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Colfax's Warren Pumps receives favourable ruling in asbestos insurance case
IN BRIEF/NEWS
In Brief UÊ / iÊGrundfos “Impossible Tour” truck - a fully equipped, mobile educational centre for trade professionals in the plumbing, heating and piping industry - is visiting 14 different cities in the Northeastern United States during October and November this year. The two-room vehicle includes a mini-theatre for viewing video programs, as well as a series of interactive and working displays of Grundfos pump solutions. www.grundfos.com/web/homeus.nsf UÊ / iÊHydraulic Institute (HI) is offering a web-based subscription service providing company-wide access to the ANSI/HI Pump Standards packages. ‘Standards by Subscription’ is a full version of the ANSI/HI Standards which are a widely accepted reference for anyone involved in pumps from users to manufacturers. The ‘Standards by Subscription’ service offers simultaneous access to ANSI/HI Standards for one or more users, 24 hours a day, seven days a week, from anywhere in the world. Subscribers to the ANSI/HI online Standards can choose from eight pre-packaged standard sets which are designed to address different types of pump technology. www.pumps.org UÊ Curtiss-Wright Corp executives celebrated the company’s 80th anniversary of its listing on the New York Stock Exchange by ringing the NYSE’s Closing Bell on 9 October 2009. www.curtisswright.com UÊ Baker Hughes Inc and BJ Services Co have received a request from the Antitrust Division of the Department of Justice for additional information in relation to Baker Hughes’ proposed merger with BJ Services Co (see Pump Industry Analyst, September 2009). Both companies intend to comply with the request. www.bjservices.com and www.bakerhughes.com UÊ Taco Inc’s commercial pump lines are now available through the Autodesk Seek web service. Autodesk Seek allows design professionals to search specifically for the building product design files they need—in the form of 3D models, 2D drawings, visual images and part and product specification data. http://seek.autodesk.com 12
Pump Industry Analyst
...Continued from page 1 Moe Merah, ITT vice president, Sales & Operations, for Europe, Middle East and Africa, said that the new operation will help ITT support rapid economic growth in the Gulf Region. “Despite the global recession, our Gulf Region customers in the oil and gas, chemical, and power industries have shown significant growth and increased production. In partnership with other ITT divisions in the area, we will assist continued growth and expansion with faster, easier access to our world-class products and support from within the Middle East.” Hazem Aswad, chairman of Aswad Group and partner of ITT Saudi Co, said: “Having ITT’s exceptional manufacturing capabilities in Saudi Arabia is significant not only for the company to grow its business, but also for the Saudi industrial economy, as it will provide local job opportunities and create a stronger industrial base for the Kingdom of Saudi Arabia.” For more information, visit www.gouldspumps.com/ ITT_Saudi.html and www.itt.com
Project postponements hit Sulzer Pumps’ orders
A
t Sulzer Pumps, orders received were down 31.6% to SFr1 284.0 million in the first nine months of 2009. The oil and gas segment experienced reduced activity as customers postponed projects, while the hydrocarbon processing industry remained weak. Power generation achieved comparatively good activity levels, but Sulzer cautions that the near future shows a reduced number of large projects in this sector. Activities in the pulp and paper segment also remained weak. Despite the challenging market conditions, Sulzer says that the pump division defended its strong market position. Order intake for the full year 2009 is projected to be well down on last year’s exceptionally high levels. As a group, Sulzer says its order intake appears to be stabilizing in recent months. The group reported order intake of SFr2 278.7 million for the first nine months of 2009, down 31.6% on the same period last year. Sulzer says that while the long-term prospects for its performance-critical solutions remain positive, the company does not
expect a quick recovery in its key markets. Geographically, Sulzer expects that all regions will continue to be affected by the economic downturn, with some emerging markets likely to remain comparatively stronger. For the full year, Sulzer expects a substantially lower order intake compared with 2008. The company says that its previously announced cost reduction and capacity adjustment program will strengthen its ability to manage the challenges in the difficult economic environment (see Pump Industry Analyst, July 2009). For further information, visit www.sulzer.com and www.sulzerpumps.com
Colfax’s Warren Pumps receives favourable ruling in asbestos insurance case
C
olfax Corp’s Warren Pumps subsidiary has received a favourable ruling in an asbestos insurance case. Colfax says that the decision, issued on 14 October 2009 by the Delaware Court of Chancery, confirmed that Warren is entitled to excess insurance coverage purchased by a former owner of the business. The Court also ruled that Warren’s asbestos-related costs should be allocated among excess insurers using an “all sums” allocation. This allows Warren to collect amounts paid in connection with a claim from any insurer whose policy is triggered, up to the policy’s applicable limits. This litigation and the decision are separate and apart from insurance litigation involving Colfax’s Imo subsidiary. Colfax says that it is currently evaluating the impact of this favourable ruling on its financial reporting and expects to record a gain in the third quarter. The company plans to announce its third quarter results, excluding the impact related to this ruling, on 3 November 2009. For further information, visit www.warrenpumps.com and www.colfaxcorp.com
Wilo publishes new sustainability report
W
ilo SE has just published its sustainability report for the calendar year 2008.
October 2009
In Brief UÊ / iÊGrundfos “Impossible Tour” truck - a fully equipped, mobile educational centre for trade professionals in the plumbing, heating and piping industry - is visiting 14 different cities in the Northeastern United States during October and November this year. The two-room vehicle includes a mini-theatre for viewing video programs, as well as a series of interactive and working displays of Grundfos pump solutions. www.grundfos.com/web/homeus.nsf UÊ / iÊHydraulic Institute (HI) is offering a web-based subscription service providing company-wide access to the ANSI/HI Pump Standards packages. ‘Standards by Subscription’ is a full version of the ANSI/HI Standards which are a widely accepted reference for anyone involved in pumps from users to manufacturers. The ‘Standards by Subscription’ service offers simultaneous access to ANSI/HI Standards for one or more users, 24 hours a day, seven days a week, from anywhere in the world. Subscribers to the ANSI/HI online Standards can choose from eight pre-packaged standard sets which are designed to address different types of pump technology. www.pumps.org UÊ Curtiss-Wright Corp executives celebrated the company’s 80th anniversary of its listing on the New York Stock Exchange by ringing the NYSE’s Closing Bell on 9 October 2009. www.curtisswright.com UÊ Baker Hughes Inc and BJ Services Co have received a request from the Antitrust Division of the Department of Justice for additional information in relation to Baker Hughes’ proposed merger with BJ Services Co (see Pump Industry Analyst, September 2009). Both companies intend to comply with the request. www.bjservices.com and www.bakerhughes.com UÊ Taco Inc’s commercial pump lines are now available through the Autodesk Seek web service. Autodesk Seek allows design professionals to search specifically for the building product design files they need—in the form of 3D models, 2D drawings, visual images and part and product specification data. http://seek.autodesk.com 12
Pump Industry Analyst
...Continued from page 1 Moe Merah, ITT vice president, Sales & Operations, for Europe, Middle East and Africa, said that the new operation will help ITT support rapid economic growth in the Gulf Region. “Despite the global recession, our Gulf Region customers in the oil and gas, chemical, and power industries have shown significant growth and increased production. In partnership with other ITT divisions in the area, we will assist continued growth and expansion with faster, easier access to our world-class products and support from within the Middle East.” Hazem Aswad, chairman of Aswad Group and partner of ITT Saudi Co, said: “Having ITT’s exceptional manufacturing capabilities in Saudi Arabia is significant not only for the company to grow its business, but also for the Saudi industrial economy, as it will provide local job opportunities and create a stronger industrial base for the Kingdom of Saudi Arabia.” For more information, visit www.gouldspumps.com/ ITT_Saudi.html and www.itt.com
Project postponements hit Sulzer Pumps’ orders
A
t Sulzer Pumps, orders received were down 31.6% to SFr1 284.0 million in the first nine months of 2009. The oil and gas segment experienced reduced activity as customers postponed projects, while the hydrocarbon processing industry remained weak. Power generation achieved comparatively good activity levels, but Sulzer cautions that the near future shows a reduced number of large projects in this sector. Activities in the pulp and paper segment also remained weak. Despite the challenging market conditions, Sulzer says that the pump division defended its strong market position. Order intake for the full year 2009 is projected to be well down on last year’s exceptionally high levels. As a group, Sulzer says its order intake appears to be stabilizing in recent months. The group reported order intake of SFr2 278.7 million for the first nine months of 2009, down 31.6% on the same period last year. Sulzer says that while the long-term prospects for its performance-critical solutions remain positive, the company does not
expect a quick recovery in its key markets. Geographically, Sulzer expects that all regions will continue to be affected by the economic downturn, with some emerging markets likely to remain comparatively stronger. For the full year, Sulzer expects a substantially lower order intake compared with 2008. The company says that its previously announced cost reduction and capacity adjustment program will strengthen its ability to manage the challenges in the difficult economic environment (see Pump Industry Analyst, July 2009). For further information, visit www.sulzer.com and www.sulzerpumps.com
Colfax’s Warren Pumps receives favourable ruling in asbestos insurance case
C
olfax Corp’s Warren Pumps subsidiary has received a favourable ruling in an asbestos insurance case. Colfax says that the decision, issued on 14 October 2009 by the Delaware Court of Chancery, confirmed that Warren is entitled to excess insurance coverage purchased by a former owner of the business. The Court also ruled that Warren’s asbestos-related costs should be allocated among excess insurers using an “all sums” allocation. This allows Warren to collect amounts paid in connection with a claim from any insurer whose policy is triggered, up to the policy’s applicable limits. This litigation and the decision are separate and apart from insurance litigation involving Colfax’s Imo subsidiary. Colfax says that it is currently evaluating the impact of this favourable ruling on its financial reporting and expects to record a gain in the third quarter. The company plans to announce its third quarter results, excluding the impact related to this ruling, on 3 November 2009. For further information, visit www.warrenpumps.com and www.colfaxcorp.com
Wilo publishes new sustainability report
W
ilo SE has just published its sustainability report for the calendar year 2008.
October 2009