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Curtiss-Wright authorises share repurchase program
NEWS/DIVIDENDS form a new division, Hamworthy Flow Solutions. Commenting on the acquisition, Joe Oatley, chief executive of Hamworthy, said: “The acquisition expands Hamworthy’s position and scope in the oil and gas market, in particular for offshore applications, as well as access to the down-stream terminals and refinery markets. AW Flow’s product and market expertise will complement Hamworthy’s financial, technical and global sales resources.” For further information, visit www.hamworthy.co.uk
Curtiss-Wright authorises share repurchase program
T
he Curtiss-Wright Corp board of directors has approved the repurchase of up to 3 million shares of the company’s outstanding common stock, in addition to approximately 690 000 shares remaining under a previously authorised share repurchase program. The program is subject to a limitation of US$100 million total value of share repurchases. As of 30 June 2011, Curtiss Wright had approximately 47 million shares outstanding. The board also authorised the company to issue new debt from the private placement market to be used for general corporate purposes, which may include funding for working capital, capital expenditures, repurchases of stock and acquisitions. “This significant increase in our share repurchase authorization reflects our continued confidence in the company’s ability to deliver strong revenue and profitability growth, along with solid free cash flow generation,” said Martin Benante, Curtiss Wright chairman and CEO. “We remain committed to a disciplined capital deployment strategy that consists of reinvesting in our business and growing through acquisitions, combined with our continued commitment to return cash to shareholders through solid earnings per share growth, dividends and share repurchases.” Shares may be repurchased by the company at its discretion in the open market or through privately negotiated transactions, and timing may vary depending on prevailing market conditions, alternative uses of
October 2011
capital and other factors. There is no fixed termination date for the repurchase program. For further information, visit www.curtisswright.com
Metso reorganises business portfolio
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etso Corp’s board of directors has decided to introduce a new business structure in order to more effectively reach the company’s future business targets. As a result, Metso’s Power business, which is currently part of the company’s Energy and Environmental Technology segment, will be integrated with the Paper and Fiber Technology segment. The Recycling business, also currently part of Energy and Environmental Technology, will be managed as a separate entity and Metso will review other strategic alternatives for it. Under the new operating structure, Metso’s reporting segments will be Mining and Construction; Automation; and Pulp, Paper and Power. “Our order book is currently at the record high level giving us good backbone for further development. To ensure continued profitable growth and value creation of Metso, and to gain the critical size needed to be competitive, we have made decisions to sharpen our business portfolio. We are focusing on businesses in which we can have a strong global market position and in which services and technology close to the customers are decisive competitive advantages,” said Metso CEO Matti Kähkönen. Metso’s mining and construction business, which is home to its slurry pumping operations, is developing strongly. “The growth in mining and construction is demanding a lot of resources, and we have to be ready to invest into that and further build our global presence to support the profitable growth,” said Kähkönen. “Our long term target is to be a leading global provider of mining technology and services.” The new business structure will be finalised by the end of the year and will be effective from 1 January 2012. Until then, the current reporting structure of three business segments (Mining and Construction Technology, Energy and Environmental Technology and Paper and Fiber Technology) will remain in use.
For further information, visit www.metso.com
Dividends • Met-Pro Corp’s board of directors has declared an 8% cash dividend increase which will be payable on 16 December 2011 to shareholders of record on 2 December 2011. Beginning with the 16 December 2011 payment, Met-Pro’s quarterly dividend will be US$0.071 per share, an 8% increase, or US$0.284 per share, on an annualised basis. “We are pleased that the strength of our company and its strong balance sheet allow us to reward our shareholders by increasing our cash dividend,” said Raymond De Hont, chairman and CEO of Met-Pro. “This decision confirms the board’s continued confidence in our longterm strategic plan.” This is the 37th consecutive year that Met-Pro has paid either a cash or stock dividend. www.met-pro.com • The ITT Corp board has declared a fourth quarter dividend of US$0.091 per share to shareholders of record on 11 November 2011. The cash dividend will be paid on 31 December 2011. ITT expects that, after the planned spinoff, Xylem will declare a fourthquarter dividend of US$0.1012 per share, so that the aggregate fourthquarter dividend for the three companies combined will equal ITT’s prior quarterly dividend rate of US$0.25 per share. www.itt.com • Pentair Inc’s regular quarterly cash dividend of US$0.20 per share will be payable on 14 November 2011 to shareholders of record on 28 October 2011. www.pentair.com • The Robbins & Myers Inc board has approved its regular quarterly cash dividend payment of US$0.045 per share. The dividend is payable on 18 November 2011 to shareholders of record on 21 October 2011. www.robbinsmyers.com • United Technologies Corp’s board has declared a dividend of US$0.48 per common share, which is payable on 10 December 2011 to shareowners of record on 18 November 2011. United Technologies, parent company of Sundyne Corp, has paid cash dividends on its common stock every year since 1936. www.utc.com
Pump Industry Analyst
13
Curtiss-Wright authorises share repurchase program
T
he Curtiss-Wright Corp board of directors has approved the repurchase of up to 3 million shares of the company’s outstanding common stock, in addition to approximately 690 000 shares remaining under a previously authorised share repurchase program. The program is subject to a limitation of US$100 million total value of share repurchases. As of 30 June 2011, Curtiss Wright had approximately 47 million shares outstanding. The board also authorised the company to issue new debt from the private placement market to be used for general corporate purposes, which may include funding for working capital, capital expenditures, repurchases of stock and acquisitions. “This significant increase in our share repurchase authorization reflects our continued confidence in the company’s ability to deliver strong revenue and profitability growth, along with solid free cash flow generation,” said Martin Benante, Curtiss Wright chairman and CEO. “We remain committed to a disciplined capital deployment strategy that consists of reinvesting in our business and growing through acquisitions, combined with our continued commitment to return cash to shareholders through solid earnings per share growth, dividends and share repurchases.” Shares may be repurchased by the company at its discretion in the open market or through privately negotiated transactions, and timing may vary depending on prevailing market conditions, alternative uses of
October 2011
capital and other factors. There is no fixed termination date for the repurchase program. For further information, visit www.curtisswright.com
Metso reorganises business portfolio
M
etso Corp’s board of directors has decided to introduce a new business structure in order to more effectively reach the company’s future business targets. As a result, Metso’s Power business, which is currently part of the company’s Energy and Environmental Technology segment, will be integrated with the Paper and Fiber Technology segment. The Recycling business, also currently part of Energy and Environmental Technology, will be managed as a separate entity and Metso will review other strategic alternatives for it. Under the new operating structure, Metso’s reporting segments will be Mining and Construction; Automation; and Pulp, Paper and Power. “Our order book is currently at the record high level giving us good backbone for further development. To ensure continued profitable growth and value creation of Metso, and to gain the critical size needed to be competitive, we have made decisions to sharpen our business portfolio. We are focusing on businesses in which we can have a strong global market position and in which services and technology close to the customers are decisive competitive advantages,” said Metso CEO Matti Kähkönen. Metso’s mining and construction business, which is home to its slurry pumping operations, is developing strongly. “The growth in mining and construction is demanding a lot of resources, and we have to be ready to invest into that and further build our global presence to support the profitable growth,” said Kähkönen. “Our long term target is to be a leading global provider of mining technology and services.” The new business structure will be finalised by the end of the year and will be effective from 1 January 2012. Until then, the current reporting structure of three business segments (Mining and Construction Technology, Energy and Environmental Technology and Paper and Fiber Technology) will remain in use.
For further information, visit www.metso.com
Dividends • Met-Pro Corp’s board of directors has declared an 8% cash dividend increase which will be payable on 16 December 2011 to shareholders of record on 2 December 2011. Beginning with the 16 December 2011 payment, Met-Pro’s quarterly dividend will be US$0.071 per share, an 8% increase, or US$0.284 per share, on an annualised basis. “We are pleased that the strength of our company and its strong balance sheet allow us to reward our shareholders by increasing our cash dividend,” said Raymond De Hont, chairman and CEO of Met-Pro. “This decision confirms the board’s continued confidence in our longterm strategic plan.” This is the 37th consecutive year that Met-Pro has paid either a cash or stock dividend. www.met-pro.com • The ITT Corp board has declared a fourth quarter dividend of US$0.091 per share to shareholders of record on 11 November 2011. The cash dividend will be paid on 31 December 2011. ITT expects that, after the planned spinoff, Xylem will declare a fourthquarter dividend of US$0.1012 per share, so that the aggregate fourthquarter dividend for the three companies combined will equal ITT’s prior quarterly dividend rate of US$0.25 per share. www.itt.com • Pentair Inc’s regular quarterly cash dividend of US$0.20 per share will be payable on 14 November 2011 to shareholders of record on 28 October 2011. www.pentair.com • The Robbins & Myers Inc board has approved its regular quarterly cash dividend payment of US$0.045 per share. The dividend is payable on 18 November 2011 to shareholders of record on 21 October 2011. www.robbinsmyers.com • United Technologies Corp’s board has declared a dividend of US$0.48 per common share, which is payable on 10 December 2011 to shareowners of record on 18 November 2011. United Technologies, parent company of Sundyne Corp, has paid cash dividends on its common stock every year since 1936. www.utc.com
Pump Industry Analyst
13