FDI returns to neutral reading. The seasonally adjusted August FDI (50.0) saw substantial improvement vs. last month’s 40.7 and reached a neutral or better reading for the first time since February. Looking at the overall components of the FDI, three of the four (sales, employment, and supplier delivers) saw sequential improvement, while only customer inventories decelerated m/m. Respondents pointed to some normalization of demand following summer vacations: “Felt that customers had catching up to do after summer vacations. Sales/activity was up in August, after a very sluggish July.” This drove the seasonally adjusted sales index to improve sharply to 48.8 from last month’s very low base of 22.3. Just 37% of respondents indicated sales were below seasonal expectations compared to 70% last month. An equal number of respondents (37%) said sales were above expectations, while 26% said sales were in line.
FLI also surges but still below 50. The FLI also strengthened significantly, coming in at 45.9 vs. 38.8 last month. However, the index remains well below 50, indicating deceleration could be expected ahead. Stronger employment levels, leaner customer inventories, and a more bullish six-month outlook drove the improvement. On the outlook specifically, a lower percentage of respondents predicted lower activity levels six months from now vs. today compared to last month (20% in August, 37% in July). The percentage anticipating higher activity was unchanged (23% both this month and last), while the percentage expecting similar activity increased to 57% from 40%.
Commentary suggests uncertainty prevails. Despite the improvement seen in the FDI this month, multiple participants expressed unease on future conditions: “Too much bad ju-ju in the world. [I] am expecting a slowing of sales as people become nervous and continue to ignore the economists.”
Forecasting remains challenging given the significant fluctuation in demand conditions seen month to month: “Hard to predict the upcoming months with any confidence. I would expect to see business have small peaks and valleys as the market still has not normalized yet.” Others are more encouraged by recent stabilization: “Business is steady, and forecast is same.” Passing along supplier price increases continues to be a challenge: “Our vendors prices are increasing but [we] are not expected to raise our prices. We have lost orders for less than $0.25 per part” and “Inflation is impacting many of the traditional costs of distribution in USA including labor and freight. Product sourcing prices in Taiwan are up 6%, China is slightly down, and containerized freight is down. Customers are flat and building to order vs. inventory.”
Fastenal reported August daily sales growth of +3.6%, just slightly below our +4.0% estimate and consensus expectations of +5.0%. This included fastener sales -3.8% y/y, which reflected further m/m deceleration and marked the fourth consecutive month of y/y declines. Safety sales were +9.5% and other non-fasteners grew +6.9% y/y. Looking forward, we model September daily sales +4.4% y/y which is also slightly below days-adjusted normal seasonality. This outlook is consistent with a string of sub-50 readings in the ISM and the sub-50 FLI. Beyond the near term, we assume 2024 returns to just modestly above normal seasonality in year one of an industrial recovery.
Listen to episode #192 of the Fully Threaded Radio podcastfor further commentary.
We encourages all North American fastener distributors to take part in the FDI Monthly Survey.
If you are interested in being a more active part of the fastener industry, you can apply to add your company to the FDI survey group. Complete the “Request an Invitation to Participate” form by clicking here. Once verified, you will receive login ID and password information and you will be notified by email every month when the survey period has been opened.
– Fastener News Desk
About the Fastener Distributor Index (FDI).
The Fastener Distributor Index (FDI) was developed as a service to the fastener industry by the FCH Sourcing Network in 2012 to be a new benchmark for the fastener industry. The FDI is a monthly survey of North American fastener distributors, conducted with the FCH Sourcing Network and Baird. It offers insights into current fastener industry trends/outlooks. Similarly, the Forward-Looking Indicator (FLI) is based on a weighted average of four forward-looking inputs from the FDI survey. This indicator is designed to provide directional perspective on future expectations for fastener market conditions. As diffusion indexes, values above 50.0 signal strength, while readings below 50.0 signal weakness. Over time, results should be directly relevant to Fastenal (FAST) and broadly relevant to other industrial distributors such as W.W. Grainger (GWW) and MSC Industrial (MSM).
The FDI Survey website is a resource than can be accessed by anyone, but it can only be updated by registered users during the monthly open survey period, which occurs during the last week of each month.
Lockport, NY – NetPlus Alliance members remain mostly optimistic going into 2024, according to the latest NetPlus Alliance Industry Outlook, a quarterly report based on a survey of NetPlus distributors.
Just over 47% of members in the survey reported significant gains in the second quarter of 2023 (+8% or more), with an additional 26% reporting moderate gains (+3% to 7%). Almost all members (87%) are expecting sales to be up significantly (+8% or more) in 2023.
The NetPlus Alliance Industry Outlook tracks business results and trends in the industrial and contractor supply markets. The latest quarterly survey was completed in August 2023, and the outlook was based on the second-quarter results for 2023.
NetPlus members cited uncertainty due to inflation, interest rates, fears of a recession and the election cycle, making it difficult to see what’s coming in 2024. Talent will also be a challenge for many.
In this quarter’s survey, NetPlus Alliance also asked distributor members about their plans for emerging technologies. Business process automation and data/analytics were members’ top two priorities moving into 2024.
“NetPlus Alliance’s second-quarter results and the response to the Industry Outlook survey indicate that business is still very good but may be slowing a bit,” said Dan Judge, Founder, NetPlus Alliance. “But NetPlus members continue to take action to grow their business with new branches, additional salespeople, new NetPlus suppliers and new customer relationships. We’re excited to meet with our members in person to kick off growth together at our upcoming 10th Annual Meeting on Oct. 8-10 in Denver.”
About NetPlus Alliance
NetPlus Alliance builds relationships and provides opportunities for the advancement of member companies for their long-term success in the supply chain. With more than 100 years of combined industrial distribution experience, NetPlus Alliance negotiates improved pricing, rebates and terms with more than 200 manufacturers on behalf of 415 industrial and contractor supplies distributor members. Our members drive market growth and profitability through stronger channel partnerships, financial incentives, progressive marketing, joint sales planning, training programs and business best practices. Learn more about NetPlus Alliance at netplusalliance.com or contact Molly Greene, Director of Marketing, (716) 438-2014.
Vice Chairman Christopher A. O’Herlihy Named President and Chief Executive Officer E. Scott Santi Will Become Non-Executive Chairman of the Board Succession Plan Supports Continued Advancement of ITW’s Enterprise Strategy and Differentiated Long-Term Performance
GLENVIEW, IL., September 7, 2023 – Illinois Tool Works Inc. (NYSE: ITW), a global multi-industry manufacturing leader, today announced a succession plan that capitalizes on the strength and depth of the ITW leadership team. Christopher A. O’Herlihy, currently Vice Chairman of ITW, will become President and Chief Executive Officer (CEO) and a member of the ITW Board of Directors, effective January 1, 2024. E. Scott Santi, ITW’s CEO since 2012, will step down as CEO and will remain Chairman of the ITW Board until March 1, 2024, at which time he will become Non-Executive Chairman of the ITW Board.
“ITW is transitioning to the next phase of our Enterprise Strategy to ensure that we continue to leverage the performance power of our highly differentiated ITW Business Model to deliver high-quality growth with best-in-class margins and returns, as reflected in the company’s recently announced 2030 performance goals,” said Mr. Santi.
“ITW’s independent directors and I determined that this is the right time to transition to a leader who can see the company through this next phase, and that Chris O’Herlihy is the absolute right person to lead ITW forward as our next CEO. Chris is an exceptional leader with deep knowledge of our business model, our Enterprise Strategy, and our culture. He has been an invaluable partner and collaborator over the past eleven years. I know that Chris and his very skilled and talented leadership team will continue to deliver on ITW’s well-established track record of “do what we say” execution throughout this next phase.” “The opportunity to lead this great company has been a distinct honor and an incredible privilege,” Mr. Santi continued.
“I am deeply grateful to all my ITW colleagues past and present for their support and for their unwavering dedication to serving our customers and executing our Enterprise Strategy with excellence. I look forward to continuing to support Chris, our leadership team, and the company in my role as Non-Executive Chairman of the Board.”
GLENDALE, CA (September 5, 2023) – Fastener Training Institute (FTI) is excited to announce upcoming Fastener Basics classes in three separate locations in Colorado and California.
September 22: Denver, CO
September 27: Los Angeles, CA
November 16: Union City, CA
Fastener Basics provides extensive fastener parts knowledge to those new to the fastener industry and to those looking to better understand fastener products. These day-long classes will be presented by industry experts and completion serves as a pre-requisite to attend FTI’s Fastener Training Week for anyone with less than two years of fastener experience.
“Our Fastener Basics class is the perfect training for new fastener professionals. In the complicated world of fastener parts, including varying colors, sizes and finishes, this class provides the jump start needed to be successful,” shared Jo Morris, Marketing Director for Fastener Training Institute.
Learn more and register at www.fastenertraining.org. The cost is $354 per person and association members (Pac-West, NFDA, IFI, MWFA, NCFA, and SFA members) receive a discount. Prices increase by $100 two weeks prior to each class. Registration includes educational materials, continental breakfast, refreshments, lunch and free parking.
Support from Würth Industry North America, FTI’s 2023 Sustaining Sponsor, is key to the successful presentation of Fastener Basics classes as well as all training offerings from FTI.
The Fastener Training Institute is a nonprofit organization that provides beginning and advanced training on fastener products, standards and specifications. Its core purpose is to enhance fastener use, reliability and safety with a mission to make industry professionals more knowledgeable about the fastening products they buy, sell, specify or use.
OBITUARY: Marc O. Strandquist, 61, of Jackson, TN, formerly of Rockford, passed away on Thursday, August 31, 2023. Born June 5, 1962, in Wurzburg, Germany, the son of Jack D. Strandquist and Johana Rhineline.
Marc is survived by his wife, Vonda; three wonderful children, Erica Strandquist, A.J. Strandquist, and Thomas (Alyssa) Strandquist; grandchildren, Walter and Oliver; mother, Johana; siblings, Kyle (Kris Curtiss) Strandquist and Mike (Mary Ellen) Strandquist; sisters-in-law and brothers-in-law; and many nieces and nephews. Predeceased by his father, Jack.
Graduate of Guilford High School, Class of 1980 and Southern Illinois University with a Bachelor’s Degree in 1984. Veteran of the U.S. Army as an Army officer with 10 years in the National Guard and Army Reserves serving in Operation Desert Storm at Ft. Benning, GA and retired as Captain. Marc married Vonda R. Bridges on July 26, 1986. Together they celebrated 37 years. He was CEO of two large global fastener organizations, Wurth Industry of North America with sales of $850 million and Optimas Solutions with sales of $650 million. Marc was in the fastener industry for 37 years in variety of roles; both distribution and manufacturing. He was President of the National Fastener Distribution Association. Marc loved mentoring people and helping them develop on their careers.
Over his lifetime he was involved with many community organizations like Chamber of Commerce, Junior Achievement and the YMCA. He ran Madison Ohio YMCA Indian Guides Program along with his family being voted Family of the Year. Marc coached little league baseball for over 20 years in IL, MI, OH, IN and Ontario. He was also a member of Concordia Lutheran Church in Jackson, TN.
Marc was a lifelong hunter/fisherman. He loved his hunting dogs, especially Gunther. He ran a fishing tournament for a large group of friends for over ten years. Marc dearly loved hanging out with the guys. He was a member of the Diana Hunt Club in Ontario.
Marc also enjoyed traveling the world and was known for his deep trivia knowledge. He loved military history and science fiction. Marc was an avid Star Trek Fan and a lifelong Packer Fan.
Funeral Services will be held at 11:00 a.m. on Saturday, September 9, 2023 at Fred C. Olson Chapel, 1001 Second Ave., Rockford. Visitation will be from 4:00 to 7:00 p.m. on Friday, September 8, 2023 at Fred C. Olson Chapel and prior to the service from 10:00 to 10:45 a.m. on September 9th. Burial at 11:00 a.m. on Monday, September, 11, 2023 in Dillingers Cemetery, Carbondale, IL. Memorials may be made to the National Fasteners Distribution Association c/o Marc Strandquist Scholarship, 3020 Old Ranch Pkwy, Seal Beach, CA 90740 or Shriners Children’s Chicago, 2211 N. Oak Park Ave., Chicago, IL 60707.
Marc O. Strandquist, 61, of Jackson, TN, formerly of Rockford, passed away on Thursday, August 31, 2023. Born June 5, 1962, in Wurzburg, Germany, the son of Jack D. Strandquist and Johana Rhineline.
Marc is survived by his wife, Vonda; three wonderful children, Erica Strandquist, A.J. Strandquist, and Thomas (Alyssa) Strandquist; grandchildren, Walter and Oliver; mother, Johana; siblings, Kyle (Kris Curtiss) Strandquist and Mike (Mary Ellen) Strandquist; sisters-in-law and brothers-in-law; and many nieces and nephews. Predeceased by his father, Jack.
Graduate of Guilford High School, Class of 1980 and Southern Illinois University with a Bachelor’s Degree in 1984. Veteran of the U.S. Army as an Army officer with 10 years in the National Guard and Army Reserves serving in Operation Desert Storm at Ft. Benning, GA and retired as Captain. Marc married Vonda R. Bridges on July 26, 1986. Together they celebrated 37 years. He was CEO of two large global fastener organizations, Wurth Industry of North America with sales of $850 million and Optimas Solutions with sales of $650 million. Marc was in the fastener industry for 37 years in variety of roles; both distribution and manufacturing. He was President of the National Fastener Distribution Association. Marc loved mentoring people and helping them develop on their careers.
Over his lifetime he was involved with many community organizations like Chamber of Commerce, Junior Achievement and the YMCA. He ran Madison Ohio YMCA Indian Guides Program along with his family being voted Family of the Year. Marc coached little league baseball for over 20 years in IL, MI, OH, IN and Ontario. He was also a member of Concordia Lutheran Church in Jackson, TN.
Marc was a lifelong hunter/fisherman. He loved his hunting dogs, especially Gunther. He ran a fishing tournament for a large group of friends for over ten years. Marc dearly loved hanging out with the guys. He was a member of the Diana Hunt Club in Ontario.
Marc also enjoyed traveling the world and was known for his deep trivia knowledge. He loved military history and science fiction. Marc was an avid Star Trek Fan and a lifelong Packer Fan.
Funeral Services will be held at 11:00 a.m. on Saturday, September 9, 2023 at Fred C. Olson Chapel, 1001 Second Ave., Rockford. Visitation will be from 4:00 to 7:00 p.m. on Friday, September 8, 2023 at Fred C. Olson Chapel and prior to the service from 10:00 to 10:45 a.m. on September 9th. Burial at 11:00 a.m. on Monday, September, 11, 2023 in Dillingers Cemetery, Carbondale, IL.
Memorials may be made to:
National Fasteners Distribution Association c/o Marc Strandquist Scholarship, 3020 Old Ranch Pkwy, Suite #300 , Seal Beach, CA 90740
or Shriners Children’s Chicago, 2211 N. Oak Park Ave., Chicago, IL 60707.
IN THE NEWS with Fastener News Desk the Week of September 4th, 2023
Here’s what’s happening in fastener industry news, IFE Award announcements, training opportunities, and upcoming association events in the news the week of September 4th, 2023…
Watch now on YouTube @FastenerTV: (13:01)
Today the nation celebrates Labor Day. Observed the first Monday in September, Labor Day is an annual celebration of the social and economic achievements of American workers. The first Labor Day holiday was celebrated on Tuesday, September 5, 1882, in New York City, in accordance with the plans of the Central Labor Union. Thank you to all American workers, we appreciate your contribution to making us a better nation and a much better world.
We are deeply saddened to report that the fastener industry has lost AN INDUSTRY VETERAN, Marc Strandquist, Marc joined Martin Inc. as Executive Vice President, Fastening Solutions in January. He began his executive career with smaller businesses before transitioning to Würth Industry North America and Optimas Solutions. Our deepest condolences go out to the Strandquist family.
BIG announcement from the International Fastener Expo. The names of the 2023 inductees of the prestigious IFE Fastener Hall of Fame and Young Fastener Professionals of the Year Awards have been announced. The International Fastener Expo will showcase a special ceremony on October 10th in the Exhibit Hall at Session Stage from 3 to 4 pm.
Congratulations to the 2023 Fastener Hall of Fame and Young Fastener Professional Awards Inductees…
In Fastener Industry Acquisition News: Genesys Industries Acquires Sterner Screw Machine, A Premier Manufacturer of Screw Machined Fastener Components and Hardware Products. Genesys Industries announced that the company has acquired 100% of Sterner Screw Machine (SSM) for cash at closing. Rockford, IL based Sterner Screw Machine (SSM) was founded in 1985, a second-generation owned company. SSM is a leading production manufacturer of screw machined and fastener components for the aerospace, hydraulic, pneumatic, and industrial sectors. Read full release:
Economic activity in the manufacturing sector contracted in August for the 10th consecutive month following a 28-month period of growth, say the nation’s supply executives in the latest Manufacturing ISM® Report On Business®. “The August Manufacturing PMI® registered 47.6 percent, 1.2 percentage points higher than the 46.4 percent recorded in July. Regarding the overall economy, this figure indicates the ninth month of contraction after a 30-month period of expansion. The New Orders Index remained in contraction territory at 46.8 percent. Read more:
Feel the energy building as the 2023 International Fastener Expo (IFE) prepares to set the stage for the largest convergence of the fastener industry in North America in years.
With IFE’s commitment to excellence and innovation, the event promises to be a catalyst for industry growth and collaboration.
Mark your calendar for October 9-11th at Mandalay Bay, as Las Vegas becomes the epicenter of fastener innovation and expertise. IFE 2023 will offer attendees an array of sessions designed to captivate, educate, and inspire. From a world-class exhibition of fasteners, and industrial products, to a magnetic keynote speaker, enriching conference sessions, and panel discussions led by esteemed industry experts—this is your ticket to igniting success.
Register now Use promo code FND50 to save $50.00 on registration. Go to FastenerShows.com
Golfers grab your clubs and get ready for the North Coast Fastener Association’s SCREW OPEN GOLF OUTING taking place Thursday, September 7th at the Valleaire Golf Club in Hinckley, OH. Join fastener industry friends for a fun filled day of golf, contests, and prizes. All the fun is for a great cause – to raise $$ for the NCFA annual scholarships. NCFAonline.com
Golfers get ready for theSouthwestern Fastener Association will hold their Annual Golf Outing and Networking event. September 7th at the Hermann Park Golf Course in Houston, Texas. BBQ dinner and awards presentation after the tournament. For more info go to https://www.southwesternfastener.org/
LIVE WEBINAR: Fundamentals of Fastener Plating and Coating September 8, 12:00 p.m. to 2:00 p.m. ET Co-Produced by Industrial Fasteners Institute and Fastener Training Institute. With instructor, Laurence Claus, IFI Director of Education and Training. Participants will explore why plating’s and coatings are applied to fasteners, the basics of electroplating and other coating processes. Register now: https://fastenertrainingevents.com/fundamentals-of-plating.htm
UPCOMING EVENTS!
Connect – Learn – Grow at the 2023 Pac-West Fall Conference happening Thursday, September 14, 2023 – Saturday, September 16, 2023. Three days of networking, education, and fun. To learn more and register go to: pac-west.org
Join the New England Fastener Distributors Association for Understanding Blueprints, a virtual class September 18th at 10:00am. ET. The class is for anyone in the fastener industry, whether you’re just starting your fastener career or are a seasoned veteran. Instructor Jim Speck will be demonstrating how to effectively read a blueprint.
Grow from novice to knowledgeable with Fastener Training Institutes Fastener Basics training coming to a city near you! Learn the basics of fastener parts and increase your fastener knowledge advantage! Expert trainer Laurence Claus, Industrial Fasteners Institute, Director of Education and Training, will teach this all-day training session geared for individuals new to the fastener industry and those who need to know more about the products they sell. Fastener Basics Training is scheduled for:
The Industrial Fasteners Institute Fall Meeting will be held at the Omni PGA Frisco Resort in Frisco, TX Saturday, September 23, 2023 – Tuesday, September 26, 2023. IFI has an exciting agenda, including keynote speakers and leisure activities. For membership and event details go to indfast.org https://indfast.org/meetings/
It’s time for the Pacific West Fastener Associations Annual What’s New? What’s Next? Fall dinner program! Tuesday, September 26th includes Vendor Showcase, Cocktail Hour, Dinner, and Program. For more information go to pac-west.org
Have you ever wondered if industrial 3D printing, also known as additive manufacturing, could make your process more efficient, cost-effective, or secure? Join the Würth Additive Group for 3D Demo Days events across the United States to connect with their team and learn about the power of additive manufacturing by watching it live! Würth Additive Group wants to bring together industry, higher education, and other interested individuals to discuss the latest developments in Additive Manufacturing, both technical and commercial at their 3D Printers in the WILD Demo Days event!
Next stop: Mon, Oct 2, 2023, 5:00 PM – 8:00 PM at Flo & Santos, in Chicago, Illinois. For more info about tour dates go to WurthAdditive.com
Less than 2 months away! Until the 2023 International Fastener Expo at Mandalay Bay in Las Vegas October 9-11, 2023. Step into the future of fasteners, machinery, and industrial products at the most anticipated event of the year! The International Fastener Expo (IFE) is the ultimate business-to-business expo for all things fasteners…As the largest fastener event in North America for more than 40 years, IFE caters to every level of the supply chain, making it the go-to event for fastener industry professionals. Attendees can participate in special events like the IFE Annual Golf Tournament, the Welcome Reception Party, Keynote Speaker, informative sessions on the show floor. And the prestigious Fastener’s Hall of Fame & Young Fastener Professional Award Ceremony, where industry excellence is celebrated. Register now Use promo code FND50 to save $50.00 on registration. Go to FastenerShows.com
Join the Fastener Training Institute for an all-day training program on Monday, October 9th, at the International Fastener Expo! Fastener Fundamentals, The Nuts and Bolts for Fastener Professionals, will offer the best of the Fastener Basics Training and Certified Fastener Specialist™ Training programs. The one-day class will bring the basics of fasteners and beyond to industry professionals. Take advantage of early bird pricing through October 7, 2023. Register now: https://fastenershows.com/fti-class/
Next generation advanced planning and scheduling is here! Optessa’s AI-driven optimization ushers in a new way for manufacturers to generate optimal plans and schedules in a fraction of the time. Respond to disruptions, meet delivery dates, reduce excessive parts inventory, eliminate costly idle time, and stabilize your supply chain. Request a live demo of Optessa’s NextGen APS platform today! Visit https://www.optessa.com/ for more information!
The stories featured in this week’s episode of IN THE NEWS can be found in our (X) feed @FastenerNewsand on LinkedIn in the Fastener News Group!
If you would like to share your company’s news or events contact me,lisa@fastenernewsdesk.com. Thanks for tuning in to this week’s episode of ‘IN THE NEWS’ with Fastener News Desk.
Sign up for the free FND newsletter designed to keep busy fastener professionals like you up-to-speed on “All things FASTENATING”!
Genesys Industries Acquires Sterner Screw Machine, A Premier Manufacturer of Screw Machined Fastener Components and Hardware Products.
Rockford, IL / USWIRE / August 31, 2023
Genesys Industries announced today that the company has acquired 100% of Sterner Screw Machine (SSM) for cash at closing. Genesys expects the acquisition to be accretive to its earnings within 6 months of closing. Rockford based Sterner Screw Machine (SSM) was founded in 1985, a second-generation owned company. SSM is a leading production manufacturer of screw machined and fastener components for the aerospace, hydraulic, pneumatic, and industrial sectors. The company operates from a 15,000 sqft manufacturing facility located in Loves Park, Illinois.
Genesys Industries Spokesperson stated, “We are excited about the acquisition of SSM. This acquisition is an important step forward for Genesys Industries, as it allows us to expand our capabilities to include precision screw and fastener component manufacturing, but more importantly volume production quantity manufacturing. With this acquisition we add an additional 15,000 sqft facility in Loves Park, IL. These offerings will allow us to better serve our customers and solidify our position in high volume production.” Laura Mason, President of Sterner Screw Machine (SSM) commented, “SSM and Genesys share common markets, manufacturing expertise and company values. We wanted to ensure all of our employees were going to be happy in the future and therefore we did not want to sell to a PE firm or anyone from the outside of our industry. This was a perfect fit for our company and excited for the future of SSM.”
We welcome all of SSM customers to Genesys Industries. For more information on Sterner Screw Machine please visit our official company website at sternerscrewmachine.com
About Genesys Industries Genesys Industries is an ISO 9001 & AS9100D certified precision manufacturer of Class B & C Fasteners & Hardware Products including threaded and non-threaded components for industry. We are a full-service manufacturer with extensive precision turned product and assembly capabilities. We are a standards based manufacturer of OEM, NSN, NAS, NASM, AN, MS, AS, MA, BACC based machined components.
Sept. 5, 2023 — The We Supply America tour hit the road again this summer, championing the noble calling of distribution and gathering stories of innovation, inspiration and leadership from distributors across the country. Those stories will be told starting Sept. 6 at WeSupplyAmerica.net.
“For three summers, I have visited dozens of distributors, championing the noble calling of distribution and hearing the stories of distributors who demonstrate what it means to be a Force for Good,” said Dirk Beveridge, Executive Producer at We Supply America. “We’re honored to highlight companies in this year’s docuseries that emulate what it means to be a Force for Good. We’re on a mission to celebrate the independent businesses bettering communities with meaningful jobs and stability.”
The We Supply America movement documents the human stories of distribution leaders and their people – the leaders and frontline employees that define the innovative spirit and purpose-driven culture that supplies America.
Meet the Companies That Are a Force for Good
Starting on Sept. 6, Beveridge is releasing the first of the docuseries’ eight parts, telling the stories he discovered on the We Supply America: Season 3 tour that highlight meaningful examples of both new and veteran distribution leaders making a real impact on their society, partners, investors, customers and employees (SPICE).
The first episode of We Supply America: Season 3 features APR Supply, a full-service distributor of HVAC, plumbing and hydronics based in Pennsylvania. “With 101 years under its belt, this fourth-generation distributor’s trajectory is awe-inspiring,” Beveridge said. “Doubling in size every five years, they’ve remained a beacon of unwavering, results-driven leadership.”
Each docuseries episode reflects a leader like APR Supply that is doubling down on their family cultures to become purpose-driven employers, courageously investing in the growth and development of their people and futures. “They are making a difference for their employees, customers and communities,” Beveridge said.
The schedule for this season’s film releases is:
APR Supply – Sept. 6
Midwest Wheel – Sept. 14
Palmer Johnson – Sept. 21
IBT – Sept. 28
Nelson Jameson – Oct. 5
COE – Oct. 12
Graphic Solutions Group – Oct. 19
Texas Plumbing – Oct. 26
All films will premiere live each week with Beveridge on LinkedIn and then will be available on the We Supply America website.
Infor, Infor Distribution and Wipfli partnered with We Supply America to support the production of these stories and champion the noble calling of distribution.
Mark your calendars and join Beveridge as he travels the country meeting the men and women driving the distribution industry and America forward. Watch episodes here.
About We Supply America
With the help of sponsors Infor and Wipfli, executive producer and host Dirk Beveridge is on a mission to celebrate distributors and their people as a Force for Good. We Supply America chronicles the leaders and frontline employees that define the innovative spirit and purpose-driven cultures that supply America. Dirk Beveridge has been a Champion for the noble calling of distribution for over 36 years. His one-of-a-kind perspective on the future of wholesale distribution has guided his mission to advance the industry’s growth, relevance and transformation, helping distributors thrive.
The Industrial Supply Association (ISA) is pleased to announce the promotion of Brendan Breen, formerly the association’s President, to the position of Chief Executive Officer (CEO) effective September 1, 2023.
This key promotion reflects ISA’s commitment to fostering continuity, stability, and ongoing growth within the organization. The decision to promote Breen was taken in acknowledgment of his exemplary performance, strong alignment with the organization’s vision, and commendable leadership in driving ISA toward achieving significant milestones.
Commenting on the promotion, Rob Keenan, President of SECO Tools and ISA Board Chair, stated, “Brendan has demonstrated an outstanding level of leadership and proficiency as President, effectively steering ISA through a complex landscape while nurturing innovation and growth. His strategic thinking, coupled with a collaborative approach and clear communication, has been paramount in guiding our organization’s direction. We believe this elevation of Brendan’s position sends a clear message to our members, partners, and stakeholders about our unwavering commitment to sustained growth and stability.”
Brendan Breen shared, “I am truly honored to accept this new role. Our journey at ISA has always been about collective growth and achieving excellence together. In this new capacity, I am committed to deepening the association’s impact and ensuring we stay agile and responsive to industry dynamics, serving the best interests of our robust network of ISA members.”
Brendan’s transition into the role of CEO ensures a steadfast leader who is attuned to industry trends and is capable of adapting strategies to remain at the forefront of the market. This move fortifies the association’s resolve to navigate evolving market challenges with conviction and assurance while Leading the Channel Forward®.
About the Industrial Supply Association (ISA)
Founded in 1902, the Industrial Supply Association (ISA) is the channel association for the industrial MROP industry – Leading the Channel Forward®. As the only trade association that connects all partners within the industrial supply channel, ISA provides the networking opportunities, education, strategies, analytics, and tools for companies to stay relevant – and competitive – throughout industry change. Members are comprised of industrial Manufacturer, Distributor, and Independent Manufacturer Representative (IMR) companies around the world. More at https://www.isapartners.org/.
New Orders, Employment and Backlogs Contracting; Supplier Deliveries Faster; Raw Materials Inventories Contracting; Customers’ Inventories Too Low; Prices Decreasing; Exports and Imports Contracting
, /PRNewswire/ — Economic activity in the manufacturing sector contracted inAugust for the 10th consecutive month following a 28-month period of growth, say the nation’s supply executives in the latest Manufacturing ISM®Report On Business®.
The report was issued today by Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management® (ISM®) Manufacturing Business Survey Committee:
“The August Manufacturing PMI® registered 47.6 percent, 1.2 percentage points higher than the 46.4 percent recorded in July. Regarding the overall economy, this figure indicates a ninth month of contraction after a 30-month period of expansion. The New Orders Index remained in contraction territory at 46.8 percent, 0.5 percentage point lower than the figure of 47.3 percent recorded in July. The Production Index reading of 50 percent is a 1.7-percentage point increase compared to July’s figure of 48.3 percent. The Prices Index registered 48.4 percent, up 5.8 percentage points compared to the July figure of 42.6 percent. The Backlog of Orders Index registered 44.1 percent, 1.3 percentage points higher than the July reading of 42.8 percent. The Employment Index registered 48.5 percent, up 4.1 percentage points from July’s reading of 44.4 percent.
“The Supplier Deliveries Index figure of 48.6 percent is 2.5 percentage points higher than the 46.1 percent recorded in July. This is the highest reading in the past 11 months. (Supplier Deliveries is the only ISM®Report On Business® index that is inversed; a reading of above 50 percent indicates slower deliveries, which is typical as the economy improves and customer demand increases.)
“The Inventories Index decreased by 2.1 percentage points to 44 percent; the July reading was 46.1 percent. The New Export Orders Index reading of 46.5 percent is 0.3 percentage point higher than July’s figure of 46.2 percent. The Imports Index remained in contraction territory, registering 48 percent, 1.6 percentage points lower than the 49.6 percent reported in July.”
Fiore continues, “The U.S. manufacturing sector shrank again, but the uptick in the PMI® indicates a slower rate of contraction. The August composite index reading reflects companies managing outputs appropriately as order softness continues, but the month-over-month increase is a sign of improvement. Demand eased again, with the (1) New Orders Index contracting at a slightly faster rate, (2) New Export Orders Index continuing in contraction territory, with minimal signs of improvement and (3) Backlog of Orders Index improving for the third straight month but remaining at low levels. The Customers’ Inventories Index reading indicated appropriate buyer/supplier tension, which is neutral to slightly positive for future production. Output/Consumption (measured by the Production and Employment indexes) was positive, with a combined 5.8-percentage point upward impact on the Manufacturing PMI® calculation. Panelists’ companies stabilized production compared to July and continued to manage head counts, primarily through attrition. Inputs — defined as supplier deliveries, inventories, prices and imports — continued to accommodate future demand growth. The Supplier Deliveries Index indicated faster deliveries for the 11th straight month, and the Inventories Index remained in contraction territory as panelists’ companies continued to mitigate inventories exposure. The Prices Index remained in ‘decreasing’ territory but increased a respectable 5.8 percentage points, signifying near price stability. Sentiment improved regarding manufacturing lead times, although they remain at elevated levels.
“Of the six biggest manufacturing industries, three — Transportation Equipment; Food, Beverage & Tobacco Products; and Petroleum & Coal Products — registered growth in August.
“Demand remains soft, but production execution is consistent with new, reduced output levels based on panelists’ companies order books. Suppliers continue to have capacity. Prices are generally stable. Sixty-two percent of manufacturing gross domestic product (GDP) contracted in August, down from 92 percent in July, a positive trend for the economy. Additionally, the share of manufacturing GDP registering a composite PMI® calculation at or below 45 percent — a good barometer of overall manufacturing weakness — was 15 percent in August, compared to 25 percent in July and 44 percent in June, a clear positive,” says Fiore.
The five manufacturing industries that reported growth in August are: Printing & Related Support Activities; Transportation Equipment; Food, Beverage & Tobacco Products; Petroleum & Coal Products; and Miscellaneous Manufacturing. The 13 industries reporting contraction in August — in the following order — are: Apparel, Leather & Allied Products; Furniture & Related Products; Plastics & Rubber Products; Primary Metals; Fabricated Metal Products; Textile Mills; Electrical Equipment, Appliances & Components; Chemical Products; Computer & Electronic Products; Paper Products; Wood Products; Nonmetallic Mineral Products; and Machinery.
WHAT RESPONDENTS ARE SAYING
“Further reductions in customer orders due to the economic situation and also their working down of own inventories. Backlog is dwindling, but still showing robust revenue.” [Computer & Electronic Products]
“Demand still weak. Customer inventories are getting depleted; however, we are not seeing a real uptick in demand. General supply conditions are softening.” [Chemical Products]
“Still seeing a slowdown in orders. We’re continuing to ship to max capacity, with supply constraints still a real part of our day-to-day business operations.” [Transportation Equipment]
“Customer orders have softened. This is likely due to customers’ increased confidence in the supply chain, (which) has them reducing their inventories. Customers are also being pinched with higher interest rates. Additionally, consumers are feeling their purchasing power eroded by stubbornly high inflation, so they are purchasing less.” [Food, Beverage & Tobacco Products]
“Fourth quarter orders falling short of projection and indicating a slowdown in customer demand, though the first quarter forecast remains solid. Unclear if this is an inventory correction. Logistics stabilized and costs are matching 2019. Shortages limited to only a few items now, but suppliers are hesitant to add or replace labor needed in light of slowing demand.” [Fabricated Metal Products]
“General slowdown in business at the end of the third quarter. For capital equipment additions, our customers are buying only what they need for specific jobs and not adding any capital fleet material for potential future work.” [Machinery]
“There is additional softening in the market. Customers are hesitant to provide extended forecasts with today’s economic uncertainty.” [Electrical Equipment, Appliances & Components]
“Business continues to remain strong with sales and profits both ahead of plan. The bookings were below what we planned, but that was expected due to fewer working days and summer vacations.” [Miscellaneous Manufacturing]
“The manufacturing sector continues to be slow, and the low market prices make it difficult to stay profitable. On the positive side, laborers are showing enthusiastic employment interest. Rising energy and fuel prices are of concern to our company.” [Paper Products]
“Business is beginning to improve moderately. Still well below 2022 levels, but it appears that the ‘great inventory rebalancing’ is finally coming to fruition.” [Plastics & Rubber Products]
“Automotive volume remains strong in preparation for the United Auto Workers’ potential strike at Ford, General Motors and Stellantis. Contingency plans in place for sub-tiers. Continue to have issues recruiting general labor employees. Operational efficiency suffering due to a lack of human resources. Order book remains strong and ahead of 2022.” [Primary Metals]
“(The Federal Reserve’s) actions to increase borrowing costs has dampened demand for residential investment. Recently, this slowdown plateaued somewhat, with demand stabilizing. The outlook for 2024 remains uncertain, and we continue to be cautious about building inventories.” [Wood Products]