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CURTISS-WRIGHT EXPANDS FLOW CONTROL BUSINESS New JerseyLyndhurst, based Curtis+Wright Corporation has entered into an agreement to acquire the Pressure Relief Valve (PRV) and Vehicle Control Valve and Pump (VCP) business units of Teledyne Fluid Systems, an Allegheny Teledyne Incorporated company. The combined sales of the businesses being acquired were approximately US$42.8 million in 1998. Cur&s-Wright will purchase the assets of the businesses for about US$44 million in cash. PRV operates under the Farris Engineering manufacturing trade name, spring loaded and pilot-operated pressure-relief valves for use in processing industries, which include refineries, petrochemical/chemical plants and pharmanufacturing. maceutical Curtis+Wright, through its Curtiss-Wright Flow Control (CWFC) subsidiary, supplies safety and relief valves to the US Navy and the commercial nuclear industry. The VCP business being acquired provides specialty hydraulic and pneumatic valves and air-driven pumps and gas boosters sold under the Sprague and PowerStar trade names for genera1 industrial applications. I
THOMAS INDUSTRIES’ PUMP ACTIVITIES REBOUND Thomas Industries’ earnings for the second quarter were the highest for any quarter in the company’s history. The compressor and vacuum pump business’ sales also set a record for any second quarter. Net income for the three months ended 30 June 1999, was US$7.3 million compared with US$6.9 million in the second quarter of 1998.
September
Net sales were US$47.5 million, up from US$46.3 million reported in the second quarter of 1998. Timothy Brown, chairman, president and CEO, explained that compressor and vacuum pump sales and operating profits continued to rebound significantly from the low levels experienced in the second half of 1998, primarily led by North American operations. While the European business is softer than anticiThomas Industries pated, believes that they’ll see record earnings in 1999.
WICOR ADOPTS NEW SHAREHOLDER RIGHTS PLAN The board of directors of Wicor Inc has adopted a new Shareholder Rights Plan to replace the company’s existing Shareholder Rights Plan, which was adopted 10 years ago and expires on 29 August 1999. The Shareholder Rights Plan includes the declaration of a dividend of one Common Share Purchase Right on each outstanding share of the company’s common stock. The Shareholder Rights distribution will be made to shareholders of record as of the close of business on 29 August 1999. The Rights are designed to provide additional protection against abusive takeover tactics such as partial tender offers, selective open-market purchases and offers for all the shares of the company at less than full value or at an inappropriate time. The Rights will not interfere with Wicor’s proposed merger with Wisconsin Energy Corporation. “Our adoption of the new plan is not in response to any specific, unwelcome attempt by anyone to acquire control of Wicor, and we are not aware of any such effort,” said George Wardeberg, chairman and CEO.
WILDEN PUMP POSTS MARGIN GAINS While Dover Corporation’s sales of almost US$l.l billion in the second quarter were up 7 per cent and net earnings improved 10 per cent, the Resources’ segment experienced an 18 per cent decline in second quarter profits, reflecting a broad decline in energy and chemicals end-markets. Wilden which Pump, improved margins on slightly lower sales, was one of just two companies within the 14 company-strong Resources segment to achieve gains. Wilden was acquired by Dover Corporation at the end of last year’s second quarter, and in the current quarter accounted for about 10 per cent of Resources’ sales and 11 per cent of profits (after acquisition premium amortisation).
SULZER’S ORDER INTAKE SLIPS Sulzer Technology Corporation’s consolidated order intake of SFr2740 million for the first six months of 1999 was 4 per cent lower than the adjusted mid-1998 level of SFr2847 million. Sulzer Industries recorded a 6 per cent decline in order intake at SFr2 147 million. The positive trend of the first quarter of 1999 did not continue for Sulzer Industries, even though order intake in the second quarter of 1999 exceeded the third and fourth quarters of 1998. This decline is largely attributable to the Sulzer Roteq Group (pumps and compressors), where lower demand in the oil, gas and petrochemical sectors reduced order intake by 21 per cent to SFr611 million. Consolidation within Sulzer Industries and the corporation as a whole accounted for a reduction in order intake of SFr56 million and SFr9 million respectively.
1999
Ingersoll-Dresser Pump Company is planning a multi-phase web site reconstruction. Under Phase I of the project, Multimedia Solutions Corporation, a web site solutions provider based in Englewood Cliffs, New Jersey, will update IDP’s site with new information to ensure that the site is informative and resourceful to customers and visitors. A range of other new additions include updates to the home page, simplified navigation and improved functionality. MSC will also work with IDP on its digital marketing services to help increase the visibility of the www.idpump.com site. Phase II, scheduled for development later this year, will include a re-design of the entire web site. In addition to the new site design, MSC and IDP plan to give users the ability to check IDP’s pump parts inventory online. MSC’s client list includes NBC, ABC, The New York Times and Mercedes-Benz. ?? Flowserve has launched a redesigned commercial web site at www.flowserve.com. The newly developed site guides viewers through Flowserve’s organisation via a series of links to each business line, news releases, investor information and Y2K compliance efforts. Site visitors are able to download a variety of product and service information, view employment opportunities at Flowserve and contact the company’s representatives directly via e-mail. Flowserve worked on this project with Rare Medium Group Inc, a company also developing Flowserve’s ecommerce and customer service capabilities through secure customer extranets.
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CURTISS-WRIGHT EXPANDS FLOW CONTROL BUSINESS New JerseyLyndhurst, based Curtis+Wright Corporation has entered into an agreement to acquire the Pressure Relief Valve (PRV) and Vehicle Control Valve and Pump (VCP) business units of Teledyne Fluid Systems, an Allegheny Teledyne Incorporated company. The combined sales of the businesses being acquired were approximately US$42.8 million in 1998. Cur&s-Wright will purchase the assets of the businesses for about US$44 million in cash. PRV operates under the Farris Engineering manufacturing trade name, spring loaded and pilot-operated pressure-relief valves for use in processing industries, which include refineries, petrochemical/chemical plants and pharmanufacturing. maceutical Curtis+Wright, through its Curtiss-Wright Flow Control (CWFC) subsidiary, supplies safety and relief valves to the US Navy and the commercial nuclear industry. The VCP business being acquired provides specialty hydraulic and pneumatic valves and air-driven pumps and gas boosters sold under the Sprague and PowerStar trade names for genera1 industrial applications. I
THOMAS INDUSTRIES’ PUMP ACTIVITIES REBOUND Thomas Industries’ earnings for the second quarter were the highest for any quarter in the company’s history. The compressor and vacuum pump business’ sales also set a record for any second quarter. Net income for the three months ended 30 June 1999, was US$7.3 million compared with US$6.9 million in the second quarter of 1998.
September
Net sales were US$47.5 million, up from US$46.3 million reported in the second quarter of 1998. Timothy Brown, chairman, president and CEO, explained that compressor and vacuum pump sales and operating profits continued to rebound significantly from the low levels experienced in the second half of 1998, primarily led by North American operations. While the European business is softer than anticiThomas Industries pated, believes that they’ll see record earnings in 1999.
WICOR ADOPTS NEW SHAREHOLDER RIGHTS PLAN The board of directors of Wicor Inc has adopted a new Shareholder Rights Plan to replace the company’s existing Shareholder Rights Plan, which was adopted 10 years ago and expires on 29 August 1999. The Shareholder Rights Plan includes the declaration of a dividend of one Common Share Purchase Right on each outstanding share of the company’s common stock. The Shareholder Rights distribution will be made to shareholders of record as of the close of business on 29 August 1999. The Rights are designed to provide additional protection against abusive takeover tactics such as partial tender offers, selective open-market purchases and offers for all the shares of the company at less than full value or at an inappropriate time. The Rights will not interfere with Wicor’s proposed merger with Wisconsin Energy Corporation. “Our adoption of the new plan is not in response to any specific, unwelcome attempt by anyone to acquire control of Wicor, and we are not aware of any such effort,” said George Wardeberg, chairman and CEO.
WILDEN PUMP POSTS MARGIN GAINS While Dover Corporation’s sales of almost US$l.l billion in the second quarter were up 7 per cent and net earnings improved 10 per cent, the Resources’ segment experienced an 18 per cent decline in second quarter profits, reflecting a broad decline in energy and chemicals end-markets. Wilden which Pump, improved margins on slightly lower sales, was one of just two companies within the 14 company-strong Resources segment to achieve gains. Wilden was acquired by Dover Corporation at the end of last year’s second quarter, and in the current quarter accounted for about 10 per cent of Resources’ sales and 11 per cent of profits (after acquisition premium amortisation).
SULZER’S ORDER INTAKE SLIPS Sulzer Technology Corporation’s consolidated order intake of SFr2740 million for the first six months of 1999 was 4 per cent lower than the adjusted mid-1998 level of SFr2847 million. Sulzer Industries recorded a 6 per cent decline in order intake at SFr2 147 million. The positive trend of the first quarter of 1999 did not continue for Sulzer Industries, even though order intake in the second quarter of 1999 exceeded the third and fourth quarters of 1998. This decline is largely attributable to the Sulzer Roteq Group (pumps and compressors), where lower demand in the oil, gas and petrochemical sectors reduced order intake by 21 per cent to SFr611 million. Consolidation within Sulzer Industries and the corporation as a whole accounted for a reduction in order intake of SFr56 million and SFr9 million respectively.
1999
Ingersoll-Dresser Pump Company is planning a multi-phase web site reconstruction. Under Phase I of the project, Multimedia Solutions Corporation, a web site solutions provider based in Englewood Cliffs, New Jersey, will update IDP’s site with new information to ensure that the site is informative and resourceful to customers and visitors. A range of other new additions include updates to the home page, simplified navigation and improved functionality. MSC will also work with IDP on its digital marketing services to help increase the visibility of the www.idpump.com site. Phase II, scheduled for development later this year, will include a re-design of the entire web site. In addition to the new site design, MSC and IDP plan to give users the ability to check IDP’s pump parts inventory online. MSC’s client list includes NBC, ABC, The New York Times and Mercedes-Benz. ?? Flowserve has launched a redesigned commercial web site at www.flowserve.com. The newly developed site guides viewers through Flowserve’s organisation via a series of links to each business line, news releases, investor information and Y2K compliance efforts. Site visitors are able to download a variety of product and service information, view employment opportunities at Flowserve and contact the company’s representatives directly via e-mail. Flowserve worked on this project with Rare Medium Group Inc, a company also developing Flowserve’s ecommerce and customer service capabilities through secure customer extranets.
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