Fastenal sales up 12.1% in Q2
Winona, Minnesota-based Fastenal Company reported steady progress for the second quarter of 2014, with sales and earnings both positive.
Net sales for the three-month period ended June 30, 2014 were $949.9 million, up 12.1% from the same period in 2013.
Net earnings came in at $130.5 million, an increase of 7.9% from last year’s $121.0 million in earnings.
The company largely attributed the boost to higher unit sales and its recent investment in leadership and training, as well as in distribution and internal manufacturing capabilities.
Fastenal also noted eight store closings during the second quarter, with more identified for closing in the second half of the year. The company opened 17 stores in the first six months of 2014, with 35 to 40 openings expected in total for the year. Fastenal’s total store count stands at over 2,600 across North America.
Honeywell signs deal to improve imported refrigerators
A grant agreement between the U.S. Trade and Development Agency and Chinese company Midea will see Honeywell work to reduce the impact Midea’s refrigerators and freezers have on the environment.
Honeywell will work with Midea, which manufactures appliances, to put its line of Solstice products into wider use. The main Solstice product that Midea will use is Honeywell’s Liquid Blowing Agent, which expands insulation in appliances and has a lower global warming potential than more widely-used agents.
"Midea is a leader in the manufacture of energy-efficient appliances, and this grant will enable us to more quickly adopt technologies such as Solstice LBA," Midea’s VP, refrigerator division, Suk Sangjo said. "Solstice LBA can enable us to maintain the high energy-efficiency of our refrigerators while reducing their carbon footprint."
"We are honored to be part of this exciting program, which will help improve the environmental profile of refrigerators sold in China," Honeywell’s VP and general manager of fluorine products, Ken Gayer, said.
Among the other products in the environmentally friendly Solstice line are gaseous blowing agents, propellants and solvents.