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Miba acquires electronic component producers
Stackpole parent company acquired Tomkins, the UK parent company of Canadian PM components manufacturer Stackpole Ltd has been taken over by a financial consortium. Under the terms of the acquisition, Tomkins shareholders will receive 325 UK pence in cash for each Tomkins share with Tomkins’ existing issued and to be issued share capital valued at approximately £2.89 billion. The company will now be owned by Pinafore, is a newly incorporated company formed for the purpose of implementing the acquisition at the direction of, and jointly owned by, the consortium, which includes private equity firm Onex and the Canada Pension Plan Investment Board (CPPIB). Tomkins is a global engineering and manufacturing group which manufactures a variety of products for the industrial,
automotive and building products markets across North America, Europe, Asia and the rest of the world. The Tomkins Group employs more than 25,000 staff and operates in over 23 countries. “We recognise that as economies around the world continue to struggle, significant challenges remain for all industrial companies”, said Seth Mersky, chairman of Pinafore. “We believe that our offer represents a great reward for Tomkins’ shareholders and a chance for us to build value over a long investment horizon.” This acquisition follows a positive first half year results from Tomkins, with sales of ongoing segments increased by 23% and their adjusted operating profit increased by 229%.“The group delivered a good set of results for the first half, benefitting from the continued improve-
ment in conditions in most of our end markets,” reported David Newlands, chairman. “These results also reflect the positive impact from the actions management have taken over the last few years to reduce our cost base and restructure the business. Notwithstanding the strong performance in the first half of 2010, we believe that global economic uncertainty coupled with recent downward trends in some macro indicators is likely to impact negatively our end markets in the second half of 2010 compared to the first half. “The cash offer by Onex and CPPIB, announced last week, received careful consideration from the independent directors of Tomkins. The independent directors believe that the offer is fair and reasonable and reflects both the value of the group today and its future potential.” www.tomkins.co.uk
Miba acquires Platinum catalyst could help improve electronic component fuel cells 2% carbon monoxide, and is more stable Scientists at Cornell University’s Energy producers Materials Center have researched a cata- and less expensive than pure platinum. Miba has acquired two Austrian producers of power electronics components such as resistors and cooling systems for power electronics. EBG, based in Styria, Austria, is a specialist in passive electronic components, such as high-voltage, high-performance resistors, and generates annual sales of €30 million. DAU is an international provider of thermal solutions such as air-cooled and liquid-cooled heat sinks and heat pipes and heat sinks for power semiconductors used to control for example engines and electrical drive systems. "In acquiring these companies Miba is continuing with its growth strategy,” said Miba CEO, Peter Mitterbauer. “This is a move into a new area of technology and products with enormous potential for the future, and constitutes active investment in a major trend – energy. High-performance components for power electronics are a key to more efficient drive systems and the steadily growing use of renewable energy sources such as wind power." The new companies will broaden Miba's product portfolio and strengthen its competencies in future oriented technologies, he added. www.miba.com
metal-powder.net
lyst coated with platinum nanoparticles that could make PEM (proton exchange membrane) fuel cells more stable, inexpensive and resistant to carbon monoxide poisoning. Currently, platinum and platinum/ruthenium alloys, which are often used as catalysts in fuel cells, are expensive and easily rendered ineffective by exposure to even low levels of carbon monoxide. To create a catalyst system that can tolerate more carbon monoxide, the researchers deposited platinum nanoparticles on a support material of titanium oxide with added tungsten to increase its electrical conductivity. Their research shows that the new material works with fuel that contains as much as
The scientists are now preparing to put the catalyst to the test in real fuel cells. The research was supported by the US Department of Energy. www.efrc.chem.cornell.edu
September/October 2010 MPR
9
automotive and building products markets across North America, Europe, Asia and the rest of the world. The Tomkins Group employs more than 25,000 staff and operates in over 23 countries. “We recognise that as economies around the world continue to struggle, significant challenges remain for all industrial companies”, said Seth Mersky, chairman of Pinafore. “We believe that our offer represents a great reward for Tomkins’ shareholders and a chance for us to build value over a long investment horizon.” This acquisition follows a positive first half year results from Tomkins, with sales of ongoing segments increased by 23% and their adjusted operating profit increased by 229%.“The group delivered a good set of results for the first half, benefitting from the continued improve-
ment in conditions in most of our end markets,” reported David Newlands, chairman. “These results also reflect the positive impact from the actions management have taken over the last few years to reduce our cost base and restructure the business. Notwithstanding the strong performance in the first half of 2010, we believe that global economic uncertainty coupled with recent downward trends in some macro indicators is likely to impact negatively our end markets in the second half of 2010 compared to the first half. “The cash offer by Onex and CPPIB, announced last week, received careful consideration from the independent directors of Tomkins. The independent directors believe that the offer is fair and reasonable and reflects both the value of the group today and its future potential.” www.tomkins.co.uk
Miba acquires Platinum catalyst could help improve electronic component fuel cells 2% carbon monoxide, and is more stable Scientists at Cornell University’s Energy producers Materials Center have researched a cata- and less expensive than pure platinum. Miba has acquired two Austrian producers of power electronics components such as resistors and cooling systems for power electronics. EBG, based in Styria, Austria, is a specialist in passive electronic components, such as high-voltage, high-performance resistors, and generates annual sales of €30 million. DAU is an international provider of thermal solutions such as air-cooled and liquid-cooled heat sinks and heat pipes and heat sinks for power semiconductors used to control for example engines and electrical drive systems. "In acquiring these companies Miba is continuing with its growth strategy,” said Miba CEO, Peter Mitterbauer. “This is a move into a new area of technology and products with enormous potential for the future, and constitutes active investment in a major trend – energy. High-performance components for power electronics are a key to more efficient drive systems and the steadily growing use of renewable energy sources such as wind power." The new companies will broaden Miba's product portfolio and strengthen its competencies in future oriented technologies, he added. www.miba.com
metal-powder.net
lyst coated with platinum nanoparticles that could make PEM (proton exchange membrane) fuel cells more stable, inexpensive and resistant to carbon monoxide poisoning. Currently, platinum and platinum/ruthenium alloys, which are often used as catalysts in fuel cells, are expensive and easily rendered ineffective by exposure to even low levels of carbon monoxide. To create a catalyst system that can tolerate more carbon monoxide, the researchers deposited platinum nanoparticles on a support material of titanium oxide with added tungsten to increase its electrical conductivity. Their research shows that the new material works with fuel that contains as much as
The scientists are now preparing to put the catalyst to the test in real fuel cells. The research was supported by the US Department of Energy. www.efrc.chem.cornell.edu
September/October 2010 MPR
9