Mike Miazga 2015-07-03 01:44:03
WOLSELEY INDUSTRIAL ACQUIRES QIP EQUIPMENT Wolseley Industrial Canada Vice President Bryn Murray recently announced the company’s acquisition of all assets of industrial supply business QIP Equipment. Established in Montreal and operational since 1976, QIP is a wholesale distributor of manual and actuated valves, fittings, control products and instrumentation products. QIP’s three locations — one each in the provinces of New Brunswick, Ontario and Quebec — are now part of Wolseley Industrial. With the acquisition, 29 QIP employees have joined the Wolseley Canada team. QIP President Cosmo Pace will retire from the business, but will remain for a short time to coach and mentor staff and assist with the transition. The acquisition of QIP strengthens our business in three key provinces, adding products, capabilities and an experienced team,” Murray said. STEEL SHIPMENT DECLINES ACCELERATE IN MAY U. S. shipments of steel products decreased substantially in May compared to a year ago and aluminum shipments declined as well, according to Metals Service Center Institute. MSCI reports in May U.S. service center steel shipments decreased by 12.6% from May 2014. Steel product inventories increased 11% over May a year ago. At the current shipping rate, this represents 2.8 months of supply in inventory. U. S. service center shipments of aluminum products in May decreased by 3.3% from the same month in 2014. Inventories of aluminum products increased 2. 7% from May a year ago. At the current shipping rate, this represents 3.0 months of supply in inventory. PVF DISTRIBUTORS REPORT MEDIAN SALES DECLINE The American Supply Association’s monthly Pulse report shows industrial PVF members reported a median sales decline of -6.3% for the month ending May 21 compared to the same last year. Calendar year-to-date, PVF respondents reported a median sales increase of 2.6%, while the median increase for the trailing 12 months is 0.3%. Inventory rose 2.7% among PVF respondents compared to a year ago and the median three-month average DSOs increased from 46 days in April to 47 in May. PVF respondents reporting an increase in company YTD profit before taxes decreased from 46.7% in April to 42.7% in May. The industrial PVF sector’s performance paints a somewhat different picture than that of all ASA member wholesaler-distributors that participated in the monthly report. ASA member wholesaler-distributors reported a median sales decline of -2.0% for the month ending May 31 compared to the same month last year. Calendar year-to-date all respondents reported a median sales increase of 5.0% and the median increase for the trailing 12 months is 5.3%. Inventory rose 1.6% compared to a year ago and the median three-months average days outstanding fell to 45 days. More than 55% of respondents reported an increase in gross margin percentages and company YTD profit before taxes increased for 63% of the total sample. On the labor front, 54.1% of respondents reported having more full-time equivalent employees compared to a year ago. POWELL VALVES HELPS LOCAL YOUTH BASEBALL When the viability of the West End Reds/TS Bulls youth baseball club near downtown Cincinnati was threatened by a lack of money, Powell Valves went to bat. Through its William Powell Company Foundation, Powell Valves made a donation to help sustain the club, which consists of six baseball teams for boys and girls ages 4-13. Earlier this year the Cincinnati Enquirer reported the club needs a minimum of $12,000 a year for uniforms, equipment, field fees, trophies and travel, etc., in order to survive. While the Cincinnati Reds Community Fund provides a majority of the club’s support, it still was $3,000 short last year and was falling further behind this year. A GoFundMe campaign raised $10,390 for the club. Powell, whose corporate offices are close to the club’s home turf, provided a large donation outside the GoFundMe campaign to ensure the club’s future. “One of our executives (Tim Fries) and I read the article and we were touched by the story,” Powell President, CEO and Chairman Randy Cowart said. “We are huge baseball fans, plus this club is great for the boys and girls in the West End. Coach Fred is using baseball as the vehicle to prepare young men and women for adulthood. We could not be more proud of the players, parents and coaches.”
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