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Sulzer to cut 1400 jobs
IN BRIEF/NEWS
In Brief UÊ -ÜÌâiÀ>`½ÃÊ Rosenmund VTA AG and France’s Rosenmund SAS have changed their names to De Dietrich Process Systems AG and De Dietrich Process Systems Semur SAS respectively. The Rosenmund name is continuing as a brand. www.dedietrich.com UÊ Met-Pro Corp has been recognized as one of America’s fastest-growing small public companies by Fortune Small Business magazine. The filter manufacturer is ranked 44th on the ninth annual “FSB 100” list, which looks at companies with revenues of less than US$200 million and a stock price of more than US$1. Companies were judged on their three-year annualized rates of revenue growth and total return to investors. “We are honoured to be acknowledged by Fortune Small Business magazine,” said Raymond De Hont, Met-Pro chairman and CEO. “During such challenging economic times, this achievement is a source of great pride for our dedicated employees, without whom this special recognition would not be possible.” www.met-pro.com UÊ Pall Life Sciences has received the 2008 Supplier of the Year Award from the European segment of VWR, a global laboratory supply and distribution company. www.pall.com and www.vwr.com UÊ Novasep has acquired Henogen, a contract manufacturing organization offering bioprocess development and manufacturing services from the cell bank to the supply of clinical products. The move adds a complementary range of upstream processing capabilities and services to Novasep’s downstream processing offering. www.novasep.com UÊ BWT completed its second share buyback program on 30 June 2009. Between 28 August 2008 and 30 June 2009, 348 015 own shares were bought back during part 2 of the program, representing 2.0% of the shares outstanding, at an average price of E14.76. Together with part 1 of the program, BWT spent E6.2 million and now holds 387 419 treasury shares or 2.17% of total shares outstanding, at an average purchase price of E15.90. UÊ ÜÜÜ°LÜÌ}ÀÕ«°V
4
Filtration Industry Analyst
Innovation’s water treatment systems after sales and maintenance solutions business line, which will no doubt become a strong growth vehicle for our company for the years ahead,” said H2O Innovation’s president and CEO Frederic Dugré. H2O Innovation now has two lines of business: Equipment & Systems and After Sales & Maintenance Solutions. Equipment & Systems offers custom design, manufacturing, assembling and commissioning of water treatment systems through membrane filtration and biological solutions. After Sales & Maintenance Solutions offers a dendrimer-based line of patent-pending specialty chemicals, along with generic products, replacement parts and solutions such as membrane forensics and systems optimization. H2O Innovation expects to generate 70% of its revenues from sales of equipment and systems and 30% from after sales and maintenance solutions. “As we mentioned when we first announced our intention to acquire the assets of PWT, this is an important and strategic addition to our operations. With it, H2O Innovation becomes a truly complete membrane filtration expert and our intention is to be renowned as a leader in this field in North America and abroad,” added Dugré. “Our joining H2O Innovation signals the next exciting phase of our evolution,” said Stephen Dunham, PWT’s president and CEO and H2O Innovation’s newly appointed vice president, After Sales & Maintenance Solutions.
is necessary to expedite their projects,” said Colin Sabol, vice president of marketing and business development for ITT’s Fluid and Motion Control group. For further information, visit www.itt.com/now
Ahlstrom signs E200mn financing agreement
A
hlstrom Corp has entered into a E200 million multi-currency revolving credit facility agreement with six relationship banks. The new credit facility, which has a maturity of three years, replaces an existing corresponding revolving credit facility which expires in November 2009. It is available for general corporate purposes and for the refinancing of the existing credit facility. In the transaction, Nordea, Pohjola Bank and Skandinaviska Enskilda Banken (SEB) acted as mandated lead arrangers and bookrunners. The other participants are DnB NORD and Sampo Bank as arrangers and BNP Paribas as co-arranger. Nordea acted as coordinator of the credit facility, SEB as documentation agent and Pohjola Bank acts as facility agent. Ahlstrom has already raised new medium term debt of E55 million during the first half of 2009.
For further information, visit www.ahlstrom.com For further information, visit www.h2oinnovation.com and www.pwtinc.com
Sulzer to cut 1400 jobs ITT targets US federal stimulus projects
I
TT Corp says it is ready to meet the Buy American requirements of the American Recovery and Reinvestment Act (ARRA). The US$787 billion federal stimulus package includes billions for water, energy and environmental infrastructure projects throughout the US. “We have a solid US presence, and are prepared to meet the economic stimulus bill’s Buy American requirements in a manner that complies with both the ARRA provisions and the interpretation of those provisions by the US Environmental Protection Agency (EPA). Furthermore, we recognize that for those seeking stimulus funding, time is of the essence, and we are equipped to do whatever
S
ulzer has announced 1400 job losses in a cost reduction program designed to generate annual savings of SFr110 million. Sulzer aims to keep redundancies among its permanent workforce to a minimum, focusing instead on voluntary attrition, early retirement and subcontracting. The company says that it will also look for internal placements where possible to minimize layoffs. The cuts will be mainly in the European and American regions and all Sulzer divisions will be affected, including Sulzer Chemtech. With market conditions in Sulzer’s key segments continuing to decline, the company says it needs “to adapt itself more substantially to the continuing lower level of market demand.” Sulzer had 12 726 employees at the end of 2008.
For further information, visit www.sulzer.com
July 2009
In Brief UÊ -ÜÌâiÀ>`½ÃÊ Rosenmund VTA AG and France’s Rosenmund SAS have changed their names to De Dietrich Process Systems AG and De Dietrich Process Systems Semur SAS respectively. The Rosenmund name is continuing as a brand. www.dedietrich.com UÊ Met-Pro Corp has been recognized as one of America’s fastest-growing small public companies by Fortune Small Business magazine. The filter manufacturer is ranked 44th on the ninth annual “FSB 100” list, which looks at companies with revenues of less than US$200 million and a stock price of more than US$1. Companies were judged on their three-year annualized rates of revenue growth and total return to investors. “We are honoured to be acknowledged by Fortune Small Business magazine,” said Raymond De Hont, Met-Pro chairman and CEO. “During such challenging economic times, this achievement is a source of great pride for our dedicated employees, without whom this special recognition would not be possible.” www.met-pro.com UÊ Pall Life Sciences has received the 2008 Supplier of the Year Award from the European segment of VWR, a global laboratory supply and distribution company. www.pall.com and www.vwr.com UÊ Novasep has acquired Henogen, a contract manufacturing organization offering bioprocess development and manufacturing services from the cell bank to the supply of clinical products. The move adds a complementary range of upstream processing capabilities and services to Novasep’s downstream processing offering. www.novasep.com UÊ BWT completed its second share buyback program on 30 June 2009. Between 28 August 2008 and 30 June 2009, 348 015 own shares were bought back during part 2 of the program, representing 2.0% of the shares outstanding, at an average price of E14.76. Together with part 1 of the program, BWT spent E6.2 million and now holds 387 419 treasury shares or 2.17% of total shares outstanding, at an average purchase price of E15.90. UÊ ÜÜÜ°LÜÌ}ÀÕ«°V
4
Filtration Industry Analyst
Innovation’s water treatment systems after sales and maintenance solutions business line, which will no doubt become a strong growth vehicle for our company for the years ahead,” said H2O Innovation’s president and CEO Frederic Dugré. H2O Innovation now has two lines of business: Equipment & Systems and After Sales & Maintenance Solutions. Equipment & Systems offers custom design, manufacturing, assembling and commissioning of water treatment systems through membrane filtration and biological solutions. After Sales & Maintenance Solutions offers a dendrimer-based line of patent-pending specialty chemicals, along with generic products, replacement parts and solutions such as membrane forensics and systems optimization. H2O Innovation expects to generate 70% of its revenues from sales of equipment and systems and 30% from after sales and maintenance solutions. “As we mentioned when we first announced our intention to acquire the assets of PWT, this is an important and strategic addition to our operations. With it, H2O Innovation becomes a truly complete membrane filtration expert and our intention is to be renowned as a leader in this field in North America and abroad,” added Dugré. “Our joining H2O Innovation signals the next exciting phase of our evolution,” said Stephen Dunham, PWT’s president and CEO and H2O Innovation’s newly appointed vice president, After Sales & Maintenance Solutions.
is necessary to expedite their projects,” said Colin Sabol, vice president of marketing and business development for ITT’s Fluid and Motion Control group. For further information, visit www.itt.com/now
Ahlstrom signs E200mn financing agreement
A
hlstrom Corp has entered into a E200 million multi-currency revolving credit facility agreement with six relationship banks. The new credit facility, which has a maturity of three years, replaces an existing corresponding revolving credit facility which expires in November 2009. It is available for general corporate purposes and for the refinancing of the existing credit facility. In the transaction, Nordea, Pohjola Bank and Skandinaviska Enskilda Banken (SEB) acted as mandated lead arrangers and bookrunners. The other participants are DnB NORD and Sampo Bank as arrangers and BNP Paribas as co-arranger. Nordea acted as coordinator of the credit facility, SEB as documentation agent and Pohjola Bank acts as facility agent. Ahlstrom has already raised new medium term debt of E55 million during the first half of 2009.
For further information, visit www.ahlstrom.com For further information, visit www.h2oinnovation.com and www.pwtinc.com
Sulzer to cut 1400 jobs ITT targets US federal stimulus projects
I
TT Corp says it is ready to meet the Buy American requirements of the American Recovery and Reinvestment Act (ARRA). The US$787 billion federal stimulus package includes billions for water, energy and environmental infrastructure projects throughout the US. “We have a solid US presence, and are prepared to meet the economic stimulus bill’s Buy American requirements in a manner that complies with both the ARRA provisions and the interpretation of those provisions by the US Environmental Protection Agency (EPA). Furthermore, we recognize that for those seeking stimulus funding, time is of the essence, and we are equipped to do whatever
S
ulzer has announced 1400 job losses in a cost reduction program designed to generate annual savings of SFr110 million. Sulzer aims to keep redundancies among its permanent workforce to a minimum, focusing instead on voluntary attrition, early retirement and subcontracting. The company says that it will also look for internal placements where possible to minimize layoffs. The cuts will be mainly in the European and American regions and all Sulzer divisions will be affected, including Sulzer Chemtech. With market conditions in Sulzer’s key segments continuing to decline, the company says it needs “to adapt itself more substantially to the continuing lower level of market demand.” Sulzer had 12 726 employees at the end of 2008.
For further information, visit www.sulzer.com
July 2009