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United Dominion acquires Spanish cooling tower company
October 1997
Pump Industry Analyst
UNITED DOMINION ACQUIRES
FOOD
PROCESSING COMPANIES
United Dominion Industries Ltd has acquired two companies that manufacture and recondition equipment for the ice cream industry. These acquisitions represent product line additions for United Dominion's Waukesha Cherry-Burrell business unit, a producer of food processing equipment. Terms of the transaction were not disclosed. Processing Machinery & Supply Company, located in Philadelphia, PA, and Alliance Food Equipment Corp, located in Northvale, N J, remanufacture used equipment, primarily industrial ice cream equipment, sell spare parts and manufacture new equipment, primarily for molded stick novelty ice cream systems. The two companies have total annual sales of approximately US$11 million. Waukesha Cherry-Burrell manufactures a full-line of equipment for the food, dairy, chemical, pharmaceutical, biotech and beverage industries. The company's diversified product line includes pumps, valves, heat exchangers, ice cream freezers and processing vessels. INGERSOLL-RAND TO BUY THERMO KING
Ingersoll-Rand Company has signed a definitive agreement with Westinghouse Electric Corporation under which Ingersoll-Rand will acquire Thermo King Corporation, a wholly owned subsidiary of Westinghouse, for US$2.56 billion in cash. This acquisition is expected to be accretive to earnings in
1998, the first full year of combined operations, before considering the impact of any potential synergies. The transaction is expected to close in the fourth quarter of 1997, subject to required regulatory approvals and other customary conditions. James E Perrella, IngersollRand chairman, president and chief executive officer, said, "Thermo King, like our 1995 acquisition of Clark Equipment, continues the process of redefining our company as a diversified equipment and components company. Also, Thermo King meets all of our criteria for strategic acquisition candidates: businesses that deliver worldwide market leadership, complement existing Ingersoll-Rand businesses, and offer excellent financial results with opportunities for growth." FOXBORO
AND DOW
IN G L O B A L
automation costs and to maximise asset utilisation for Dow as well as other companies that require optimum automation, high availability, and process automation integration. UNITED DOMINION ACQUIRES COOLING
SPANISH TOWER
COMPANY
United Dominion Industries Ltd has purchased Torraval SA, a manufacturer of cooling towers for HVAC and industrial markets located in Bilbao, Spain. Terms of the transaction were not disclosed. Torraval was acquired from Alfa-Laval Holding AB of Sweden and has annual sales of US$4.8 million. Torraval, which produces fiberglass-packaged units and is the largest package cooling tower manufacturer in Spain, will be added to United Dominion's Marley Cooling Tower business unit.
PROCESS AUTOMATION
PACCAR DIVESTS
ALLIANCE
OILFIELD
The Foxboro Company, a subsidiary of Siebe plc, has signed an agreement with The Dow Chemical Company for Foxboro to become the sole preferred supplier for advanced process automation systems to Dow. Foxboro will also provide support of Dow's installed base of over 1000 plant automation systems worldwide. The two companies will now combine their expertise and intellectual assets, including licensing of patented Dow technology to Foxboro, to meet Dow's demanding automation requirements and to enable Foxboro to accelerate its technological leadership. The objective of this alliance is to further reduce process
EQUIPMENT BUSINESS
Paccar Inc is to sell its oilfield equipment business, Trico Industries, to EVI Inc, based in Houston, Texas. EVI is an international manufacturer and supplier of oilfield equipment. Mark C Pigott, chairman and CEO of Paccar, said that current valuations in the oil services sector made the timing of this transaction very attractive to Paccar. The divesture will allow Paccar to focus on the growth of its core businesses: light, medium- and heavy-duty tracks, financial services, retail auto parts, and winches. Completion of the transaction is subject to government approval.
BUSINESS BRIEFS Setwood, part of the Chandler's Ford-based Pascon Group, has opened a new specialist pump hire branch in Bridgend, UK. This is the third new branch the company has opened since June. Derlan Industries Ltd has completed the previously announced sale of 5 500 000 common shares for gross proceeds of US$25 575 000 to a group of Canadian underwriters comprised of Griffiths McBurney & Partners, First Marathon Securities Limited, Levesque Beaubien Geoffrion Inc and Octagon Capital Corporation. The 55600 Series ultra-hygienic rotary lobe pump from ITl" Jabsco has been voted "Process Product of the Year" at the 1997 Manufacturing Industry Achievement Awards (MIAA). The Awards are supported by the UK Department of Trade and Industry, the Design Council and the Engineering Council, in addition to sponsorship from industry. According to ITF Jabsco, the nomination of the 55600 pump was based on its radical approach to its design criteria, which has resulted in a combination of the performance and efficiency of conventional non-hygienic pumps lbr full process plant applications with out-standing levels of cleanliness. Independently certified as meeting the European Hygienic Equipment Design Group protocols for cleanability and sterilisability and bacteria tightness, the 55600 can be used in a wide range of process industries, including food, beverage, aseptic processing, pharmaceutical, biotechnology and medical industries,
m
Pump Industry Analyst
UNITED DOMINION ACQUIRES
FOOD
PROCESSING COMPANIES
United Dominion Industries Ltd has acquired two companies that manufacture and recondition equipment for the ice cream industry. These acquisitions represent product line additions for United Dominion's Waukesha Cherry-Burrell business unit, a producer of food processing equipment. Terms of the transaction were not disclosed. Processing Machinery & Supply Company, located in Philadelphia, PA, and Alliance Food Equipment Corp, located in Northvale, N J, remanufacture used equipment, primarily industrial ice cream equipment, sell spare parts and manufacture new equipment, primarily for molded stick novelty ice cream systems. The two companies have total annual sales of approximately US$11 million. Waukesha Cherry-Burrell manufactures a full-line of equipment for the food, dairy, chemical, pharmaceutical, biotech and beverage industries. The company's diversified product line includes pumps, valves, heat exchangers, ice cream freezers and processing vessels. INGERSOLL-RAND TO BUY THERMO KING
Ingersoll-Rand Company has signed a definitive agreement with Westinghouse Electric Corporation under which Ingersoll-Rand will acquire Thermo King Corporation, a wholly owned subsidiary of Westinghouse, for US$2.56 billion in cash. This acquisition is expected to be accretive to earnings in
1998, the first full year of combined operations, before considering the impact of any potential synergies. The transaction is expected to close in the fourth quarter of 1997, subject to required regulatory approvals and other customary conditions. James E Perrella, IngersollRand chairman, president and chief executive officer, said, "Thermo King, like our 1995 acquisition of Clark Equipment, continues the process of redefining our company as a diversified equipment and components company. Also, Thermo King meets all of our criteria for strategic acquisition candidates: businesses that deliver worldwide market leadership, complement existing Ingersoll-Rand businesses, and offer excellent financial results with opportunities for growth." FOXBORO
AND DOW
IN G L O B A L
automation costs and to maximise asset utilisation for Dow as well as other companies that require optimum automation, high availability, and process automation integration. UNITED DOMINION ACQUIRES COOLING
SPANISH TOWER
COMPANY
United Dominion Industries Ltd has purchased Torraval SA, a manufacturer of cooling towers for HVAC and industrial markets located in Bilbao, Spain. Terms of the transaction were not disclosed. Torraval was acquired from Alfa-Laval Holding AB of Sweden and has annual sales of US$4.8 million. Torraval, which produces fiberglass-packaged units and is the largest package cooling tower manufacturer in Spain, will be added to United Dominion's Marley Cooling Tower business unit.
PROCESS AUTOMATION
PACCAR DIVESTS
ALLIANCE
OILFIELD
The Foxboro Company, a subsidiary of Siebe plc, has signed an agreement with The Dow Chemical Company for Foxboro to become the sole preferred supplier for advanced process automation systems to Dow. Foxboro will also provide support of Dow's installed base of over 1000 plant automation systems worldwide. The two companies will now combine their expertise and intellectual assets, including licensing of patented Dow technology to Foxboro, to meet Dow's demanding automation requirements and to enable Foxboro to accelerate its technological leadership. The objective of this alliance is to further reduce process
EQUIPMENT BUSINESS
Paccar Inc is to sell its oilfield equipment business, Trico Industries, to EVI Inc, based in Houston, Texas. EVI is an international manufacturer and supplier of oilfield equipment. Mark C Pigott, chairman and CEO of Paccar, said that current valuations in the oil services sector made the timing of this transaction very attractive to Paccar. The divesture will allow Paccar to focus on the growth of its core businesses: light, medium- and heavy-duty tracks, financial services, retail auto parts, and winches. Completion of the transaction is subject to government approval.
BUSINESS BRIEFS Setwood, part of the Chandler's Ford-based Pascon Group, has opened a new specialist pump hire branch in Bridgend, UK. This is the third new branch the company has opened since June. Derlan Industries Ltd has completed the previously announced sale of 5 500 000 common shares for gross proceeds of US$25 575 000 to a group of Canadian underwriters comprised of Griffiths McBurney & Partners, First Marathon Securities Limited, Levesque Beaubien Geoffrion Inc and Octagon Capital Corporation. The 55600 Series ultra-hygienic rotary lobe pump from ITl" Jabsco has been voted "Process Product of the Year" at the 1997 Manufacturing Industry Achievement Awards (MIAA). The Awards are supported by the UK Department of Trade and Industry, the Design Council and the Engineering Council, in addition to sponsorship from industry. According to ITF Jabsco, the nomination of the 55600 pump was based on its radical approach to its design criteria, which has resulted in a combination of the performance and efficiency of conventional non-hygienic pumps lbr full process plant applications with out-standing levels of cleanliness. Independently certified as meeting the European Hygienic Equipment Design Group protocols for cleanability and sterilisability and bacteria tightness, the 55600 can be used in a wide range of process industries, including food, beverage, aseptic processing, pharmaceutical, biotechnology and medical industries,
m