Fastenal eyes expansion, plus vending machines
Winona, Minn.-based Fastenal intends to expand its construction and industrial supply business by opening more locations and adding vending machines, according to an article in the Sacramento Business Journal.
The 2,500-plus national chain plans to open one store per year in the Sacramento region, relying more on face-to-face transactions than shipping orders. The company also wants to establish more contracts with school districts and government entities that may have been making purchases at stores like Home Depot or Lowe’s.
Increased vending machine business is another Fastenal initiative. These devices dispense items such as safety gloves and glasses, batteries, cutting tools and respirators. Companies that host the machines for the use of their employees aren’t charged until the individual item is dispensed. Vending customers include manufacturers, construction and maintenance companies.
Burns Industrial Equipment expands in northeastern Ohio
Pittsburgh-based Yale Industrial Trucks acquired MH Equipment’s Twinsburg, Ohio, business.
Yale Industrial Trucks operates as Burns Industrial Equipment, which is now the authorized Hyster lift truck dealer for select counties in the Cleveland area.
“We are delighted to expand our lift truck footprint to represent the Hyster brand in northeastern Ohio,” said Chris Burns, owner and dealer principal of Burns Industrial Equipment. “Burns Industrial Equipment’s dedicated work force and customer service culture will be incorporated into the Twinsburg acquisition.”
The newly acquired Ohio counties include Ashland, Carroll, Cuyahoga, Geauga, Holmes, Lake, Lorain, Medina Portage, Stark, Summit, Tuscarawas and Wayne.
“Becoming an authorized Hyster dealer allows us the opportunity to bring our unique customer satisfaction approach to the Cleveland market as we have done in Pittsburgh for 40 years,” Burns added.
Sales rise at Valspar
Paint manufacturer Valspar reported $1.07 billion in sales for its third quarter, a 22.5% increase from sales in the same quarter of 2010. Net income for the quarter, which ended July 29, 2011, was $67.4 million, compared to $75.1 million a year ago.
"We were pleased with our improved sales and earnings performance for the quarter," said Gary Hendrickson, Valspar president and CEO. "Double-digit top-line growth resulting from acquisitions, pricing and market share gains helped to mitigate the impact of higher raw material costs and a challenging demand environment. We made progress in restoring our operating margin by continuing to raise our selling prices and improving our productivity. Our ongoing investments in our brands and technology delivered new business in the quarter and position us well for the future.”