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Robbins & Myers Inc, USA
COMPANY PROFILE
Robbins & Myers Inc, USA Profile
Robbins & Myers Inc supplies engineered, application-critical equipment and systems for global energy, chemical and other industrial markets. The company provides products and services for upstream oil & gas markets, and also has a portfolio of industrial process and flow control products. With the 2011 acquisition of T-3 Energy Services Inc, Robbins & Myers realigned its operations into two segments: Energy Services; and Process & Flow Control. The Energy Services Group provides down-hole pumps and systems, power sections, pipeline closures, wellhead products, tubing wear products and well control solutions, while the Process and Flow Control Group manufactures and markets glass-lined reactor systems, thermal fluid systems, engineered fluoropolymer products, progressing cavity industrial pumps, grinders and mixing equipment and systems. The company’s fiscal 2011 results were reported using the old two segment structure of Fluid Management and Process Solutions. The Fluid Management business segment, which included T-3, designed, manufactured, marketed, repaired and serviced equipment and systems including down-hole and industrial progressing cavity pumps, used in oil & gas exploration, recovery and transportation, specialty chemical, wastewater treatment and in other industrial applications. Pump brands included Moyno and Tarby. The Process Solutions business included glass-lined reactors and storage vessels, alloy steel vessels, customised equipment, systems and fluoropolymer-lined fittings, vessels and accessories, mainly for the pharmaceutical and specialty chemical markets. Robbins & Myers has 3400 employees and operates in 15 countries. Analysis
The Fluid Management segment, which included T-3 results since January 2011, had sales of US$607.5 million in fiscal 2011, up from US$308.5 million in fiscal 2010. Gains came mainly from the energy markets with strong growth in horizontal rigs, as companies invested to capture oil & gas from shale formations in North America. Fluid Management orders were US$648.5 million in fiscal 2011, almost double fiscal 2010’s US$332.6 million. Ending backlog at 31 August 2011, including T-3 backlog of US$91.3 million, was US$153.2 million compared with US$58.1 million at the end of August 2010.
COMMENT While fiscal 2011 was a transforming year for Robbins & Myers Inc with the sale of Romaco and the acquisition of T-3, fiscal 2012 is proving to be no less eventful with the agreement to be acquired by National Oilwell Varco Inc. Robbins & Myers’ pump businesses will become part of a solid National Oilwell Varco pump portfolio that includes NOV Mono and a strong sales, marketing and distribution network. ■
Key Figures (US$ million) Robbins & Myers Inc 2011
2010
Year ended 31.8 2009
2008
2007
820.6
478.2
527.3
636.5
566.2
607.5 213.2
308.5 169.7
327.9 199.4
– –
– –
876.23
521.9
451.3
667.6
586.3
Ending Backlog
251.1
136.8
94.8
186.7
141.9
Cost of Sales
515.6
319.5
340.7
–
–
Gross Profit
305.1
158.7
186.6
–
–
Income/(Loss) before Interest and Tax (EBIT) Of Which: Fluid Management Process Solutions
131.3
46.9
72.1
110.1
93.7
154.3 3.5
75.3 (8.7)
80.0 8.6
– –
– –
Net Income/(Loss)
134.0
33.2
55.4
–
–
Sales Of Which: Fluid Management Process Solutions Orders
Net Income from Continuing Operations
80.4
29.3
53.5
69.5
50.4
Capital Expenditures Of Which: Fluid Management Process Solutions
28.3
10.6
17.7
22.1
16.5
22.7 4.8
5.7 2.7
12.2 3.1
– –
– –
No of Employees
3387
2965
3027
3357
3233
Contact Details
Robbins & Myers Inc President & CEO: Address:
6
Pump Industry Analyst
Peter Wallace 10586 Highway 75 N Willis, TX 77378, USA
Tel: +1 936 890 1064 Web: www.robn.com
September 2012
Robbins & Myers Inc, USA Profile
Robbins & Myers Inc supplies engineered, application-critical equipment and systems for global energy, chemical and other industrial markets. The company provides products and services for upstream oil & gas markets, and also has a portfolio of industrial process and flow control products. With the 2011 acquisition of T-3 Energy Services Inc, Robbins & Myers realigned its operations into two segments: Energy Services; and Process & Flow Control. The Energy Services Group provides down-hole pumps and systems, power sections, pipeline closures, wellhead products, tubing wear products and well control solutions, while the Process and Flow Control Group manufactures and markets glass-lined reactor systems, thermal fluid systems, engineered fluoropolymer products, progressing cavity industrial pumps, grinders and mixing equipment and systems. The company’s fiscal 2011 results were reported using the old two segment structure of Fluid Management and Process Solutions. The Fluid Management business segment, which included T-3, designed, manufactured, marketed, repaired and serviced equipment and systems including down-hole and industrial progressing cavity pumps, used in oil & gas exploration, recovery and transportation, specialty chemical, wastewater treatment and in other industrial applications. Pump brands included Moyno and Tarby. The Process Solutions business included glass-lined reactors and storage vessels, alloy steel vessels, customised equipment, systems and fluoropolymer-lined fittings, vessels and accessories, mainly for the pharmaceutical and specialty chemical markets. Robbins & Myers has 3400 employees and operates in 15 countries. Analysis
The Fluid Management segment, which included T-3 results since January 2011, had sales of US$607.5 million in fiscal 2011, up from US$308.5 million in fiscal 2010. Gains came mainly from the energy markets with strong growth in horizontal rigs, as companies invested to capture oil & gas from shale formations in North America. Fluid Management orders were US$648.5 million in fiscal 2011, almost double fiscal 2010’s US$332.6 million. Ending backlog at 31 August 2011, including T-3 backlog of US$91.3 million, was US$153.2 million compared with US$58.1 million at the end of August 2010.
COMMENT While fiscal 2011 was a transforming year for Robbins & Myers Inc with the sale of Romaco and the acquisition of T-3, fiscal 2012 is proving to be no less eventful with the agreement to be acquired by National Oilwell Varco Inc. Robbins & Myers’ pump businesses will become part of a solid National Oilwell Varco pump portfolio that includes NOV Mono and a strong sales, marketing and distribution network. ■
Key Figures (US$ million) Robbins & Myers Inc 2011
2010
Year ended 31.8 2009
2008
2007
820.6
478.2
527.3
636.5
566.2
607.5 213.2
308.5 169.7
327.9 199.4
– –
– –
876.23
521.9
451.3
667.6
586.3
Ending Backlog
251.1
136.8
94.8
186.7
141.9
Cost of Sales
515.6
319.5
340.7
–
–
Gross Profit
305.1
158.7
186.6
–
–
Income/(Loss) before Interest and Tax (EBIT) Of Which: Fluid Management Process Solutions
131.3
46.9
72.1
110.1
93.7
154.3 3.5
75.3 (8.7)
80.0 8.6
– –
– –
Net Income/(Loss)
134.0
33.2
55.4
–
–
Sales Of Which: Fluid Management Process Solutions Orders
Net Income from Continuing Operations
80.4
29.3
53.5
69.5
50.4
Capital Expenditures Of Which: Fluid Management Process Solutions
28.3
10.6
17.7
22.1
16.5
22.7 4.8
5.7 2.7
12.2 3.1
– –
– –
No of Employees
3387
2965
3027
3357
3233
Contact Details
Robbins & Myers Inc President & CEO: Address:
6
Pump Industry Analyst
Peter Wallace 10586 Highway 75 N Willis, TX 77378, USA
Tel: +1 936 890 1064 Web: www.robn.com
September 2012