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MFRI unveils US$2mn share repurchase program
IN BRIEF/NEWS
In Brief UÊ Donaldson Company Inc will mark its 100th anniversary by ringing the New York Stock Exchange Closing Bell on 26 February 2015. In 1915, Frank Donaldson Sr invented the first effective air cleaner to protect his customer’s farm tractor engine. Today, Donaldson is a global filtration technology company with annual sales of US$2.5 billion, 12 800 employees and more than 1600 active US and international patents. www.donaldson.com UÊ Sartorius has completed the sale of its Industrial Technologies Division to Japan’s Minebea Co Ltd, resulting in cash proceeds of approximately E90 million (see Filtration Industry Analyst, January 2015). www.sartorius.com UÊ Fortune magazine has recognised Ecolab Inc as one of the 2015 World’s Most Admired Companies. Within the chemicals industry, Ecolab ranked second overall and first for social responsibility and long-term investment value. www.ecolab.com and www.fortune.com UÊ iÞÊ Amiad product lines based on its automatic self-cleaning screen and microfibre technology have received NSF accreditation for drinking water safety. The products that have received the certification are across Amiad’s AMF range based on automatic selfcleaning microfibre technology for water filtration as fine as 2 micron; and its SAF and EBS ranges based on automatic self-cleaning screen technology for water filtration as fine as 10 micron. www.amiad.com UÊ C’treat’s parent company ITT Corp is expanding its partnership with Engineers Without Borders (EWB). Two separate donations will help fund the construction of a school in Camilo Ortega, Nicaragua, and the continued implementation of a modern irrigation system at an orphanage in Mexico. “EWB’s commitment to using infrastructure as a force for good resonates with the work we do every day at ITT, and we are grateful for the opportunity to grow this connection,” said Jenny Schiavone, vice president and chief communications officer for ITT. www.itt.com and www.ewb-usa.org
4
Filtration Industry Analyst
committed to the development and growth of the company,” said Frédéric Dugré, president and CEO of H2O Innovation. For further information, visit www.h2oinnovation.com and www.tmx.com
MFRI unveils US$2mn share repurchase program
M
FRI Inc’s board of directors has authorized a US$2 million share repurchase program. Shares may be repurchased through the open market or in privately negotiated transactions on or before 31 December 2015. MFRI president and CEO Bradley Mautner said: “The share repurchase program - the first in our company’s history - demonstrates our board’s confidence in MFRI’s strategy and long-term prospects. Our company’s solid balance sheet gives us the ability to implement the program while maintaining the financial flexibility we need to take advantage of the opportunities we see to grow our piping and filtration businesses.” The specific number of shares that MFRI will repurchase and the actual timing will depend on market conditions and other business-related factors, as well as federal securities law.
For further information, visit www.mfri.com
Grundfos opens IT centre in the Philippines
G
rundfos has opened a new operation in Manila in the Philippines that will host internal IT activities for the group. The new IT centre, which is located in the Ortigas district of Metro Manila’s Pasig city, currently employs 90 people. This number is expected to increase to around 200 in the coming years. Grundfos says that the opening in Manila is the latest example of the ongoing globalisation of its organisation, where the main target is improving local presence by using the whole world as a workplace in order to grow the business.
“We have pursued global optimisation since year 2000, where we moved the first production lines from Denmark to Hungary. This process has been continued in order to maintain our business and increase competitiveness, and it has shown to be positive for all stakeholders. We have more than doubled the number of employees globally from 9000 to 19 500 in that period, and more than doubled our turnover without affecting the number of Danish employees. Our market and workplace is global,” said Jens Hartmann, group vice president and chief information officer (CIO) at Grundfos. Grundfos has had a sales office in the Philippines since 2004. For further information, visit www.grundfos.com
John Crane extends ASEAN service network
J
ohn Crane has expanded its service super centre in Singapore and opened two facilities in Malaysia – a sales and service office in Kuala Lumpur and a service centre in Bintulu. Upgrades to the Singapore service super centre include improved testing capabilities, additional product refurbishment capabilities, access to more hands-on technical training, and new storage and preservation services. The dry gas seal test centre in Singapore now includes a newly upgraded observation centre allowing customers to monitor dynamic testing of their seals in real time. The test rig is also being upgraded to handle the larger diameter seals and higher testing speeds required for newer LNG applications in Southeast Asia and Australia. A refurbishment centre for hydrodynamic bearings was constructed recently in Singapore, while the expanded training centre has additional classes and an area dedicated to hands-on training. A fully equipped climate-controlled storage facility has also been commissioned to store customers’ highly sensitive dry gas seals. This facility supports a new multiyear gas seal management contract in the region. Byron Paul, managing director Asia Pacific at John Crane, said: “The new facilities and expanded service centre reflect our commitment to strengthen capabilities across ASEAN countries and Australia.” For further information, visit www.johncrane.com
February 2015
In Brief UÊ Donaldson Company Inc will mark its 100th anniversary by ringing the New York Stock Exchange Closing Bell on 26 February 2015. In 1915, Frank Donaldson Sr invented the first effective air cleaner to protect his customer’s farm tractor engine. Today, Donaldson is a global filtration technology company with annual sales of US$2.5 billion, 12 800 employees and more than 1600 active US and international patents. www.donaldson.com UÊ Sartorius has completed the sale of its Industrial Technologies Division to Japan’s Minebea Co Ltd, resulting in cash proceeds of approximately E90 million (see Filtration Industry Analyst, January 2015). www.sartorius.com UÊ Fortune magazine has recognised Ecolab Inc as one of the 2015 World’s Most Admired Companies. Within the chemicals industry, Ecolab ranked second overall and first for social responsibility and long-term investment value. www.ecolab.com and www.fortune.com UÊ iÞÊ Amiad product lines based on its automatic self-cleaning screen and microfibre technology have received NSF accreditation for drinking water safety. The products that have received the certification are across Amiad’s AMF range based on automatic selfcleaning microfibre technology for water filtration as fine as 2 micron; and its SAF and EBS ranges based on automatic self-cleaning screen technology for water filtration as fine as 10 micron. www.amiad.com UÊ C’treat’s parent company ITT Corp is expanding its partnership with Engineers Without Borders (EWB). Two separate donations will help fund the construction of a school in Camilo Ortega, Nicaragua, and the continued implementation of a modern irrigation system at an orphanage in Mexico. “EWB’s commitment to using infrastructure as a force for good resonates with the work we do every day at ITT, and we are grateful for the opportunity to grow this connection,” said Jenny Schiavone, vice president and chief communications officer for ITT. www.itt.com and www.ewb-usa.org
4
Filtration Industry Analyst
committed to the development and growth of the company,” said Frédéric Dugré, president and CEO of H2O Innovation. For further information, visit www.h2oinnovation.com and www.tmx.com
MFRI unveils US$2mn share repurchase program
M
FRI Inc’s board of directors has authorized a US$2 million share repurchase program. Shares may be repurchased through the open market or in privately negotiated transactions on or before 31 December 2015. MFRI president and CEO Bradley Mautner said: “The share repurchase program - the first in our company’s history - demonstrates our board’s confidence in MFRI’s strategy and long-term prospects. Our company’s solid balance sheet gives us the ability to implement the program while maintaining the financial flexibility we need to take advantage of the opportunities we see to grow our piping and filtration businesses.” The specific number of shares that MFRI will repurchase and the actual timing will depend on market conditions and other business-related factors, as well as federal securities law.
For further information, visit www.mfri.com
Grundfos opens IT centre in the Philippines
G
rundfos has opened a new operation in Manila in the Philippines that will host internal IT activities for the group. The new IT centre, which is located in the Ortigas district of Metro Manila’s Pasig city, currently employs 90 people. This number is expected to increase to around 200 in the coming years. Grundfos says that the opening in Manila is the latest example of the ongoing globalisation of its organisation, where the main target is improving local presence by using the whole world as a workplace in order to grow the business.
“We have pursued global optimisation since year 2000, where we moved the first production lines from Denmark to Hungary. This process has been continued in order to maintain our business and increase competitiveness, and it has shown to be positive for all stakeholders. We have more than doubled the number of employees globally from 9000 to 19 500 in that period, and more than doubled our turnover without affecting the number of Danish employees. Our market and workplace is global,” said Jens Hartmann, group vice president and chief information officer (CIO) at Grundfos. Grundfos has had a sales office in the Philippines since 2004. For further information, visit www.grundfos.com
John Crane extends ASEAN service network
J
ohn Crane has expanded its service super centre in Singapore and opened two facilities in Malaysia – a sales and service office in Kuala Lumpur and a service centre in Bintulu. Upgrades to the Singapore service super centre include improved testing capabilities, additional product refurbishment capabilities, access to more hands-on technical training, and new storage and preservation services. The dry gas seal test centre in Singapore now includes a newly upgraded observation centre allowing customers to monitor dynamic testing of their seals in real time. The test rig is also being upgraded to handle the larger diameter seals and higher testing speeds required for newer LNG applications in Southeast Asia and Australia. A refurbishment centre for hydrodynamic bearings was constructed recently in Singapore, while the expanded training centre has additional classes and an area dedicated to hands-on training. A fully equipped climate-controlled storage facility has also been commissioned to store customers’ highly sensitive dry gas seals. This facility supports a new multiyear gas seal management contract in the region. Byron Paul, managing director Asia Pacific at John Crane, said: “The new facilities and expanded service centre reflect our commitment to strengthen capabilities across ASEAN countries and Australia.” For further information, visit www.johncrane.com
February 2015