Motion Industries posts third quarter improvement
Metalformers less optimistic about business conditions
Belting association to hold two-day seminar on training
Cooper Industries records third quarter gains
Danaher Corp. generates record Q3 earnings
Survey: Manufacturer confidence declines slightly
North American Tool wins Export Achievement Award
DeWalt study shows depth of jobsite theft
Grainger donates to Red Cross disaster relief
Income up 170 percent for Applied Industrial Technologies
Stanley Works reports financial gains in Q3
Parker Hannifin reports record quarterly sales and earnings
ITW generates record third quarter earnings
Precision Industries opens fifth facility to supply Maytag
Grainger posts record earnings in third quarter
Barnes Distribution generates Q3 sales growth
PTDA reveals new logo, names Warren Pike award winner
Johnson Level and Fuller Tool form strategic alliance

Motion Industries posts third quarter improvement
Motion Industries Inc. reported third quarter net sales of $636.7 million, an increase over net sales of $557 million during the third quarter of last year. Its operating profit reached $40.9 million, up from $34.2 million during the third quarter last year.

For the first three quarters of the year, Motion Industries generated net sales of $1.9 billion, an increase over net sales of $1.7 billion during the prior-year period. Operating profit increased to $125.1 million during the period from $110.6 million the year before.

Motion Industries' parent company Genuine Parts Co. recorded third quarter net sales of $2.3 billion, up from $2.2 billion in Q3 2003. Net income reached $97.9 million, or 56 cents per share, an increase over net income of $88.3 million, or 51 cents per share, a year ago.

Genuine Parts Co. reported net sales for the first three quarters of the year of $6.8 billion, an increase over net sales of $6.4 billion. The company posted net income of $299.2 million, or $1.71 per share, compared to $247.4 million, or $1.42 per share, during the prior-year period.

"Sales and earnings for the third quarter reached record levels for the period and continued the positive pattern established early in 2004," said Genuine Parts Co. chairman Larry Prince. "We were again pleased to see growth in all our business groups providing balance to our results."

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Metalformers less optimistic about business conditions
Metalforming companies are feeling less optimistic about current and near-term business conditions than they were in September, according to the October Precision Metalforming Association (PMA) Business Conditions Report.

Conducted monthly, the report is an economic indicator for manufacturing, sampling 172 metalforming companies in the United States and Canada.

When asked whether they anticipated that general economic activity would increase, decrease or remain the same over the next three months, only 27 percent of respondents reported they expect business conditions to improve, down from 36 percent in September.

Fifty-three percent said activity would remain the same, and 20 percent said it would decrease, compared to 15 percent last month.

According to the report, expectations for incoming orders for the next three months were also down in October, with just 38 percent anticipating a rise, down from 42 percent last month. Thirty-seven percent predicted no change, the same percentage reported in September, and 25 percent indicated orders would decrease over the next three months, up from 21 percent.

Thirteen percent of responding companies currently have a portion of their workforce on short time or layoff, down from 15 percent in September and at the lowest level since May 2004 when just 9 percent of companies had workers on short time or layoff.

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Belting association to hold two-day seminar on training
NIBA-The Belting Association will host a two-day seminar April 7-8 in Orlando, Fla., entitled Train the Trainer. The seminar, offered for the first time, will help companies identify their training goals, develop an infrastructure/process to train, and determine the materials available through NIBA for their training needs.

The session is geared to employees who will be responsible for in-house training. Part one is dedicated to trainer skills and presentation; and part two provides a tool box of NIBA educational materials that employees can use at their company.

Instructors are NIBA members with in-depth belting industry experience.

“If you want employees with enhanced training skills and knowledge capable of implementing a training program within your organization, this is the seminar for your employee,” said Jackie Britt of Rubber & Accessories Inc. She is also NIBA’s education and training chairperson.

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For the first nine months of the year, revenues increased to $3.3 billion from $3 billion during the same period last year. Net income reached $250.9 million, or $2.65 per share, compared to $199.6 million, or $2.14 per share, a year ago.

In the tools and hardware segment, third quarter revenues were $188 million, a slight increase over $187.5 million in Q3 2003. Operating earnings reached $18.3 million, up from $9 million in the prior year.

For the first three quarters, tools and hardware revenue reached $542.3 million, up from $513 million the year before. The segment generated operating earnings in the first three quarters of $42.7 million, compared to $22.5 million last year.

"Looking ahead, pricing actions, our focus on low-cost manufacturing and strategic sourcing, and our investments in leading-edge business systems technology should allow us to successfully confront rising costs for raw materials, transportation and energy, costs which today are substantially higher than we anticipated at the beginning of 2004," said Cooper chairman and CEO H. John Riley Jr. "Likewise, new product introductions and ongoing programs to increase our global market share should broaden Cooper's customer base and generate solid incremental core revenue growth for our businesses."

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Danaher Corp. generates record Q3 earnings
Danaher Corp. recorded third quarter sales of $1.7 billion, an increase over sales of $1.3 billion during the third quarter last year. The company posted Q3 net earnings of $200.8 million, or 62 cents per share, up from net earnings of $138.6 million, or 44 cents per share, in 2003.

For the first three quarters of the year, Danaher generated sales of $4.9 billion, compared to sales of $3.8 billion in 2003. Net earnings reached $528.3 million, or $1.63 per share, compared to net earnings of $366.9 million, or $1.16 per share, the year before.

"We are again pleased to report record quarterly earnings," said H. Lawrence Culp Jr., Danaher president and CEO. "We are particularly pleased to report growth of 9 percent from existing businesses, also known as core revenues."

The tools and components segments delivered solid results, finishing the quarter with 10 percent and 7 percent core revenue growth, respectively. 

He added: "The strength we continue to see across our businesses through the first nine months of this year reinforces our confidence in our ability to deliver excellent results for all of 2004.”

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Survey: Manufacturer confidence declines slightly
While there is still general optimism about the U.S. economic environment overall, manufacturing business executives are less confident today than six months ago, according to Grant Thornton LLC’s Survey of U.S. Business Leaders.

Seventy-four percent of manufacturing respondents expect the U.S. economy to improve in the coming year, a slight decrease from the January 2004 survey, which reported 82 percent felt the economy would improve.

Although economic recovery has been slower than expected, manufacturing business leaders still remain extremely optimistic about the growth of their own businesses, according to 92 percent of respondents. These respondents remained on target with results from the January 2004 survey (93 percent).

As manufacturing companies build up this growth momentum, their primary focus will be on retaining key talent, as noted by 75 percent, as well as business execution and dealing with pressure margins, recognized by 68 percent.

Manufacturing companies are also refocusing their business strategy on innovation. While innovation has always been an important part of the growth strategy, 47 percent of manufacturing executives say innovation has become more important in the past year.

The majority of manufacturing business leaders believe they are on track for hitting sales targets in the next six months, with 54 percent of respondents saying they are on target, 40 percent saying they are above target and 5 percent saying they are below target.

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North American Tool wins Export Achievement Award
North American Tool Corp. was recognized recently by the U.S. Department of Commerce for its accomplishments tied to exporting. The company received the Export Achievement Award from the Commerce Department.

Based in South Beloit, Ill., North American Tool produces a wide range of special tools, including special taps, dies, gages and carbide circular saws. The company actively markets its cutting tool products in 42 countries, including China.

The company was presented the award by U.S. Rep. Don Manzullo, R-Ill. Manzullo presented senior vice president Bernie Bowersock the award in 2000 as well.

"For people that think all the markets are saturated, that you might as well give up on U.S. manufacturing, that you can't compete, along comes somebody like Bernie Bowersock and the dedicated folks here at North American Tool Corp. to say: 'Look, we can go head-to-head with anybody in the world, make a better product at competitive prices and deliver it faster than anybody else'," said Manzullo. "It's astounding."

About 100 Export Achievement Awards are presented annually to businesses in the U.S. to recognize accomplishments tied to exporting.

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DeWalt study shows depth of jobsite theft
Power tool manufacturer DeWalt announced the findings of its recent research study, which identifies jobsite security, and the resulting loss of productivity, as the No. 1 concern among professional contractors and other construction end users.

These findings are supported by existing industry research and expose an estimated $1 billion in annual losses, stemming from the lack of jobsite security. 

Very few jobsites today are protected by security systems. Those that have protection usually adopt residential systems, which are not designed to meet specific jobsite needs, and often fall short in protecting key assets such as jobsite office trailers, material goods, tools, and heavy equipment or machinery.

This lapse can lead to significant financial loss and productivity losses, ultimately increasing costs for consumers, especially those purchasing new homes. In fact, the National Association of Home Builders recently reported that residential jobsite losses account for an annual 1 percent to 2 percent increase in the cost of building a new home. 

The financial impact of jobsite theft and vandalism affects the bottom line of both commercial and residential contractors. Many contractors who purchase their own tools and equipment see the loss coming directly out of their own pockets.

In gathering its research, DeWalt interviewed more than 200 end users on jobsites across the country as well as worked with an independent research company, which polled more than 1,500 construction end users and buyers.

In addition to identifying jobsite security and the resulting loss of productivity as the No. 1 concern, the study also identified the following key statistics, further illustrating today’s jobsite security problem:

• Ninety-seven percent of construction  industry professionals surveyed – end users, buyers, project managers –  are concerned about jobsite security.

• Tool theft, material  theft, and truck/van protection are the top three types of jobsite losses.

• For more than 60 percent of construction end users and jobsite security system purchasers surveyed, tool theft is the No. 1 concern and has the greatest financial and economic impact.

• Replacement cost, lost time and decreased personal productivity are the top three reasons for jobsite security concerns.

• More than 50 percent of those surveyed had equipment stolen in the past 12  months.

• More than 75 percent of jobsite theft occurs at night and on weekends.

• Seventy-seven percent of jobsites experienced theft up to five times each year over the past three years.

• Professional construction theft rings are a major concern, as they are re-selling tools or tool and machinery parts to unsuspecting contractors.

“Jobsite security is a prevalent concern today. It is difficult to address and affects everyone, from foremen to contractors and sub-contractors, and even the general consumer,” said Bill Pugh, DeWalt group marketing manager. “Consistent with DeWalt’s commitment to providing innovative solutions to meet the needs of our end users, we have spent the past 18 months researching this topic. We have found that across the board, those surveyed are deeply frustrated by the loss of productivity and replacement costs associated with jobsite security breaches, and, therefore, security is a key area of focus for DeWalt.”

The concerns uncovered by DeWalt’s study are supported by industry research conducted over the past several years.

This research also identifies jobsite security as a top concern:

• The National Insurance Crime Bureau and Associated General Contractors of America reported last year that more than $1 billion is lost annually due to theft of construction equipment and tools.

• The Association of General Contractors enlisted organizations such as the International Association of Auto Theft Investigators and the National Equipment Register to track equipment stolen from jobsites.

• The Association of General  Contractors, Central Florida, recently published an Equipment Theft Protection Manual to help reduce the number of jobsite security breaches regionally.

According to the American Insurance Services Group, “Security on construction sites should be a major concern for all contractors. The total losses due to theft and vandalism on sites have been increasing dramatically over the past decade.”

While DeWalt’s research findings underscored those of industry organizations and associations, DeWalt’s study uncovered a surprising truth. The construction industry is deeply concerned about the economic impact of the security problem, yet less than 15 percent of jobsites identified an effective alarm system or other solution.

“Having this research reveal that jobsite security is a major concern for so many people, but so few have found a way to address that concern, shows there is an opportunity for DeWalt to help the end user save money and increase productivity on the jobsite,” said Pugh.

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Grainger donates to Red Cross disaster relief
Throughout August and September, Mother Nature unleashed her fury on Florida and other Gulf Coast states through four major hurricanes in just 44 days.

In response to the devastation caused by this recent series of severe storms, Grainger added a financial component to its ongoing support of American Red Cross disaster relief operations.

Grainger group president James T. Ryan presented a check for $50,000 to the American Red Cross in support of the Red Cross Disaster Relief Fund, which provides for the victims of these hurricanes and thousands of other disasters across the country each year.

"Donations like this one to the Disaster Relief Fund enable the Red Cross to lend a helping hand, a warm meal and a safe haven to thousands of people whose lives have suddenly turned upside down," said Skip Seitz, senior vice president for growth and integrated development for the American Red Cross. "It is only through the generosity of companies like Grainger that we are able to meet the extraordinary needs of disaster victims in this trying hurricane season."

Grainger has a strong tradition of giving that dates back to the company's inception. Over the last seven weeks, Grainger contributed emergency supplies to the relief effort -- including thousands of flashlights, batteries and tarps -- to help the victims of these destructive hurricanes.

With this most recent financial component added to its in-kind support, Grainger's total contribution to Red Cross relief operations is more than $1 million.

"We are inspired by the residents of West Palm Beach and other impacted communities, whose spirit and determination to move forward epitomizes the resilience of the human spirit," said Ryan. "Grainger has a long-standing commitment to help communities rebuild and get the job done after disasters strike, and we are proud to provide additional support with our gift."

While the Red Cross is able to accept bulk, in-kind donations of products -- such as these contributed by Grainger -- to meet identified needs, the Red Cross does not have the capacity to accept small, individual donations or collections of items for its disaster relief operations. Financial support is the best form of assistance those wishing to help can provide at this time.

Help today by calling 1-800-HELP-NOW or visit www.redcross.org to make a financial contribution to Red Cross relief efforts. Those who have been affected by the disaster can get help by calling 1-866-GET-INFO.

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Income up 170 percent for Applied Industrial Technologies
Applied Industrial Technologies Inc. recorded fiscal first quarter 2005 net sales of $413.1 million, up from net sales of $361.1 million during its first fiscal quarter 2004.

The company generated Q1 net income of $13 million, or 65 cents per share, a 170 percent increase over net income of $4.8 million, or 25 cents per share, in the prior-year period.

"We were extremely pleased by our first quarter performance," said Applied chairman and CEO David L. Pugh. "The rebound of the industrial economy created strong demand for our products and services as industrial plants ran at an increasing rate of utilization. This strong demand coupled with our improved business strategies and more efficient operations helped us drive our operating margin to 5.2 percent, more than 100 percent higher than last year's first quarter."

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Stanley Works reports financial gains in Q3
The Stanley Works recorded third quarter net sales of $791.2 million, compared to net sales of $665.6 million during the third quarter of 2003. Net earnings increased to $63.9 million, or 76 cents per share, vs. net earnings of $41.7 million, or 46 cents per share, during the prior-year period.

For the first three quarters of 2004, The Stanley Works posted net sales of $2.4 billion, up from net sales of $2 billion during the first three quarters of 2003. Net earnings from the 2004 period reached $278.8 million, or $2.19 per share, compared to net earnings of $73.3 million, or 77 cents per share, last year.

"Our team delivered another solid performance, executing our strategy and achieving strong revenue growth, earnings and cash flow," said John F. Lundgren, chairman and CEO. "Our consumer hand tools business and eight industrial tools and security solutions business units -- fastening systems, industrial mechanics tools, industrial storage, specialty tools, laser measuring, assembly technologies, hydraulic tools, and access technologies -- achieved double-digit percentage organic sales increases this quarter."

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ITW generates record third quarter earnings
Illinois Tool Works Inc. reported third quarter operating revenues of $3 billion, up from operating revenues of $2.5 billion during last year's third quarter. Net income reached $330.1 million, or $1.09 per share, in the third quarter, up from net revenues of $268.9 million, or 87 cents per share, last year.

For the first nine months of its fiscal year, ITW posted operating revenues of $8.7 billion, an increase over revenues of $7.4 billion in 2003. The company generated net income of $980.6 million, or $3.19 per share, compared to net income of $740.4 million, or $2.44 per share, a year ago.

"Our strong financial results in the third quarter continue to underscore consistent customer demand in a number of North American and international end markets," said W. James Farrell, ITW chairman and CEO. "The growth of our base revenues, our active acquisition program and our 80/20 discipline gives us optimism for the fourth quarter and beyond."

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Parker Hannifin reports record quarterly sales and earnings
Parker Hannifin Corp. posted fiscal first quarter sales of $1.9 billion, up from net sales of $1.6 billion during its first fiscal quarter last year. Net income increased to $132.7 million, or $1.11 per share, compared to net income of $56.7 million, or 48 cents per share, in the prior-year period.

"We're encouraged by continued strength in the global economy and improvements we've seen in most segments of our business, including industrial international and the uptick in aerospace aftermarket," said Parker CEO Don Washkewicz. "Our main concerns at this point in the recovery are inflationary pressures from oil and raw material shortages and the prospects for higher interest rates."

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Precision Industries opens fifth facility to supply Maytag
Precision Industries opened a facility in Herrin, Ill., as part of its supply chain management agreement with Maytag Corp. The Herrin Laundry Products facility manufactures washers and dryers.

Precision's supply chain management program supplies all MRO and non-MRO indirect materials for Maytag manufacturing operations.

This is the fifth Maytag location opened by Precision this year. Other locations include Jackson, Tenn.; Florence, S.C.; Searcy, Ark.; and Cleveland, Tenn.

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Grainger posts record earnings in third quarter
Grainger reported third quarter earnings per share of 74 cents, a 19 percent increase over the 62 cents reported in the 2003 third quarter, surpassing the previous record established in the 2004 second quarter.

Third quarter sales were $1.3 billion, up 8 percent vs. the prior year's third quarter. Net earnings were up 19 percent to $68 million, the highest net earnings for any quarter.

"Our results reflect how hard Grainger's employees are working to deliver outstanding service to our customers," said Richard L. Keyser, chairman and CEO. "It's this service together with an improved economy that has helped drive our performance. During the quarter, our redesigned logistics network continued to deliver productivity improvements and is on track to contribute $10 million to operating earnings this year."

The company raised its 2004 earnings per share guidance to between $2.80 and $2.90. Previously, guidance was $2.65 to $2.85.

Sales for the first nine months were $3.8 billion, up 8 percent vs. the first nine months of 2003. Net earnings increased 19 percent to $197 million vs. $165 million in 2003. Earnings per share increased 20 percent to $2.15 from $1.79.

Sales in the branch-based distribution segment increased 9 percent in the 2004 third quarter vs. the 2003 quarter. Sales in the U.S. were up 8 percent, due to strong sales in the manufacturing and commercial sectors.

Sales to government accounts were flat compared to the 2003 third quarter. Sales in the first three markets under the market expansion program (Atlanta, Denver and Seattle) grew by 14 percent in the quarter.

Sales processed through grainger.com increased 28 percent in the quarter to $160 million from $125 million in 2003.

The quarter also included sales of $12 million related to hurricanes in the Southeast, which added approximately 1 cent to earnings per share.

Sales in Mexico were up 20 percent in the quarter vs. the 2003 period, driven by a strengthening economy and the expansion of two branches.

A stronger Canadian economy fueled by its natural resources industry resulted in a 14 percent increase in sales, or 8 percent in Canadian currency.

Operating earnings for the quarter were up 12 percent, the result of higher sales and improved gross profit margins. Operating expenses rose 14 percent during the quarter, influenced by increases in variable compensation, benefits and spending for the company's initiatives. This includes two key technology projects: accelerating the implementation of SAP across the enterprise and upgrading the IT infrastructure in the branches.

Lab Safety Supply's sales for the quarter were up 9 percent, the result of an increase in the number of customer accounts and better customer penetration. Operating earnings were up 18 percent, the result of most operating expense categories increasing at a slower rate than sales.

Sales were up 2 percent for the quarter for integrated supply. Increased sales from 10 new contracts signed since last year's third quarter were partially offset by disengagements of two large customers late in 2003. Operating earnings for integrated supply were up 25 percent for the quarter due primarily to lower data-processing costs vs. the 2003 period.

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Barnes Distribution generates Q3 sales growth
Barnes Distribution reported net sales for the third quarter of $107 million, up from net sales of $103.8 million during the same period a year ago. The company, which is a segment of Barnes Group Inc., posted operating profit of $5.5 million, down from $7.4 million during the prior-year period.

For the first nine months of the year, Barnes Distribution generated net sales of $320.6 million, up from net sales of $302.3 million the year before. Operating profit reached $14.8 million, compared to $15.5 million during the first three quarters of 2003.

"Sales, particularly those within our strategic initiatives, improved solidly from a year ago. We've made good progress since June in improving our customer service level to reach our target range. Fastener availability remains challenging, however, so there is some additional work to be done," said Edmund M. Carpenter, Barnes Group president and CEO.

As a whole, Barnes Group reported net sales of $243.9 million during the third quarter, an increase over net sales of $222.2 million the year before. The company posted Q3 net income of $9.2 million, or 39 cents per share, compared to $9 million, or 38 cents per share, during Q3 2003.

"This was a record third quarter for sales," said Carpenter.

During the first three quarters of 2004, Barnes Group saw net sales increase to $743.1 million, up from $670.5 million during the comparable period. The company recorded net income of $30.1 million, or $1.26 per share, vs. net income of $26.1 million, or $1.21 per share, last year.

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PTDA reveals new logo, names Warren Pike award winner
The Power Transmission Distributors Association (PTDA) unveiled a new logo and tagline at the PTDA 2004 Industry Summit in Orlando, Fla. PTDA also named the winner of its its Warren Pike Award for lifetime achievement.

After intensive research, the association’s leadership concluded the old logo no longer communicated who PTDA was and who its members were. PTDA members reported they did not use the association’s logo as part of their branding activities due to its dated look, difficulty to use and lack of customer recognition.

Adopted as part of a major communications campaign targeted at current and prospective members, the new logo and added tagline, Channeling the Power of Industry:
• better represent PTDA’s identity and goals;
• reflect the association’s forward-looking and forward-thinking direction;
• convey efforts to evolve and change for the better, to be on the cutting edge; and,
• communicate a complex message about PTDA’s strengths and benefits.

PTDA also launched the campaign to promote the use of the new logo. Members received a CD-ROM with downloadable artwork and usage guidelines and were able to purchase co-branded clothing and accessories at a discount. All PTDA members who adopt the new logo for their use will be cited in the PTDA quarterly newsletter, Transmissions.

Use of the new logo and tagline will benefit PTDA members by identifying them as best-in-class and outstanding members of the power transmission/motion control (PT/MC) community.

Furthermore, use of the logo will:
• show their company, like PTDA, has a fresh and exciting image;
• help build their own brand and increase their credibility with end users;
• create a positive cycle;
• differentiate them from competitors; and,
• identify them as engaged members of an association leader.

Use of the redesigned logo by manufacturer members will communicate their involvement and credibility to their PT/MC distributors.

Adopting the new logo and tagline will:
• demonstrate their commitment to using distributors as a channel based on their membership in a distributor association;
• improve the feeling of partnership between manufacturers and their distributors; and,
• increase their credibility in the eyes of potential new distributor partners.

PTDA also named Robert Callahan, who retired earlier this year from U.S. Tsubaki Inc.(UST), the 15th recipient of its Warren Pike Award for lifetime achievement in the PT/MC industry.

The award was established in 1984 to honor individuals who demonstrated outstanding, continuous, long-term support of PTDA and the PT/MC industry. Callahan received the award, named for PTDA’s co-founder and first president, at the association’s Annual Industry Summit.

The Warren Pike Award is presented only if a qualified individual is identified and is not automatically given every year. Nominees are reviewed by the officers of PTDA’s board of directors and the association’s Manufacturer Council chairperson. Once a candidate passes this review, they must be approved by the full PTDA board of directors.

Callahan began his career in the PT/MC industry with a distribution firm, Bearing Headquarters Co. of Broadview, Ill.  He joined UST in 1983 and held the post of senior vice president of sales and distributor services when he retired.

Callahan has been an active volunteer in the association for 20 years, serving on numerous committees, the Manufacturer Council and the board of directors. He consistently involved UST in association activities and encouraged other companies to do the same.

Most recently, Callahan helped drive the expansion of PTDA’s Educational and Scholastic Foundation, which works to build the pool of qualified workers for the PT/MC industry and supports continuing education programs. He has been a trustee of the foundation since 1998 and served as its president from 2000 to 2003.

Callahan has played a key role in developing and rolling out the foundation’s ambitious education and workforce development program, The Industrial Career Pathways.

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Johnson Level and Fuller Tool form strategic alliance
Johnson Level & Tool and Fuller Tool announced a strategic alliance in which Johnson Level will become the exclusive supplier of Fuller's line of hand tools in the U.S.

Johnson Level will service Fuller's U.S. customers and begin selling into both retail and industrial channels beginning Jan.1, 2005.

"We are very excited about the opportunity to combine Fuller's high-quality hand tools with Johnson's reputation for quality and service," said William G. Johnson, president and CEO of Johnson Level & Tool. "Our commitment to Fuller is evidenced by the doubling of our in-house sales team."

Fuller Tool's product lines include both professional and do-it-yourself fastening tools, cutting tools, mechanics' tools, striking tools and power tool accessories, and include brand names such as Golden Grip, Wavex and Switch-A-Bit.

For almost 20 years, Fuller Tool, a subsidiary of The Innovak Group, based in Pointe Claire, Québec, manufactured and sold Johnson Level's products to its customers in Canada. The new venture will build on the existing relationship between the two companies to expand Fuller's presence in the U.S. hand tool market.

"Fuller and Johnson have a long and solid track record, both professionally and personally," said Howard B. Shulkin, president of Innovak. "We look forward to continuing to expand this relationship and growing our businesses together."

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