- Email: [email protected]
Clarcor to acquire Stanadyne's filtration business
filtration
industryANALYST ISSN 1365-6937 April 2014
www.filtrationindustryanalyst.com
Clarcor to acquire Stanadyne’s filtration business
C
larcor Inc has entered into an agreement to acquire Stanadyne Corp’s filtration business from Kohlberg & Co LLC, in a US$325 million deal. Headquartered in Windsor, Connecticut, Stanadyne’s filtration business supplies original equipment (OE) and replacement fuel filtration products mainly for off-road, agricultural and construction applications. With 2013 revenues of approximately US$107 million and around 200 employees, the filtration business has manufacturing facilities in Washington, North Carolina and start-up operations in India. Christopher Conway, Clarcor’s chairman, president and chief executive officer (CEO) said: “We are extremely enthusiastic about this acquisition and its strategic implications for Clarcor. For more than 50 years, Stanadyne has been a leader in the design, manufacture and supply of original equipment diesel fuel filtration products to many of the biggest names in the industry. By combining this business with the OE capabilities of the other
companies in our Engine/Mobile segment, Baldwin Filters and Clark Filter, we believe we will have the scale and focus to better serve OE customers and grow this side of our business in a meaningful fashion.” Seth Hollander, a partner at Kohlberg, whose affiliated funds own Stanadyne, added: “We are pleased that our efforts to broaden Filtration’s product offering and to build a world-class organisation have positioned the business to make this next step in its evolution.” For further information, visit www.clarcor.com and www.stanadyne.com
etso Corp has rejected an all share merger proposal from Weir Group plc and says that it sees no reason to start discussions regarding a potential combination. The Finnish engineering company’s board of directors has evaluated the proposal received from Weir and has come to the unanimous conclusion that it is not in the best interest of its shareholders. Under Weir’s proposed merger, Metso shareholders would receive 0.8400 Weir shares per Metso share held, resulting in Metso shareholders owning approximately 37% of the combined company.
Company Profile GEA SPX Clarcor Donaldson Lanxess Lydall MFRI MyCelx Pentair PMFG
8 8 9 9 10 10 11 11
Diary
15
Dividends
As Clarcor looks to leverage Stanadyne’s filtration technology across its entire Engine/Mobile segment, the acquisition will more than double the number of dedicated engineering and R&D personnel in that part of the business. ■
Weir confirmed in early April that it had made an indicative all share merger proposal to Metso. At the time, Weir said that its board believed that there was a strong strategic rationale for bringing the two companies together which would offer the opportunity for significant efficiencies and synergies. Weir envisaged that the merged entity would be listed on both the London and Helsinki stock exchanges. Merrill Lynch International is acting exclusively for Weir in connection with its merger proposal. For further information, visit www.metso.com and www.weir.co.uk
3
Exchange Rates
16
Financial Calendar
14
New Product Developments
COMMENT
6 7
Company Watch
In Brief
Metso rejects Weir’s merger proposal
M
Contents
4 14
News Clarcor to acquire Stanadyne’s filtration business 1 Metso rejects Weir’s merger proposal 1 GEA agrees to sell Heat Exchangers segment to Triton 2 Dow opens technical centre in Moscow 2 Donaldson invests in Slovakia with new distribution centre 2 Pall’s new Japanese plant supports semiconductor market 3 EP Minerals builds perlite filtration media plant in Nebraska 3 Porvair sees good start to 2014 3 Aker Solutions and Baker Hughes form subsea production alliance 4 ProSep relaunches with new Houston HQ 4 Deere to divest irrigation operations 4 Aquasource and inge partner on membranes 4 Mann+Hummel delivers sales and earnings growth in 2013 5 Polypore secures new US$650mn loan and credit facilities 5 American Water licences NPXpress technology to Abengoa 5 Freudenberg Filtration inaugurates new logistics centre at Kaiserlautern site 16 FloDesign Sonics secures new funding to develop acoustic separation platform 16
Orders & Contracts
13
People & Appointments
12
Stock Watch
15
ISSN 1365-6937/14 © 2014 Elsevier Ltd. All rights reserved. This journal and the individual contributions contained in it are protected under copyright by Elsevier Ltd, and the following terms and conditions apply to their use: Photocopying Single photocopies of single articles may be made for personal use as allowed by national copyright laws. Permission of the publisher and payment of a fee is required for all other photocopying, including multiple or systematic copying, copying for advertising or promotional purposes, resale, and all forms of document delivery. Special rates are available for educational institutions that wish to make photocopies for non-profit educational classroom use.
industryANALYST ISSN 1365-6937 April 2014
www.filtrationindustryanalyst.com
Clarcor to acquire Stanadyne’s filtration business
C
larcor Inc has entered into an agreement to acquire Stanadyne Corp’s filtration business from Kohlberg & Co LLC, in a US$325 million deal. Headquartered in Windsor, Connecticut, Stanadyne’s filtration business supplies original equipment (OE) and replacement fuel filtration products mainly for off-road, agricultural and construction applications. With 2013 revenues of approximately US$107 million and around 200 employees, the filtration business has manufacturing facilities in Washington, North Carolina and start-up operations in India. Christopher Conway, Clarcor’s chairman, president and chief executive officer (CEO) said: “We are extremely enthusiastic about this acquisition and its strategic implications for Clarcor. For more than 50 years, Stanadyne has been a leader in the design, manufacture and supply of original equipment diesel fuel filtration products to many of the biggest names in the industry. By combining this business with the OE capabilities of the other
companies in our Engine/Mobile segment, Baldwin Filters and Clark Filter, we believe we will have the scale and focus to better serve OE customers and grow this side of our business in a meaningful fashion.” Seth Hollander, a partner at Kohlberg, whose affiliated funds own Stanadyne, added: “We are pleased that our efforts to broaden Filtration’s product offering and to build a world-class organisation have positioned the business to make this next step in its evolution.” For further information, visit www.clarcor.com and www.stanadyne.com
etso Corp has rejected an all share merger proposal from Weir Group plc and says that it sees no reason to start discussions regarding a potential combination. The Finnish engineering company’s board of directors has evaluated the proposal received from Weir and has come to the unanimous conclusion that it is not in the best interest of its shareholders. Under Weir’s proposed merger, Metso shareholders would receive 0.8400 Weir shares per Metso share held, resulting in Metso shareholders owning approximately 37% of the combined company.
Company Profile GEA SPX Clarcor Donaldson Lanxess Lydall MFRI MyCelx Pentair PMFG
8 8 9 9 10 10 11 11
Diary
15
Dividends
As Clarcor looks to leverage Stanadyne’s filtration technology across its entire Engine/Mobile segment, the acquisition will more than double the number of dedicated engineering and R&D personnel in that part of the business. ■
Weir confirmed in early April that it had made an indicative all share merger proposal to Metso. At the time, Weir said that its board believed that there was a strong strategic rationale for bringing the two companies together which would offer the opportunity for significant efficiencies and synergies. Weir envisaged that the merged entity would be listed on both the London and Helsinki stock exchanges. Merrill Lynch International is acting exclusively for Weir in connection with its merger proposal. For further information, visit www.metso.com and www.weir.co.uk
3
Exchange Rates
16
Financial Calendar
14
New Product Developments
COMMENT
6 7
Company Watch
In Brief
Metso rejects Weir’s merger proposal
M
Contents
4 14
News Clarcor to acquire Stanadyne’s filtration business 1 Metso rejects Weir’s merger proposal 1 GEA agrees to sell Heat Exchangers segment to Triton 2 Dow opens technical centre in Moscow 2 Donaldson invests in Slovakia with new distribution centre 2 Pall’s new Japanese plant supports semiconductor market 3 EP Minerals builds perlite filtration media plant in Nebraska 3 Porvair sees good start to 2014 3 Aker Solutions and Baker Hughes form subsea production alliance 4 ProSep relaunches with new Houston HQ 4 Deere to divest irrigation operations 4 Aquasource and inge partner on membranes 4 Mann+Hummel delivers sales and earnings growth in 2013 5 Polypore secures new US$650mn loan and credit facilities 5 American Water licences NPXpress technology to Abengoa 5 Freudenberg Filtration inaugurates new logistics centre at Kaiserlautern site 16 FloDesign Sonics secures new funding to develop acoustic separation platform 16
Orders & Contracts
13
People & Appointments
12
Stock Watch
15
ISSN 1365-6937/14 © 2014 Elsevier Ltd. All rights reserved. This journal and the individual contributions contained in it are protected under copyright by Elsevier Ltd, and the following terms and conditions apply to their use: Photocopying Single photocopies of single articles may be made for personal use as allowed by national copyright laws. Permission of the publisher and payment of a fee is required for all other photocopying, including multiple or systematic copying, copying for advertising or promotional purposes, resale, and all forms of document delivery. Special rates are available for educational institutions that wish to make photocopies for non-profit educational classroom use.