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Fastenal shows strong sales and earnings growth

BY HBSDEALER Staff

Winona, Minn.-based Fastenal has reported second-quarter net earnings of $94.1 million, up 36% from $69.2 million in the second quarter of 2010.

Net sales for the quarter ended June 30 totaled $701.7 million, up 23% from $571.2 million in the year-ago period.

For the first six months of 2011, net earnings were $173.7 million, up 39% from $125.2 in the first six months of 2010. Net sales in this period totaled $1.34 billion, up 23% from $1.09 billion in the same period last year.

During the first six months of 2011, Fastenal opened 75 new stores, compared with 45 new stores in the same period of 2010. 

 

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Greatwide announces new CEO

BY Allison Har-Zvi

On July 11, Greatwide Logistics Services announced the selection of John P. Tague as its new CEO. Mr. Tague comes to the new position after eight years with United Airlines, where he served as President as well as other senior leadership positions including Chief Operating Officer and Chief Revenue Officer. 

Tague will succeed Leo Suggs, who is retiring from the position of CEO at Greatwide. Suggs’ accomplishments include over fifty years’ experience in the business of transportation and logistics, the introduction of organic growth initiatives at Greatwide, and his successful leadership of the company through the 2009 freight recession. Mr. Suggs joined Greatwide in 2009 as Executive chairman, became CEO in 2010, and will continue to serve as Chairman of Greatwide after his retirement from the CEO position. 

Dallas-based Greatwide is a privately held third-party logistics provider serving the United States and Canada.

 

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EPA to review more chemicals in home improvement products

BY Brae Canlen

The U.S. Environmental Protection Agency (EPA) has announced it is taking a closer look at new uses of glymes, chemicals used in a wide array of consumer products that include paints and coatings, adhesives and household batteries, as well as printing ink and motor vehicle brake systems. 

The EPA’s proposed action is based in part on concerns that additional uses of these 14 chemicals in consumer products could lead to harmful reproductive and developmental health effects, the announcement said.   

“This proposed rule would enable [the] EPA to evaluate the use of these chemicals before Americans are subject to additional exposure to them in numerous consumer products” said Steve Owens, assistant administrator for EPA’s Office of Chemical Safety and Pollution Prevention. “We need to take a closer look at the potential health effects that additional exposure to these chemicals could have.” 

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