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United Dominion looks to future
Filtration
Industry Analyst
CECO ENVIRONMENTAL COMPLETES BUSCH CO ACQUISITION Ceco Environmental Cot-1 has completed the acquisitior of the Busch Co of Pittsburgh Busch is a 50-year-old sup plier of pollution control sys terns to the metal working industry. The acquisition wa: an all-cash transaction finances by Ceco’s cash flow and new bank financing. According tc Ceco, the Busch acquisitior will double both the sales am profits of Ceco with no share. holder dilution. Ceco Environmental CorF has four subsidiaries: Ceco Filters Inc of Conshohocken Pennsylvania, manufacture? and sells industrial air filters known as fiber bed mist eliminators; Air Purator Corporatior of Taunton, Mass, manufactures .he Huyglass family of highperformance filter fabrics for he bag house industry; Complimce Systems International of Zarlsbad, California, owns the :xclusive patent rights to the Satenary Grid Scrubber, which :ontrols gas and smoke emissions; and US Facilities Manrgement of Phoenix, Arizona )rovides environmental maintelance, monitoring and managenent services.
AQUA PURE AND ANADIME TEAM UP iqua Pure Ventures Lnc and inadime Corporation have signed a letter of intent to deiver water de-salinisation fervices to the heavy oil indusry in western Canada. The deal gives Anadime the :xclusive right to use Aqua ‘ure’s unique water purification ethnology to recycle water rsed in sand washing processes .t heavy oil processing plants. iqua Pure, with the help of Colt Engineering of Calgary, has deeloped a unique water purificaIon process for the recycling
September 1997
and purification of contami nated waters. Anadime has con siderable experience in tb design and operation of slop oi processing and disposal facili ties in Alberta and intends tc install the first Aqua Pure unit at its Elk Point and Cold.Lakr plants early in 1998.
JOHNS MANVILLE OUTLINES 1997 EARNINGS EXPECTATIONS Johns Manville Corporation expects earnings for the thirc quarter and second half o 1997 to be below analysts current estimates. The company’s operatim performance is being held bacl ay pricing pressures in residert .ial insulation products, and to z lesser extent in the company’! :ngineered products businesses 4s a result of these conditions .he company expects 1997 earn. ngs to be approximately 10 pei :ent below analysts’ estimate: If US$O.87 to US$O.90 per ihare. In 1996, the company relorted underlying earnings 01 JS$O.71 per share. Jerry Henry, chairman and :hief executive officer, said, ‘Despite strength in our roofing 6:ystems business andproductivi ty improvements across all of c)ur businesses, we do not expect t o be able to offset competitive FIricing pressures in several key r narkets which are expected to C:ontinue in the second half of 1997. We will aggressively def end our market share and will C:ontinue to take steps to imFirove our competitive position aISwe move into 1998.”
UNITED DOMINION LOOKS TO FUTURE it a recent meeting with stock .nalysts in New York, United dominion Industries Ltd’s oficers discussed the comIany’s transformation into n industrial manufacturer nd its acquisition of Core ndustries.
“Over the past five years United Dominion has system atically divested low margil: more highly cyclical businesse and built its industrial muscle b; investing in new manufacturing businesses,” said William I Holland, chairman and chief ex ecutive officer. Holland adder that approximately 75 per ten of current businesses were ac quired over that time period with only three businesses pre dating 1992. The company noted that thl reshaping strategy continued ir 1997 with the divestiture of it more cyclical building product businesses and the addition F Core. Holland said that Core In dustries fits the profile o the new United Dominion as i is a diversified manufacturer comprised of market-leade businesses and that the newly acquired company will move United Dominion closer to Vi jion ‘99, its five-year strategic lan. Vision ‘99 aims to in :rease sales to US53 billion ant :amings to US53.10 per share ,y the end of 1999. Holland said that the comIany expects to report net eamngs for the third quarter and the {ear within the range of anaysts’ expectations, providing a significant year-over-year gain. Khile its compaction, door iroducts, dock equipment and :lectrical resistance heating rusinesses should reach record rrofitability levels, its fluid hanlling, air filtration, and water md petroleum pump units are rroducing less than planned :arnings because of delays in mplementing new manufacturng processes and because of ome market softness. “The actions we are taking vi11 better position these comranies competitively,” Holland aid. “They are part of efforts under our margin improvement rrogram to improve efficiency, lroductivity and quality.” United Dominion manufacures proprietary engineered rroducts for customers worldvide. The company employs 10 100 people at 68 plants in 16 ountries.
PUROFLOW HELPED BY HIGH PERFORMANCE FILTERS Puroflow Inc has reported ne .ncome of US$192 967 for th second quarter ended 31 Jul 1997, up from US$191068 re :orded for the same period i 1996. Shipments for the secorr quarter of 1997 increased by 1 )er cent, due to high perform mce filters, which helped offsc .esearch and developmer; :harges incurred in developin; t new, non-azide passenger ;ide filter and costs incurred ir naterial and labor in beginning he new program. Management believes tha he development work on thl tew program will substantiall; nhance its production of filters md the increased productivity vi11 be reflected on the botton ine. Puroflow Inc supplies high performance filters, which arc ,ble to withstand severe envi onmental conditions, for tht lefense, space and commercia ircraft industries, and for the utomobiIe airbag industry worldwide.
PEERLESS MFG ANNOUNCES FULL YEAR RESULTS ‘eerless Mfg Co, a manufati urer of separators and filters sed in the petroleum, natural as, petrochemical and elecric utility industries and in nvironmental protection quipment, has announced et earnings of US$537 416 or ales of US$41.5 million in its Iscal year ended 30 June 997. This performance compares cith net earnings of US5789 21 on sales of US$33.6 million :ported for the previous year. ‘he fourth quarter of fiscal 1997 iw net earnings ofUS$371294 ompared with US$658 499 in re fiscal 1996 fourth quarter.
Industry Analyst
CECO ENVIRONMENTAL COMPLETES BUSCH CO ACQUISITION Ceco Environmental Cot-1 has completed the acquisitior of the Busch Co of Pittsburgh Busch is a 50-year-old sup plier of pollution control sys terns to the metal working industry. The acquisition wa: an all-cash transaction finances by Ceco’s cash flow and new bank financing. According tc Ceco, the Busch acquisitior will double both the sales am profits of Ceco with no share. holder dilution. Ceco Environmental CorF has four subsidiaries: Ceco Filters Inc of Conshohocken Pennsylvania, manufacture? and sells industrial air filters known as fiber bed mist eliminators; Air Purator Corporatior of Taunton, Mass, manufactures .he Huyglass family of highperformance filter fabrics for he bag house industry; Complimce Systems International of Zarlsbad, California, owns the :xclusive patent rights to the Satenary Grid Scrubber, which :ontrols gas and smoke emissions; and US Facilities Manrgement of Phoenix, Arizona )rovides environmental maintelance, monitoring and managenent services.
AQUA PURE AND ANADIME TEAM UP iqua Pure Ventures Lnc and inadime Corporation have signed a letter of intent to deiver water de-salinisation fervices to the heavy oil indusry in western Canada. The deal gives Anadime the :xclusive right to use Aqua ‘ure’s unique water purification ethnology to recycle water rsed in sand washing processes .t heavy oil processing plants. iqua Pure, with the help of Colt Engineering of Calgary, has deeloped a unique water purificaIon process for the recycling
September 1997
and purification of contami nated waters. Anadime has con siderable experience in tb design and operation of slop oi processing and disposal facili ties in Alberta and intends tc install the first Aqua Pure unit at its Elk Point and Cold.Lakr plants early in 1998.
JOHNS MANVILLE OUTLINES 1997 EARNINGS EXPECTATIONS Johns Manville Corporation expects earnings for the thirc quarter and second half o 1997 to be below analysts current estimates. The company’s operatim performance is being held bacl ay pricing pressures in residert .ial insulation products, and to z lesser extent in the company’! :ngineered products businesses 4s a result of these conditions .he company expects 1997 earn. ngs to be approximately 10 pei :ent below analysts’ estimate: If US$O.87 to US$O.90 per ihare. In 1996, the company relorted underlying earnings 01 JS$O.71 per share. Jerry Henry, chairman and :hief executive officer, said, ‘Despite strength in our roofing 6:ystems business andproductivi ty improvements across all of c)ur businesses, we do not expect t o be able to offset competitive FIricing pressures in several key r narkets which are expected to C:ontinue in the second half of 1997. We will aggressively def end our market share and will C:ontinue to take steps to imFirove our competitive position aISwe move into 1998.”
UNITED DOMINION LOOKS TO FUTURE it a recent meeting with stock .nalysts in New York, United dominion Industries Ltd’s oficers discussed the comIany’s transformation into n industrial manufacturer nd its acquisition of Core ndustries.
“Over the past five years United Dominion has system atically divested low margil: more highly cyclical businesse and built its industrial muscle b; investing in new manufacturing businesses,” said William I Holland, chairman and chief ex ecutive officer. Holland adder that approximately 75 per ten of current businesses were ac quired over that time period with only three businesses pre dating 1992. The company noted that thl reshaping strategy continued ir 1997 with the divestiture of it more cyclical building product businesses and the addition F Core. Holland said that Core In dustries fits the profile o the new United Dominion as i is a diversified manufacturer comprised of market-leade businesses and that the newly acquired company will move United Dominion closer to Vi jion ‘99, its five-year strategic lan. Vision ‘99 aims to in :rease sales to US53 billion ant :amings to US53.10 per share ,y the end of 1999. Holland said that the comIany expects to report net eamngs for the third quarter and the {ear within the range of anaysts’ expectations, providing a significant year-over-year gain. Khile its compaction, door iroducts, dock equipment and :lectrical resistance heating rusinesses should reach record rrofitability levels, its fluid hanlling, air filtration, and water md petroleum pump units are rroducing less than planned :arnings because of delays in mplementing new manufacturng processes and because of ome market softness. “The actions we are taking vi11 better position these comranies competitively,” Holland aid. “They are part of efforts under our margin improvement rrogram to improve efficiency, lroductivity and quality.” United Dominion manufacures proprietary engineered rroducts for customers worldvide. The company employs 10 100 people at 68 plants in 16 ountries.
PUROFLOW HELPED BY HIGH PERFORMANCE FILTERS Puroflow Inc has reported ne .ncome of US$192 967 for th second quarter ended 31 Jul 1997, up from US$191068 re :orded for the same period i 1996. Shipments for the secorr quarter of 1997 increased by 1 )er cent, due to high perform mce filters, which helped offsc .esearch and developmer; :harges incurred in developin; t new, non-azide passenger ;ide filter and costs incurred ir naterial and labor in beginning he new program. Management believes tha he development work on thl tew program will substantiall; nhance its production of filters md the increased productivity vi11 be reflected on the botton ine. Puroflow Inc supplies high performance filters, which arc ,ble to withstand severe envi onmental conditions, for tht lefense, space and commercia ircraft industries, and for the utomobiIe airbag industry worldwide.
PEERLESS MFG ANNOUNCES FULL YEAR RESULTS ‘eerless Mfg Co, a manufati urer of separators and filters sed in the petroleum, natural as, petrochemical and elecric utility industries and in nvironmental protection quipment, has announced et earnings of US$537 416 or ales of US$41.5 million in its Iscal year ended 30 June 997. This performance compares cith net earnings of US5789 21 on sales of US$33.6 million :ported for the previous year. ‘he fourth quarter of fiscal 1997 iw net earnings ofUS$371294 ompared with US$658 499 in re fiscal 1996 fourth quarter.