Industrial automation and digital transformation company Rockwell Automation is suspending operations and sales in Russia and Belarus, effective immediately, the company announced. “Rockwell joins the U.S. government and the global community in condemning Russia’s attack on Ukraine and its citizens,” said Blake Moret, Rockwell chairman and CEO. Sales to Russia and Belarus represent less than […]
Mark Powell
City Electric Opens New Store
Dallas-based electrical wholesale distributor City Electric Supply Company has opened its 41st store in the state of Texas. The store, located near downtown Houston, is City Electric’s 17th location in the city. “We’re as close to downtown as you can possibly get,” Downtown Branch Manager Michael Martini said. “You step out our front door, and […]
CD&R to Acquire Cornerstone for $5.8B
New York-based private equity firm Clayton, Dubilier & Rice says it will acquire Cornerstone Building Brands, Inc. (NYSE: CNR), the largest manufacturer of exterior building products in North America, for $5.8 billion. The deal is an all-cash transaction, CD&R said. The approximate $5.8 billion enterprise value includes the assumption of debt. CD&R is currently the […]
NSI Industries Acquires Metallics
NSI Industries — a Huntersville, North Carolina-based provider of electrical product solutions — says it has reached a deal to acquire Metallics, a Bristol, Connecticut-based manufacturer and supplier of fasteners and related supplies. Financial details were not announced. The acquisition will allow NSI to “further key inroads” into the electrical, HVAC, and building technologies markets, […]
Goods and Services Deficit Rises in January
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis said the goods and services deficit was $89.7 billion in January, up $7.7 billion from $82.0 billion in December, revised. January exports were $224.4 billion, $3.9 billion less than December exports; January imports were $314.1 billion, $3.8 billion more than December imports, according to […]
Rexel USA CEO to Retire
Rexel USA CEO Jeff Baker will retire in April but will remain a member of the company’s board of directors, the distributor announced. Brad Paulsen will succeed Baker, who is retiring after 15 years, Rexel USA said. The transition will take effect April 18. Paulsen comes to Rexel USA from HD Supply, where he most […]
Podcast Guests Reinforce 2022 Outlook, Importance of Tech and Analytics
Distributors entered 2022 amidst a bullish and relatively rosy outlook. Having weathered many of the economic and supply chain crises brought on by the COVID-19 pandemic, most signs point to opportunities for companies to recover and thrive in the new year. (Fourth-quarter financial results from 2021 suggest that recovering and thriving is already well underway.) […]
February FDI Recovers ‘Nicely’
The February Fastener Distributor Index “recovered nicely,” rebounding to 56.0 following a seasonal-adjustment-driven downtick in January (52.7), according to the latest analysis from Baird, FCH Sourcing Network and the Institute for Supply Management. The recovery was “broadly consistent” with recovery seen in the ISM PMI and other macroeconomic data points as COVID-related disruption eased, according […]
Kimball Midwest Names New CIO
Gautham Jayaraman has been named chief information officer and senior director of business intelligence at Columbus-based industrial supplier Kimball Midwest. Jayaraman is expected to lead a team in shaping Kimball Midwest’s overall technology vision, collaborate with department leaders to deliver solutions that help departments modernize and develop new business capabilities and “continue to drive the […]
Solve Picks New Information Officer
Solve Industrial Motion Group, a Charlotte, North Carolina-based portfolio company of Audax Private Equity, has named Jim Taylor as its new chief information officer. “Bringing Jim on board is a huge win for us, our customers, distributors and supply chain partners,” Solve CEO Lisa Mitchell said. “With 25 years in leadership positions, he has the […]
Motion Names New Group VP
MRO distributor Motion Industries, Inc., has promoted Jon Tart to vice president of the company’s Southeast Group, the company announced. The company promoted Tart from his position as Baltimore Division vice president. He started working at Motion in 1996, and since then has worked as branch manager of two branches, division sales manager, area vice […]
Fastenal February Sales Rise 21.3%
Fastenal Co. (Nasdaq: FAST) of Winona, Minnesota, reported February sales of approximately $530.9 million, a 21.3% increase over the same month in 2021. The company reported daily sales of $26.5 million for the month, an increase over the $21.8 million reported for February 2022. Fastenal’s daily sales growth increased 22% in the U.S., 20.6% in […]
Sonepar 2021 Sales Pass $28B
Sonepar had “record” worldwide sales of more than $28.8 billion (€26.4 billion) in 2021, the company announced. In the company’s 2021 “Key Figures” announcement, Sonepar said it finished No. 1 in its market in 11 countries, and the company recorded roughly a million order lines per day during the year. Sonepar also touted its transformative […]
DXP Announces 2 Acquisitions
Houston-based MRO and industrial distributor DXP Enterprises Inc. (NASDAQ: DXPE) this week announced two acquisitions. DXP acquired Drydon Equipment, Inc., a distributor and manufacturer rep of pumps, valves, controls and process equipment for the water and wastewater industry in the areas of central and northern Illinois, northwest Indiana, Wisconsin and the Upper Peninsula of Michigan […]
Pentair Acquiring Manitowoc Ice for $1.6B
Pentair plc (NYSE: PNR) has reached a definitive agreement to acquire Manitowoc Ice, a provider of commercial ice makers, for $1.6 billion, subject to “customary adjustments.” When adjusted for approximately $220 million of expected tax benefits, the net transaction value is approximately $1.38 billion, Pentair said. The company said it expects to fund the acquisition […]
Descartes Annual Revenues Rise 22%
Descartes Systems Group Inc., (TSX:DSG) (Nasdaq:DSGX) of Waterloo, Ontario, says fiscal-year 2022 revenues reached $427 million, a 22% increase from FY 2021. The company’s FY 2022 ended January 31. Descartes reported FY 2022 income from operations of $103.4 million, up 45% from $71.4 million the previous year. Net income was $86.3 million, up 66% from […]
‘Mixed Results’ in January for ASA Members
The American Supply Association says members reported “mixed results” from January, as ASA’s monthly sales report revealed another strong performance compared to January 2021 but most respondents cited declines in sales when compared to this past December. For the 12-month period ending January 2022, sales remained strong compared to most of 2020, when there were […]
Earnings Confirm Hopes as Industrial Distributors Ride Momentum in ’22
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SBP Holdings Acquires Hydrafab
SBP Holdings, a provider of inspection and testing services, repairs and specialized rental activities, has acquired Hydrafab LLC, a Wyoming-based company that provides repair services, fabrication and sales for hydraulic products. Hydrafab will operate within Dakota Fluid Power, the fluid power/automation platform for SBP Holdings. Financial details were not announced. With the deal, SBP Holdings […]
Huttig 4Q Sales Up 24.8%
Building materials distributor Huttig Building Products (NASDAQ: HBP) reported a 24.8% increase in 2021 fourth-quarter net sales and an 18.4% jump in total year-end sales compared with 2020. Net sales in 4Q were $230.4 million, compared with $184.6 million during the same period in 2022. Year-end net sales increased 18.4% to $937.8 million, compared to […]
