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ITT extends share repurchase program
NEWS/DIVIDENDS and services in India. It will also help meet the sourcing demands of Metso companies in other countries. The new facility will host Metso’s own operations as well as selected key suppliers. Metso will have 3–5 partners of Indian and European origin operating out of Metso Park. The partners will establish their own workshops at the Metso site. Metso Park will initially manufacture components for mobile crushing and screening plants, conveyors, slurry pumps and rubber products for construction and mining customers in India and for export. “India’s developing infrastructure sector provides us an excellent opportunity and we are pleased to establish Metso Park here. The India market is an important part of our global strategy and we are determined to establish a strong presence here. This industrial park concept is the first of its kind for Metso and represents a milestone in our growth strategy,” said Matti Kähkönen, president of Metso’s Mining and Construction Technology segment.
solid foundation for further growth over the next decade.” ASE was established in 1993 as a wholly owned Namibian company and focuses on supplying turnkey water and wastewater treatment installations, water treatment equipment, chemicals and specialised dosing equipment. ASE is the Namibian representative of Alldos dosing equipment. According to ASE, the move to be acquired came at the right time because of the increased demand for the company’s services. ASE managing director Chris Stöck said: “We needed a big brother to assist with the work load and being acquired was the ideal solution. We needed the additional capacity and resources to back our future growth.” VWS Envig is owned by Veolia Water Solutions and Technologies which in turn is a wholly owned subsidiary of Veolia Environnement. For further information, visit www.vwsenvig.co.za and www.ase.com.na/
For further information, visit www.metso.com
Veolia subsidiary acquires Namibian water treatment company
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outh African water treatment solutions provider VWS Envig has acquired Aqua Services & Engineering (Pty) Ltd (ASE), a Namibian-based supplier of water treatment services and equipment. “ASE fell into the right niche. We didn’t have much coverage in Namibia and Angola and with this acquisition, we can grow our footprint in these areas along with many others,” explained VWS Envig managing director Gunter Rencken. “The deal offers both companies many advantages. We both now have extra resources at our disposal. It also provides re-assurance for clients, as well as a
December 2008
ITT extends share repurchase program
I
TT Corp’s board of directors has approved an extension of the company’s US$1 billion share repurchase program for an indefinite period of time. Since announcing the program in October 2006, ITT has purchased approximately US$431 million of outstanding common stock. Prior to this extension, the program was set to expire in November 2009. “During these volatile times, we intend to remain focused on preserving liquidity,” said Denise Ramos, senior vice president and chief financial officer, ITT. “The extension of the repurchase program, coupled with ITT’s strong free cash flow generation, gives us the flexibility to continue improving our net debt position, while maintaining strategic investments in our long-term growth.”
Dividends • Met-Pro Corp’s board of directors has declared a quarterly dividend of US$0.06 per share payable on 12 March 2009 to shareholders of record at the close of business on 26 February 2009. This dividend represents a 9.1% increase over the same period last year. This is the 34th consecutive year that Met-Pro has paid either a cash or stock dividend. www.met-pro.com • Crane Co’s regular quarterly dividend of US$0.20 per share for the fourth quarter of 2008 will be paid on 10 December 2008 to shareholders of record as of the close of business on 28 November 2008. www.craneco.com • SPX Corp’s board has declared a quarterly dividend of US$0.25 per common share payable on 2 January 2009, to shareholders of record on 15 December 2008. www.spx.com • The board of Tyco International Ltd has declared a regular quarterly cash dividend of US$0.20 per common share. The dividend is payable on 2 February 2009, to shareholders of record as of 5 January 2009. www.tyco.com • On 9 January 2009 Hamworthy plc will pay an interim dividend of 3.05p per share to all shareholders on the register on 5 December 2008. This dividend is up 15% on last year’s interim payment of 2.65p per share. www.hamworthy.com • Idex Corp’s board has approved a regular quarterly cash dividend of US$0.12 per common share. The next dividend will be paid on 30 January 2009 to shareholders of record on 15 January 2009. This is Idex’s 57th consecutive regular quarterly cash dividend payment. Idex shares are traded on the New York and Chicago stock exchanges. www.idexcorp.com
For further information, visit www.itt.com
Pump Industry Analyst
13
solid foundation for further growth over the next decade.” ASE was established in 1993 as a wholly owned Namibian company and focuses on supplying turnkey water and wastewater treatment installations, water treatment equipment, chemicals and specialised dosing equipment. ASE is the Namibian representative of Alldos dosing equipment. According to ASE, the move to be acquired came at the right time because of the increased demand for the company’s services. ASE managing director Chris Stöck said: “We needed a big brother to assist with the work load and being acquired was the ideal solution. We needed the additional capacity and resources to back our future growth.” VWS Envig is owned by Veolia Water Solutions and Technologies which in turn is a wholly owned subsidiary of Veolia Environnement. For further information, visit www.vwsenvig.co.za and www.ase.com.na/
For further information, visit www.metso.com
Veolia subsidiary acquires Namibian water treatment company
S
outh African water treatment solutions provider VWS Envig has acquired Aqua Services & Engineering (Pty) Ltd (ASE), a Namibian-based supplier of water treatment services and equipment. “ASE fell into the right niche. We didn’t have much coverage in Namibia and Angola and with this acquisition, we can grow our footprint in these areas along with many others,” explained VWS Envig managing director Gunter Rencken. “The deal offers both companies many advantages. We both now have extra resources at our disposal. It also provides re-assurance for clients, as well as a
December 2008
ITT extends share repurchase program
I
TT Corp’s board of directors has approved an extension of the company’s US$1 billion share repurchase program for an indefinite period of time. Since announcing the program in October 2006, ITT has purchased approximately US$431 million of outstanding common stock. Prior to this extension, the program was set to expire in November 2009. “During these volatile times, we intend to remain focused on preserving liquidity,” said Denise Ramos, senior vice president and chief financial officer, ITT. “The extension of the repurchase program, coupled with ITT’s strong free cash flow generation, gives us the flexibility to continue improving our net debt position, while maintaining strategic investments in our long-term growth.”
Dividends • Met-Pro Corp’s board of directors has declared a quarterly dividend of US$0.06 per share payable on 12 March 2009 to shareholders of record at the close of business on 26 February 2009. This dividend represents a 9.1% increase over the same period last year. This is the 34th consecutive year that Met-Pro has paid either a cash or stock dividend. www.met-pro.com • Crane Co’s regular quarterly dividend of US$0.20 per share for the fourth quarter of 2008 will be paid on 10 December 2008 to shareholders of record as of the close of business on 28 November 2008. www.craneco.com • SPX Corp’s board has declared a quarterly dividend of US$0.25 per common share payable on 2 January 2009, to shareholders of record on 15 December 2008. www.spx.com • The board of Tyco International Ltd has declared a regular quarterly cash dividend of US$0.20 per common share. The dividend is payable on 2 February 2009, to shareholders of record as of 5 January 2009. www.tyco.com • On 9 January 2009 Hamworthy plc will pay an interim dividend of 3.05p per share to all shareholders on the register on 5 December 2008. This dividend is up 15% on last year’s interim payment of 2.65p per share. www.hamworthy.com • Idex Corp’s board has approved a regular quarterly cash dividend of US$0.12 per common share. The next dividend will be paid on 30 January 2009 to shareholders of record on 15 January 2009. This is Idex’s 57th consecutive regular quarterly cash dividend payment. Idex shares are traded on the New York and Chicago stock exchanges. www.idexcorp.com
For further information, visit www.itt.com
Pump Industry Analyst
13