08222017Tue
Last updateMon, 21 Aug 2017 7pm

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Emerson Reports Third Quarter 2017 Results

Emerson Automation Solutions net sales increased 12%, with underlying sales up 2% excluding unfavorable currency of 1% and the impact from acquisitions of 11%. Favorable trends in key served markets supported strong order rates in the third quarter. Demand in power, life sciences and chemical markets was broad-based and driven by customers' focus on optimization projects and MRO activity. North American underlying sales were up 6% led by energy related markets. In the U.S., the mix of business has started to shift to mid-sized projects and Emerson anticipates larger projects booking in 2018. 


Curtiss-Wright Reports Second Quarter 2017 Financial Results

Sales for the second quarter in Curtiss-Wright’s commercial/industrial sectors were $292 million, an increase of $2 million, or 1%, over the prior year. Organic sales increased 2%, excluding $4 million, or (1%), in unfavorable foreign currency translation. In the general industrial market, Curtiss-Wright experienced solid sales growth for industrial vehicle products, while sales of severe-service valves to the energy markets were flat with the prior year but demonstrated sequential quarterly improvement. In the naval defense market, Curtiss-Wright experienced lower revenues on the Virginia-class submarine program, based on the timing of production. 

Peter France Steps Down as Rotork CEO

The board of Rotork plc announces the resignation of Peter France as chief executive. The current chairman, Martin Lamb, will assume the role of full time executive chairman with immediate effect, until a successor can be appointed. A search firm to lead this process will be selected shortly.

This announcement follows a period of reflection by the board, together with France, on the steps required to foster a return to higher growth and margin levels in what is likely to be a generally lower growth macro environment. Such steps include accelerating investment in key areas such as product innovation and customer service whilst, at the same time, driving greater efficiencies throughout the business. The board and France have mutually agreed that the time is right for a new chief executive to lead these initiatives. 

Wolseley Officially Changes Name to Ferguson

Further to shareholder approval at a general meeting of the company held on May 23, 2017, the change of name from Wolseley plc to Ferguson plc is now effective. The company website will now be available at www.fergusonplc.com.

Trading in the company's shares will commence under the new name Ferguson plc and the new TIDM code '(FERG)' with effect from 1 August 1, 2017. The company's ADRs will be traded on the OTCQX market under the new symbol '(FERGY)'. Trading in ADRs under the FERGY symbol will commence on July 31, 2017. 

Weir Oil & Gas Completes Acquisition of KOP Surface Products

Weir Oil & Gas has completed its acquisition of KOP Surface Products. The acquisition, announced in mid-June, is for an enterprise value of $114 million.

KOP employs 450 people and is a provider of wellheads, surface trees, valves, actuators and aftermarket services for the oil and gas industry. The business is headquartered in Singapore and has a manufacturing facility in Batam, Indonesia, in addition to a network of sales and service offices in Malaysia, Thailand, Vietnam, Qatar, UAE, Saudi Arabia and India. KOP's current management team will continue to lead the business, reporting into Weir’s Oil & Gas division. 

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