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SKF executives choose options
March 1998
PENTAIR BUYS ORSCO Pentair Inc has completed the acquisition of Orsco Inc of Shelby Township, Michigan, USA. The terms of the transaction were not disclosed. Orsco manufactures surface, chain, and high-speed spindle lubrication systems that deliver precise amounts of oil to lubricate a wide variety of equipment and components used in automotive assembly operations and other industrial processes. The privately held company, which employs 35 people, will continue to market products and operate under its own brand name. "This acquisition meets our strategic goal of diversifying the Lincoln Industrial business by supplementing Lincoln's existing range of grease and oil lubrication products with Orsco's precision oil dispensing systems," said Rick Cathcart, Pentair Water and Fluid Technologies Group president. Lincoln Industrial manufactures automated and manual lubrication systems and equipment, as well as pumps and pumping stations for thick fluid transfer applications. Head-quartered in St Louis, Missouri, Lincoln Industrial operates manufacturing facilities in St Louis; Walldorf, Germany; Chodov, Czech Republic; and a joint venture operation in Bangalore, India. Additional locations include a technical centre in Detroit, Michigan, and sales offices in Banbury, UK; Mulheim, Germany; Tokyo, Japan; and Singapore.
FURON OFFERS SENIOR SUBORDINATED NOTES Furon Co intends to offer US$125 million of senior sub-
Pump Industry Analyst
ordinated notes due 2008, subject to market and other conditions. Net proceeds from the offering will be used to repay a portion of existing indebtedness outstanding under the company's credit facility. The offering will be made by means of an offering memorandum to qualified institutional buyers pursuant to Rule 144A and Regulation S under the Securities Act of 1933. The securities will have certain registration rights. The notes will not be registered under the Securities Act, or applicable state securities laws, upon initial issuance and may not be offered or sold in the United States absent registration or an exemption from registration.
IDEX FILES US$150 MILLION SENIOR NOTES OFFERING Idex Corporation has announced a proposed public offering of US$150 million of senior notes due 2008. A preliminary prospectus supplement has been filed by ldex with the Securities and Exchange Commission. This filing is a supplement to the company's shelf registration statement for the future offering of up to US$250 million of debt securities, common stock, preferred stock or warrants. Proceeds from the proposed senior note offering will be used by the company to redeem the US$75 million of outstanding 93A per cent senior subordinated notes due 2002, plus the redemption premium and any accrued interest and to reduce outstanding debt under its bank credit facilities. The currently outstanding 93A per cent senior subordinated notes due 2002 became redeemable at the company's option on 15 September 1997, at a redemption premium of 3.75 per cent. ldex shares are traded on the
New York Stock Exchange and Chicago Stock Exchange under the symbol IEX.
SKF EXECUTIVES CHOOSE OPTIONS In accordance with the options program for SKF Group's senior executives, which was introduced by the group in 1996, a total of approximately 15 000 options to purchase shares in SKF have now been allocated to 20 executives. The cost-free allocation was based on SKF's earnings for 1997. Each option entitles the holder to purchase one B share at an exercise price of SKr205 within the stipulated period, which is six years. The options, which were purchased in the market, relate to existing shares and therefore do not expose the company's shareholders to any dilution effect. The purchase price for the options is approximately SKr700 000.
SUNDSTRAND EXPANDS SHARE REPURCHASE PROGRAM The board of directors of Sundstrand Corporation has increased the company's current share repurchase program by an additional 10 million shares. This additional authorisation increases the original 1993 share repurchase authorisation from 20 million shares to 30 million shares, adjusted for stock splits. Robert H Jenkins, chairman and chief executive officer, said that since its inception in 1993, Sundstrand has repurchased more than 16.7 million shares of its common stock, returning over US$480 million to its share-
holders under this program. Sundstrand Corporation, with 1997 sales of US$1752 million, has its common stock listed on the New York, Chicago and Pacific Stock Exchanges under the symbol SNS.
AMEX TO TRADE PRECISION CASTPARTS OPTIONS The American Stock Exchange is to trade options on the listed stock of Precision Castparts Corp. Precision Castparts Corp, whose stock/option symbol is PCP, is based in Portland, Oregon, and manufactures complex metal components and products, including pumps. PCP will open with strike prices of 50, 55 and 60, with position limits of 4500 contracts. Initial expiration months will be March, April, May and August of 1998. The specialist unit for the new options will be TFM Investment Group.
GRACO AUTHORISES REPURCHASE OF 1.2 MILLION COMMON SHARES The board of directors of Graco Inc has authorised a plan for the company to purchase up to a total of 1.2 million shares of its outstanding common stock. These shares will be acquired primarily through open-market purchases to be made from time to time. The shares acquired will offset stock issued to satisfy stock options and for other corporate purposes. Under a previous authorisation, which will expire on 28 February 1998, the company repurchased approximately 980 000 postsplit shares of its common stock.
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PENTAIR BUYS ORSCO Pentair Inc has completed the acquisition of Orsco Inc of Shelby Township, Michigan, USA. The terms of the transaction were not disclosed. Orsco manufactures surface, chain, and high-speed spindle lubrication systems that deliver precise amounts of oil to lubricate a wide variety of equipment and components used in automotive assembly operations and other industrial processes. The privately held company, which employs 35 people, will continue to market products and operate under its own brand name. "This acquisition meets our strategic goal of diversifying the Lincoln Industrial business by supplementing Lincoln's existing range of grease and oil lubrication products with Orsco's precision oil dispensing systems," said Rick Cathcart, Pentair Water and Fluid Technologies Group president. Lincoln Industrial manufactures automated and manual lubrication systems and equipment, as well as pumps and pumping stations for thick fluid transfer applications. Head-quartered in St Louis, Missouri, Lincoln Industrial operates manufacturing facilities in St Louis; Walldorf, Germany; Chodov, Czech Republic; and a joint venture operation in Bangalore, India. Additional locations include a technical centre in Detroit, Michigan, and sales offices in Banbury, UK; Mulheim, Germany; Tokyo, Japan; and Singapore.
FURON OFFERS SENIOR SUBORDINATED NOTES Furon Co intends to offer US$125 million of senior sub-
Pump Industry Analyst
ordinated notes due 2008, subject to market and other conditions. Net proceeds from the offering will be used to repay a portion of existing indebtedness outstanding under the company's credit facility. The offering will be made by means of an offering memorandum to qualified institutional buyers pursuant to Rule 144A and Regulation S under the Securities Act of 1933. The securities will have certain registration rights. The notes will not be registered under the Securities Act, or applicable state securities laws, upon initial issuance and may not be offered or sold in the United States absent registration or an exemption from registration.
IDEX FILES US$150 MILLION SENIOR NOTES OFFERING Idex Corporation has announced a proposed public offering of US$150 million of senior notes due 2008. A preliminary prospectus supplement has been filed by ldex with the Securities and Exchange Commission. This filing is a supplement to the company's shelf registration statement for the future offering of up to US$250 million of debt securities, common stock, preferred stock or warrants. Proceeds from the proposed senior note offering will be used by the company to redeem the US$75 million of outstanding 93A per cent senior subordinated notes due 2002, plus the redemption premium and any accrued interest and to reduce outstanding debt under its bank credit facilities. The currently outstanding 93A per cent senior subordinated notes due 2002 became redeemable at the company's option on 15 September 1997, at a redemption premium of 3.75 per cent. ldex shares are traded on the
New York Stock Exchange and Chicago Stock Exchange under the symbol IEX.
SKF EXECUTIVES CHOOSE OPTIONS In accordance with the options program for SKF Group's senior executives, which was introduced by the group in 1996, a total of approximately 15 000 options to purchase shares in SKF have now been allocated to 20 executives. The cost-free allocation was based on SKF's earnings for 1997. Each option entitles the holder to purchase one B share at an exercise price of SKr205 within the stipulated period, which is six years. The options, which were purchased in the market, relate to existing shares and therefore do not expose the company's shareholders to any dilution effect. The purchase price for the options is approximately SKr700 000.
SUNDSTRAND EXPANDS SHARE REPURCHASE PROGRAM The board of directors of Sundstrand Corporation has increased the company's current share repurchase program by an additional 10 million shares. This additional authorisation increases the original 1993 share repurchase authorisation from 20 million shares to 30 million shares, adjusted for stock splits. Robert H Jenkins, chairman and chief executive officer, said that since its inception in 1993, Sundstrand has repurchased more than 16.7 million shares of its common stock, returning over US$480 million to its share-
holders under this program. Sundstrand Corporation, with 1997 sales of US$1752 million, has its common stock listed on the New York, Chicago and Pacific Stock Exchanges under the symbol SNS.
AMEX TO TRADE PRECISION CASTPARTS OPTIONS The American Stock Exchange is to trade options on the listed stock of Precision Castparts Corp. Precision Castparts Corp, whose stock/option symbol is PCP, is based in Portland, Oregon, and manufactures complex metal components and products, including pumps. PCP will open with strike prices of 50, 55 and 60, with position limits of 4500 contracts. Initial expiration months will be March, April, May and August of 1998. The specialist unit for the new options will be TFM Investment Group.
GRACO AUTHORISES REPURCHASE OF 1.2 MILLION COMMON SHARES The board of directors of Graco Inc has authorised a plan for the company to purchase up to a total of 1.2 million shares of its outstanding common stock. These shares will be acquired primarily through open-market purchases to be made from time to time. The shares acquired will offset stock issued to satisfy stock options and for other corporate purposes. Under a previous authorisation, which will expire on 28 February 1998, the company repurchased approximately 980 000 postsplit shares of its common stock.
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