April 16, 2005 |
The stock of Lynwood metal products distributor Earle M. Jorgensen Co. fell flat on its first day of trading Friday. The company's shares, priced at $10 apiece the night before, ended the day at $9 on the New York Stock Exchange. The stock was priced below the expected range of $11 to $13 a share, which had been lowered after Jorgensen couldn't get the deal done Wednesday within an original range of $14 to $16 a share.
March 27, 1997 |
The Earle M. Jorgensen Co., a major metals distributor heavily in debt, said Wednesday that it will close distribution centers in four U.S. cities and Singapore and lay off 250 employees to cut costs and streamline operations. The layoffs, about 10% of its 2,500-member labor force, will come mainly in Detroit; Buffalo, N.Y.; Hartford, Conn., and Birmingham, Ala. Operations there will move to facilities in major cities nearby.
July 25, 2001 |
McDonald's Corp. on Tuesday reported a 16% drop in profit, its third straight quarterly decline, as the burger giant's stock rose modestly on its latest assurance that beef safety fears are easing in Europe, its top international market. Squeezed by weak foreign currencies and other concerns, McDonald's said it may close as many as 250 under-performing restaurants this quarter, primarily in emerging international markets.
April 5, 2001 |
With the steel supply business struggling in the economic slowdown, Earle M. Jorgensen Co. has forged a profitable strategy from improved technology and a diverse customer base. Despite a heavy debt load from a buyout 11 years ago, the Brea company has improved year-to-year profits for six straight quarters and was the only major distributor to post higher earnings in the last half of 2000.
July 19, 1998
Earle M. Jorgenson Co.: The Brea metal distributor posted net income of $8.3 million for the first fiscal quarter ended June 30, 48% higher than the $5.6 million reported a year ago. Revenue declined 4% to $250.6 million from $259.9 million.
January 27, 2000
The Brea distributor of metal tubing, pipes, steel and aluminum posted earnings of $1.6 million for its fiscal third quarter ended Jan. 4, an increase from $1.4 million in net income for the same three-month period the previous year. Quarterly revenue rose to $229.2 million from $211.2 million. The privately held company does not report per-share earnings.
January 31, 1990 |
New York merchant banker Kelso & Co. will acquire and merge two independent distributors of metal products--the Lynwood-based Earle M. Jorgensen Co. and the Brea-based Kilsby-Roberts Holdings Inc.--under an agreement announced Tuesday. Kelso, which already owns about 5% of privately held Kilsby-Roberts, will pay $75 million for the remainder of Kilsby-Roberts and $261 million--$41.50 per share--for Jorgensen.