- Email: [email protected]
Sulzer Pumps' order intake shows strong H1 gains
August 2004
Pump Industry Analyst
NEWS
Continued from page 1 Gardner Denver CEO Ross Centanni said that the acquisition continued the global diversification of his group’s revenue base. Centanni highlighted the fact that more than two-thirds of Nash_Elmo sales are to customers outside the United States, while Nash_Elmo’s liquid ring vacuum pump and side channel blower product lines are complementary to Gardner Denver’s existing compressed air products portfolio. The acquisition is expected to close during the third quarter of 2004. With 2003 revenues of US$440 million, Gardner Denver offers a range of reciprocating, rotary and vane compressors and blowers for various industrial and transportation applications, pumps used in the petroleum and industrial markets and other fluid transfer equipment serving the chemical, petroleum and food industries.
PENTAIR: WICOR PURCHASE GETS FTC GO AHEAD Pentair Inc has received clearance from the US Federal Trade Commission (FTC) for its planned acquisition of Wicor Industries, a unit of Wisconsin Energy Corp. Wicor will be sold for US$850 million and Pentair will also assume approximately US$25 million of debt (see Pump Industry Analyst, February 2004). When the acquisition closes around the end of July, Pentair will have built a US$2 billion water-focused business within its broader portfolio of companies. The Wicor acquisition creates a significant water and wastewater systems business with approximately US$900 million in sales, a global pool
16
and spa business with nearly US$600 million in sales, and a filtration and purification business with approximately US$500 million in sales. “As we strive to fulfill our vision to provide safe, clean water, this acquisition presents significant growth opportunities across all of our businesses,” said Rick Cathcart, president and chief operating officer of Pentair’s Water Technologies Group. “This clearly establishes Pentair as a global leader in water products,” said Randall Hogan, chairman and chief executive officer of Pentair. However Hogan said that while the water business would now be the largest in their portfolio, Pentair remains committed to a diverse business mix. “Our Enclosures Group is well positioned to continue growing profitably, and it will play an important role in the overall performance of Pentair,” said Hogan. Pentair has recently signed a definitive agreement to sell its Tools Group to The Black & Decker Corp for approximately US$775 million. The sale proceeds will be used to pay down the Wicor acquisition debt. “Going forward, with Pentair’s full resources focused on the growth and expansion of the Water and Enclosures Groups, we will become a much stronger, more nimble company,” Hogan said.
SULZER PUMPS’ ORDER INTAKE SHOWS STRONG H1 GAINS Sulzer Pumps recorded a 7% rise in order intake to SFr540 million in the first six months of this year. Like 2003, the pump division again generated a large order volume in the second quarter. Sulzer says that all segments were in very good shape in the first half of this
year, especially the oil and gas segment, and that the outlook for the coming months is good. For the Sulzer Group order intake increased 9% to SFr1095 million in the first half of 2004 and Sulzer expects the positive trend to continue over the current year.
WEIR FINDS IRREGULARITIES IN IRAQ CONTRACTS The Weir Group has found evidence of £4.2 million of irregular payments in relation to the United Nations’ Oil for Food programme contracts in Iraq. An ongoing external investigation commissioned by Weir and undertaken by independent legal advisers Herbert Smith has revealed that during 2000, trading terms were amended at the request of certain Iraqi customers, resulting in the prices payable on subsequent Oil for Food Programme contracts being uplifted by £4.2 million. Weir has already undertaken a detailed internal review of all the contracts entered into under the Oil for Food programme, following media enquiries earlier this year. The internal review revealed that, in the case of 15 out of a total of 37 contracts, payments in addition to normal commissions were made to an agent acting on behalf of Weir subsidiaries. The contracts involved the supply of pump equipment and spare parts for clean water supply and oil field water injection and pipelines. Weir says that the internal review has revealed a number of areas within the group’s procedures where improvements can be made and that management is taking the necessary actions to implement these improvements immediately.
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
Continued from page 1 Gardner Denver CEO Ross Centanni said that the acquisition continued the global diversification of his group’s revenue base. Centanni highlighted the fact that more than two-thirds of Nash_Elmo sales are to customers outside the United States, while Nash_Elmo’s liquid ring vacuum pump and side channel blower product lines are complementary to Gardner Denver’s existing compressed air products portfolio. The acquisition is expected to close during the third quarter of 2004. With 2003 revenues of US$440 million, Gardner Denver offers a range of reciprocating, rotary and vane compressors and blowers for various industrial and transportation applications, pumps used in the petroleum and industrial markets and other fluid transfer equipment serving the chemical, petroleum and food industries.
PENTAIR: WICOR PURCHASE GETS FTC GO AHEAD Pentair Inc has received clearance from the US Federal Trade Commission (FTC) for its planned acquisition of Wicor Industries, a unit of Wisconsin Energy Corp. Wicor will be sold for US$850 million and Pentair will also assume approximately US$25 million of debt (see Pump Industry Analyst, February 2004). When the acquisition closes around the end of July, Pentair will have built a US$2 billion water-focused business within its broader portfolio of companies. The Wicor acquisition creates a significant water and wastewater systems business with approximately US$900 million in sales, a global pool
16
and spa business with nearly US$600 million in sales, and a filtration and purification business with approximately US$500 million in sales. “As we strive to fulfill our vision to provide safe, clean water, this acquisition presents significant growth opportunities across all of our businesses,” said Rick Cathcart, president and chief operating officer of Pentair’s Water Technologies Group. “This clearly establishes Pentair as a global leader in water products,” said Randall Hogan, chairman and chief executive officer of Pentair. However Hogan said that while the water business would now be the largest in their portfolio, Pentair remains committed to a diverse business mix. “Our Enclosures Group is well positioned to continue growing profitably, and it will play an important role in the overall performance of Pentair,” said Hogan. Pentair has recently signed a definitive agreement to sell its Tools Group to The Black & Decker Corp for approximately US$775 million. The sale proceeds will be used to pay down the Wicor acquisition debt. “Going forward, with Pentair’s full resources focused on the growth and expansion of the Water and Enclosures Groups, we will become a much stronger, more nimble company,” Hogan said.
SULZER PUMPS’ ORDER INTAKE SHOWS STRONG H1 GAINS Sulzer Pumps recorded a 7% rise in order intake to SFr540 million in the first six months of this year. Like 2003, the pump division again generated a large order volume in the second quarter. Sulzer says that all segments were in very good shape in the first half of this
year, especially the oil and gas segment, and that the outlook for the coming months is good. For the Sulzer Group order intake increased 9% to SFr1095 million in the first half of 2004 and Sulzer expects the positive trend to continue over the current year.
WEIR FINDS IRREGULARITIES IN IRAQ CONTRACTS The Weir Group has found evidence of £4.2 million of irregular payments in relation to the United Nations’ Oil for Food programme contracts in Iraq. An ongoing external investigation commissioned by Weir and undertaken by independent legal advisers Herbert Smith has revealed that during 2000, trading terms were amended at the request of certain Iraqi customers, resulting in the prices payable on subsequent Oil for Food Programme contracts being uplifted by £4.2 million. Weir has already undertaken a detailed internal review of all the contracts entered into under the Oil for Food programme, following media enquiries earlier this year. The internal review revealed that, in the case of 15 out of a total of 37 contracts, payments in addition to normal commissions were made to an agent acting on behalf of Weir subsidiaries. The contracts involved the supply of pump equipment and spare parts for clean water supply and oil field water injection and pipelines. Weir says that the internal review has revealed a number of areas within the group’s procedures where improvements can be made and that management is taking the necessary actions to implement these improvements immediately.
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.