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Cemex to divest ready-mix concrete pumping assets in Mexico
NEWS/DIVIDENDS demonstrate Danish wastewater technology in the US in full scale. “The potential is good. In the US, there is an increased focus on efficient and environmentally friendly water technologies, and in Grundfos, we have the knowledge and the products that can help do something. At the same time, there is a great business potential in upgrading other treatment plants in the country,” said Thomas Morrison, executive vice president, Water Utility at Grundfos in the US. For further information, visit www.grundfos.com
arranging the amended agreement,” said Marc Michael, SPX Flow president and CEO. “The amended credit facility provides us financial flexibility to continue executing our realignment program and invest in organic growth initiatives. We expect these actions will enable us to better serve our customers and drive improved operational performance even in a low growth macro environment. We are in a stable financial position with adequate liquidity and expect to be wellpositioned to leverage growth when our key end markets recover,” added Michael. For further information, visit www.spxflow.com
NOV closes Fjords Processing acquisition
N
ational Oilwell Varco Inc (NOV) has completed the acquisition of Fjords Processing from Akastor ASA (see Pump Industry Analyst, November 2016). Fjords Processing specializes in process support systems for gas, oil and water, including filtration, separation, flotation, dehydration and desalting technologies. NOV says that the Fjords Processing acquisition provides complementary technology for several of NOV’s existing business units, including Process and Flow Technology, which currently provide production and process solutions. For further information, visit www.fjordsprocessing. com, www.nov.com and www.akastor.com
SPX Flow amends US$1.35bn credit facilities
S
PX Flow Inc has completed an amendment to its US$1.35 billion senior secured credit facilities which, among other things, provides a period of covenant relief through 31 December 2018. “We are pleased with the on-going support of our lenders, including Bank of America Merrill Lynch who acted as lead bank in
December 2016
Cemex to divest ready-mix concrete pumping assets in Mexico
C
emex SAB de CV and Cemex Concretos SA de CV have entered into a definitive agreement to sell their ready-mix concrete pumping assets in Mexico to Pumping Team SLL for approximately US$80 million plus an additional US$29 million purchase price contingent on future performance targets. Pumping Team, a Spanish company that specializes in providing pumping services, will become the supplier of ready-mix concrete pumping to Cemex and its customers in Mexico. “This transition will be seamless for Cemex’s customers, as they will continue dealing directly with the company to obtain pumping services for our ready-mix products,” said Juan Romero, president of Cemex Mexico. “This strategic divestment will allow us to increase our focus on our core ready-mix concrete business while transferring pumping services to a specialised company, thereby ensuring continued quality to our customers.”
Dividends • Pentair plc’s board of directors has approved a 3% increase in the company’s regular annual cash dividend rate for 2017, up from US$1.34 per share paid in 2016 to US$1.38 per share. The company will pay a regular quarterly cash dividend of US$0.345 per share on 10 February 2017 to shareholders of record on 27 January 2017. 2017 will mark the 41st consecutive year that Pentair has increased its dividend. www.pentair.com • Parker Hannifin Corp says that its planned acquisition of filter maker Clarcor Inc is not expected to impact its dividend payout target of approximately 30% of net income, while maintaining its record of annual dividend increases. www.parker.com • Kubota Corp intends to propose a ¥16 year‐end dividend. Including the interim dividend of ¥14 per common share already paid, the annual dividend for the fiscal year ending 31 December 2016 will be ¥30, which will be a ¥2 increase on the previous fiscal year. www.kubota.co.jp • The Hillenbrand Inc board has declared a regular quarterly cash dividend of US$0.2050 per share on the company’s common stock. On an annualized basis, this is an increase of US$0.01 per share to a total rate of US$0.82 per share in fiscal year 2017. This latest dividend is payable 30 December 2016, to shareholders of record on 16 December 2016. www.hillenbrand.com • The next regular Idex Corp quarterly cash dividend of US$0.34 per common share will be paid on 31 January 2017 to shareholders of record on 16 January 2017. This dividend represents the company’s 89th consecutive regular quarterly cash dividend payment. www.idexcorp.com
For further information, visit www.cemex.com and www.pumpingteam.com
Pump Industry Analyst
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arranging the amended agreement,” said Marc Michael, SPX Flow president and CEO. “The amended credit facility provides us financial flexibility to continue executing our realignment program and invest in organic growth initiatives. We expect these actions will enable us to better serve our customers and drive improved operational performance even in a low growth macro environment. We are in a stable financial position with adequate liquidity and expect to be wellpositioned to leverage growth when our key end markets recover,” added Michael. For further information, visit www.spxflow.com
NOV closes Fjords Processing acquisition
N
ational Oilwell Varco Inc (NOV) has completed the acquisition of Fjords Processing from Akastor ASA (see Pump Industry Analyst, November 2016). Fjords Processing specializes in process support systems for gas, oil and water, including filtration, separation, flotation, dehydration and desalting technologies. NOV says that the Fjords Processing acquisition provides complementary technology for several of NOV’s existing business units, including Process and Flow Technology, which currently provide production and process solutions. For further information, visit www.fjordsprocessing. com, www.nov.com and www.akastor.com
SPX Flow amends US$1.35bn credit facilities
S
PX Flow Inc has completed an amendment to its US$1.35 billion senior secured credit facilities which, among other things, provides a period of covenant relief through 31 December 2018. “We are pleased with the on-going support of our lenders, including Bank of America Merrill Lynch who acted as lead bank in
December 2016
Cemex to divest ready-mix concrete pumping assets in Mexico
C
emex SAB de CV and Cemex Concretos SA de CV have entered into a definitive agreement to sell their ready-mix concrete pumping assets in Mexico to Pumping Team SLL for approximately US$80 million plus an additional US$29 million purchase price contingent on future performance targets. Pumping Team, a Spanish company that specializes in providing pumping services, will become the supplier of ready-mix concrete pumping to Cemex and its customers in Mexico. “This transition will be seamless for Cemex’s customers, as they will continue dealing directly with the company to obtain pumping services for our ready-mix products,” said Juan Romero, president of Cemex Mexico. “This strategic divestment will allow us to increase our focus on our core ready-mix concrete business while transferring pumping services to a specialised company, thereby ensuring continued quality to our customers.”
Dividends • Pentair plc’s board of directors has approved a 3% increase in the company’s regular annual cash dividend rate for 2017, up from US$1.34 per share paid in 2016 to US$1.38 per share. The company will pay a regular quarterly cash dividend of US$0.345 per share on 10 February 2017 to shareholders of record on 27 January 2017. 2017 will mark the 41st consecutive year that Pentair has increased its dividend. www.pentair.com • Parker Hannifin Corp says that its planned acquisition of filter maker Clarcor Inc is not expected to impact its dividend payout target of approximately 30% of net income, while maintaining its record of annual dividend increases. www.parker.com • Kubota Corp intends to propose a ¥16 year‐end dividend. Including the interim dividend of ¥14 per common share already paid, the annual dividend for the fiscal year ending 31 December 2016 will be ¥30, which will be a ¥2 increase on the previous fiscal year. www.kubota.co.jp • The Hillenbrand Inc board has declared a regular quarterly cash dividend of US$0.2050 per share on the company’s common stock. On an annualized basis, this is an increase of US$0.01 per share to a total rate of US$0.82 per share in fiscal year 2017. This latest dividend is payable 30 December 2016, to shareholders of record on 16 December 2016. www.hillenbrand.com • The next regular Idex Corp quarterly cash dividend of US$0.34 per common share will be paid on 31 January 2017 to shareholders of record on 16 January 2017. This dividend represents the company’s 89th consecutive regular quarterly cash dividend payment. www.idexcorp.com
For further information, visit www.cemex.com and www.pumpingteam.com
Pump Industry Analyst
13