- Email: [email protected]
Sales and profits grow at Grundfos
NEWS
Gardner Denver files registration statement for proposed IPO
F
low control technology provider Gardner Denver Holdings Inc has filed a registration statement on Form S-1 with the US Securities and Exchange Commission (SEC) relating to a proposed initial public offering of its common stock. The number of shares to be offered, the price range, and the stock exchange listing for the proposed offering have not yet been determined. Gardner Denver, which has been privately owned by global investment firm KKR since 2013, says that it intends to use the net proceeds from the offering for the repayment of certain indebtedness. For further information, visit www.gardnerdenver.com
Sales and profits grow at Grundfos
A
strong second half of the year helped Grundfos achieve organic growth of 0.5% in 2016, measured in local currencies and net of divestments. While Grundfos’s 2016 net turnover slipped 0.5% to DKK24.7 billion, earnings before interest and tax (EBIT) increased approximately DKK200 million to DKK2.2 billion in 2016. When adjusted for nonperformance related items in 2015 and 2016, performance EBIT increased 25% on 2015. “Going into 2016, one of our top priorities was to continue the financial turnaround. With 25% increase in underlying EBIT, we are satisfied with the results we have achieved,” said Grundfos Group president and CEO Mads Nipper. “It is estimated that the global pump market served by Grundfos stayed flat in 2016. Our modest full-year sales growth therefore means that we have bolstered our position as the globally leading pump solutions provider. After a challenging first half of 2016, we are particularly happy that sales regained momentum in the second half of 2016.” Grundfos saw full year growth in Germany, China, the UK and a number of other European and Asian markets. However, Russia and the Greater Middle East continued to experience low activity levels driven by 16
Pump Industry Analyst
reduced oil prices and financial uncertainty. The US market showed a decline in sales on the back of strong growth in 2015. For further information, visit www.grundfos.com
Suez and CDPQ to acquire GE Water in E3.2bn deal
F
rench utility Suez and Canadian institutional investor Caisse de dépôt et placement du Québec (CDPQ) have entered into a binding agreement to purchase GE Water & Process Technologies from General Electric Co for an enterprise value of E3.2 billion (see Pump Industry Analyst, November 2016). With operations in 130 countries and over 7500 employees, GE Water generated approximately US$2.1 billion in revenues in 2016. Suez is forming a 70/30 joint venture with CDPQ to acquire 100% of GE Water in an all cash transaction. Suez will then contribute its existing industrial water activities to a new self-standing Industrial Water business unit. CDPQ is investing over US$700 million for its 30% stake. Jean‐Louis Chaussade, CEO of Suez, said the acquisition of GE Water will accelerate the implementation of Suez’s strategy by strengthening its position in the promising and fast‐growing industrial water market. “Operating in a core industry, GE Water has built a premier business with recurring revenues and a high‐quality and diversified customer base. This investment is therefore highly aligned with CDPQ’s long‐term vision and its strategy of increasing its emphasis on stable assets anchored in the real economy, alongside key operators such as Suez,” said Michael Sabia, president and CEO at CDPQ. Suez has a fully underwritten bridge financing in place for the transaction. The deal is expected to close by mid‐2017 and is subject to receipt of required regulatory approvals and other customary closing conditions. Last year CDPQ partnered with SKion to acquire Ovivo Inc (see Pump Industry Analyst, July 2016).
Editorial Office: Elsevier Limited, The Boulevard, Langford Lane, Kidlington, Oxford OX5 1GB, United Kingdom Tel: +44 (0)1865 843695 Web: www.pumpindustryanalyst.com Editor: Roisin Reidy E-mail: [email protected] Production Support Manager: Lin Lucas E-mail: [email protected] Executive Publisher: Laney Priestley Subscription Information An annual subscription to Pump Industry Analyst includes 12 issues and online access for up to 5 users. Subscriptions run for 12 months, from the date payment is received. More information: More information: www.elsevier.com/journals/institutional/ pump-industry-analyst/1359-6128 Permissions may be sought directly from Elsevier Rights & Permissions Department, PO Box 800, Oxford OX5 1DX, UK; phone: (+44) 1865 843830, fax: (+44) 1865 853333, email: permissions@ elsevier.com. You may also contact Rights & Permissions directly through Elsevier’s home page (http://www.elsevier.com), selecting first ‘Customer Support’, then ‘General Information’, then Permissions Query Form’. In the USA, users may clear permissions and make payments through the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, USA; phone: (978) 7508400, fax: (978) 7504744, and in the UK through the Copyright Licensing Agency Rapid Clearance Service (CLARCS), 90 Tottenham Court Road, London W1P 0LP, UK; phone: (+44) 207 436 5931; fax: (+44) 207 436 3986. Other countries may have a local reprographic rights agency for payments. Derivative Works Subscribers may reproduce tables of contents or prepare lists of articles including abstracts for internal circulation within their institutions. Per mission of the publisher is required for resale or distribution outside the institution. Permission of the publisher is required for all other derivative works, including compilations and translations. Electronic Storage or Usage Permission of the publisher is required to store or use electronically any material contained in this journal, including any article or part of an article. Contact the publisher at the address indicated. Except as outlined above, no part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of the publisher. Address permissions requests to: Elsevier Rights & Permissions Department, at the mail, fax and email addresses noted above. Notice No responsibility is assumed by the Publisher for any injury and/or damage to persons or property as a matter of products liability, negligence or otherwise, or from any use or operation of any methods, products, instructions or ideas contained in the material herein. Because of rapid advances in the medical sciences, in particular, independent verification of diagnoses and drug dosages should be made. Although all advertising material is expected to conform to ethical (medical) standards, inclusion in this publication does not constitute a guarantee or endorsement of the quality or value of such product or of the claims made of it by its manufacturer.
Digitally Produced by Mayfield Press (Oxford) LImited 12979
For further information, visit www.gewater.com, www.suez-environnement.fr and www.cdpq.com
March 2017
Gardner Denver files registration statement for proposed IPO
F
low control technology provider Gardner Denver Holdings Inc has filed a registration statement on Form S-1 with the US Securities and Exchange Commission (SEC) relating to a proposed initial public offering of its common stock. The number of shares to be offered, the price range, and the stock exchange listing for the proposed offering have not yet been determined. Gardner Denver, which has been privately owned by global investment firm KKR since 2013, says that it intends to use the net proceeds from the offering for the repayment of certain indebtedness. For further information, visit www.gardnerdenver.com
Sales and profits grow at Grundfos
A
strong second half of the year helped Grundfos achieve organic growth of 0.5% in 2016, measured in local currencies and net of divestments. While Grundfos’s 2016 net turnover slipped 0.5% to DKK24.7 billion, earnings before interest and tax (EBIT) increased approximately DKK200 million to DKK2.2 billion in 2016. When adjusted for nonperformance related items in 2015 and 2016, performance EBIT increased 25% on 2015. “Going into 2016, one of our top priorities was to continue the financial turnaround. With 25% increase in underlying EBIT, we are satisfied with the results we have achieved,” said Grundfos Group president and CEO Mads Nipper. “It is estimated that the global pump market served by Grundfos stayed flat in 2016. Our modest full-year sales growth therefore means that we have bolstered our position as the globally leading pump solutions provider. After a challenging first half of 2016, we are particularly happy that sales regained momentum in the second half of 2016.” Grundfos saw full year growth in Germany, China, the UK and a number of other European and Asian markets. However, Russia and the Greater Middle East continued to experience low activity levels driven by 16
Pump Industry Analyst
reduced oil prices and financial uncertainty. The US market showed a decline in sales on the back of strong growth in 2015. For further information, visit www.grundfos.com
Suez and CDPQ to acquire GE Water in E3.2bn deal
F
rench utility Suez and Canadian institutional investor Caisse de dépôt et placement du Québec (CDPQ) have entered into a binding agreement to purchase GE Water & Process Technologies from General Electric Co for an enterprise value of E3.2 billion (see Pump Industry Analyst, November 2016). With operations in 130 countries and over 7500 employees, GE Water generated approximately US$2.1 billion in revenues in 2016. Suez is forming a 70/30 joint venture with CDPQ to acquire 100% of GE Water in an all cash transaction. Suez will then contribute its existing industrial water activities to a new self-standing Industrial Water business unit. CDPQ is investing over US$700 million for its 30% stake. Jean‐Louis Chaussade, CEO of Suez, said the acquisition of GE Water will accelerate the implementation of Suez’s strategy by strengthening its position in the promising and fast‐growing industrial water market. “Operating in a core industry, GE Water has built a premier business with recurring revenues and a high‐quality and diversified customer base. This investment is therefore highly aligned with CDPQ’s long‐term vision and its strategy of increasing its emphasis on stable assets anchored in the real economy, alongside key operators such as Suez,” said Michael Sabia, president and CEO at CDPQ. Suez has a fully underwritten bridge financing in place for the transaction. The deal is expected to close by mid‐2017 and is subject to receipt of required regulatory approvals and other customary closing conditions. Last year CDPQ partnered with SKion to acquire Ovivo Inc (see Pump Industry Analyst, July 2016).
Editorial Office: Elsevier Limited, The Boulevard, Langford Lane, Kidlington, Oxford OX5 1GB, United Kingdom Tel: +44 (0)1865 843695 Web: www.pumpindustryanalyst.com Editor: Roisin Reidy E-mail: [email protected] Production Support Manager: Lin Lucas E-mail: [email protected] Executive Publisher: Laney Priestley Subscription Information An annual subscription to Pump Industry Analyst includes 12 issues and online access for up to 5 users. Subscriptions run for 12 months, from the date payment is received. More information: More information: www.elsevier.com/journals/institutional/ pump-industry-analyst/1359-6128 Permissions may be sought directly from Elsevier Rights & Permissions Department, PO Box 800, Oxford OX5 1DX, UK; phone: (+44) 1865 843830, fax: (+44) 1865 853333, email: permissions@ elsevier.com. You may also contact Rights & Permissions directly through Elsevier’s home page (http://www.elsevier.com), selecting first ‘Customer Support’, then ‘General Information’, then Permissions Query Form’. In the USA, users may clear permissions and make payments through the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, USA; phone: (978) 7508400, fax: (978) 7504744, and in the UK through the Copyright Licensing Agency Rapid Clearance Service (CLARCS), 90 Tottenham Court Road, London W1P 0LP, UK; phone: (+44) 207 436 5931; fax: (+44) 207 436 3986. Other countries may have a local reprographic rights agency for payments. Derivative Works Subscribers may reproduce tables of contents or prepare lists of articles including abstracts for internal circulation within their institutions. Per mission of the publisher is required for resale or distribution outside the institution. Permission of the publisher is required for all other derivative works, including compilations and translations. Electronic Storage or Usage Permission of the publisher is required to store or use electronically any material contained in this journal, including any article or part of an article. Contact the publisher at the address indicated. Except as outlined above, no part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of the publisher. Address permissions requests to: Elsevier Rights & Permissions Department, at the mail, fax and email addresses noted above. Notice No responsibility is assumed by the Publisher for any injury and/or damage to persons or property as a matter of products liability, negligence or otherwise, or from any use or operation of any methods, products, instructions or ideas contained in the material herein. Because of rapid advances in the medical sciences, in particular, independent verification of diagnoses and drug dosages should be made. Although all advertising material is expected to conform to ethical (medical) standards, inclusion in this publication does not constitute a guarantee or endorsement of the quality or value of such product or of the claims made of it by its manufacturer.
Digitally Produced by Mayfield Press (Oxford) LImited 12979
For further information, visit www.gewater.com, www.suez-environnement.fr and www.cdpq.com
March 2017