IDGsupply.com, launched on October 29th, 2012, contains many new elements designed to create a first-class customer shopping experience. Simple navigation and intuitive search functionality have been developed with the end user in mind. IDG’s industry leading content allows customers to make a more informed buying decision and choose the product best suited for their application.
Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 2.0 percent in the third quarter of 2012 (that is, from the second quarter to the third quarter), according to the "advance" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 1.3 percent.
Gershwind, currently President and Chief Operating Officer, will succeed current Chief Executive Officer, David Sandler. Upon the completion of this transition on January 1st and as previously announced, Mr. Sandler will serve as Executive Vice Chairman of the Company's Board of Directors until at least calendar year 2017.
The manufacturing giant said Tuesday that the job cuts amount to 5 percent of the company's workforce worldwide. Dow expects the strategy will result in roughly $500 million in annual cost savings by the end of 2014. The company also plans to slash capital spending and investments. It expects that will save an additional $500 million.
Timken generated income in the third quarter of $80.9 million, or $0.83 per diluted share, compared with $111.0 million, or $1.12 per diluted share during the same period a year ago. The decrease in earnings reflects lower sales volume, material surcharges and mix, partially offset by lower material costs, favorable pricing and lower manufacturing costs.
Net sales for the third quarter of 2012 were $72.0 million versus $75.4 million for the third quarter of 2011. Average daily sales declined 1.6% to $1.143 million in the third quarter of 2012 from $1.162 million in the second quarter of 2012 and from $1.178 million a year ago.
Outgoing Chair Cally Coleman Fromme, EVP at Zarsky Lumber in Victoria, Texas, announced three Chairman Awards at the ProDealer Industry Summit in Savannah, Georgia. At the installation dinner Wednesday night, Fromme capped her term as the head of NLBMDA by honoring those that have gone above and beyond to support America's lumber and building material dealers.
Sales in the third quarter were $2,774 million, 4% below the prior-year quarter. Sales growth was 4%, excluding negative foreign currency translation and cost pass-through effects. Underlying sales grew in all geographic segments except Europe. North American sales growth reflects higher price and solid demand from the manufacturing, energy and metals markets.
The Power Transmission Distributors Association (PTDA) welcomed four new members in the third quarter of 2012: C&U Americas, Infor, Macron Dynamics, Inc., and Sedis. PTDA is dedicated to providing exceptional networking, targeted education, relevant information and leading-edge business tools to help distributors and manufacturers meet marketplace demands competitively and profitably.
United Stationers Inc. announced today that its wholly-owned subsidiary, United Stationers Supply Co., signed a stock purchase agreement to acquire 100% of the outstanding shares of O.K.I. Supply Co. (O.K.I.) for an all-cash purchase price of $90 million.
MC Machinery Systems Inc. is pleased to welcome Richard Chesnut in his new role as West Regional Direct Sales Manager–Press Brake. He is a proven professional, with more than 15 years of experience in the manufacturing and sheet metal fabrication industry, including service, sales, and manufacturing operations.
Second quarter sales were $1.23 billion, an increase of 4% over the prior year. Same-store sales grew 3% in the quarter, with gas and rent up 4% and hardgoods up 1%. Airgas, Inc. announced a program to repurchase up to $600 million of its outstanding shares of common stock. As of October 22, 2012, Airgas had approximately 77.3 million common shares outstanding.
Cooper announced third quarter earnings per share of $1.16, an increase of 18% compared to earnings per share of $.98 for the same period last year. Total operating profit margin was 17.0% for the third quarter of 2012, an increase from 14.8% in the same period last year.
John G. Chironna has joined the Company as Vice President, Investor Relations & Treasurer. In this role, he will manage and coordinate all communication of the Company's financial results and serve as the primary point of contact to the banking, analyst and investor communities. Mr. Chironna will report to Jeffrey Kaczka, Executive Vice President and Chief Financial Officer.
Net sales for the first quarter increased to $610.5 million from $579.6 million in the comparable period a year ago. Net income for the quarter increased to $29.5 million, or $0.70 per share, compared to $26.4 million, or $0.61 per share, last year.
Wajax Industrial Components has acquired Ace Hydraulic Ltd. of Bathurst, New Brunswick in a transaction that will enhance Wajax’s hydraulic repair and service capabilities. The strategic acquisition will also augment Wajax’s ability to support mining, forestry and other industrial businesses throughout Atlantic Canada and the Quebec North Shore.
Jeff Pope, was named president of the American Supply Association (ASA). Pope is ASA’s 44th president and will officially begin his term on Jan. 1, 2013. As president, Pope will focus on developing the association in four key areas: benchmarking, networking, advocacy and education.
Founded in 1914, McClure-Johnston has 14 locations with eight in Pennsylvania, three in West Virginia, one in Western Maryland and two in Georgia. Annual sales are approximately $85 million. Closing on the transaction is expected on or before November 1, 2012, and is to occur simultaneously with the execution of a definitive purchase agreement.
With this contract, Lockheed Martin received the majority share of a $56 million paveway II Plus LGB procurement. Production is expected to begin in early 2014. The contract is part of an overall $475 million five-year, firm-fixed-price, multiple-award contract announced by the U.S. Air Force in August 2011. Lockheed Martin was qualified as a paveway supplier in 2001.