ACR Group expands, extends revolving credit facility
ACR Group, Inc., a national wholesale distributor of heating, ventilating, air conditioning and refrigeration equipment and supplies, announced it has increased its revolving credit facility from $35 million to $40 million and extended the term an additional year to August 31, 2008. As of May 31, 2006, the company's collateral base was sufficient for the entire $40 million to be available to the company.
Houston-based ACR Group said the revolving credit facility expansion increases working capital for operational purposes, and provides additional resources for potential branch expansion and acquisitions. The credit facility is through Wells Fargo Bank.
"The additional financing capacity gives the company more capability to pursue business opportunities as they arise," said Alex Trevino, Jr., president and CEO of ACR Group. "Our growth plans include both organic startups and strategic, targeted acquisitions. The availability of capital enables us to react quickly to such opportunities."
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Annual Salary Survey
Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.
There were the big events for the year, including the United States as Partner Country at Hannover Messe in April and the 2016 International Manufacturing Technology Show in Chicago in September. There's also the matter of the U.S. presidential elections in November, which promise to shape policy in manufacturing for years to come.
But the year started with global economic turmoil, as a slowdown in Chinese manufacturing triggered a worldwide stock hiccup that sent values plummeting. The continued plunge in world oil prices has resulted in a slowdown in exploration and, by extension, the manufacture of exploration equipment.
Read more: 2015 Salary Survey