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3M to acquire Hoechst's interest in Dyneon
Flowserve to acquire Honeywell's valve line Howserve Corporation is to acquire Honeywell's industrial control valve product line and related production equipment based in Germany. Terms of the transaction were not disclosed. Currently located in Honeywell's Maintal plant near Frankfurt, the industrial controlvalve business comprises the design, manufacture and marketing of general service control valves and posit/oner products. Flowserve expects to complete the phased move of this operation to its existing control-valve manufacturing facilities in Europe by mid-2000. The acquisition complements Flowserve's control valve, ball valve and actuator manufacturing operations in Europe. Flowserve formed a global strategic business alliance with Honeywell in 1998, which teamed Honeywell's Industrial Automation and Control with Flowserve's Flow Control Division and its line of Valtek control-valve products. The alliance is based on the cooperativepursuit of global automation projects and joint product development for the process control market. The companies' joint product development efforts integrate Honeywell's expertise in process automation and control and Flowserve's in control and related "smart" valve technologies. In 1998, Flowserve's valve division contributed about US$303 million to the Company's sales of US$1.1 billion.
Kingston-Warren sale complete Hutchinson has completed its purchase of the assets of Harvard Industries' Kingston-Warren subsidiary for US$115 million in cash. The acquisition strengthens
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Hutchinson's position as the second largest manufacturer in the Western industrial rubber market. Hutchinson has expanded rapidly over recent years. Between 1990 and 1998 it more than doubled its sales from FF5.7 billion to FF12.9 billion. Growth was fuelled by its expansion internationally, mirroring the globalisation of the world's auto makers. Based in Farmington Hills, Michigan, USA, Kingston-Warren produces single- and multidurometer sealing products and systems. Fiscal 1999 revenues were approximately US$119 million. Hutchinson is a subsidiary of French oil and gas company TOTALFINA.
3M to acquire Hoechst's interest in Dyneon 3M and Hoechst AG have signed a letter of intent for 3M to acquire Hoechst's interest in the Dyneon joint venture. 3M, which owns 54% of the venture, expects the acquisition to be finalised by the end of the year. Dyneon sales in 1998 were approximately $350 million. Dyneon is a manufacturer of fluoropolymers, fluorothermoplastics, fluoroelastomers and related products. The company has over 700 employees at production and development sites in the United States, Europe and Asia. "Dyneon strengthens our business portfolio by expanding our technology and geographic base," said Dr. Charles Reich, executivevice president for 3M's SpecialtyMaterial Markets organisation. "The increasing strength of the Dyneon brand and product offeringswill help us achieve accelerated growth in important market segments."
Billion dollar auto seal deal struck Freudenberg-NOK has been awarded a contract worth an
estimated US$1 billion to supply engine seals to Ford Motor Co over the next 8-10 years. The contract calls for Freudenberg-NOK to supply seals for 2 million vehicles per year. The companies will work together to reduce engine oil leaks to 0.5 failures per 1000 vehicles, helping Ford to reduce warranty costs. IIII
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Record sales for Federal-Mogul Federal-Mogul Corporation announced record third quarter sales of US$1584 million. Earnings per share from operations increased 53% to US$1.01 up from US$0.66 in 1998. "Through three quarters, our earnings per share from operations are up 68% over last year," said Dick Snell, chairman and chief executive officer. "I'm very pleased that we continue to have the best earnings growth in the industry." Federal-Mogul's third quarter revenues increased to US$1584 million compared to US$1121 million in 1998. Performance of the company's Sealing Systems/ Visibility/Systems Protection Products division was equal to that achieved in 1998. The division reported sales of US$461 million. For the third quarter, the company earned US$78 million from operations, equivalent to US$1.01 per share. Federal-Mogul's nine-month consolidated sales reached US$4913 million, up 64% compared to the same period last year. Earnings per share from operations hit a new nine-month record of US$3.18 per share, up from US$1.89 for the same period in 1998. The company's Board of Directors has declared a fourth quarterly dividend of US$0.0025 a share on the common stock of the company. The dividends will be paid 10 December to shareowners at the close of business 30 November.
SealingTechnologyNo.71
Kingston-Warren sale complete Hutchinson has completed its purchase of the assets of Harvard Industries' Kingston-Warren subsidiary for US$115 million in cash. The acquisition strengthens
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Hutchinson's position as the second largest manufacturer in the Western industrial rubber market. Hutchinson has expanded rapidly over recent years. Between 1990 and 1998 it more than doubled its sales from FF5.7 billion to FF12.9 billion. Growth was fuelled by its expansion internationally, mirroring the globalisation of the world's auto makers. Based in Farmington Hills, Michigan, USA, Kingston-Warren produces single- and multidurometer sealing products and systems. Fiscal 1999 revenues were approximately US$119 million. Hutchinson is a subsidiary of French oil and gas company TOTALFINA.
3M to acquire Hoechst's interest in Dyneon 3M and Hoechst AG have signed a letter of intent for 3M to acquire Hoechst's interest in the Dyneon joint venture. 3M, which owns 54% of the venture, expects the acquisition to be finalised by the end of the year. Dyneon sales in 1998 were approximately $350 million. Dyneon is a manufacturer of fluoropolymers, fluorothermoplastics, fluoroelastomers and related products. The company has over 700 employees at production and development sites in the United States, Europe and Asia. "Dyneon strengthens our business portfolio by expanding our technology and geographic base," said Dr. Charles Reich, executivevice president for 3M's SpecialtyMaterial Markets organisation. "The increasing strength of the Dyneon brand and product offeringswill help us achieve accelerated growth in important market segments."
Billion dollar auto seal deal struck Freudenberg-NOK has been awarded a contract worth an
estimated US$1 billion to supply engine seals to Ford Motor Co over the next 8-10 years. The contract calls for Freudenberg-NOK to supply seals for 2 million vehicles per year. The companies will work together to reduce engine oil leaks to 0.5 failures per 1000 vehicles, helping Ford to reduce warranty costs. IIII
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Record sales for Federal-Mogul Federal-Mogul Corporation announced record third quarter sales of US$1584 million. Earnings per share from operations increased 53% to US$1.01 up from US$0.66 in 1998. "Through three quarters, our earnings per share from operations are up 68% over last year," said Dick Snell, chairman and chief executive officer. "I'm very pleased that we continue to have the best earnings growth in the industry." Federal-Mogul's third quarter revenues increased to US$1584 million compared to US$1121 million in 1998. Performance of the company's Sealing Systems/ Visibility/Systems Protection Products division was equal to that achieved in 1998. The division reported sales of US$461 million. For the third quarter, the company earned US$78 million from operations, equivalent to US$1.01 per share. Federal-Mogul's nine-month consolidated sales reached US$4913 million, up 64% compared to the same period last year. Earnings per share from operations hit a new nine-month record of US$3.18 per share, up from US$1.89 for the same period in 1998. The company's Board of Directors has declared a fourth quarterly dividend of US$0.0025 a share on the common stock of the company. The dividends will be paid 10 December to shareowners at the close of business 30 November.
SealingTechnologyNo.71