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Restructure at ITT fluid technology
B USINESS & FINANCIAT.,
TI swoops for EIS
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TI Group plc, best known to the pumps world as owner of the mechanical seal maker John Crane, has launched a bid to takeover the British engineering conglomerate EIS plc. The offer, which is being recommended by the EIS board, is worth &267 million, and values the company at 505~ per share. EIS has a large number of small and medium sized engineering businesses, of which pump makers Hick Hargeaves and Plenty, and seal maker Flexibox are of particular interest from a pumping perspective. Following John Crane’s recent of Seal01 and acquisitions Safematic, the addition of Flexibox further strengthens the company’s domination of the mechanical sealing market, and in itself must have made the acquisition attractive. There is also overlap in and marine propulsion aerospace markets, but givenTTs’ recent drive to focus on its core businesses of John Crane, Bundy, Forsheda Polymer Engineering and Dowty Aerospace, it seems likely that there will be swift moves to dispose of parts of EIS that don’t fit the TI mould. However, in Plenty and Hick Hargreaves, TI may feel it has the first blocks in place for building a significant pump manufacturing division. Certainly, TI makes no secret of the fact that there is plenty more money available for further acquisitions in the near future.
Five-year warranty for progressing cavity pump Mono Pumps has raised the stakes in the competitive progressing cavity pump market by announcing what it believes to be the first five-year warranty.
ju
WORLD PUMPS
JULY 1998
The extended warranty applies to the Flexishaft drive system which is incorporated into its most popular industrial E Range, hygienic S Range, low flow LF Range and small Monobloc B pump range. Mono’s confidence in the reliability of this system has been the driving force behind the decision to extend the present three year warranty to five years. The extended warranty will also apply to the recently launched Special Flexishaft, a shortened version of the drive system which is particularly suited to applications where space saving is a crucial consideration.
Restructure ITT Fluid Technology
at
As the world’s biggest pump maker continues with the integration of Goulds Pumps’ international organisation, further has been restructuring announced. Rick Steber will head up a new Europe, Middle East and Africa (EMA) organisaITT Fluid tion within International’s Technology Industrial Products Group. The new organisation will be aiming to increase market share in industrial markets in a region where the group has traditionally sold most product to commercial and domestic markets. John Thorne, formerly Managing Director of Goulds Pumps Ltd and VP Goulds Pumps Europe, is now Vice Managing President and Director of industrial sales in Europe, Middle East and Africa.
Flowserve reports record first quarter Flowserve Corporation has reported record first-quarter earnings per diluted share of
$0.44 before merger integration a seven percent expenses, increase over the combined 1997 first quarter results of Inc. and Durco BW/IP, International Inc. of $0.41 per share. BW/IP and Durco merged to form Flowserve in July 1997. Earnings before merger integration expenses were $18.1 million in the first quarter, up eight percent over the $16.8 million earned in the first quarter of 1997. The company said the increase would have been 15 percent had it not been for adverse currency translation effects and the loss of the earnings from the divestiture of the company’s Filtration Systems Division and the Metal Fab Machine Corporation subsidiary during 1997. Net earnings after planned merger integration expenses of $7.6 million were $13.1 million or $0.32 per diluted share. Merger integration expenses were primarily related to facility closures and relocation costs. The company reported firstquarter sales of $258.3 million compared with sales of $262.5 million for the combined companies in the first quarter of 1997.
%300 million pump package for Argentina Mono Pumps Ltd has won a substantial order for progressing pumps from Argentina’s largest oil company,YPF Argentina. Placed through IDP De Argentina in Buenos Aires, the order for eighteen Industrial E represents Range pumps Mono’s largest single order to date.The pumps are destined for the Lomitas Chiuhido oil field in the Neuquen Province, and will be installed on a first stage upstream process to transfer a mixture of oil, formation water and solids to the tank separator. Due to the highly corrosive nature of formation water, all rotating parts within the pumps
TI swoops for EIS
/
TI Group plc, best known to the pumps world as owner of the mechanical seal maker John Crane, has launched a bid to takeover the British engineering conglomerate EIS plc. The offer, which is being recommended by the EIS board, is worth &267 million, and values the company at 505~ per share. EIS has a large number of small and medium sized engineering businesses, of which pump makers Hick Hargeaves and Plenty, and seal maker Flexibox are of particular interest from a pumping perspective. Following John Crane’s recent of Seal01 and acquisitions Safematic, the addition of Flexibox further strengthens the company’s domination of the mechanical sealing market, and in itself must have made the acquisition attractive. There is also overlap in and marine propulsion aerospace markets, but givenTTs’ recent drive to focus on its core businesses of John Crane, Bundy, Forsheda Polymer Engineering and Dowty Aerospace, it seems likely that there will be swift moves to dispose of parts of EIS that don’t fit the TI mould. However, in Plenty and Hick Hargreaves, TI may feel it has the first blocks in place for building a significant pump manufacturing division. Certainly, TI makes no secret of the fact that there is plenty more money available for further acquisitions in the near future.
Five-year warranty for progressing cavity pump Mono Pumps has raised the stakes in the competitive progressing cavity pump market by announcing what it believes to be the first five-year warranty.
ju
WORLD PUMPS
JULY 1998
The extended warranty applies to the Flexishaft drive system which is incorporated into its most popular industrial E Range, hygienic S Range, low flow LF Range and small Monobloc B pump range. Mono’s confidence in the reliability of this system has been the driving force behind the decision to extend the present three year warranty to five years. The extended warranty will also apply to the recently launched Special Flexishaft, a shortened version of the drive system which is particularly suited to applications where space saving is a crucial consideration.
Restructure ITT Fluid Technology
at
As the world’s biggest pump maker continues with the integration of Goulds Pumps’ international organisation, further has been restructuring announced. Rick Steber will head up a new Europe, Middle East and Africa (EMA) organisaITT Fluid tion within International’s Technology Industrial Products Group. The new organisation will be aiming to increase market share in industrial markets in a region where the group has traditionally sold most product to commercial and domestic markets. John Thorne, formerly Managing Director of Goulds Pumps Ltd and VP Goulds Pumps Europe, is now Vice Managing President and Director of industrial sales in Europe, Middle East and Africa.
Flowserve reports record first quarter Flowserve Corporation has reported record first-quarter earnings per diluted share of
$0.44 before merger integration a seven percent expenses, increase over the combined 1997 first quarter results of Inc. and Durco BW/IP, International Inc. of $0.41 per share. BW/IP and Durco merged to form Flowserve in July 1997. Earnings before merger integration expenses were $18.1 million in the first quarter, up eight percent over the $16.8 million earned in the first quarter of 1997. The company said the increase would have been 15 percent had it not been for adverse currency translation effects and the loss of the earnings from the divestiture of the company’s Filtration Systems Division and the Metal Fab Machine Corporation subsidiary during 1997. Net earnings after planned merger integration expenses of $7.6 million were $13.1 million or $0.32 per diluted share. Merger integration expenses were primarily related to facility closures and relocation costs. The company reported firstquarter sales of $258.3 million compared with sales of $262.5 million for the combined companies in the first quarter of 1997.
%300 million pump package for Argentina Mono Pumps Ltd has won a substantial order for progressing pumps from Argentina’s largest oil company,YPF Argentina. Placed through IDP De Argentina in Buenos Aires, the order for eighteen Industrial E represents Range pumps Mono’s largest single order to date.The pumps are destined for the Lomitas Chiuhido oil field in the Neuquen Province, and will be installed on a first stage upstream process to transfer a mixture of oil, formation water and solids to the tank separator. Due to the highly corrosive nature of formation water, all rotating parts within the pumps