprehensive solution for all their calibration needs.
China's Exports Surged In Jan.
February 14, 2011 4:24 am | by Joe McDonald, AP Business WriterBEIJING (AP) — China's exports surged in January in a sign of rebounding global demand and its politically sensitive trade surplus fell to a nine-month low, possibly easing pressure on Beijing to allow its currency to rise. China's global trade surplus fell 55 percent from a year earlier to $6.
Superior Mfg.Group/NoTrax Floor Matting Garners Grainger's Partners In Performance Award
February 11, 2011 11:13 amCHICAGO – Superior Manufacturing Group/NoTrax Floor Matting was presented with Grainger’s Partners in Performance Award for 2010 at Grainger’s annual supplier conference held recently in Schaumburg, Ill. Grainger, North America’s leading distributor of facilities maintenance supplies, presents the award annually to a select group of suppliers for outstanding performance throughout the year.
Fewest Requests For Jobless Aid Since 2008
February 11, 2011 3:36 am | by Jeannine Aversa, AP Economics WriterWASHINGTON (AP) — The number of people applying for unemployment benefits plunged last week to the lowest level in nearly three years, continuing a downward trend that suggests hiring could pick up this year. Applications sank by a seasonally adjusted 36,000 to 383,000, the lowest point since early July 2008, the Labor Department reported Thursday.
Trade Deficit Widened by 5.6 Percent In Dec.
February 11, 2011 3:35 am | by Martin Crutsinger, AP Economics WriterWASHINGTON (AP) — The trade deficit widened in December, closing out a year in which America's gap ballooned by the largest amount in a decade. The deficit increased 5.9 percent in December to $40.6 billion, the Commerce Department reported Friday. U.S. exports of goods and services rose to $163 billion, a 1.
Wholesale Businesses Boost Their Inventories In Dec.
February 11, 2011 3:31 am | by Martin Crutsinger, AP Economics WriterWASHINGTON (AP) — Businesses at the wholesale level added to their inventories in December at a healthy clip even though demand for their products slowed. The expectation is that rising demand from businesses will keep factories humming. Wholesale businesses boosted inventories 1 percent in December, pushing the total to $430.
Dayton Progress Acquires Lane Punch
February 9, 2011 4:36 amDAYTON, OH – Dayton Progress Corporation, headquartered in Dayton, Ohio has acquired the business and assets of Lane Punch Corporation. Lane Punch, a manufacturer of metal stamping tools, was established in 1965 and has manufacturing locations in Michigan and North Carolina. During 2011 Dayton progress will transfer all production from the two Lane plants to Dayton Progress factories in Ohio, Canada, Mexico, Europe and Asia, nearer to the customers of Lane.
California Distributor Pleads Guilty To Price-Fixing
February 9, 2011 4:35 amWASHINGTON (AP) — The president and CEO of a U.S. distributor of Taiwanese aftermarket auto lights has pleaded guilty to charges of price-fixing, the U.S. Department of Justice said Tuesday. Polo Shu-Sheng Hsu conspired with others to set prices on lights from 2000 to 2008, according to a felony charge filed in the U.
Sonepar Canada To Buy Division Of HD Supply Canada
February 9, 2011 4:34 amMISSISSAUGA, ON – Sonepar Canada and HD Supply Canada are pleased to announce they have entered into an agreement for Sonepar SA to purchase substantially all of the assets of SESCO/QUESCO, a division of HD Supply Canada. The transaction is scheduled to close by the end of February 2011.
Air Products Extends Cash Offer To Buy Airgas
February 9, 2011 4:31 amLEHIGH VALLEY, Pa. (AP) — Air Products & Chemicals Inc. has extended its cash offer to buy all shares of Airgas Inc. for $70 each until Feb. 15 as it tries to drum up more shareholder support for the takeover. The offer was originally set to expire Friday. But Air Products said Thursday that only about 7.
Cummins Reports Record Profits For 2010
February 9, 2011 4:30 amCOLUMBUS, IN -- Cummins Inc. recently reported record profits for all of 2010, as well as record quarterly sales and profits for the fourth quarter, on the strength of significant growth in key international markets and improved productivity in its global manufacturing operations. Fourth quarter sales were $4.
Graybar Names New Tampa District VP
February 9, 2011 4:29 amST. LOUIS -- Graybar, a leading distributor of electrical, communications and data networking products and provider of related supply chain management and logistics services, has named Andy Ciccone to the position of district vice president for the company's Tampa district, effective April 1, 2011.
Job Openings Fell For Second Straight Month
February 8, 2011 4:42 amWASHINGTON (AP) — Job openings fell for the second straight month in December, a sign that hiring is still weak even as the economy is gaining strength. The Labor Department says employers advertised nearly 3.1 million jobs that month, a drop of almost 140,000 from November. That's the lowest total since September.
Layoffs Become Rarer Even With Unemployment High
February 7, 2011 4:39 am | by Derek Kravitz and Paul Wiseman, AP Economics WritersWASHINGTON (AP) — The U.S. labor force has been split into two groups: the relieved and the desperate. Those who have a job are less likely to lose it than at any point in at least 14 years. Those who are unemployed are in trouble. Finding a job remains a struggle 20 months after the recession technically ended.
Jobless Rate Drops Sharply To 9%
February 4, 2011 3:24 am | by Christopher S. Rugaber, AP Economics WriterWASHINGTON (AP) — The unemployment rate dropped sharply last month to 9 percent, the lowest level in nearly two years. But the economy generated only 36,000 net new jobs, the fewest in four months. The January report illustrates how job growth remains the economy's weakest spot, even as other economic indicators point to a recovery that is strengthening.
Thousands Wrongly Claim Electric Car Tax Credit
February 4, 2011 3:24 am | by Ken Thomas, Associated PressWASHINGTON (AP) — Car companies like General Motors and Nissan are slowly rolling out rechargeable electric cars. But that didn't stop thousands of U.S. taxpayers, including prisoners and some IRS employees, from incorrectly claiming lucrative tax credits for the electric vehicles last year.
GE Acquires Dresser, Inc. For $3 Million
February 3, 2011 3:11 amATLANTA-- GE recently announced the successful closing of its $3 billion acquisition of Dresser, Inc., a global energy infrastructure technology and service provider, from funds managed by Riverstone Holdings LLC and First Reserve Corporation, Dresser management and its other stockholders. The move significantly expands GE's offerings for energy and industrial customers worldwide and is the latest in a series of acquisitions over the last 10 years that have transformed GE's global energy portfolio.
