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GLV shareholders approve Pulp & Paper division sale
IN BRIEF/NEWS
In Brief UÊ Weir Group plc has announced plans to close five small manufacturing facilities in the USA, Australia and France next year and to consolidate a number of service centres. The closures, service centre consolidations, other workforce reductions and the exit of certain lower margin activities, could mean a reduction of 350 posts. These actions are expected to deliver annualised benefits of £35 million. During the third quarter of 2014, Weir undertook a group-wide review to identify opportunities to reduce costs, increase customer responsiveness and efficiency while aligning resources globally to capture end market opportunities. Weir said manufacturing activities will be consolidated into larger existing facilities. www.weir.co.uk UÊ Evoqua Water Technologies LLC’s headquarters are being moved from Alpharetta, Georgia to Warrendale, Pennsylvania effective 1 December 2014. www.evoqua.com UÊ CECO Environmental Corp has amended its five-year senior secured credit facility, originally entered into in August 2013, providing more capital to finance the recently announced acquisition of industrial cyclone technology specialist Emtrol LLC and for other corporate purposes. The amended US$200 million commitments are up from US$155 million with the original facility. The new facility matures in August 2018. “The amended credit facility, together with our strong balance sheet and increased liquidity position provides long-term stability and financial flexibility for CECO’s capital structure as we continue to focus on our acquisition and organic growth strategy,” said Ed Prajzner, CECO Environmental chief financial officer. www.cecoenviro.com UÊ Ê Patterson-UTI Energy Inc subsidiary has finalized the acquisition of the Texas-based pressure pumping assets of a privately held company (see Pump Industry Analyst, September Óä£{®°Ê / iÊ «ÕÀV >ÃiÊ VÕ`i`Ê £{nÊ 250 horsepower of hydraulic fracturing equipment and provides Patterson-UTI with two additional bases of operations and employees to support customer activity in South Texas and East Texas. www.patenergy.com 12
Pump Industry Analyst
Grundfos adds branch office in Masdar City
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rundfos Gulf Distribution has set up a branch office in Masdar City in Abu Dhabi. Masdar City, the world’s first zero carbon city, has been established by the Abu Dhabi government to advance the development of renewable energy and cleantech solutions. “We are happy to have this new branch office in Masdar. The city is already well known in the Middle East for renewable energy and energy conservation projects and in Grundfos we also work towards the same goals through our pumping systems. We hope our association with Masdar will help in future business,” said Grundfos Greater Middle East managing director Henning Sandager. All of the main pumps in the existing Masdar Institute buildings are from Grundfos. A Grundfos solar pumping system is connected to the fountain in Masdar. For further information, visit www.grundfos.com
GLV shareholders approve Pulp & Paper division sale
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LV Inc shareholders have approved the sale of its Pulp & Paper Division to 9027173 Canada Inc, a corporation owned by GLV president and CEO Richard Verreault, executive chairman of the board Laurent Verreault (see Pump Industry Analyst, September 2014). A resolution approving the planned name change from GLV Inc to Ovivo Inc was also adopted by GLV shareholders. “The board of directors of GLV is pleased that the shareholders have approved the sale of the Pulp & Paper Division and the change of name to Ovivo Inc,” said GLV executive vice president and Ovivo president Marc Barbeau. “GLV will now be entirely focused on its core water treatment business, and will benefit from a strong financial position to capitalize on growth opportunities going forward.” The sale is expected to close around 28 November 2014. GLV will change its name to Ovivo Inc a few weeks later, to reflect
the corporation’s focus on water treatment products and solutions. For further information, visit www.glv.com
Applied Industrial Technologies expands in West Texas with Ira Pump purchase
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pplied Industrial Technologies has acquired Ira Pump & Supply Co Inc, a family-owned and operated distributor of oilfield pumps and supplies to the upstream oil & gas industry in West Texas, including the Permian Basin. Ira Pump also has full-service downhole rod pump repair and assembly shops. Founded in 1972, Ira Pump has locations in Ira, Post and Forsan, Texas. “We are pleased to further strengthen our O&G product and service offering with the addition of Ira Pump,” said Neil Schrimsher, president and CEO of Applied Industrial Technologies. “The company has strong industry knowledge, experience and capabilities, and we are excited about the synergy opportunities across our O&G businesses.” Todd Barlett, Applied Industrial Technologies’ vice president – acquisitions and global business development, said: “Ira Pump has a strong reputation and is an excellent fit for Applied, complementing our existing West Texas coverage and providing an expanded customer base for our bearings, power transmission, fluid power and fluid conveyance products.” Applied Industrial Technologies has >VµÕÀi`Ê/iÝ>ÃÊ"«>ÌV Ê-iÀÛViÃ]Ê,i>ViÊ Industrial Products and Knox Oil Field Supply in the past year. For further information, visit www.applied.com and www.irapump.com
TF Hudgins buys Jamison Products
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F Hudgins Inc has acquired Jamison Products, a Houstonbased provider of engineered pipeline and filtration products used
November 2014
In Brief UÊ Weir Group plc has announced plans to close five small manufacturing facilities in the USA, Australia and France next year and to consolidate a number of service centres. The closures, service centre consolidations, other workforce reductions and the exit of certain lower margin activities, could mean a reduction of 350 posts. These actions are expected to deliver annualised benefits of £35 million. During the third quarter of 2014, Weir undertook a group-wide review to identify opportunities to reduce costs, increase customer responsiveness and efficiency while aligning resources globally to capture end market opportunities. Weir said manufacturing activities will be consolidated into larger existing facilities. www.weir.co.uk UÊ Evoqua Water Technologies LLC’s headquarters are being moved from Alpharetta, Georgia to Warrendale, Pennsylvania effective 1 December 2014. www.evoqua.com UÊ CECO Environmental Corp has amended its five-year senior secured credit facility, originally entered into in August 2013, providing more capital to finance the recently announced acquisition of industrial cyclone technology specialist Emtrol LLC and for other corporate purposes. The amended US$200 million commitments are up from US$155 million with the original facility. The new facility matures in August 2018. “The amended credit facility, together with our strong balance sheet and increased liquidity position provides long-term stability and financial flexibility for CECO’s capital structure as we continue to focus on our acquisition and organic growth strategy,” said Ed Prajzner, CECO Environmental chief financial officer. www.cecoenviro.com UÊ Ê Patterson-UTI Energy Inc subsidiary has finalized the acquisition of the Texas-based pressure pumping assets of a privately held company (see Pump Industry Analyst, September Óä£{®°Ê / iÊ «ÕÀV >ÃiÊ VÕ`i`Ê £{nÊ 250 horsepower of hydraulic fracturing equipment and provides Patterson-UTI with two additional bases of operations and employees to support customer activity in South Texas and East Texas. www.patenergy.com 12
Pump Industry Analyst
Grundfos adds branch office in Masdar City
G
rundfos Gulf Distribution has set up a branch office in Masdar City in Abu Dhabi. Masdar City, the world’s first zero carbon city, has been established by the Abu Dhabi government to advance the development of renewable energy and cleantech solutions. “We are happy to have this new branch office in Masdar. The city is already well known in the Middle East for renewable energy and energy conservation projects and in Grundfos we also work towards the same goals through our pumping systems. We hope our association with Masdar will help in future business,” said Grundfos Greater Middle East managing director Henning Sandager. All of the main pumps in the existing Masdar Institute buildings are from Grundfos. A Grundfos solar pumping system is connected to the fountain in Masdar. For further information, visit www.grundfos.com
GLV shareholders approve Pulp & Paper division sale
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LV Inc shareholders have approved the sale of its Pulp & Paper Division to 9027173 Canada Inc, a corporation owned by GLV president and CEO Richard Verreault, executive chairman of the board Laurent Verreault (see Pump Industry Analyst, September 2014). A resolution approving the planned name change from GLV Inc to Ovivo Inc was also adopted by GLV shareholders. “The board of directors of GLV is pleased that the shareholders have approved the sale of the Pulp & Paper Division and the change of name to Ovivo Inc,” said GLV executive vice president and Ovivo president Marc Barbeau. “GLV will now be entirely focused on its core water treatment business, and will benefit from a strong financial position to capitalize on growth opportunities going forward.” The sale is expected to close around 28 November 2014. GLV will change its name to Ovivo Inc a few weeks later, to reflect
the corporation’s focus on water treatment products and solutions. For further information, visit www.glv.com
Applied Industrial Technologies expands in West Texas with Ira Pump purchase
A
pplied Industrial Technologies has acquired Ira Pump & Supply Co Inc, a family-owned and operated distributor of oilfield pumps and supplies to the upstream oil & gas industry in West Texas, including the Permian Basin. Ira Pump also has full-service downhole rod pump repair and assembly shops. Founded in 1972, Ira Pump has locations in Ira, Post and Forsan, Texas. “We are pleased to further strengthen our O&G product and service offering with the addition of Ira Pump,” said Neil Schrimsher, president and CEO of Applied Industrial Technologies. “The company has strong industry knowledge, experience and capabilities, and we are excited about the synergy opportunities across our O&G businesses.” Todd Barlett, Applied Industrial Technologies’ vice president – acquisitions and global business development, said: “Ira Pump has a strong reputation and is an excellent fit for Applied, complementing our existing West Texas coverage and providing an expanded customer base for our bearings, power transmission, fluid power and fluid conveyance products.” Applied Industrial Technologies has >VµÕÀi`Ê/iÝ>ÃÊ"«>ÌV Ê-iÀÛViÃ]Ê,i>ViÊ Industrial Products and Knox Oil Field Supply in the past year. For further information, visit www.applied.com and www.irapump.com
TF Hudgins buys Jamison Products
T
F Hudgins Inc has acquired Jamison Products, a Houstonbased provider of engineered pipeline and filtration products used
November 2014