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Pentair in 2-for-1 stock split
IN BRIEF/DIVIDENDS/NEWS
Pump Industry Analyst
June 2004
IN BRIEF
DIVIDENDS
• Germany’s KSB is planning to introduce an occupational safety and health management system throughout the company during 2004. Under the plan, the risk potential of all workplaces will be analysed and employees will be provided with systematic occupational health care. • Professor Frede Blåbjerg of Aalborg University’s Department of Energy Technology has been awarded the Grundfos Prize 2004 for his international scientific research in power electronics. The DKr1 million award comprises a DKr250 000 personal gift and DKr750 000 to be spent on further research in the field. • Two of Davey Products’ latest innovations RainBank and Celsior have been awarded Australian DesignMarks. Products are recognised with an Australian DesignMark for commendable product design and innovation. RainBank has also been chosen by Australia’s Powerhouse Museum as part of a selection of outstanding products from the finalists of the Australian Design Awards. The criteria for the Powerhouse Selection include excellence in design and innovative use of new technologies to provide significant benefits to users. The Museum places special emphasis on products that reflect Australia’s cultural heritage. Selected products are acquired by the Museum and put on public exhibition in the Success & Innovation Hall for one year. • Alfa Laval has formed a cooperation agreement with fellow Swedish company Benrad, a specialist in ballast water treatment.
• Kirloskar Brothers Ltd’s board of directors has recommended a dividend payment of Rs10 on equity shares for the financial year ended 31 March 2004. • Tecumseh Products Co’s regular quarterly cash dividend of US$0.32 per share is payable on 25 June 2004 to shareholders of record of its Class A and Class B Common Stock as of 11 June 2004. • The SPX Corp board of directors has declared a quarterly dividend of US$0.25 per common share payable on 1 July 2004, to shareholders of record on 10 June 2004. • Crane Co’s regular US$0.10 dividend on the company’s common stock for the second quarter of 2004 will be paid on 11 June 2004 to shareholders of record as of the close of business on 3 June 2004. • Roper Industries Inc’s board has approved a dividend of US$0.09625 per share payable on 30 July 2004 to stockholders of record on 16 July 2004. • The board of directors of ITT Industries Inc has declared a US$0.17 per share dividend for the second quarter of 2004. The dividend is payable on 1 July 2004 to shareholders of record on 21 May 2004. • Pentair has approved a 5% increase in the company’s regular quarterly cash dividend effective with the quarterly dividend payable on 13 August 2004, to shareholders of record as of 30 July 2004. • Parker Hannifin has raised its annual dividend for the 48th consecutive year. The board has declared a regular quarterly cash dividend of US$0.19 per share of common stock payable on 4 June 2004.
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GRUNDFOS CUTS WORK ACCIDENT NUMBERS BY 35% Grundfos has reduced its work accident frequency by 35% in the three years between 2000 and 2003. Despite expanding production in Finland and Hungary, the number of accidents was 80 fewer in 2003 than in 2000. Grundfos’s efforts to cut work accident numbers include following up on all accidents that occur and making the necessary changes to work procedures to avoid reoccurrence. As part of the group’s preventative work, Grundfos now also records near-accidents. Grundfos’s US production company has gone one step further, by not waiting until the incidents become near-accidents, but by registering them at the time they would normally pass unnoticed as part of day-to-day work. This has been achieved by identifying the critical movements that lead to accidents and by then motivating staff to change their work routine.
PATTERSON PUMP RELOCATES FLO-PAK Flo-Pak, a business unit of Patterson Pump Co, has relocated to a new state of the art facility in Buford, Georgia. Along with the relocation, Flo-Pak is also reorganizing its product range. The new facility will house Flo-Pak’s Aqua-Pac plumbing booster systems, along with HVAC systems products, and its UL control panels shop. Large municipal systems, pump houses and underground systems will move to the current Patterson facility in Toccoa. “We are pleased to announce the move of Flo-Pak into new facilities,” says Al Huber, president of Patterson Pump. The new manufacturing structure will give Flo-Pak the
much needed space to expand its presence in the plumbing and HVAC systems markets. “The migration of the municipal products to Toccoa is an easy transition given the vast manufacturing experience of Patterson in the municipal marketplace,” added Huber.
IDEX COMPLETES SCIVEX ACQUISITION Idex Corp has closed the previously-announced acquisition of Scivex Inc (see Pump Industry Analyst, May 2004). Scivex, which represents a strategic expansion of Idex’s life sciences business, manufactures fluidic components and systems for the analytical, biotechnology and diagnostic instrumentation markets. The newly-acquired business will operate as a stand-alone unit within Idex’s Pump Products Group.
PENTAIR IN 2-FOR-1 STOCK SPLIT Pentair Inc has approved a 2-for-1 stock split in the form of a 100% stock dividend payable on 8 June 2004, to shareholders of record on 1 June 2004. The Pentair board has also approved a 5% increase in the company’s regular quarterly dividend (see Dividends, page 12). With the stock dividend action, Pentair shareholders will receive one additional share of Pentair stock for every share held held on 1 June 2004. Pentair’s last stock split, in February 1996, was also a 2-for-1 split. Pentair’s shares outstanding will double to more than 100 million once the split is completed. The cash dividend increase is the 28th consecutive annual increase. On a post-split basis, the quarterly cash dividend will be US$0.11 per share, or US$0.22 per share on a pre-split basis.
Pump Industry Analyst
June 2004
IN BRIEF
DIVIDENDS
• Germany’s KSB is planning to introduce an occupational safety and health management system throughout the company during 2004. Under the plan, the risk potential of all workplaces will be analysed and employees will be provided with systematic occupational health care. • Professor Frede Blåbjerg of Aalborg University’s Department of Energy Technology has been awarded the Grundfos Prize 2004 for his international scientific research in power electronics. The DKr1 million award comprises a DKr250 000 personal gift and DKr750 000 to be spent on further research in the field. • Two of Davey Products’ latest innovations RainBank and Celsior have been awarded Australian DesignMarks. Products are recognised with an Australian DesignMark for commendable product design and innovation. RainBank has also been chosen by Australia’s Powerhouse Museum as part of a selection of outstanding products from the finalists of the Australian Design Awards. The criteria for the Powerhouse Selection include excellence in design and innovative use of new technologies to provide significant benefits to users. The Museum places special emphasis on products that reflect Australia’s cultural heritage. Selected products are acquired by the Museum and put on public exhibition in the Success & Innovation Hall for one year. • Alfa Laval has formed a cooperation agreement with fellow Swedish company Benrad, a specialist in ballast water treatment.
• Kirloskar Brothers Ltd’s board of directors has recommended a dividend payment of Rs10 on equity shares for the financial year ended 31 March 2004. • Tecumseh Products Co’s regular quarterly cash dividend of US$0.32 per share is payable on 25 June 2004 to shareholders of record of its Class A and Class B Common Stock as of 11 June 2004. • The SPX Corp board of directors has declared a quarterly dividend of US$0.25 per common share payable on 1 July 2004, to shareholders of record on 10 June 2004. • Crane Co’s regular US$0.10 dividend on the company’s common stock for the second quarter of 2004 will be paid on 11 June 2004 to shareholders of record as of the close of business on 3 June 2004. • Roper Industries Inc’s board has approved a dividend of US$0.09625 per share payable on 30 July 2004 to stockholders of record on 16 July 2004. • The board of directors of ITT Industries Inc has declared a US$0.17 per share dividend for the second quarter of 2004. The dividend is payable on 1 July 2004 to shareholders of record on 21 May 2004. • Pentair has approved a 5% increase in the company’s regular quarterly cash dividend effective with the quarterly dividend payable on 13 August 2004, to shareholders of record as of 30 July 2004. • Parker Hannifin has raised its annual dividend for the 48th consecutive year. The board has declared a regular quarterly cash dividend of US$0.19 per share of common stock payable on 4 June 2004.
12
GRUNDFOS CUTS WORK ACCIDENT NUMBERS BY 35% Grundfos has reduced its work accident frequency by 35% in the three years between 2000 and 2003. Despite expanding production in Finland and Hungary, the number of accidents was 80 fewer in 2003 than in 2000. Grundfos’s efforts to cut work accident numbers include following up on all accidents that occur and making the necessary changes to work procedures to avoid reoccurrence. As part of the group’s preventative work, Grundfos now also records near-accidents. Grundfos’s US production company has gone one step further, by not waiting until the incidents become near-accidents, but by registering them at the time they would normally pass unnoticed as part of day-to-day work. This has been achieved by identifying the critical movements that lead to accidents and by then motivating staff to change their work routine.
PATTERSON PUMP RELOCATES FLO-PAK Flo-Pak, a business unit of Patterson Pump Co, has relocated to a new state of the art facility in Buford, Georgia. Along with the relocation, Flo-Pak is also reorganizing its product range. The new facility will house Flo-Pak’s Aqua-Pac plumbing booster systems, along with HVAC systems products, and its UL control panels shop. Large municipal systems, pump houses and underground systems will move to the current Patterson facility in Toccoa. “We are pleased to announce the move of Flo-Pak into new facilities,” says Al Huber, president of Patterson Pump. The new manufacturing structure will give Flo-Pak the
much needed space to expand its presence in the plumbing and HVAC systems markets. “The migration of the municipal products to Toccoa is an easy transition given the vast manufacturing experience of Patterson in the municipal marketplace,” added Huber.
IDEX COMPLETES SCIVEX ACQUISITION Idex Corp has closed the previously-announced acquisition of Scivex Inc (see Pump Industry Analyst, May 2004). Scivex, which represents a strategic expansion of Idex’s life sciences business, manufactures fluidic components and systems for the analytical, biotechnology and diagnostic instrumentation markets. The newly-acquired business will operate as a stand-alone unit within Idex’s Pump Products Group.
PENTAIR IN 2-FOR-1 STOCK SPLIT Pentair Inc has approved a 2-for-1 stock split in the form of a 100% stock dividend payable on 8 June 2004, to shareholders of record on 1 June 2004. The Pentair board has also approved a 5% increase in the company’s regular quarterly dividend (see Dividends, page 12). With the stock dividend action, Pentair shareholders will receive one additional share of Pentair stock for every share held held on 1 June 2004. Pentair’s last stock split, in February 1996, was also a 2-for-1 split. Pentair’s shares outstanding will double to more than 100 million once the split is completed. The cash dividend increase is the 28th consecutive annual increase. On a post-split basis, the quarterly cash dividend will be US$0.11 per share, or US$0.22 per share on a pre-split basis.