- Email: [email protected]
Name change for UltraStrip
A joint venture company, set up with the Bosch Group in 2005, started producing filter elements for the automotive and industrial aftermarket in July 2006. The plant will house up to 250 employees in the coming months. Mann+Hummel’s global strategy includes a third support column, Asia, in addition to Europe and America. Together with China, Japan and Korea, India plays an important role in Mann+Hummel’s Asian strategy. Mann+ Hummel is aiming to be one of the top five suppliers in its segment in Asia by 2008. “India is already the fourth-largest automotive market in Asia, with continuing strong upward trends. In industrial countries such as Japan, the USA and Germany, there are approximately 400–500 vehicles per 1000 people, and in India, it is between 5 and 6. It will take a long time, therefore, before market saturation,” explains Peter Wink, managing director, India Operations.
HAMWORTHY BUYS SERCK COMO IN 7.85 MN DEAL Hamworthy plc, the marine and offshore fluid handling systems specialist, has acquired Serck Como GmbH, a specialist in desalination plant for cruise ships and other vessels and condensers/heat exchangers for onshore applications. Hamworthy has agreed to pay 7.85 million in cash for Serck Como. 6 million is payable immediately. The remaining 1.85 million is payable in two deferred instalments, the first of which is due in March 2007 and the second in March 2008. The acquisition will be funded entirely from Hamworthy’s own cash reserves. Serck Como, a privatelyowned company based near
Filtration Industry Analyst
Hamburg, Germany, is currently profitable and experiencing significant growth especially in the cruise sector, which accounts for the majority of its business. For the calendar year 2005 sales totalled 17.6 million and EBIT was 1.36 million. Net assets totalled 2.0 million and net debt on completion is expected to be 1.5 million. Serck Como provides Hamworthy with an enhanced presence in Germany with its significant ship owner population and major shipyards. In addition, Serck Como’s technology complements Hamworthy’s existing wastewater treatment business as well as enhancing its customer base globally. “This is Hamworthy’s first acquisition since float and we intend that there will be more provided that they make strategic and financial sense. The acquisition is immediately earnings enhancing, complements our existing wastewater business and has excellent growth prospects both in the marine sector and onshore underpinned by an outstanding order book in July 2006 of 28.5 million,” said Hamworthy chief executive officer Kelvyn Derrick.
UBE EXPANDS GAS SEPARATION MEMBRANE PRODUCTION Ube Industries Ltd is to increase production of polyimide hollow fibres for gas separation membranes in Japan to meet rising demand for nitrogen separation membranes and alcohol dehydration membranes. Production is scheduled to double in October 2007. Increased production will coincide with a partial transfer of facilities for producing gas separation membrane modules to the Sakai factory, resulting in a two-factory system that
will boost annual module production from 20 000 to 40 000 units.
PRICE INCREASE FOR AHLSTROM FILTRATION MATERIALS Ahlstrom Corp is planning to increase prices globally across the entire range of its filtration business, due mainly to the rapid rise in prices for energy and a number of key raw materials. The company said in a statement that the price increases would be applied in the coming weeks and that the detailed actions would be discussed with customers through the appropriate business teams. Ahlstrom’s Filtration business has 12 production sites across four continents. The filtration materials are used in air, liquid and transportation applications.
NAME CHANGE FOR ULTRASTRIP UltraStrip Systems Inc has changed its name to Ecosphere Technologies Inc. “Our name change to Ecosphere Technologies more clearly defines our core business which is to solve global engineering challenges for better business and a cleaner environment,” explained Ecosphere CEO, Dennis McGuire. The company’s ticker symbol has also changed on the OTC BB to ESPH.
GWT PREPARES FOR HURRICANE SEASON Water purification and services provider Global Water Technologies Inc has strategically positioned itself to assist with any water
IN BRIEF • Daikin Industries Ltd has obtained approval from the regulatory authorities in Malaysia and in the USA for the proposed acquisition of OYL Industries Bhd, parent company of AAF Filtration (see Filtration Industry Analyst, June 2006). The ¥232 billion take-over deal is still awaiting European Commission approval. • 3M - parent comapny of Cuno - says that it will complete its existing US$2.0 billion share repurchase authorisation ahead of schedule. As a result, its board of directors has authorised the repurchase of an additional US$1.0 billion of the company’s stock. This increases the total repurchase authorization to US$3.0 billion for the period beginning 13 February 2006, and ending 28 February 2007. As in prior years, reacquired shares will be used to support the company’s stockbased employee compensation plans and for other corporate purposes. • Entegris Inc’s board of directors has authorised the repurchase of up to US$150 million of the company’s common stock over the next 12–18 months. The company has entered into two accelerated share buyback agreements with Goldman, Sachs & Co to immediately repurchase an aggregate of approximately US$100 million of its common stock. • Parker Hannifin Corp has reported a 13% increase in orders for August 2006 on a year ago. August 2006 orders in the Industrial North America segment increased 6% over 2005, and in the Industrial International segment by 18%.
3
NEWS
September 2006
HAMWORTHY BUYS SERCK COMO IN 7.85 MN DEAL Hamworthy plc, the marine and offshore fluid handling systems specialist, has acquired Serck Como GmbH, a specialist in desalination plant for cruise ships and other vessels and condensers/heat exchangers for onshore applications. Hamworthy has agreed to pay 7.85 million in cash for Serck Como. 6 million is payable immediately. The remaining 1.85 million is payable in two deferred instalments, the first of which is due in March 2007 and the second in March 2008. The acquisition will be funded entirely from Hamworthy’s own cash reserves. Serck Como, a privatelyowned company based near
Filtration Industry Analyst
Hamburg, Germany, is currently profitable and experiencing significant growth especially in the cruise sector, which accounts for the majority of its business. For the calendar year 2005 sales totalled 17.6 million and EBIT was 1.36 million. Net assets totalled 2.0 million and net debt on completion is expected to be 1.5 million. Serck Como provides Hamworthy with an enhanced presence in Germany with its significant ship owner population and major shipyards. In addition, Serck Como’s technology complements Hamworthy’s existing wastewater treatment business as well as enhancing its customer base globally. “This is Hamworthy’s first acquisition since float and we intend that there will be more provided that they make strategic and financial sense. The acquisition is immediately earnings enhancing, complements our existing wastewater business and has excellent growth prospects both in the marine sector and onshore underpinned by an outstanding order book in July 2006 of 28.5 million,” said Hamworthy chief executive officer Kelvyn Derrick.
UBE EXPANDS GAS SEPARATION MEMBRANE PRODUCTION Ube Industries Ltd is to increase production of polyimide hollow fibres for gas separation membranes in Japan to meet rising demand for nitrogen separation membranes and alcohol dehydration membranes. Production is scheduled to double in October 2007. Increased production will coincide with a partial transfer of facilities for producing gas separation membrane modules to the Sakai factory, resulting in a two-factory system that
will boost annual module production from 20 000 to 40 000 units.
PRICE INCREASE FOR AHLSTROM FILTRATION MATERIALS Ahlstrom Corp is planning to increase prices globally across the entire range of its filtration business, due mainly to the rapid rise in prices for energy and a number of key raw materials. The company said in a statement that the price increases would be applied in the coming weeks and that the detailed actions would be discussed with customers through the appropriate business teams. Ahlstrom’s Filtration business has 12 production sites across four continents. The filtration materials are used in air, liquid and transportation applications.
NAME CHANGE FOR ULTRASTRIP UltraStrip Systems Inc has changed its name to Ecosphere Technologies Inc. “Our name change to Ecosphere Technologies more clearly defines our core business which is to solve global engineering challenges for better business and a cleaner environment,” explained Ecosphere CEO, Dennis McGuire. The company’s ticker symbol has also changed on the OTC BB to ESPH.
GWT PREPARES FOR HURRICANE SEASON Water purification and services provider Global Water Technologies Inc has strategically positioned itself to assist with any water
IN BRIEF • Daikin Industries Ltd has obtained approval from the regulatory authorities in Malaysia and in the USA for the proposed acquisition of OYL Industries Bhd, parent company of AAF Filtration (see Filtration Industry Analyst, June 2006). The ¥232 billion take-over deal is still awaiting European Commission approval. • 3M - parent comapny of Cuno - says that it will complete its existing US$2.0 billion share repurchase authorisation ahead of schedule. As a result, its board of directors has authorised the repurchase of an additional US$1.0 billion of the company’s stock. This increases the total repurchase authorization to US$3.0 billion for the period beginning 13 February 2006, and ending 28 February 2007. As in prior years, reacquired shares will be used to support the company’s stockbased employee compensation plans and for other corporate purposes. • Entegris Inc’s board of directors has authorised the repurchase of up to US$150 million of the company’s common stock over the next 12–18 months. The company has entered into two accelerated share buyback agreements with Goldman, Sachs & Co to immediately repurchase an aggregate of approximately US$100 million of its common stock. • Parker Hannifin Corp has reported a 13% increase in orders for August 2006 on a year ago. August 2006 orders in the Industrial North America segment increased 6% over 2005, and in the Industrial International segment by 18%.
3
NEWS
September 2006