Kyocera acquiring Ryobi power tool business
Kyocera Corporation, fresh off its summer acquisition of fastener and tool manufacturer Senco, revealed that it has completed an agreement to acquire Ryobi Limited’s power tool business.
Under terms of the deal, Kyocera is purchasing 80 percent of the business and will split the company into a separate power tool entity. The acquisition is expected to be completed by January 2018, Kyoto, Japan-based Kyocera disclosed in a press release.
“Kyocera has been focusing its efforts on diversifying and expanding sales of products from its core of indexable tools to solid carbide tools, woodworking tools, as well as power tools for the construction industry,” the company said.
The company also said, that by acquiring the power tool business from Ryobi, which has a strong market position in Japan and Asia encompassing a wide range of products with highly advanced technologies, Kyocera aims to take advantage of synergies with its relevant group companies in order to expand sales globally.
Kyocera had consolidated net sales of US$12.7 billion during the year ended March 31, 2017.
Little change in construction jobs
Construction and retail trade were among the major industries showing little change in September, according to the Friday morning report from the Bureau of Labor Statistics. The report also showed the unemployment rate dipped to 4.2% for September, compared to 4.4% in August.
Read the full report here.
The bureau included a note on the impact of Hurricanes Irma and Harvey on the employment stats. While the impact of the damage created a net effect of reducing the estimate of total nonfarm payroll employment for September, “there was no discernible effect on the national employment rate.”
Total nonfarm payroll employment was down 33,000 in September, after adding an average of 172,000 jobs per month over the past year.
In September, average hourly earnings for all employees on private nonfarm payrolls rose by 12 cents to $26.55. Over the past 12 months, average hourly earnings have increased by 74 cents, or 2.9%.
Promotion at MFM Building Products
Coshocton, Ohio-based MFM Building Products, a manufacturer of a full envelope of waterproofing and weather barrier products for the building industry, promoted Tony Reis to the position of VP and general manager.
Reis started his relationship with MFM as an independent sales representative for the company in 1999, covering the New England area of the United States. He was then promoted to the position of sales and marketing director in 2008. In this position, Reis oversaw all sales and marketing activities for the company. Since his hire, MFM has experienced tremendous growth each and every year.
As VP and general manager, Reis will retain his current sales and marketing responsibilities, as well as the added duties of overseeing the company’s day-to-day operations. Reis will work closely with all MFM departments to synchronize the efforts of each.
“Tony is a tireless worker who gives 110% effort for the company,” MFM resident Robert Simpson said. “The growth MFM has experienced has been truly remarkable. I can attribute much of the credit to the leadership Tony has shown over the years. We look forward to having him in this newly formed position.”