Last updateTue, 17 Oct 2017 3pm


Richard Industries Receiving Honor from Top Shops Conference

The inaugural Top Shops Conference, presented by Modern Machine Shop, will take place September 5-7 in Indianapolis. The conference will enable attendees to learn about practical ways to improve their machining business.

As part of the event, a survey included submissions from shop principals (owners, executives, managers) who provided metrics and detailed insight for the Top Shops program’s four main categories: machining technology, shopfloor practices, business strategies and human resources. Four participating shops in the benchmarking group were named 2017 Honors Program winners for the primary survey categories, including Richards Industries. 

ITT Reports Second Quarter 2017 Results

Total revenue and organic revenue in ITT’s Industrial Process segment decreased 10% to $192 million, reflecting project declines, primarily due to lower oil and gas projects in North America, Asia and Latin America, as well as short-cycle declines in baseline oil and gas pumps and chemical valves.

GAAP operating income in the segment increased 135% to $15 million, and adjusted segment operating income decreased 38% to $15 million. Both measures primarily reflect lower volumes, negative impacts from pump projects with a high degree of engineering and manufacturing complexity and higher incentive compensation costs, which were partially offset by incremental restructuring benefits. 

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. 

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