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Industry News
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SPX to acquire ClydeUnion Pumps
Date: Friday, September 02, 2011
 Clyde Blowers Capital is selling ClydeUnion Pumps to SPX Corp for a headline price of £750 million.
This includes £700 million in cash at deal completion and £50 million subject to an earnout agreement dependant on future performance.
With projected 2011 revenues of £400 million, ClydeUnion Pumps operates eight manufacturing facilities and 25 service centres worldwide with approximately 2000 employees.
ClydeUnion Pumps was formed by Clyde Blowers Capital chairman and chief executive Jim McColl out of two major acquisitions – the £48 million purchase of the former Weir Pumps business in Cathcart, Glasgow, Scotland from the Weir Group in 2007 and the acquisition of Union Pumps from Textron Inc in 2008. McColl, who started his career at the former Weir Pumps business as a 16 year old apprentice, will play no part in ClydeUnion Pumps after the sale.
Under SPX ownership, ClydeUnion Pumps will continue to be run as a standalone business with its head office in Glasgow, under the current management team. Clyde Union Pumps will be part of SPX’s Flow Technology business, which already includes pump manufacturers Bran+Luebbe, Plenty Mirrlees and Waukesha Cherry Burrell.
“A very important part of our discussions has centred around us being convinced that SPX would be a good responsible owner of this business and would continue to support its growth. As a very large corporation, we firmly believe SPX can provide that investment and be a safe custodian of our business going forward,” said McColl.
“I would not have sold Clyde Union to anyone who wouldn’t take the company to the next level. There had to be a long-term commitment," added McColl..
Don Canterna, president of SPX Flow Technology, said: “We see tremendous value in ClydeUnion’s products, brands, factories, and most importantly, its people. Americans know and respect Glasgow and Scotland’s place in engineering heritage.”
Link: http://www.worldpumps.com |
KSB Reports Growth in Emerging Economies and in Its General Business
Date: Tuesday, August 23, 2011
The KSB Group increased its order intake by 6.4 percent in the first half of the year to € 1,067.6 million, as shown in its half-year financial report.
The pump and valve manufacturer profited from a rebound in its general business with standard products, as well as from a number of major orders, including projects for water supply and water treatment plants. Overall, however, the project business was weaker than the general business. This affected, for example, business with high-pressure pumps for power stations. Investments in this area remained influenced by the fact that the financial crisis had led customers to shelve plans for new plants.
In terms of sales revenue, KSB managed to exceed the pre-crisis level in the first six months of the year. At € 970.5 million, the Group’s sales revenue for pumps, valves and services was up 6.1 percent. The strongest absolute and percentage growth was posted by companies in the Region Asia/Pacific with an increase of 29.0 percent. Sales revenue growth was particularly strong in the Group companies in China and India, where KSB operates a number of plants.
The first-time consolidation of ten small companies contributed to the growth in order intake and sales revenue. These recorded an order intake of € 28.3 million and sales revenue of € 27.2 million.
At € 50.0 million, mid-year consolidated earnings before taxes were slightly up on the comparative prior-year figure (€ 49.0 million). For the full year, KSB continues to aim for consolidated earnings on a par with those in 2010, although the second half of the year may see a negative impact on earnings due to a possible slowdown in the global economy and resulting decline in the expected business volume.
In the first half of the year, the Group built on its position by taking over Seil Seres Co. Ltd., a South Korean company. KSB is now able to offer package solutions with different types of valves as well as remote monitoring and control devices for equipping new liquefied gas tankers. In addition, KSB established subsidiaries in Peru and Slovenia. On 30 June 2011, the Group counted 15,434 employees, including the staff of the newly consolidated companies, 6.6 percent more than a year before.
Link: http://impeller.net |
Talent shortage stunting BP’s growth
Date: Monday, August 15, 2011
The expansion of BP’s North Sea operations could be prevented by the lack of UK engineers with the right skills.
Trevor Garlick, head of the North Sea operations, told The Telegraph: “Getting hold of the right people is a real issue for us.” This comes as the oil firm plans to recruit 150-300 jobs a year in addition to investing £3billion into the North Sea operations.
OPITO’s findings, earlier this year, supports this, finding that, despite significant growth within the industry, more than half of companies believe the number one challenge is attracting appropriately skilled staff. David Binnie, Managing director, OPITO, says: “Increasing the supply pool of experienced talent is critical if we are to avoid inter-company competition, costs inflation and the delay or cancellation of projects
Link: http://www.thegrapevinemagazine.com |
ITT water spinoff company to be called Xylem
Date: Friday, July 22, 2011
ITT Corporation’s water technology and services business will be named Xylem when it becomes a standalone company later this year.
Xylem, derived from classical Greek, is the tissue that transports water in plants.
ITT says that Xylem highlights the engineering efficiency of the water-centric business by linking it with the best water transportation of all - that which occurs in nature.
Xylem will consist of the Water & Wastewater (including wastewater transport; biological, filtration and disinfection treatment and analytics), Residential & Commercial Water and Flow Control businesses.
Link: http://www.worldpumps.com |
Ton Büchner, President and Chief Executive Officer of Sulzer, has decided to leave Sulzer
Date: Tuesday, June 21, 2011
He will become the CEO of AkzoNobel, a coatings and specialty chemicals company, headquartered in Amsterdam, the Netherlands. Ton Büchner will leave Sulzer in the fourth quarter of 2011. A search process will start immediately, and his successor will be announced in due course. Ton Büchner joined Sulzer in 1994 and worked in various functions; from 2000 to 2002 as President of Sulzer Turbo Services, from 2003 to 2006 as President of Sulzer Pumps, and since early 2007 as President and Chief Executive Officer of the Sulzer Corporation. In his different functions he guided Sulzer through difficult times, while improving its performance. With a high number of targeted acquisitions and with forceful growth in the emerging markets, he has changed and strengthened Sulzer.
Link: http://impeller.net |
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