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Hamworthy confident on FY09, as orders slow
DIVIDENDS/NEWS
Dividends UÊ Met-Pro Corp’s board of directors has declared a quarterly dividend of US$0.06 per share payable on 12 June 2009 to shareholders of record at the close of business on 29 May 2009. This dividend represents a 9.1% increase over the same period last year. This is also the 34th consecutive year that Met-Pro has paid either a cash or stock dividend. www.met-pro.com UÊ Clarcor Inc’s regular quarterly dividend of US$0.09 per share is payable on 24 April 2009 to shareholders of record on 10 April 2009. www.clarcor.com UÊ Andritz AG has agreed to a dividend payment of 1.10 per share for the 2008 business year, a 10% increase on 2007’s 1.00 dividend. www.andritz.com UÊ GEA Group’s executive and supervisory boards are proposing a dividend of 0.40 per share for the 2008 fiscal year, double 2007’s dividend of 0.20 per share. www.geagroup.com UÊ ÌÊÌ iÊÕ>Ê- >Ài `iÀÃ½Ê iiÌ}ÊÊ 23 April 2009, Sartorius’s supervisory and executive boards will propose dividend payments of 0.42 per preference share and 0.40 per ordinary share, down from 0.68 and 0.66, respectively, a year ago. www.sartorius.com UÊ / iÊ Pall board has declared a dividend of US$0.145 per share payable on 8 May 2009 to shareholders of record as of 24 April 2009. Pall increased its dividend in January 2009 from US$0.13 to the current US$0.145 per share. www.pall.com UÊ ÕiÊ ÌÊ Ì iÊ V >}}Ê iVVÊ V>Ìi]Ê Larox Corp will now pay a dividend of 0.30 per share from the distributable retained profits to shareholders registered on 31 March 2009, revised down from the proposed 0.50 per share dividend announced in February. The dividends will be paid on 20 May 2009. The company’s recent annual general meeting of shareholders authorized the board of directors to decide within their discretion on the payment of a possible additional dividend of 0.20 per share maximum, should Larox’s economic situation allow it. The board can decide on this additional dividend by 31 December 2009. www.larox.com 4
Filtration Industry Analyst
Dow closes Rohm and Haas acquisition
T
he Dow Chemical Co has completed its acquisition of Rohm and Haas. The acquisition creates a new Advanced Materials Division with Rohm and Haas at its centre. Pierre Brondeau has been named president and CEO of the new division, which has a US$14.0 billion diversified business portfolio and includes coatings, building and construction, specialty materials, adhesives and functional polymers, and electronic materials. “The closing of this transaction strongly positions Dow for the future by transforming our business portfolio,” said Dow chairman and CEO Andrew Liveris.
For further information, visit www.dow.com and www. rohmhaas.com
Hamworthy confident on FY09, as orders slow
H
amworthy plc should meet its full year expectations for the year ended 31 March 2009, but the company is seeing a decline in orders. In a trading update, Hamworthy said that its order book at 28 February 2009 stood at £270 million, down from £285 million at 29 February 2008. The group has seen a slowdown in the rate of order intake in the second half of the year due to the combined effects of the economic downturn, difficulties in obtaining finance for new ships and high levels of ship ordering in recent years. Hamworthy says that the slowdown is predominantly in the gas and cruise ship markets, with new ordering of large LNG and LPG carriers slowing markedly. Tanker and offshore order intake has been more resilient and order intake in the after sales market remains steady. While acknowledging that it is difficult to predict how long this period of lower activity will last, Hamworthy believes that the long-term growth prospects of its sectors remain strong, being driven by increasing environmental regulation and continued development in the energy production and transportation sectors.
The company says that it continues to make good progress on its strategy, citing the recent acquisition of Greenship (see Filtration Industry Analyst, March 2009). Joe Oatley, chief executive of Hamworthy plc, said: “The group’s robust order book coverage, together with a strong balance sheet and good net cash position provides the board with confidence in the near term. Whilst the market conditions are likely to be challenging for the medium term, the board expects that our key markets will rebound strongly when economic conditions improve.” Hamworthy will announce its preliminary results on 2 June 2009. For further information, visit www.hamworthy.com
Kadant integrates manufacturing operations
K
adant Inc has started to transfer the US manufacturing operations of its Kadant AES product line from Queensbury, New York, to the company’s existing Kadant Web Systems Inc manufacturing site in Auburn, Massachusetts. The move to the Auburn plant is expected to deliver economies of scale and greater efficiencies by integrating the company’s US water management and accessory product lines into a single manufacturing location. Kadant AES’s customer service, engineering, product development and technical services will remain in Queensbury. The Auburn manufacturing site is currently being renovated, the work flow is being reconfigured and machinery added for various turning and machining operations specific to the Kadant AES product line. The combined organization will be led by José Garcia, president of Kadant Web Systems, and managed by a team from both the Kadant AES and Kadant Web Systems businesses. Kadant AES provides products and technologies primarily applied to the forming of paper in the wet end of the paper machine, the cleaning of forming fabrics and press fabrics, and the filtration of process water throughout the papermaking process.
April 2009
Dividends UÊ Met-Pro Corp’s board of directors has declared a quarterly dividend of US$0.06 per share payable on 12 June 2009 to shareholders of record at the close of business on 29 May 2009. This dividend represents a 9.1% increase over the same period last year. This is also the 34th consecutive year that Met-Pro has paid either a cash or stock dividend. www.met-pro.com UÊ Clarcor Inc’s regular quarterly dividend of US$0.09 per share is payable on 24 April 2009 to shareholders of record on 10 April 2009. www.clarcor.com UÊ Andritz AG has agreed to a dividend payment of 1.10 per share for the 2008 business year, a 10% increase on 2007’s 1.00 dividend. www.andritz.com UÊ GEA Group’s executive and supervisory boards are proposing a dividend of 0.40 per share for the 2008 fiscal year, double 2007’s dividend of 0.20 per share. www.geagroup.com UÊ ÌÊÌ iÊÕ>Ê- >Ài `iÀÃ½Ê iiÌ}ÊÊ 23 April 2009, Sartorius’s supervisory and executive boards will propose dividend payments of 0.42 per preference share and 0.40 per ordinary share, down from 0.68 and 0.66, respectively, a year ago. www.sartorius.com UÊ / iÊ Pall board has declared a dividend of US$0.145 per share payable on 8 May 2009 to shareholders of record as of 24 April 2009. Pall increased its dividend in January 2009 from US$0.13 to the current US$0.145 per share. www.pall.com UÊ ÕiÊ ÌÊ Ì iÊ V >}}Ê iVVÊ V>Ìi]Ê Larox Corp will now pay a dividend of 0.30 per share from the distributable retained profits to shareholders registered on 31 March 2009, revised down from the proposed 0.50 per share dividend announced in February. The dividends will be paid on 20 May 2009. The company’s recent annual general meeting of shareholders authorized the board of directors to decide within their discretion on the payment of a possible additional dividend of 0.20 per share maximum, should Larox’s economic situation allow it. The board can decide on this additional dividend by 31 December 2009. www.larox.com 4
Filtration Industry Analyst
Dow closes Rohm and Haas acquisition
T
he Dow Chemical Co has completed its acquisition of Rohm and Haas. The acquisition creates a new Advanced Materials Division with Rohm and Haas at its centre. Pierre Brondeau has been named president and CEO of the new division, which has a US$14.0 billion diversified business portfolio and includes coatings, building and construction, specialty materials, adhesives and functional polymers, and electronic materials. “The closing of this transaction strongly positions Dow for the future by transforming our business portfolio,” said Dow chairman and CEO Andrew Liveris.
For further information, visit www.dow.com and www. rohmhaas.com
Hamworthy confident on FY09, as orders slow
H
amworthy plc should meet its full year expectations for the year ended 31 March 2009, but the company is seeing a decline in orders. In a trading update, Hamworthy said that its order book at 28 February 2009 stood at £270 million, down from £285 million at 29 February 2008. The group has seen a slowdown in the rate of order intake in the second half of the year due to the combined effects of the economic downturn, difficulties in obtaining finance for new ships and high levels of ship ordering in recent years. Hamworthy says that the slowdown is predominantly in the gas and cruise ship markets, with new ordering of large LNG and LPG carriers slowing markedly. Tanker and offshore order intake has been more resilient and order intake in the after sales market remains steady. While acknowledging that it is difficult to predict how long this period of lower activity will last, Hamworthy believes that the long-term growth prospects of its sectors remain strong, being driven by increasing environmental regulation and continued development in the energy production and transportation sectors.
The company says that it continues to make good progress on its strategy, citing the recent acquisition of Greenship (see Filtration Industry Analyst, March 2009). Joe Oatley, chief executive of Hamworthy plc, said: “The group’s robust order book coverage, together with a strong balance sheet and good net cash position provides the board with confidence in the near term. Whilst the market conditions are likely to be challenging for the medium term, the board expects that our key markets will rebound strongly when economic conditions improve.” Hamworthy will announce its preliminary results on 2 June 2009. For further information, visit www.hamworthy.com
Kadant integrates manufacturing operations
K
adant Inc has started to transfer the US manufacturing operations of its Kadant AES product line from Queensbury, New York, to the company’s existing Kadant Web Systems Inc manufacturing site in Auburn, Massachusetts. The move to the Auburn plant is expected to deliver economies of scale and greater efficiencies by integrating the company’s US water management and accessory product lines into a single manufacturing location. Kadant AES’s customer service, engineering, product development and technical services will remain in Queensbury. The Auburn manufacturing site is currently being renovated, the work flow is being reconfigured and machinery added for various turning and machining operations specific to the Kadant AES product line. The combined organization will be led by José Garcia, president of Kadant Web Systems, and managed by a team from both the Kadant AES and Kadant Web Systems businesses. Kadant AES provides products and technologies primarily applied to the forming of paper in the wet end of the paper machine, the cleaning of forming fabrics and press fabrics, and the filtration of process water throughout the papermaking process.
April 2009