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Flowserve Corp. performs as hoped
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Federal-Mogul reports busy 1997
in 1996. This increase was primarily driven by higher sales in the automotive sector. Precision’s operating profit also increased 20% in the fourth quarter. This was attributed to the higher sales volume and greater production efficiencies, particularly in Precision’s Tennessee operations.
Federal-Mogul Corporation has announced solid results for the fourth quarter and full year 1997. amid a year of aggressive restructuring. Following the divestiture of under performing assets, Federal-Mogul’s 1997 revenues decreased by 11% to US$1807 million, though earnings increased to US$69 million. 1997 cash flow from operations, net of capital expenditures, was US$l66 million, up US$71 million from 1996. Sales in the fourth quarter of 1997 wcrc US$415 million and earnings were US$l2 million, a large improvement on the net loss of US$22 1 million made on sales of US$48 1 million in 1996. Operating cash flow for the fourth quarter was US$58 million, up US$30 million compared with 1996. During the year, the Chrysler/BMW joint venture awarded Federal-Mogul the front and rear crankshaft seal on their new 1.4/ 1.6 1 engine. Production will take place in Brazil, and is scheduled to start in 2000. The company were also awarded the contract to produce oil seals and wear rings for Caterpillar, scheduled to begin this summer. Also during 1997, Federal Mogul’s Linan seal manufacturing plant in Mexico was awarded Nissan’s Zero Defects quality recognition award.
Contact: Wynn’s International, 500 North State College Boulevard, Suite 700. Orange, California, 92868, USA Tel: +l 714 938 3700.
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Senior appointments
announced
Federal-Mogul has also introduced a new organisational structure, effective upon the completion of the acquisitions of T&N and Fel-Pro. The four new executive vice presidents of the business units are: Alan Johnson, Powertrain Systems: Paul Lederer, Worldwide Aftermarket; Wilhelm Schmelzer, Sealing Systems, and Frank Tomes, General Products. Alan Begg has also been appointed to the new position of vice president, Technology. “We have pulled Logelher the lop talent from Federal-Mogul, Fel-Pro and T&N to lead our new organisation,” said Dick Snell. chairman and CEO. Contact: Federal-Mogul Corp, 26555 Northwestern Highway, Southfield, Michigan 48034. USA Tel: +l 810 354 1916; Fax: +l 810 354 8103.
Flowserve Corp. performs as hoped Flowserve Corporation has issued a six-month progress report on its merger integration program, and has confirmed that the company expects to report final 1997 earnings within the range of analysts’ estimates. Flowserve was formed in July 1997, by the merger of BW/lP Inc. and Durco International Inc. Important organisational aspects of the integration effort have included combining the companies’ prior seal businesses into a Fluid Sealing Division and moving corporate headquarters in Dayton, Ohio and Long Beach, California and various division management locations to a new corporate and division headquarters in Dallas, Texas. “These actions will create major savings, generate a wealth of new marketing and sales opportunities, and facilitate communications and coordination company wide,” said Bernard Rethore, chairman and CEO. Since July the company has closed the Charleroi, Belgium, pump manufacturing plant and transferred production to plants in the Netherlands. The Metal Fab Machine subsidiary has been sold, and the San Jose, California, pump assembly and test facility is being phased out. Production will be transferred to an existing facility in Los Angeles, California. Contact: Flowserve Corporation, 222 W. Las Colinas Blvd, Suite 1500, Irving, TX 75039, USA. Tel: +1972 443 6500: Fax: + 1 972 443 6800.
Increased sales for Wynn’s Precision
EG&G recovers from poor start to 1997
Wynn’s-Precision Inc, the sealing products and equipment interest of Wynn’s International Inc, has reported improved revenues and sales for the fourth quarter of 1997. The company, which supplies high quality O-rings and sealing products for automobiles and other equipment. reported a 20% increase in revenues in the most recent quarter, compared with the same period
EG&G has announced sales and earnings figures for 1997 which are affected by a slow beginning lo the year. Sales from continuing operations for the fourth quarter were 5% ‘higher than for 1996, at USS386.8 million, and operating income for the quarter increased 43% to LJSS32.9 million. Sales for the full year period, compared with 1996. were up 2% to
Sealing Technology No. 50
Federal-Mogul reports busy 1997
in 1996. This increase was primarily driven by higher sales in the automotive sector. Precision’s operating profit also increased 20% in the fourth quarter. This was attributed to the higher sales volume and greater production efficiencies, particularly in Precision’s Tennessee operations.
Federal-Mogul Corporation has announced solid results for the fourth quarter and full year 1997. amid a year of aggressive restructuring. Following the divestiture of under performing assets, Federal-Mogul’s 1997 revenues decreased by 11% to US$1807 million, though earnings increased to US$69 million. 1997 cash flow from operations, net of capital expenditures, was US$l66 million, up US$71 million from 1996. Sales in the fourth quarter of 1997 wcrc US$415 million and earnings were US$l2 million, a large improvement on the net loss of US$22 1 million made on sales of US$48 1 million in 1996. Operating cash flow for the fourth quarter was US$58 million, up US$30 million compared with 1996. During the year, the Chrysler/BMW joint venture awarded Federal-Mogul the front and rear crankshaft seal on their new 1.4/ 1.6 1 engine. Production will take place in Brazil, and is scheduled to start in 2000. The company were also awarded the contract to produce oil seals and wear rings for Caterpillar, scheduled to begin this summer. Also during 1997, Federal Mogul’s Linan seal manufacturing plant in Mexico was awarded Nissan’s Zero Defects quality recognition award.
Contact: Wynn’s International, 500 North State College Boulevard, Suite 700. Orange, California, 92868, USA Tel: +l 714 938 3700.
??
Senior appointments
announced
Federal-Mogul has also introduced a new organisational structure, effective upon the completion of the acquisitions of T&N and Fel-Pro. The four new executive vice presidents of the business units are: Alan Johnson, Powertrain Systems: Paul Lederer, Worldwide Aftermarket; Wilhelm Schmelzer, Sealing Systems, and Frank Tomes, General Products. Alan Begg has also been appointed to the new position of vice president, Technology. “We have pulled Logelher the lop talent from Federal-Mogul, Fel-Pro and T&N to lead our new organisation,” said Dick Snell. chairman and CEO. Contact: Federal-Mogul Corp, 26555 Northwestern Highway, Southfield, Michigan 48034. USA Tel: +l 810 354 1916; Fax: +l 810 354 8103.
Flowserve Corp. performs as hoped Flowserve Corporation has issued a six-month progress report on its merger integration program, and has confirmed that the company expects to report final 1997 earnings within the range of analysts’ estimates. Flowserve was formed in July 1997, by the merger of BW/lP Inc. and Durco International Inc. Important organisational aspects of the integration effort have included combining the companies’ prior seal businesses into a Fluid Sealing Division and moving corporate headquarters in Dayton, Ohio and Long Beach, California and various division management locations to a new corporate and division headquarters in Dallas, Texas. “These actions will create major savings, generate a wealth of new marketing and sales opportunities, and facilitate communications and coordination company wide,” said Bernard Rethore, chairman and CEO. Since July the company has closed the Charleroi, Belgium, pump manufacturing plant and transferred production to plants in the Netherlands. The Metal Fab Machine subsidiary has been sold, and the San Jose, California, pump assembly and test facility is being phased out. Production will be transferred to an existing facility in Los Angeles, California. Contact: Flowserve Corporation, 222 W. Las Colinas Blvd, Suite 1500, Irving, TX 75039, USA. Tel: +1972 443 6500: Fax: + 1 972 443 6800.
Increased sales for Wynn’s Precision
EG&G recovers from poor start to 1997
Wynn’s-Precision Inc, the sealing products and equipment interest of Wynn’s International Inc, has reported improved revenues and sales for the fourth quarter of 1997. The company, which supplies high quality O-rings and sealing products for automobiles and other equipment. reported a 20% increase in revenues in the most recent quarter, compared with the same period
EG&G has announced sales and earnings figures for 1997 which are affected by a slow beginning lo the year. Sales from continuing operations for the fourth quarter were 5% ‘higher than for 1996, at USS386.8 million, and operating income for the quarter increased 43% to LJSS32.9 million. Sales for the full year period, compared with 1996. were up 2% to
Sealing Technology No. 50