National Association of Wholesaler-Distributors CEO Eric Hoplin said the results of midterm elections held Nov. 8 made it clear that voters are tired of politicians on both sides who are too focused on past political disagreements and that it's time for bipartisanship. "Wholesaler-distributors are calling on all branches of government to use the new balance of power as an opportunity to work together and enact policies that will strengthen the economy and help American businesses thrive," Hoplin said.
DXP Enterprises announced its third quarter sales were up 33% compared with the third quarter of 2021, setting a record for the company. Sales increased from $290 million to $387 million, and the industrial supply company's net income rose from $7 million to more than $13 million.
Russel Metals reported a 14.6% rise in revenue in the third quarter compared with a year ago. The Canadian metals distribution and processing company had about $955 million in revenue for the quarter, beating analyst estimates.
Brenntag had third quarter earnings of $463 million, and the company recently announced plans to grow in the North American market. The German chemicals distributor plans to double spending in mergers and acquisitions to as much as $502 million as part of an ongoing growth plan.
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Over 40% of corporate leaders believe their supply chains need to undergo major changes next year, according to an HSBC Holdings survey. Meanwhile, 47% of corporate leaders said they will make supply chain changes later in the future and just 11% said that a supply chain overhaul is not a priority.
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Business-to-business marketers worried about "brand rejection" risk a fate far worse: being unknown, write Peter Weinberg and Jon Lombardo of LinkedIn's B2B Institute. "The real scandal isn't that buyers hate your ads, the real scandal is that 71% of B2B ads are so boring and generic that nobody even pays attention to the ads," the pair write, urging B2B marketers to take more creative risks.
Companies should rethink innovation efforts so they include the participation of all employees, who are empowered to look for ways to improve products or processes and have the tools to bring about change. Middle managers are key to success, as they are able to encourage employees and change team culture.
