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ITT Reports 2017 Fourth-Quarter, Full-Year Results

ITT Inc. delivered revenue of $2.6 billion in 2017, reflecting an 8% increase that included $74 million from the Axtone acquisition, and favorable foreign exchange of $30 million. On an adjusted basis, full-year organic revenue (defined as total revenue excluding foreign exchange, acquisition and divestiture impacts) increased 3% due to 7% growth in transportation markets, driven by automotive brake pads and high-speed rail, that was partially offset by lower pump project activity in oil and gas markets. GAAP segment operating income increased 17% reflecting lower restructuring expenses and strong operational results. 


MRC Global Announces Fourth Quarter 2017 Results

MRC Global’s sales were $903 million for the fourth quarter of 2017, which was 26% higher than the fourth quarter of 2016 and 6% lower than the third quarter of 2017 due to seasonality. As compared to 2016, all sectors increased driven primarily by midstream and upstream.

MRC Global's fourth quarter 2017 gross profit was $141 million, or 15.6% of sales, an increase from fourth quarter 2016 gross profit of $122 million, or 17.0% of sales. Gross profit for the fourth quarter of 2017 includes $6 million of non-cash inventory charges recorded in cost of sales. 

Curtiss-Wright Acquires Dresser-Rand Government Business

Curtiss-Wright has entered into an agreement to acquire the assets that comprise the Dresser-Rand Government Business (Dresser-Rand), a business unit of Siemens Government Technologies, for $212.5 million in cash.

Dresser-Rand designs and manufactures mission-critical, high-speed rotating equipment solutions, including reciprocating compressors, steam turbines and steam system valves, supporting Nimitz-class and Ford-class aircraft carriers, Virginia-class and Columbia-class submarines, and most major U.S. Navy shipbuilding programs. Dresser-Rand is the sole supplier of steam turbines and main engine guard valves on all aircraft carrier programs. 

ValvTechnologies ITC 2018 Recap

The biennial ValvTechnologies’ International Technical Conference and Users Group (ITC) was held on February 8-9 in Houston. Seeking to educate, inspire and engage attendees over a two-day period, the event brought together hundreds of attendees from across the globe to share valuable insight into the severe service valve industry’s leading-edge products, technology and solutions.

The conference united members of the valve community from 35 countries including industry experts, distributors and end users who participated in a series of technical lectures, roundtable discussions and networking activities. Retired seven-time NBA champion Robert Horry delivered the ITC 2018 featured keynote address. 

Matthew Davis Named Field Service Manager at Weir

Weir Valves & Controls USA (WVC USA) has appointed Matthew Davis to the position of field service manager. In his new role, Davis will be responsible for managing the WVC USA Field Service crew and organizing WVC Service jobs for power plants worldwide.

Davis joins WVC USA with over 20 years of experience in the power industry as a regional sales manager, AOV program engineer and project manager. During his time as a project manager, Davis was responsible for managing teams of valve technicians and field service engineers at various nuclear plants in the U.S. In addition to his technical experience, Davis has also been involved with direct sales, planning, budgeting, cost tracking and vendor oversight. 

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