01202019Sun
Last updateFri, 18 Jan 2019 3pm

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Valve Industry’s Modest Decline Will be Short-Lived

As in many industries, the last decade has been kind to the U.S. and Canadian industrial valve industry, which has seen a steady climb in sales and profits. But valve and actuator shipments rise and fall with the fate of the industries in which they are used, from power generation and chemical processing, to oil & gas and water/wastewater. Now, with many of those industries on a downward track, the Valve Manufacturers Association (VMA) estimates a 5% decrease in industrial valve shipments in 2009 — the first such decrease in a decade.

Source: VMA

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Metso Releases First Quarter Review

New orders for Metso Corp. worth EUR 942 million were received in January-March (EUR 1,509 million in Q1/08), i.e. 38% less than in the comparison period. At the end of March, the order backlog was 4% lower than at the end of December 2008, amounting to EUR 3,934 million (EUR 4,088 million at December 31, 2008).

Source: Metso

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ITT Expands Global Reach of Watermark Philanthropy Program

ITT Corp. announced an expansion of its global corporate philanthropy program, ITT Watermark, with a $200,000 investment toward improving water access for students and educators in mainland China. This new pledge underscores ITT Watermark’s three-year initial commitment to provide safe water and sanitation in more than 300 schools in Asia and Latin America — an initiative that will improve the lives of more than 100,000 children and their families.

Source: ITT

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Cortec Manifold Systems Acquires TCS

Cortec Manifold Systems (CMS) has purchased Technical Control Systems (TCS), an Array Holdings division, previously located in Oklahoma City. CMS took on the TCS entire line of products, including compact ball valves, check valves, subsea ball valves and drilling diverted valves.

Source: Energy Current

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ITT Reports First Quarter Earnings of $187 Million

ITT Corp. reported first quarter 2009 income of $187 mln, or $1.02 per share, from continuing operations, including a net $54 mln tax benefit resulting primarily from the reorganization of certain international legal entities.
 
First quarter revenue for the Fluid Technology segment was $744 mln, down 16% compared to the first quarter of the prior year or down 6% excluding the impact of foreign currency exchange.

Source: ITT

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