After our latest research in the various countries...
After our latest research in the various countries, we would like to briefly summarize the results as follows: Depending on the respective countries and product categories, exports in the industry will fall between 8 and 15% by the end of the year. With the loosening of the restrictive restrictions there was a recovery almost everywhere in the summer months, but from September onwards there was a clear slowdown. However, it must also be said that the numbers are less pessimistic than the ones forecast by the institutes at the beginning of the pandemic.
There will be a recovery in the electrical sector from the middle of next year (2021). Only from 2022 will the numbers show a certain constancy again without likely reaching the level of the pre-pandemic years.
When it comes to house building in Germany, the installation companies can hardly save themselves from orders. No wonder, since last year, with the construction of approx. 300,000 apartments, an absolute high of the last 20 years was reached, which in turn has benefitted the electrical industry with its diverse products.
In this context, we received a message from the United Arab Emirates (UAE) in the last few days, that Abu Dhabi was planning a real estate package worth USD 1.4 billion (EUR 1.2 billion), for loans, houses and estate. In addition, small and medium-sized enterprises (SMEs) should receive much more support in the future in order to make it easier for them to restart after the pandemic.
Saltoki S.A. with their headquarters in Pamplona (Navarra) has only existed since 1978...
Saltoki S.A. with their headquarters in Pamplona (Navarra) has only existed since 1978 and from the beginning it has been the philosophy to be active in different product areas. Saltoki is now one of the major wholesalers for the sanitary, air conditioning, heating and electrical installation sector; areas that are growing closer and closer together. Saltoki now has 66 branches in Spain, as well as 4 large logistics centers in Zaragoza, Barberá del Valles (Barcelona), Getafe (Madrid) and Vitoria-Gasteiz (Álava).
Saltoki has been a member of VGH International since 2011, a renowned European purchasing group that specializes in heating and air conditioning systems. VGH is active in 17 European countries and generates sales of over 4 billion EUR with its partners, making it one of the leading purchasing groups in Europe in the heating and sanitary sector.
Home Depot from Atlanta / Georgia, the world’s largest home improvement retailer...
Home Depot from Atlanta / Georgia, the world’s largest home improvement retailer, is taking over HD Supply, one of the largest industrial wholesalers in North America. Home Depot pays for all outstanding common stock an amount of USD 8 bn (EUR 6.7 bn).
The acquisition is expected to close in the fourth quarter, with Home Depot's fiscal year ending January 31, 2021. The deal comes just days later after speculation, that Lowe, the U.S. second-largest home improvement retailer, might acquire HD Supply.
Lowe's, the second largest home improvement retailer in the US...
Lowe's, the second largest home improvement retailer in the US, achieved sales of USD 22.3 bn (18,8 Mrd. EUR) in Q3 2020, up 28% compared to Q3 2019.
For the 9 months in 2020, sales in comparison to 2019 rose from USD 56.1 bn (47,3 Mrd. EUR) to USD 69.3 bn (58,4 Mrd. EUR) and net earnings also increased, from USD 18 bn (15,2 Mrd. EUR) to USD 23.1bn (19,5 Mrd. EUR)
Since May no outlook for the future business was given, but now the company is more optimistic again and expects a plus of 15-20% also for the 4th quarter.
After 8 years of negotiations, the documents on the world's largest free trade zone were signed on Sunday, November 15, 2020, during the 37th ASEAN summit in Hanoi...
After 8 years of negotiations, the documents on the world's largest free trade zone were signed on Sunday, November 15, 2020, during the 37th ASEAN summit in Hanoi.
The Association of Southeast Asian Nations (ASEAN) with its ten members, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam, forged the world's largest free trade area with Australia, China, Japan, New Zealand and South Korea. The new name is Regional Comprehensive Economic Partnership (RCEP). This new economic zone is the largest economic trade zone with 30% of the total world trade and with 2.2 billion people, about 30% of the world population. It is the largest economic trade zone and thus larger than all trade zones, i.e. also larger than the EU or North America with Canada, Mexico and the USA.
RCEP is an agreement between the member states to gradually reduce customs duties on a wide range of agricultural and industrial products and to establish new rules for e-commerce, investment, service industries and intellectual property rights.
India withdrew from the nearly completed pact in November 2019 because it saw certain sectors of its economy under threat (mainly agricultural products). Although the door is still open for India, the current government will not join for the time being.
It is generally expected that the RCEP agreement will give new impetus to the various economies, in almost every sector of industry.
The new agreement will of course greatly strengthen China's influence in the world's fastest growing region. It is also extraordinary that China, Japan and South Korea have jointly signed a treaty of this significance.
Negotiations for a separate agreement had already taken place long before RCEP; it was initiated under the former President of the USA, Barack Obama, as the TTP (Transpacific Partnership). At that time it was to be the ASEAN countries including, among others, Australia, Japan and New Zealand, but without China or India. After President Donald Trump decided in early 2017 that the US would withdraw from the TTP negotiations, RCEP naturally became the most important trade agreement in the entire Asia-Pacific region.
One thing is already certain, the signing of the RCEP may, over time, prove to be a crucial first step in reshaping the global economic map. Thus, the agreement has historic implications not only for the 15 countries, but possibly for the entire world.
Stanley Black & Decker generated revenues of USD 3.85 m (EUR 3.26 m) in Q3 2020...
Stanley Black & Decker generated revenues of USD 3.85 m (EUR 3.26 m) in Q3 2020, up 6% from Q3 last year. From January 2020 to September, sales were USD 10.127 m (EUR 8.586 m), 5.6% less than 2019. As always, tools and storage was by far the strongest sector.
Net earnings in Q3 2020 were USD 395 m (EUR 335 m), up 71% from USD 231 m (EUR 196 m) in 2019, which is why President and CEO James M. Loree also described it as the most remarkable of his 20 years with the company.
The South China Morning Post reported on Tuesday, November 3 that a wholly owned subsidiary of Stanley Black & Decker has permanently closed its factory in the city of Shenzhen, resulting in the loss of more than 1,000 jobs.
The report cited a company release dated October 26, which attributed the closure of Stanley Black & Decker Precision Manufacturing (Shenzhen) to changes in the general market environment and increasing competition. The business unit, which has been in existence for 25 years, is one of 22 subsidiaries in China.
For many years, the Technical Committee for Electrical Installation Technology...
For many years, the Technical Committee for Electrical Installation Technology in Austria was headed by Alexander Rupp (from the company Hager) and Oliver Ferner-Prantner (from Dietzel).
Now the technical committee has been newly occupied by Karl Sagmeister (from Schneider Electric). He is supported by Thomas Farthofer (Intercable), Hans-Georg Hadwiger (Gossen Metrawatt) and Stefan Kleinhans (ABB).
On August 7th, we informed you that Fagerhult will withdraw...
On August 7th, we informed you that Fagerhult will withdraw from South Africa because the market has not developed as the management had expected. Now the buyer is also known: it is Cape Mountain Concepts (Pty) Ltd.
The sale took place on November 2, 2020.
The new owners already have another lighting business in South Africa, so that the Fagerhult subsidiary (Lighting Innovations Africa (Pty) Ltd.) now has a secure future.