New York            

       11-1806155        

(State or other jurisdiction of

(I.R.S. Employer

 incorporation or organization)

 Identification Number)

25 Hub Drive, Melville, New York

          11747          

(Address of principal executive

(Zip Code)

 Offices)

Registrant's telephone number,

including area code

      (516) 391-1300     

Yes   X  

No      

Six Months Ended

Three Months Ended

June 30,

June 30,

2002

2001

2002

2001

Sales

$

3,687,856

$

5,452,364

$

1,843,317

$

2,355,745

Costs and expenses:

  Cost of products sold

3,053,736

4,525,985

1,523,729

1,966,790

  Selling, general and administrative

    expenses

509,348

606,447

257,158

290,469

  Depreciation and amortization

34,310

58,169

16,639

29,585

  Severance costs

5,375

-

5,375

-

  Integration charges

-

9,375

-

-

3,602,769

5,199,976

1,802,901

2,286,844

Operating income

85,087

252,388

40,416

68,901

Equity in earnings (losses) of affiliated

  companies

966

(1,393

)

813

(997

)

Interest expense, net

82,072

120,072

40,830

54,479

Earnings before income taxes and minority

  interest

3,981

130,923

399

13,425

Provision for income taxes

1,404

53,260

33

7,435

Earnings before minority interest

2,577

77,663

366

5,990

Minority interest

(84

)

(263

)

(210

)

(294

)

Earnings from continuing operations

2,661

77,926

576

6,284

Income (loss) from discontinued

  operations, net of taxes (including

  loss from disposal of $6,120, net of

  tax benefit of $4,114, in 2002)

(5,911

)

707

(6,610

)

670

Earnings (loss) before cumulative effect

  of change in accounting principle

(5,250

)

78,633

(6,034

)

6,954

Cumulative effect of change in accounting

  principle

(603,709

)

-

-

-

Net income (loss)

$

(606,959

)

$

78,633

$

(6,034

)

$

6,954

Net income (loss) per basic and diluted

  share:

Income from continuing operations

$

.03

$

.79

$

.01

$

.06

Income (loss) from discontinued operations

(.06

)

.01

(.07

)

.01

Cumulative effect of change in accounting

  principle

(6.06

)

-

-

-

Net income (loss) per basic share

$

(6.09

)

$

.80

$

(.06

)

$

.07

Income from continuing operations

$

.03

$

.74

$

.01

$

.06

Income (loss) from discontinued operations

(.06

)

.01

(.07

)

.01

Cumulative effect of change in accounting

  principle

(6.06

)

-

-

-

Net income (loss) per diluted share

$

(6.09

)

$

.75

$

(.06

)

$

.07

Average number of shares outstanding:

  Basic

99,667

97,957

99,813

98,006

  Diluted

99,667

113,017

99,813

99,580

June 30,

December 31

,

2002

  2001   

(Unaudited

)

ASSETS

Current assets:

  Cash and short-term investments

$

909,102

$

556,861

  Accounts receivable, net

1,403,031

1,389,882

  Inventories

1,248,989

1,372,797

  Prepaid expenses and other assets

65,104

52,892

  Assets from discontinued operations

-

98,954

    Total current assets

3,626,226

3,471,386

Property, plant and equipment at cost:

  Land

42,648

42,288

  Buildings and improvements

174,533

164,111

  Machinery and equipment

366,625

347,170

583,806

553,569

    Less accumulated depreciation and

      amortization

(289,150

)

(252,374

)

294,656

301,195

Investments in affiliated companies

36,292

32,917

Cost in excess of net assets of

  companies acquired, net of amortization

  ($190,940 in 2001)

757,255

1,224,283

Other assets

349,632

326,024

Assets from discontinued operations

-

3,179

$

5,064,061

$

5,358,984

June 30,

December 31

,

2002

2001   

(Unaudited

)

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

  Accounts payable

$

867,032

$

641,454

  Accrued expenses

383,657

342,670

  Short-term borrowings

10,475

37,289

  Liabilities from discontinued operations

-

25,572

    Total current liabilities

1,261,164

1,046,985

Long-term debt

2,458,574

2,441,983