Last updateWed, 20 Mar 2019 2pm


EnPro Industries Announces CEO Succession Plan

EnPro Industries, parent company of Garlock Sealing Technologies, announced that Stephen E. Macadam, the company’s CEO and president, has informed its board of directors of his decision to retire from those positions on July 29, 2019 and that the board of directors will appoint Marvin A. Riley, EnPro’s executive vice president and COO, to succeed Macadam as CEO and president at that time. Macadam has agreed to serve thereafter as vice chairman, to facilitate the transition of the company’s leadership and provide assistance to Riley, until the end of February 2020, at which time he intends to resign from the board. 

ITT Reports Fourth Quarter, Full Year 2018 Results

In the fourth quarter of 2018, total revenue in ITT’s Industrial Process segment decreased 2% to $229 million due to a 2% impact from unfavorable foreign exchange. Organic revenue was flat as an 11% decrease in large pump projects primarily related to delivery timing was offset by a 5% increase in short-cycle activity due to strength in baseline pumps, aftermarket parts and valves. 

Flowserve Reports Fourth Quarter, Full Year 2018 Results

Flowserve announced its financial results for the fourth quarter and full year ended December 31, 2018. Sales for the year were $3.83 billion, up 4.7%, or 3.8% on a constant currency basis and included approximately 1% negative impact related to divested businesses. Flowserve Corporation delivered solid operating cash flow of $164 million in the 2018 fourth quarter, continuing the momentum of the second and third quarters. 

Emerson Opens Permian Basin Service Center

Emerson has opened a new $4 million Permian Basin Service Center to bring enhanced oil and gas technologies and services to the fast-growing region. Emerson’s new center expands its longtime Permian Basin presence to meet the growing demand for digital technologies to optimize production efficiencies and support producers facing labor and equipment shortages, and address workforce preparedness issues.

The Permian – the most prolific oil-producing region in the United States – has a critical need to expand its pipeline capacity for U.S. consumption and export. The Emerson Service Center connects pipeline operators with local experts and advanced technologies to help expand capacity while meeting regulatory and environmental concerns. 

Weir Selling Flow Control Division to First Reserve

The Weir Group PLC has entered into an agreement to sell its Flow Control division to First Reserve, a global private equity investment firm focused exclusively on energy, for an Enterprise Value of approximately $366 million, payable in cash and subject to customary working capital and debt-like adjustments at closing. The transaction remains subject to certain regulatory and other approvals, with completion expected in Q2 2019.

The plan to sell the division was first announced on April 19, 2018 alongside the acquisition of ESCO, which further strengthened Weir’s leadership position in global mining markets. Once this transaction completes, on a pro forma basis, more than 80% of Weir’s revenues will be from attractive aftermarket-intensive mining and upstream oil and gas markets. 

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