It's been an exciting week for us here at Industrial Distribution, as getting to unveil our 2015 Big 50 countdown video is always highly-anticipated. The Big 50 helps us close August with a bang, and is sure to be a top item going into next week as well. Besides that, news regarding the volatile oil & gas market continues to be a hot topic among industrial distributors, as many company's bottom line is tied to it.
Here's this week's Top 5:
Industrial Distribution's 2015 Big 50 Video Countdown: Released Thursday, ID unveiled its annually highly-anticipated Big 50 List of the largest industrial distributors in a video countdown. The video comes a full week before the September/October print issue hits the streets, in which the Big 50 is featured. Watch as Executive Editor Anna Wells, Contributing Editor Jack Keough, and myself take you from No. 50 to No. 1 on year's list of the industrial market's 50 largest global distributors.
Jack Keough - DXP Enterprises Laid Off 136 Employees In Q2: Jack Keough discusses DXP's post-Q2 conference call, in which the company shared recent layoff numbers as a cost-cutting measure resulting from downturn in the oil & gas sector. So far this year, the company has laid off 216 employees. Keough recaps DXP CEO David Little's statements regarding the company's vision going forward following a Q2 where its sales were down 15 percent vs. a year ago and profit was down more than 51 percent.
How To Sell Value In Today's Oil & Gas Market: Speaking of down times in the oil & gas market, sales guru Paul Reilly gives tips on how salespeople can still successfully navigate this tough period by selling differently. "During tough times, organizations tighten their grip on resources. Customers are more resource conscious. Customers build cash reserves to weather tough times. Salespeople experience this pain with fewer orders and slimmer margins. Since customers buy differently during tough times, salespeople need to sell differently," says Reilly.
Motion Industries Acquires Lake Erie Abrasive & Tool: As one of the only acquisition items of note over the past few weeks, on Monday Motion Industries announced that it has agreed to acquire Euclid, OH-based Lake Erie Abrasive & Tool. Terms were not disclosed for the deal expected to close in early September. Lake Erie specializes in custom-designed abrasive systems, and distribution of quality abrasive products, tools, and related machinery. The company has locations in Euclid, Greer, SC, and Howell, MI.
Video Market Report 16 - Oil Dips Under $40/Barrel, Midwest Gas Prices To Fall, DXP Announces Layoffs: In the latest installment of our weekly Video Market Report, Anna Wells and I go heavy on news regarding the oil & gas market, which has had a considerable negative impact on industrial distributors over the past year, especially those companies on our Big 50 List that are heavily involved in it. Such news included oil sliding under $40/barrel for the first time since the end of the recession, a report that Midwest gas prices are to fall now that its largest refinery is back online after a shutdown, and we touch on Jack Keough's take on DXP Enterprises.