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Latest Scoop
Hubbell
Expands Utility Offering with Deal to Buy Burndy
Hubbell Inc., Orange, Conn., signed a definitive
agreement to buy the Burndy connectors business from FCI Group for $360
million in cash. The addition of Burndy expands Hubbell’s offering in
several markets, most significantly the market for high-voltage
connectors and tooling for electric utility transmission and
distribution operations.
Burndy, based in Manchester, N.H., had revenues of $225 million in
2008,
with operating margins “in the high teens,” according to a Hubbell
press release. FCI said Burndy accounted for 12 percent of its total
revenues that year. Utility customers account for 37 percent of
Burndy’s sales with the other 63 percent split between construction
and industrial markets. Geographically, Burndy does approximately 75
percent of its business in the U.S. and 25 percent in Canada, Brazil
and
Mexico.
Philips
Lighting to Buy Teletrol
As the lighting world continues to evolve toward more
comprehensive energy-efficient solutions, the importance of lighting
controls as a part of that solution continues to grow. In a move to
expand its ability to give customers more control over their use of
lighting and energy, Royal Philips Electronics, Netherlands-based
parent
of Philips Lighting, Somerset, N.J., has acquired Teletrol Systems,
Manchester, N.H.
Financial details of the acquisition, which closed on July 14, were not
disclosed. Teletrol’s existing leadership team will continue with the
company as it is integrated into the Controls business unit within
Philips Lighting. The integration process is expected to take a year
and
a half, said Susan Bloom, director of corporate communications for
Philips Lighting and Philips Lighting Electronics. The unit will
continue to go to market under the Teletrol name, but could be
rebranded
to Philips in the future, “if the market requires it,” she said.
2Q
Financial Reports Batter Industry Firms
The most recent round of financial reports for publicly
held companies in the electrical industry makes for pretty grim
reading,
as double-digit declines in sales and net income were the rule rather
than the exception. Following is a sampling of these financial
results.
WESCO endures job cuts and decreases in sales and operating
income.
Along with having to eliminate more than 900 positions from 2008
staffing levels, like many other companies in the electrical market
WESCO International Inc., Pittsburgh, has had to take major cost
reduction measures to cope with decreases in sales and operating
profits. Its consolidated net sales for the second quarter of 2009
dropped 27 percent to $1,159 million compared with $1,588 million for
the second quarter of 2008. Operating income for the quarter was $47.6
million versus $96.8 million in last year’s comparable quarter,
New-Home
Sales Rise 11 Percent in June
Sales of newly built, single-family homes rose 11
percent in June to a seasonally adjusted annual rate of 384,000 units,
according to the U.S. Commerce Department. Coming on the heels of an
upwardly revised number for May, the gain marks a third consecutive
month of improved sales activity.
“This report is good news that indicates the nation’s housing
market
may be in the process of turning the corner,” said Joe Robson,
chairman of the National Association of Home Builders (NAHB),
Washington, D.C., and a home builder from Tulsa, Okla. “That said,
the
key to moving us out of recession is to get Americans back to work.
Congress and the Administration should know that housing can be a
significant generator of good jobs. We need to make housing a priority
in the recovery process, otherwise we could continue to bounce along a
bottom for some time.”
People On The Move
Blanchard
Rejoins OneSource as VP
OneSource Distributors (Oceanside, Calif.): Mike
Blanchard is now vice president of supplier relations and business
development. He will be responsible for developing and implementing
joint growth initiatives and marketing strategies with key suppliers,
developing target market and customer strategies and managing key
supplier relationships. Blanchard has been in the electrical industry
for over 25 years and is rejoining OneSource after working with other
electrical distributors in the Southwest region of the U.S. for the
past
eight years.
On The Wire
McCormick
adopts Supplier Xchange
McCormick Systems, Chandler, Ariz., maker of contractor
estimating software, has incorporated Trade Service’s Supplier
Xchange
into its software package. Supplier Xchange is an Internet-based
solution that connects contractors with their preferred suppliers to
receive, in real time, customer-specific pricing that may be instantly
imported into the contractor’s job estimate. The integration gives
all
McCormick Systems users the ability to streamline their bidding and
estimating process by nearly eliminating the amount of time it can take
to contact their supplier, request a quote on a list of materials, wait
for the supplier to respond by fax, phone, or email, and finally enter
the new information into the job estimate which may be down to the
wire,
needing immediate submittal.
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