Avnet (NASDAQ: AVT), Phoenix, has appointed Ernest Maddock to the company’s board of directors, effective immediately. Maddock will serve on the board’s audit and finance committees. Maddock retired from Micron Technology in 2018, having held the position of CFO and adviser. He previously served as CFO at Riverbed Technology (2013-2015) and LAM Research Corp. (2008-2013). […]
Eric Smith
Advance Report: New Orders for Durable Goods Down 0.1% in July
New orders for manufactured durable goods in July decreased $0.4 billion, or 0.1%, to $257.2 billion, according to the U.S. Census Bureau. This decrease, down following two consecutive monthly increases, followed a 0.8% June increase. Excluding transportation, new orders increased 0.7%. Excluding defense, new orders decreased 1.2%. Transportation equipment, also down following two consecutive monthly […]
Why Now is the Right Time to Transform Your Sales Model
Distribution executives and sales managers have been lodging the same concerns about their sales models — and sales teams — for many years, says Mike Marks, managing partner of Indian River Consulting Group. And the pandemic has only amplified these all-too-familiar laments. “Salespeople don’t do what I want them to do.” “I’m trying to get […]
Unpacking Distribution’s Digital Transformation Inflection Point
To continue reading this article you must be a paid subscriber. Subscribe to MDM Already Subscribed? Click here to log-in | Forgot your password? Going digital isn’t as easy as building an e-commerce site and watching the online sales roll in. Distributors are faced with new considerations around their digital capabilities. These include the traditional […]
SiteOne Acquires Green Brothers Earth Works and Southern Landscape Supply
SiteOne Landscape Supply Inc. (NYSE: SITE), Roswell, Georgia, on Tuesday announced it has acquired Green Brothers Earth Works and Southern Landscape Supply. The companies are known collectively as Green Brothers. Financial terms of the deal weren’t disclosed. Green Brothers serves the greater Atlanta market with four locations focused on the distribution of landscape supplies and […]
DSG to Open New Facility in Rogers, Minnesota
Dakota Supply Group, Plymouth, Minnesota, this week announced plans to open a new branch in Rogers, Minnesota, in December. It will be DSG’s 12th location in Minnesota and 44th across six states. The new facility is in the Gateway North Business Park at 6035 Queens Ave NE, just north of Rogers along Highway 101. DSG […]
Sonepar USA Promotes Scott Jansen to President of QED
Sonepar USA, a Charleston, South Carolina-based subsidiary of privately held Sonepar Group, announced that Scott Jansen will be promoted to president of Quality Electric Distribution (QED) from his current position as vice president, QED sales and marketing, effective Sept. 1. Outgoing president Dave Dahl has decided to move from his position as president of […]
Applied Industrial Posted a Blowout 4Q, but Here’s Why It’s More Bullish on 2022
Given the favorable comp of last year’s fiscal fourth quarter when COVID-19 was ravaging the economy, Applied Industrial Technology Inc.’s resounding revenue and earnings beat for the period ending June 30 doesn’t come as a surprise — but it doesn’t make the performance any less impressive. The Cleveland-based company this week reported fiscal fourth-quarter sales […]
Are Distributors the Future of Distribution?
To continue reading this article you must be a paid subscriber. Subscribe to MDM Already Subscribed? Click here to log-in | Forgot your password? • A new business cycle emerged due to COVID-19 in which business buyers look a lot like consumers. • Distributors who don’t meet the changing demands of these B2B buyers risk […]
Shorehill Makes Strategic Investment in Flexpak
Shorehill Capital LLC announced the recapitalization of Flexpak LLC, a Woods Cross, Utah-based distributor of packaging supplies. Financial terms of the deal weren’t disclosed. The investment, which was made in partnership with the company’s management team and Brian Kellen, Flexpak’s founder and CEO, closed on July 30. Flexpak’s products include stock and custom corrugated boxes, […]
Heritage Landscape’s New Pool Supply Platform Makes Acquisition
Landscape distributor Heritage Landscape Supply Group Inc., a McKinney, Texas-based subsidiary of SRS Distribution, announced that its new platform business, Heritage Pool Supply Group Inc., has acquired Aqua-Gon Inc., a wholesale distributor of pool and spa products in the Midwest. Financial terms of the deal weren’t disclosed. SRS said it believes “the opportunity in pool […]
Wholesale Trade Sales Up 27.5% in June
Wholesale trade improved in June compared to the same month a year ago and was up from the previous month of May, according to the latest report from the U.S. Census Bureau. June 2021 sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading day differences but not […]
Wajax Sales Up 25% in 2Q
Canadian distributor Wajax Corp. (TRX: WJX), reported sales for the second quarter of C$446.1 million (US$355.1 million), a 25% increase year-over-year. Profit increased 72.9% to C$16.6 million (US$13.2 million). For the first six months sales were C$833.2 million (US$663.3 million) up 18.9% over the same period the previous year. Profit was C$29 million (US$23.1 million), […]
Graybar’s Second-Quarter Sales Improve 26.6%
Electrical, communications and data networking products distributor Graybar, St. Louis, reported second-quarter sales of $2.2 billion, a 26.6% increase compared to the same period last year. Profit for the quarter was $80.1 million, up 115.9% from the same period in 2020. “I am very pleased with our record second quarter performance,” said Kathleen M. Mazzarella, […]
Amazon Announces Another Fulfillment Center
Amazon.com Inc. (NASDAQ: AMZN), Seattle, Washington, this week announced plans to open a more than 1 million-square-foot fulfillment center in Port St. Lucie, Florida. The site, which is anticipated to launch in 2022, will create more than 500 new, full-time jobs. “We’re excited to expand our network to better serve our customers in Port St. […]
RBC Bearings Sales Flat in Fiscal 1Q
Bearings manufacturer RBC Bearings Inc. (Nasdaq: ROLL), Oxford, Connecticut, reported sales for the fiscal 2021 first quarter of $156.2 million, down 0.2% from the same quarter last year. Profit was $26 million, a 14.6% increase from the fiscal 2020 first quarter. “First quarter results were in line with our expectations,” said Michael J. Hartnett, chairman […]
Beacon Roofing Supply Sales Up 20.8% in Fiscal 3Q
Beacon (NASDAQ: BECN), Herndon, Virginia, reported sales of $1.9 billion for its fiscal third quarter ended June 30, a 20.8% increase compared with the third quarter of 2020. The company reported a third-quarter profit of $70.5 million, up from a loss of $12.7 million in the year-ago period. “Solid demand for our products, combined with […]
Atlas Copco Acquires Specialized Centrifugal Pump Company
Swedish industrial manufacturer Atlas Copco on Thursday announced it has acquired CPC Pumps International Inc., Burlington, Ontario. The company specializes in the design, manufacturing and servicing of custom-engineered, mission critical centrifugal pumps. Financial terms of the deal weren’t disclosed. CPC Pumps has 110 employees and serves customers in North America. In the fiscal year 2020 […]
Goods and Services Deficit Grows in June
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis on Thursday announced that the goods and services deficit was $75.7 billion in June, up $4.8 billion, or 6.7%, from $71 billion in May, revised. June exports were $207.7 billion, $1.2 billion more than May exports. June imports were $283.4 billion, $6 billion more than May […]
Arrow Electronics’ 2Q Sales Up 29.6%
Electronic components distributor Arrow Electronics Inc. (NYSE: ARW), Centennial, Colorado, reported second-quarter sales of $8.6 billion, up 29.6% compared with the second quarter of 2020. Net income of $240.6 million was up 81.2% from the year-ago quarter. Global sales of electronic components and solutions increased 40% to $6.6 billion for the quarter from the year-ago period. For […]
