Penton Media Inc., New York, the company that owns Electrical Marketing, Electrical Wholesaling, EC&M and about a hundred other business-to-business publications, websites, data products and trade shows, today emerged from Chapter 11, less than 30 days after filing a pre-packaged reorganization plan.
The capital restructuring resulted in the elimination of more than $270 million of long-term debt and an extension of the maturity on the company’s senior secured credit facility through 2014. In addition, certain existing shareholders made a significant new investment in Penton, which will provide additional working capital to fund operations and improve Penton’s overall liquidity.
There have been no changes to staff, publication schedules or payments to contractors and service providers relating to the restructuring at any of Penton’s electrical industry publications.
Archive for March 10th, 2010
Penton Media emerges from Ch. 11
Graybar Reports 2009 Results
Graybar Electric Co., St. Louis, said its net sales were $4.38 billion in 2009, a decrease of 18.9 percent compared to 2008. The company also posted net income of $37.4 million, down 57.3 percent, from the previous year. “While conditions were some of the most difficult in business history, our performance in 2009 resulted from hard work, a disciplined approach to managing our business and a consistent focus on our long-term strategy,” said Robert Reynolds, Jr., the company’s chairman, president and CEO. “We achieved profitability and finished the year with low debt levels and a strong cash position. This prepares us for growth as the economy recovers.”
Essco Wholesale/Sonepar Signs Sales Agreement with Trina Solar
Essco Wholesale Electric, Inc. an Arizona-based subsidiary of Sonepar USA, will distribute PV modules for Trina Solar Ltd., (Changzhou Trina Solar Energy Co., Ltd.). Under the terms of the agreement, Trina Solar is expected to supply Essco, Chandler, Ariz., with approximately 25 MW of PV modules and an additional 4 MW at the option of Essco, to be delivered during 2010.
“With the addition of Trina Solar modules to our renewable energy equipment portfolio, we truly are able to be a one-stop distributor for our electrical contractors and solar integration companies,” said Scott Tonn, Essco’s president. “With Sonepar’s national coverage through its operating companies and encompassing Essco’s direct coverage of the Southwest, we are making renewable energy products more available and affordable than ever before to our customers.”
Mark Wilkerson, Trina Solar’s senior director of North American sales and marketing, said in a press release that the partnership will help Trina Solar expand its presence and increase brand recognition in commercial and residential markets in the United States. Details
Grainger Gets Nice Bump in February YTY Sales
W.W. Grainger Inc., Lake Forest, Ill., enjoyed a 12-percent daily sales increase YTY in February. Results for the month included a five-percent contribution from acquisitions, a one- percent point benefit from the sales of seasonal products and a two-percent contribution from foreign exchange. Daily sales in the United States were up six percent for the month. Details
Gexpro Awarded GSA Contract
Gexpro/Rexel Group, Shelton, Conn., has been awarded a United States General Services Administration (GSA) Schedule Contract. The award opens the door for Gexpro to sell products to every federal government agency and to participate in additional government quotes for items that are in the same product classification on the contract.
The Gexpro award is for five years and is renewable for three more five-year intervals. With the GSA Schedule award, Gexpro’s pricing and terms-and-conditions of sale are pre-established with the federal government. The GSA Schedule contract program establishes long-term government-wide contracts with companies to provide access to products or services that can be ordered directly from the GSA Schedule contractors or through the GSA Advantage online shopping and ordering system.
“This contract is not a simple formality, but took several months of our efforts in submitting the necessary information and documentation to meet the specific criteria for the government award,” said Chris Chickanosky, vice president, global sales. “We are pleased that Gexpro’s product selection and value-added services will now be made directly available to federal agencies. And we look forward to providing the latest, most advanced electrical solutions that will help make their projects more efficient and productive.”
Fromm Electric Supply Promotes From Within For Residential Division
Fromm Electric Supply (Reading, Pa.): Rich Miller has been promoted to the position of manager, Residential Solutions Group. He will oversee the sales, customer service and operations of Fromm’s residential market segment. In addition, Miller will manage their appliance division and three design centers.
Miller came to Fromm Electric Supply with their acquisition of Harrisburg Electrical Supply in June 2005, and transitioned into the role of appliance sales manager. He has been in the appliance business for twelve years, with seven of those in a managerial function. He is a graduate of Central Dauphin High School in Harrisburg, Pa.