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New C$40mn financing for GLV to pursue expansion
NEWS/IN BRIEF
Nederman buys Arboga-Darenth
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ederman has acquired fellow Swedish company ArbogaDarenth, a manufacturer of products and systems for coolant cleaning, swarf processing and the conveying of metal chips, including coolant filtration and oil/water separation systems. Headquartered in Arboga and with around 45 employees, Arboga-Darenth has production units in Sweden and the UK. The company reported sales of SKr75 million in 2007. Customers are mainly active in the metal-processing industry, a segment also served by Nederman’s Extraction & Filter Systems business area. Arboga-Darenth owner, Håkan Bråtegren, will remain with the business after the sale. “This acquisition is in line with Nederman’s strategy of growth within existing customer segments. It enables us to offer existing customers a wider range within the working environment sector. The metal processing industry is a core segment for Nederman. Arboga-Darenth gives Nederman a number of well-established products and systems that complement our existing range in an excellent way,” said Sven Kristensson, CEO of Nederman. For further information, visit www.nederman.com and www.arbogadarenth.se
Prometic, Sartorius Stedim collaborate on technology
S
artorius Stedim Biotech and ProMetic Life Sciences Inc have announced a second technology transfer deal resulting from their collaboration entered into in 2006. Sartorius Stedim Biotech will now be the preferred supplier and technology provider of filtration equipment and consumables to plasma fractionators that have in-licensed ProMetic’s proprietary manufacturing process. As filtration and fluid management technologies are an integral aspect to the purification of biological products, Sartorius expects significant sales from this collaboration.
May 2008
Dr Uwe Gottschalk, vice president of Purification Technologies at Sartorius Stedim Biotech, said: “This association allows us to combine ProMetic’s proprietary technology and Sartorius’s integrated technology portfolio to bypass current bioseparation limitations. In doing so, we generate increased yields for plasma-derived proteins and therefore enhance the profitability of the existing processes at our customers.” For further information, visit www.prometic.com and www.sartorius-stedim.com
New C$40mn financing for GLV to pursue expansion
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LV Inc has signed two financing agreements with the Solidarity Fund QFL, to support the company’s expansion in the water treatment and re-use solutions market. The Fund will acquire a total of 1 153 846 Class A subordinate voting shares of GLV at a price of C$13.00 per share, for net proceeds of C$15 million. The Fund is also making available to GLV, for a six-month period renewable every three months, unsecured debentures of up to C$25 million. “This new financing provides us with a flexible means to increase our leverage in the acquisitions market, while maintaining a solid balance sheet,” said Marc Barbeau, executive vice-president and chief financial officer of GLV.
For further information, visit www.glv.com
Hamworthy delivers upbeat trading update
H
amworthy plc expects its results to be modestly ahead of expectations for the year ended 31 March 2008. The order book at 29 February 2008 stood at £285 million for delivery over the next three years, up from £254 million in February 2007. “Hamworthy continues to be successful in its strategy of developing leading positions in long term growth niche markets. This is demonstrated by recent strong
In Brief • German ultrafiltration specialist Inge AG has entered into a distribution agreement with South Korea’s LG Chem. With immediate effect, LG Chem will be the exclusive distributor of Inge’s patented dizzer module in Korea and Japan. www.lgchem.com and www.inge.ag • Atorka Group hf has purchased 50 000 shares in Amiad Filtration Systems Ltd, increasing its stake to 23.72%. www.amiad.com • Dahlman Filter Technology’s Key Supply, Spares and Service has moved from Geleen to Elsloo in Limburg, the Netherlands. www.dahlman.nl • A new report from International Newsletters Ltd - Automotive Filters: Optimizing Performance and Minimizing Environmental Impact - analyses 50 companies in the automotive filter industry, assessing their strategies for profitable growth in the face of rapidly changing markets. The report, which is priced at £415, also covers mergers, acquisitions and joint ventures in the sector. www.technical-textiles.net • Cummins Filtration has launched a completely redesigned version of its online catalogue. “Our redesign process began with listening to our customers’ feedback about the existing Web catalog – both our strengths and our opportunities for improvement,” explained Cindy Leddy, catalogue manager for Cummins Filtration. “The result is a more user-friendly Web catalog where customers can find detailed part information on Fleetguard products, look up applications and cross reference original equipment and competitive part numbers.” www.cumminsfiltration.com • MFRI Inc has discovered an adjustment to the provision for income taxes for the third quarter of 2007, which will require the restatement of its previously reported quarterly earnings. The restatement will decrease the previously reported income tax benefit for the quarter and increase income tax expense for the nine months by US$232 000. The restatement does not affect the company’s sales, operating expenses or cash flow. www.mfri.com
Filtration Industry Analyst
3
Nederman buys Arboga-Darenth
N
ederman has acquired fellow Swedish company ArbogaDarenth, a manufacturer of products and systems for coolant cleaning, swarf processing and the conveying of metal chips, including coolant filtration and oil/water separation systems. Headquartered in Arboga and with around 45 employees, Arboga-Darenth has production units in Sweden and the UK. The company reported sales of SKr75 million in 2007. Customers are mainly active in the metal-processing industry, a segment also served by Nederman’s Extraction & Filter Systems business area. Arboga-Darenth owner, Håkan Bråtegren, will remain with the business after the sale. “This acquisition is in line with Nederman’s strategy of growth within existing customer segments. It enables us to offer existing customers a wider range within the working environment sector. The metal processing industry is a core segment for Nederman. Arboga-Darenth gives Nederman a number of well-established products and systems that complement our existing range in an excellent way,” said Sven Kristensson, CEO of Nederman. For further information, visit www.nederman.com and www.arbogadarenth.se
Prometic, Sartorius Stedim collaborate on technology
S
artorius Stedim Biotech and ProMetic Life Sciences Inc have announced a second technology transfer deal resulting from their collaboration entered into in 2006. Sartorius Stedim Biotech will now be the preferred supplier and technology provider of filtration equipment and consumables to plasma fractionators that have in-licensed ProMetic’s proprietary manufacturing process. As filtration and fluid management technologies are an integral aspect to the purification of biological products, Sartorius expects significant sales from this collaboration.
May 2008
Dr Uwe Gottschalk, vice president of Purification Technologies at Sartorius Stedim Biotech, said: “This association allows us to combine ProMetic’s proprietary technology and Sartorius’s integrated technology portfolio to bypass current bioseparation limitations. In doing so, we generate increased yields for plasma-derived proteins and therefore enhance the profitability of the existing processes at our customers.” For further information, visit www.prometic.com and www.sartorius-stedim.com
New C$40mn financing for GLV to pursue expansion
G
LV Inc has signed two financing agreements with the Solidarity Fund QFL, to support the company’s expansion in the water treatment and re-use solutions market. The Fund will acquire a total of 1 153 846 Class A subordinate voting shares of GLV at a price of C$13.00 per share, for net proceeds of C$15 million. The Fund is also making available to GLV, for a six-month period renewable every three months, unsecured debentures of up to C$25 million. “This new financing provides us with a flexible means to increase our leverage in the acquisitions market, while maintaining a solid balance sheet,” said Marc Barbeau, executive vice-president and chief financial officer of GLV.
For further information, visit www.glv.com
Hamworthy delivers upbeat trading update
H
amworthy plc expects its results to be modestly ahead of expectations for the year ended 31 March 2008. The order book at 29 February 2008 stood at £285 million for delivery over the next three years, up from £254 million in February 2007. “Hamworthy continues to be successful in its strategy of developing leading positions in long term growth niche markets. This is demonstrated by recent strong
In Brief • German ultrafiltration specialist Inge AG has entered into a distribution agreement with South Korea’s LG Chem. With immediate effect, LG Chem will be the exclusive distributor of Inge’s patented dizzer module in Korea and Japan. www.lgchem.com and www.inge.ag • Atorka Group hf has purchased 50 000 shares in Amiad Filtration Systems Ltd, increasing its stake to 23.72%. www.amiad.com • Dahlman Filter Technology’s Key Supply, Spares and Service has moved from Geleen to Elsloo in Limburg, the Netherlands. www.dahlman.nl • A new report from International Newsletters Ltd - Automotive Filters: Optimizing Performance and Minimizing Environmental Impact - analyses 50 companies in the automotive filter industry, assessing their strategies for profitable growth in the face of rapidly changing markets. The report, which is priced at £415, also covers mergers, acquisitions and joint ventures in the sector. www.technical-textiles.net • Cummins Filtration has launched a completely redesigned version of its online catalogue. “Our redesign process began with listening to our customers’ feedback about the existing Web catalog – both our strengths and our opportunities for improvement,” explained Cindy Leddy, catalogue manager for Cummins Filtration. “The result is a more user-friendly Web catalog where customers can find detailed part information on Fleetguard products, look up applications and cross reference original equipment and competitive part numbers.” www.cumminsfiltration.com • MFRI Inc has discovered an adjustment to the provision for income taxes for the third quarter of 2007, which will require the restatement of its previously reported quarterly earnings. The restatement will decrease the previously reported income tax benefit for the quarter and increase income tax expense for the nine months by US$232 000. The restatement does not affect the company’s sales, operating expenses or cash flow. www.mfri.com
Filtration Industry Analyst
3