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General News
ISSUE 51 JUNE 2001 ISSN 13656937
CLARCOR ’ ACQUIRES FILTRATION COMP4NIES 1
Clarcor Inc has signed an agreement to acquire several filtration management companies from MPW Industrial Services Group Inc for a purchase price of around US%31 million. The acquired companies, which are headquartered in Rochester Hills, Michigan, USA, will be combined into one company, and will be part of Clarcor’s Industrial/Environmental Filtration segment. The acquisition is expected to close by the 4th of June 2001. These companies constitute one of the leading distributors of filtration products and providers of filtration management services to industrial companies in North America. They also provide advice technical and services for the filtration of air and fluids in critical industrial processes and environments to some of the largest industrial companies in the USA. In the most recent 12 month period, sales of the acquired companies totalled approximately US$63 million. “This acquisition significantly
strengthens one of our major initiatives - our Total Filtration Programme,” said Norm Johnson, Clarcor’s chairman and chief executive officer. “These companies have successfully supplied the total filtration needs of major industrial companies for many years. They are good businesses with good margins, and we expect the acquisition to be US$O.Ol-US$O.O2 accretive to diluted earnings per share in its first full year of operation as part of Clarcor. Looking ahead, we see the potential for further improvement in sales and margins, plus attractive returns on invested capital.” Johnson added, “This acquisition fits well with our strategy to provide our customers with their complete filter requirements, including supply, installation and service, for all types of manufacturing plants, distribution centres, retail stores, office facilities, hospitals and engine applications. These companies have developed the systems and logistical expertise to manage this program profitably. In addition, they
provide engineering and consulting services, as well as supplying filtration products, for the identification of various contaminant sources and the management of air and liquid Rows. We see a great opportunity to bring these companies’ filter management expertise into industries where they have had little penetration in the past.
PALL CORP CUTS JOBS Blood filtration system maker Pall Corp has stated that its third-quarter profit is to fall short of expectations predominantly because of the negative effect of foreign exchange rates. Pall also said it plans to cut 400 jobs, or 4%of its work force, in response to weakened business conditions. The New York-based said it expects company to report a profit of about US$O.30 a share for its fiscal third quarter ended April 28. Analysts had been expecting it to earn between US$O.33 and US$O.36 per share, with a consensus expectation of US$O.34 per share, according to research firm Thomson Financial/First Call. Pall said that weakened overseas currencies are expected to reduce reported third-quarter sales by about US$16 million, or 5%. The cost-saving job cuts will be completed in the fourth quarter of this fiscal year. CTS 2-4 COMPANY PLE l&13 ORDERS
CLARCOR ’ ACQUIRES FILTRATION COMP4NIES 1
Clarcor Inc has signed an agreement to acquire several filtration management companies from MPW Industrial Services Group Inc for a purchase price of around US%31 million. The acquired companies, which are headquartered in Rochester Hills, Michigan, USA, will be combined into one company, and will be part of Clarcor’s Industrial/Environmental Filtration segment. The acquisition is expected to close by the 4th of June 2001. These companies constitute one of the leading distributors of filtration products and providers of filtration management services to industrial companies in North America. They also provide advice technical and services for the filtration of air and fluids in critical industrial processes and environments to some of the largest industrial companies in the USA. In the most recent 12 month period, sales of the acquired companies totalled approximately US$63 million. “This acquisition significantly
strengthens one of our major initiatives - our Total Filtration Programme,” said Norm Johnson, Clarcor’s chairman and chief executive officer. “These companies have successfully supplied the total filtration needs of major industrial companies for many years. They are good businesses with good margins, and we expect the acquisition to be US$O.Ol-US$O.O2 accretive to diluted earnings per share in its first full year of operation as part of Clarcor. Looking ahead, we see the potential for further improvement in sales and margins, plus attractive returns on invested capital.” Johnson added, “This acquisition fits well with our strategy to provide our customers with their complete filter requirements, including supply, installation and service, for all types of manufacturing plants, distribution centres, retail stores, office facilities, hospitals and engine applications. These companies have developed the systems and logistical expertise to manage this program profitably. In addition, they
provide engineering and consulting services, as well as supplying filtration products, for the identification of various contaminant sources and the management of air and liquid Rows. We see a great opportunity to bring these companies’ filter management expertise into industries where they have had little penetration in the past.
PALL CORP CUTS JOBS Blood filtration system maker Pall Corp has stated that its third-quarter profit is to fall short of expectations predominantly because of the negative effect of foreign exchange rates. Pall also said it plans to cut 400 jobs, or 4%of its work force, in response to weakened business conditions. The New York-based said it expects company to report a profit of about US$O.30 a share for its fiscal third quarter ended April 28. Analysts had been expecting it to earn between US$O.33 and US$O.36 per share, with a consensus expectation of US$O.34 per share, according to research firm Thomson Financial/First Call. Pall said that weakened overseas currencies are expected to reduce reported third-quarter sales by about US$16 million, or 5%. The cost-saving job cuts will be completed in the fourth quarter of this fiscal year. CTS 2-4 COMPANY PLE l&13 ORDERS