- Email: [email protected]
Smiths sells polymer business to Trelleborg
August 2003
Pump Industry Analyst
NEWS
NAME CHANGE AS RÜTSCHI REORGANIZES The manufacture, sale and service of Rütschi pumps is now being carried out by Switzerland-based Rütschi Fluid AG, a wholly owned subsidiary of Rütschi Immobilien und Holding AG. All pump business activities are now being handled by the new company, Rütschi Fluid AG. As a result, the former Rütschi Pumpen AG, which has been renamed Rütschi Immobilien und Holding AG, will now concentrate on the administration of its real estate interests as well as its investments in Switzerland and abroad. Rütschi Fluid’s head office and production centre remain in Brugg, Switzerland, with Irene Schmiedl-Rütschi and Dr Engelbert Schmiedl continuing to manage the company. Founded in 1946, Rütschi Fluid specializes in centrifugal pumps, particularly sealless pumps, canned motor pumps and magnetic drive pumps. The main production plants are based in Switzerland and France, while research and development facilities are located in Switzerland. Audoli & Bertola Ingg SpA, which was acquired by Rütschi in 1993, operates as the company’s sales and service organization for Italy.
SMITHS SELLS POLYMER BUSINESS TO TRELLEBORG Smiths Group has sold its Polymer Sealing Solutions business to Sweden’s Trelleborg AB in a £495 million cash deal. Polymer Sealing Solutions - which includes Busak + Shamban, Dowty Auto, Shamban and Forsheda recorded 2002 sales of £378
16
million and an operating profit of £45 million. The business employs 6000 people and supplies polymer products to the industrial, automotive and aerospace markets. The sale is subject to EU and US regulatory approval. Commenting on the sale Smiths Group chief executive Keith Butler-Wheelhouse said that the disposal emphasized Smiths’ strategy of concentrating on core businesses in detection, medical and aerospace markets.
THOMAS ACQUIRES SWEDISH DISTRIBUTOR Thomas Industries Inc has acquired Aldax AB, of Stockholm, Sweden, for an undisclosed amount. For the past eight years, Aldax has served as the distributor for Thomas pumps and compressors in Scandinavia. Aldax, which has annual sales of less than US$5 million, will be renamed Rietschle Thomas. The company will be responsible for selling the full range of Rietschle Thomas products into Sweden, Finland and the Baltic States, and will be operated as a wholly owned subsidiary of Thomas Industries.
EBARA HIT BY DOWNGRADE Two consecutive years of losses have forced financial watchers Rating and Investment Information (R&I) to downgrade Ebara Corp’s senior long-term credit rating and long-term bonds from A- to BBB. Ebara’s domestic commercial paper rating has also been downgraded from a-1 to a-2. R&I cites the large losses incurred in fiscal 2002 and 2003 and the dramatic deterioration in the group’s financial
structure for the downgrade. However R&I acknowledges that Ebara is striving to develop new markets in the private sector and overseas to deal with the decline in Japanese public sector demand and with increasing competition. Looking ahead, R&I is anticipating new credit and legal business risks. While the Precision Machinery Group is moving ahead with cost reductions, R&I warns that it has not escaped the effects of demand fluctuations. Ebara, which is Japan’s largest pump maker, reported a ¥28 538 million net loss on sales of ¥517 981 million for the year ended 31 March 2003 (see Pump Industry Analyst, June 2003). The company posted a consolidated net loss of ¥17.9 billion for the fiscal year ended 31 March 2002, compared with a ¥2.6 billion profit a year earlier.
SULZER PUMPS UPBEAT ON H1 ORDER INTAKE Sulzer Pumps’ order volume fell 4% to SFr505 million for the first half of this year but rose 7% in local currencies. While business development in North and South America remained subdued, demand in Asia, particularly China, was up significantly. Having enjoyed a strong second quarter, Sulzer Pumps says it is looking to the remainder of 2003 with confidence. For Sulzer Corp first half orders received were also down 4% on last year to SFr1001 million, mainly due to exchange rates. This translates into a 5% increase in local currencies. Order volume increased in the second quarter of 2003, following two consecutive quarter gains. Sulzer expects further market stabilization in the months ahead, with the growth in adjusted order volume likely to continue throughout the year.
Editor Roisin Reidy Elsevier Advanced Technology PO Box 150 Kidlington Oxford OX5 1AS United Kingdom Tel: +44 (0)1865 843695 Fax: +44 (0)1865 843971 E-mail: [email protected] Web: www.worldpumps.com 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, e-mail: permissions @elsevier.com. You may also contact Rights & Permissions directly through Elsevier’s home page (http://www.elsevier.nl), 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. Permission 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 Science Rights & Permissions Department, at the mail, fax and e-mail 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.
02167 Printed by Mayfield Press (Oxford) Limited, UK.
Pump Industry Analyst
NEWS
NAME CHANGE AS RÜTSCHI REORGANIZES The manufacture, sale and service of Rütschi pumps is now being carried out by Switzerland-based Rütschi Fluid AG, a wholly owned subsidiary of Rütschi Immobilien und Holding AG. All pump business activities are now being handled by the new company, Rütschi Fluid AG. As a result, the former Rütschi Pumpen AG, which has been renamed Rütschi Immobilien und Holding AG, will now concentrate on the administration of its real estate interests as well as its investments in Switzerland and abroad. Rütschi Fluid’s head office and production centre remain in Brugg, Switzerland, with Irene Schmiedl-Rütschi and Dr Engelbert Schmiedl continuing to manage the company. Founded in 1946, Rütschi Fluid specializes in centrifugal pumps, particularly sealless pumps, canned motor pumps and magnetic drive pumps. The main production plants are based in Switzerland and France, while research and development facilities are located in Switzerland. Audoli & Bertola Ingg SpA, which was acquired by Rütschi in 1993, operates as the company’s sales and service organization for Italy.
SMITHS SELLS POLYMER BUSINESS TO TRELLEBORG Smiths Group has sold its Polymer Sealing Solutions business to Sweden’s Trelleborg AB in a £495 million cash deal. Polymer Sealing Solutions - which includes Busak + Shamban, Dowty Auto, Shamban and Forsheda recorded 2002 sales of £378
16
million and an operating profit of £45 million. The business employs 6000 people and supplies polymer products to the industrial, automotive and aerospace markets. The sale is subject to EU and US regulatory approval. Commenting on the sale Smiths Group chief executive Keith Butler-Wheelhouse said that the disposal emphasized Smiths’ strategy of concentrating on core businesses in detection, medical and aerospace markets.
THOMAS ACQUIRES SWEDISH DISTRIBUTOR Thomas Industries Inc has acquired Aldax AB, of Stockholm, Sweden, for an undisclosed amount. For the past eight years, Aldax has served as the distributor for Thomas pumps and compressors in Scandinavia. Aldax, which has annual sales of less than US$5 million, will be renamed Rietschle Thomas. The company will be responsible for selling the full range of Rietschle Thomas products into Sweden, Finland and the Baltic States, and will be operated as a wholly owned subsidiary of Thomas Industries.
EBARA HIT BY DOWNGRADE Two consecutive years of losses have forced financial watchers Rating and Investment Information (R&I) to downgrade Ebara Corp’s senior long-term credit rating and long-term bonds from A- to BBB. Ebara’s domestic commercial paper rating has also been downgraded from a-1 to a-2. R&I cites the large losses incurred in fiscal 2002 and 2003 and the dramatic deterioration in the group’s financial
structure for the downgrade. However R&I acknowledges that Ebara is striving to develop new markets in the private sector and overseas to deal with the decline in Japanese public sector demand and with increasing competition. Looking ahead, R&I is anticipating new credit and legal business risks. While the Precision Machinery Group is moving ahead with cost reductions, R&I warns that it has not escaped the effects of demand fluctuations. Ebara, which is Japan’s largest pump maker, reported a ¥28 538 million net loss on sales of ¥517 981 million for the year ended 31 March 2003 (see Pump Industry Analyst, June 2003). The company posted a consolidated net loss of ¥17.9 billion for the fiscal year ended 31 March 2002, compared with a ¥2.6 billion profit a year earlier.
SULZER PUMPS UPBEAT ON H1 ORDER INTAKE Sulzer Pumps’ order volume fell 4% to SFr505 million for the first half of this year but rose 7% in local currencies. While business development in North and South America remained subdued, demand in Asia, particularly China, was up significantly. Having enjoyed a strong second quarter, Sulzer Pumps says it is looking to the remainder of 2003 with confidence. For Sulzer Corp first half orders received were also down 4% on last year to SFr1001 million, mainly due to exchange rates. This translates into a 5% increase in local currencies. Order volume increased in the second quarter of 2003, following two consecutive quarter gains. Sulzer expects further market stabilization in the months ahead, with the growth in adjusted order volume likely to continue throughout the year.
Editor Roisin Reidy Elsevier Advanced Technology PO Box 150 Kidlington Oxford OX5 1AS United Kingdom Tel: +44 (0)1865 843695 Fax: +44 (0)1865 843971 E-mail: [email protected] Web: www.worldpumps.com 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, e-mail: permissions @elsevier.com. You may also contact Rights & Permissions directly through Elsevier’s home page (http://www.elsevier.nl), 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. Permission 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 Science Rights & Permissions Department, at the mail, fax and e-mail 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.
02167 Printed by Mayfield Press (Oxford) Limited, UK.