Infor,investment firm had been in negotiations with Lawson since March
Lawson Software Inc. has signed a definitive agreement to be acquired by GGC Software Holdings, Inc., an affiliate of Golden Gate Capital and software provider Infor, in a transaction valued at approximately $2 billion. Under the terms of the merger agreement, stockholders of Lawson will receive $11.25 per share in cash.
The announcement marks the culmination of Lawson Software’s evaluation of strategic alternatives and review and negotiation of a proposal from Golden Gate and Infor that began prior to, and was later publicly confirmed in a press release on March 11, 2011. During its evaluation, Lawson conducted a comprehensive market assessment and contacted other potential acquirers including competing global providers of enterprise applications and financial buyers.
"We are pleased to have entered into a transaction that will offer Lawson stockholders an attractive valuation," said Harry Debes, Lawson's president and chief executive officer. "After a thorough examination of the strategic alternatives available to the company as well as extensive discussions with Golden Gate and Infor, Lawson's board unanimously concluded that this transaction is in the best interests of the company and our stockholders."
The deal is expected to close in the third quarter
Wednesday, April 27, 2011
Friday, April 22, 2011
Distributors continue strong performance
Applied Industrial, others cite solid gains driven by strength in the industrial sector
Citing continued strength in the manufacturing sector, some of the industry's largest publicly traded distributors reported solid sales and earnings this week.
Power transmission/motion control distributor Applied Industrial Technologies reported sales of $566 million for its fiscal third quarter, a 16% increase compared to the same period last year. Company chairman and CEO David Pugh said the results were fueled by a solid industrial economy.
"While we expect this economy to continue its recovery and to deliver a positive ongoing impact, such issues as oil prices and geo-political events dictate that we also maintain a focus on the underlying fundamentals of our business," Pugh said in a statement announcing the results this week.
Applied's results followed a similar strong performance from power transmission/motion control distributor Motion Industries last week. Motion's parent company, Genuine Parts Co., cited a 24% gain for Motion in the first quarter as sales rose to $999.7 million comapred to the same period a year ago. GPC also noted strong performance for EIS, Inc., its electrical group, which genreated a 39% sales increase.
"Both Motion Industries and EIS sell into the manufacturing sector of the economy, which began its recovery in 2010 and continues to perform well today," Thomas C. Gallagher, GPC's chairman, president and CEO said in a statement announcing the results.
Other distributors citing strong results this week include W.W. Grainger, which posted first-quarter sales of $1.9 billion, up 13% compared to the same period last year, and WESCO International, which reported a 25% sales gain in the first quarter, to $1.43 billion.
Citing continued strength in the manufacturing sector, some of the industry's largest publicly traded distributors reported solid sales and earnings this week.
Power transmission/motion control distributor Applied Industrial Technologies reported sales of $566 million for its fiscal third quarter, a 16% increase compared to the same period last year. Company chairman and CEO David Pugh said the results were fueled by a solid industrial economy.
"While we expect this economy to continue its recovery and to deliver a positive ongoing impact, such issues as oil prices and geo-political events dictate that we also maintain a focus on the underlying fundamentals of our business," Pugh said in a statement announcing the results this week.
Applied's results followed a similar strong performance from power transmission/motion control distributor Motion Industries last week. Motion's parent company, Genuine Parts Co., cited a 24% gain for Motion in the first quarter as sales rose to $999.7 million comapred to the same period a year ago. GPC also noted strong performance for EIS, Inc., its electrical group, which genreated a 39% sales increase.
"Both Motion Industries and EIS sell into the manufacturing sector of the economy, which began its recovery in 2010 and continues to perform well today," Thomas C. Gallagher, GPC's chairman, president and CEO said in a statement announcing the results.
Other distributors citing strong results this week include W.W. Grainger, which posted first-quarter sales of $1.9 billion, up 13% compared to the same period last year, and WESCO International, which reported a 25% sales gain in the first quarter, to $1.43 billion.
Wednesday, April 20, 2011
Minarik acquires Automation Technology
Kaman Industrial Technologies subsidiary expands in the Intermountain and Pacific Northwest regions
Kaman Industrial Technologies subsidiary Minarik Corp. has acquired Automation Technology, Inc., with locations in Salt Lake City, Utah, and Boise, Idaho. The deal adds to Minarik’s locations in Portland, Seattle and Denver, expanding the distributor’s business in the Intermountain and Pacific Northwest regions.
Minarik is a value-added distributor of motion control products; Automation Technology, Inc. is a strong motion control player in its region.
“We are very pleased to be able to continue Minarik’s market expansion with the acquisition of Automation Technology. Their knowledge of the market and technical expertise, coupled with the resources of Minarik and Kaman will offer the Intermountain and Northwest markets superior products with unequalled application support and service,” Andy Reid, Kaman’s area vice president, Minarik, said in a statement announcing the acquisition.
Kaman Industrial Technologies subsidiary Minarik Corp. has acquired Automation Technology, Inc., with locations in Salt Lake City, Utah, and Boise, Idaho. The deal adds to Minarik’s locations in Portland, Seattle and Denver, expanding the distributor’s business in the Intermountain and Pacific Northwest regions.
Minarik is a value-added distributor of motion control products; Automation Technology, Inc. is a strong motion control player in its region.
“We are very pleased to be able to continue Minarik’s market expansion with the acquisition of Automation Technology. Their knowledge of the market and technical expertise, coupled with the resources of Minarik and Kaman will offer the Intermountain and Northwest markets superior products with unequalled application support and service,” Andy Reid, Kaman’s area vice president, Minarik, said in a statement announcing the acquisition.
Friday, April 15, 2011
Graco will buy ITW unit for $650 million in cash
ITW unit had sales of $305 million in 2010
Graco, Inc. is buying the operations of the finishing business of Illinois Tool Works for $650 million in cash.
The ITW business makes and distributes equipment for industrial liquid finishing, powder coating and automotive refinishing worldwide.
The ITW business had revenue of $305 million in 2010.
The deal is expected to close sometime in June.
ITW's finishing business has about 40 percent of its sales coming from North America with significant operations in the United States, Switzerland, the United Kingdom, Japan, Brazil and Mexico. Its brands include Binks, Gema, Ransburg, DeVilbiss and BGK Finishing Systems.
Graco, which makes paint sprayers and fluid-handling equipment, said it plans to operate the businesses on a stand-alone basis and not integrate facilities, sales forces or distribution.
Graco's Chief Executive Officer Pat McHale said, "This acquisition is an excellent strategic fit with Graco's Industrial segment. It will advance all of our stated core growth strategies: new products and technology, geographic expansion, and new markets. We gain a leading position in industrial powder paint equipment – a growing global market where we have no offering today. In liquid finishing, the acquired product technologies are complementary to Graco's Industrial offering and also give us a leading position in automotive refinish where we have little presence. The acquired businesses generate two thirds of revenue outside North America, increasing our critical mass in important international and emerging markets. This transaction will bring several widely recognized premium brands to Graco, a strong distribution channel, an installed base and approximately 40 percent of revenue from parts and accessories."
Graco, Inc. is buying the operations of the finishing business of Illinois Tool Works for $650 million in cash.
The ITW business makes and distributes equipment for industrial liquid finishing, powder coating and automotive refinishing worldwide.
The ITW business had revenue of $305 million in 2010.
The deal is expected to close sometime in June.
ITW's finishing business has about 40 percent of its sales coming from North America with significant operations in the United States, Switzerland, the United Kingdom, Japan, Brazil and Mexico. Its brands include Binks, Gema, Ransburg, DeVilbiss and BGK Finishing Systems.
Graco, which makes paint sprayers and fluid-handling equipment, said it plans to operate the businesses on a stand-alone basis and not integrate facilities, sales forces or distribution.
Graco's Chief Executive Officer Pat McHale said, "This acquisition is an excellent strategic fit with Graco's Industrial segment. It will advance all of our stated core growth strategies: new products and technology, geographic expansion, and new markets. We gain a leading position in industrial powder paint equipment – a growing global market where we have no offering today. In liquid finishing, the acquired product technologies are complementary to Graco's Industrial offering and also give us a leading position in automotive refinish where we have little presence. The acquired businesses generate two thirds of revenue outside North America, increasing our critical mass in important international and emerging markets. This transaction will bring several widely recognized premium brands to Graco, a strong distribution channel, an installed base and approximately 40 percent of revenue from parts and accessories."
Thursday, April 14, 2011
Inventories, sales increased in February
Report indicates orders will be rising
Business inventories rose 0.5 percent in February, marking the 14th consecutive monthly increase , according to a report from the U.S. Commerce Department. Sales increased for the eighth consecutive month, indicating that factory orders will be rising in the next few months.
Combined sales by manufacturers, wholesalers and retailers increased 0.2 percent during the month.
The inventories increase means that stockpiles rose to $1.46 trillion in February. It is 10.7 percent higher than the recent low of $1.32 trillion reached in September 2009.
Sales rose at the manufacturing and retail levels, but declined 0.8 percent at the wholesale level.
Business inventories rose 0.5 percent in February, marking the 14th consecutive monthly increase , according to a report from the U.S. Commerce Department. Sales increased for the eighth consecutive month, indicating that factory orders will be rising in the next few months.
Combined sales by manufacturers, wholesalers and retailers increased 0.2 percent during the month.
The inventories increase means that stockpiles rose to $1.46 trillion in February. It is 10.7 percent higher than the recent low of $1.32 trillion reached in September 2009.
Sales rose at the manufacturing and retail levels, but declined 0.8 percent at the wholesale level.
Tuesday, April 12, 2011
Fastenal sales climb 23% in 1Q
Fastenal expects to open 150-200 stores this year
Fastenal, the giant MRO distributor headquartered in Minnesota, reported a 23 percent sales increase for the first quarter ended March 31, continuing its strong growth during 2010.
The company said several additional factors positively impacted its sales growth in the first quarter: the strengthening Canadian dollar (when compared to the United States dollar) that added approximately 0.7 percentage points to its daily sales growth in both 2011 and 2010 and its Holo-Krome business, which was acquired in December 200 that added approximately 0.5 percentage points to Fastenal’s daily sales growth in 2009, as there were no comparable sales in 2009.
In July 2010, Fastenal indicated its intention to open 80 to 95 new stores during the second half of 2010 (or an annualized rate of 6.8% to 8.0%). During the second half of 2010 the company opened 82 stores. In 2011, Fastenal intends to open 150 to 200 new stores, or an annualized rate of 6.0% to 8.0%. In the first quarter of 2011, Fastenal opened 37 new stores.
Fastenal, the giant MRO distributor headquartered in Minnesota, reported a 23 percent sales increase for the first quarter ended March 31, continuing its strong growth during 2010.
The company said several additional factors positively impacted its sales growth in the first quarter: the strengthening Canadian dollar (when compared to the United States dollar) that added approximately 0.7 percentage points to its daily sales growth in both 2011 and 2010 and its Holo-Krome business, which was acquired in December 200 that added approximately 0.5 percentage points to Fastenal’s daily sales growth in 2009, as there were no comparable sales in 2009.
In July 2010, Fastenal indicated its intention to open 80 to 95 new stores during the second half of 2010 (or an annualized rate of 6.8% to 8.0%). During the second half of 2010 the company opened 82 stores. In 2011, Fastenal intends to open 150 to 200 new stores, or an annualized rate of 6.0% to 8.0%. In the first quarter of 2011, Fastenal opened 37 new stores.
Monday, April 11, 2011
Schneider may be interested in Tyco
Deal would allow Schneider to expand beyond electric-grid management
Paris-based Schneider Electric SA is looking at possibly acquiring Tyco International, Bloomberg News is reporting. Bloomberg said Tyco would help Schneider expand beyond electric-grid management by adding ADT, the biggest securities firm owned by Tyco, as well as fire-prevention equipment and services.
Paris-based Schneider Electric SA is looking at possibly acquiring Tyco International, Bloomberg News is reporting. Bloomberg said Tyco would help Schneider expand beyond electric-grid management by adding ADT, the biggest securities firm owned by Tyco, as well as fire-prevention equipment and services.
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