International sealing meeting in Dresden

moving its headquarters from London

FederalMogul’s offer rejected

16% to US$135

discussions

this

with a number

parts companies

unsolicited

has

made

merger.

ment,

British motor components group, The

independent group

the

billion,

a 2.4%

increase

to the same period of the

previous year. This is the first time the company greater

to the announcereiterated

Acquisition by gasket/valve company

Sales in

US$3

has had sales that are

than

US$3

billion

Industrial Holdings, which man-

in a

&ctmvs gaskets, valves and pumps,

fourth quarrer.

its

has announced

The year’s operating revenue rose by

a strategic

26% to US$591

million

would

merger with LucasVarity and urged

net income jumped 67% to US$534

largest

the company’s board of directors to

million. The company’s annual sales

dismanrling

reconsidrr

were up

usS12.5

compression

world,

its offer.

5% to nearly

billion compared

with

sales of nearly

The

Rogers donates to university

E7 billion. However, the offer is unlikely to be successful, as an unknown third party looks to be

Blastco’s

1998

Inc, which merged

Dana subsidiary

In

business

with a

an all-cash deal. chairman officer,

Rogers

and Dick

chairman

chief

officer of LucasVarity, possible

execurive

chief

takeover.

Foundation.

per LucasVariry

finance

executive

Its offer or

share

to

The donation

the

purchase

will

the proposed

was

extension

for

University

and

Institute of Material Science.

com-

of

‘The 15 000 ft2 addition,

to be

adjacent to rhe existing 50 000 hL [MS

press spcc-

nternational

ulation of a merger.

-esearch

However, following the meeting, LucasVaricy Mogul

informed

enter inro mergrr negotiations it.

The

LucasVarity

Lasr month

to

was given

with

board

that it was in advanced discussions a full

cash

share

offer

capital

for

the

entire

of LucasVarity

has been estimated approximately

million

refused to disclose the identity

in the

Media speculation

be

kern

business.

to

near

annfuture.

has centred

Incorporated

closed company,

on

as the undis-

as it is known to spin-off

However,

its

auto

a spokesman

form TRW refused to comment

on

the reporrs.

f0

Corporation

has

raise

Blastco

j j : i ’ ’ j

)ana

being ben-

with rhe IMS.

LucasVarity

that it was interested in

Corporation

awareness of sealing

and mobile fluid power

hops. The plenary sessions will be

. .

The workshops

!

Next

Month News

Harvardindustries appoint new board of directors

In-brief second quarter results

Feature

cover a number

The steam seal that prevents contamination

f topics:

of bearing oil and

Material data Influence of hydraulic fluids Special pneumatic-sealing systems

marks

tive year of increased sales and perating profits, respectively. of I998

its

improves plant safety

The announcement

quarter

will promore

Standard Products report lower

Modelling of sealing systems Sealing systems in practice

has released

revenues

other believes

Services will SUPPlY to several of Industrial

the systems in

hleld on two major subjects:

0

he seventh and the fifth consec-

Its operating

from

co

ts fourth quarter and year-end es&.

35%

The company

year’s Leakage,

I lpphcations through the presenra- ! ion of original papers and work- I

indusrrial

a

corporation, donation

is Balancing

mportance

the firsr installment Foundation,

and

10%

transportation

growth in these areas. In addition,

The main aim of rhe meeting is

metals

Iana’s strong I/ear results

mrrh

Earlier last month, announced

Control and Performance

i

of

rhe rival bidder; however, it expects to be able to make further

TRW

its

to the

and producrion,

! this acquisition

or

290 pence per share. LucasVarity

ouncements

for

to be worth

f4.05

this

reputation

efited from a 25 year collaborative

r elarionship

This offer

of

:onference

nade over a period of several years. Rogers

topic

an

polymers,

from

Conference

has

I>rivate non-profit vith the remaining

of

then wenr on to disclose

with a third partY, concerning

into

The

Sealing

which

:eramics and composites.

Federal-

rhar it was nor willing

directors

later this year, will be

building,

the

25%

I Holdings valve and pump repair 1 subsidiaries. Blasrco’s revenues for is being held in the Dreikiin- : 1998 were close to US$l4 million. I IFkirche, Dresden, Germany. [nternational

premium

to recent

from

Dn the 3 -4 May 1999 the 11 th

ronstructcd

on the LucasVarity’s share

industry indusrries.

Holdings

30%

the pipeline

products

Connecticut’s

Mogul shares. Ir represented a 40% prior

’

of the

280 Pence

prised 50% cash and 50% Federal-

price

International sealing meeting in Dresden

of lab-

oratory research equipment

to discuss a

million

valued at f3.9

is

to the University of Connecticut

Snell, had met the

and

Corporation

contribute a total of US$lOO 000

refin-

equipmmr.

industry,

I process

in July of lasr year.

exploration

thar irs

is the

and

Industrial

derived

from

confirmed

facilities

1997,

close to acquiring LucasVarity in Federal-Mogul

business

obsolete process units,

gas measurement

financial

results include those of the former Echlin

main

cries; however, ir also manufactures

to 1997.

company’s

it has acquired

Blastco Services Company,

and rhe

the

motor components

in

press

as well as TRW,

in pursuing

represent

compared

million.

were

deal

of

estimated annual

time

Federal-Mogul

LucasVarity. one

that

quarter

which

or a

was aimed at Tenneco

In response

an

takeover bid for the

it

regarding strategic

At

speculation

interested

make

of sum

ventures such as an acquisition

Incorporared, Federal-Mogul

the ner income for the quarter rose

to the US and were in preliminary

for the were up

6% to US$149 million compared

’ ) the same period in 1997, while

The conference, IIlsrirure

of

organised by the

Fluidpower,

the L[niversity of TcchnologyDresden, tl le

University

of

h,laschinen-

und and

Anlagenbau, coordinated

is

lpporred

tt

le European Sealing Association.

sealing phenomena

Patents Extender provides a tight seal following shaft wear

Technology

A achen and the Verband Deutscher SI

Molecular view of rotary lip

with

Multiple dynamic barrier able to maintain pressure differentials Double seal makes pump environmentally

friendly

Sealing Technology No. 62