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Danish pump manufacturer Grundfos has registered a shade of red as a trademark. (more) Read More
A. O. Smith Corporation (NYSE: AOS) reported 2010 earnings from continuing operations of $57.3 million or $1.24 per share on sales of $1.49 billion, which included an after-tax charge of $21.6 million, or $0.47 per share, associated with the flooding that impacted the company's Ashland City, Tenn., facility in May. The discontinued Electrical Products operations earned $54.4 million or $1.18 per share on sales of $705.8 million.
The combined businesses earned a record $111.7 million, or $2.42 per share, in 2010. Earnings for 2009 were $81.3 million or $2.36 per share. Non-GAAP earnings for 2009, excluding the impact of the SICO transaction, were $89.7 million or $1.97 per share. In the fourth quarter, the combined businesses earned $32.2 million or $0.69 per share in 2010 compared with $22.7 million or $0.50 per share in 2009. (more) Read More
TT Corporation announced that its board of directors has unanimously approved a plan to separate the company’s businesses into three distinct, publicly traded companies. Under the plan, ITT would execute tax-free spinoffs to shareholders of its water-related businesses and its Defense & Information Solutions segment. Following completion of the transaction, ITT will continue to trade on the New York Stock Exchange as an industrial company that supplies highly engineered solutions in the aerospace, transportation, energy and industrial markets. Under the plan, ITT shareholders will own shares in all three corporations following the completion of the transaction.ITT senior management and its board of directors believe that these three businesses are well-positioned to create significant value for shareholders as standalone companies. ITT expects to finalize and execute the plan before the end of the year. (more) Read More
The URI Foundation today announced a $100,000 charitable gift from the Cranston, Rhode Island-based Taco/White Family Foundation. The gift will leverage matching funds through the Robert D. Ballard Endowed Fellowship Challenge, funded by noted oceanographers Dr. Robert D. Ballard and Dr. James A. Austin Jr., which will further enhance the impact of the Taco/White gift. The donation will be used to help defray the educational expenses of one or more graduate student whose academic course of study is directly associated with the Graduate School of Oceanography’s Center for Ocean Exploration. Selected graduate students will be highly talented individuals whose academic course of study is in the field of geological oceanography. The gift will be matched on a 3:1 basis, with funds from a $100K pledge made by Ballard and Austin in 2010. As a result, Taco’s $100K gift will be matched with an additional $33K. The Ballard endowment ... Read More
NORFOLK — A Boston attorney representing the family of a Blackstone man killed in a Norfolk duplex propane explosion said yesterday that the family plans to sue two companies. Marc Breakstone said the family of William Nichols plans to file suit for gross negligence and wrongful death against EnergyUSA, a Taunton company that installed and filled the propane tank in the building, and Smolinsky Brothers Plumbing and Heating Service, which installed the furnace and piping involved in the leak. Propane distributor DCP Midstream was not included in the suit after an investigation cleared them of any connection, even though it may have distributed odorless gas to other locations. (more) Read More
Massachusetts officials on Wednesday announced a plan to curb heat-trapping gases emitted by homes, cars and businesses in the state by 25 percent below 1990 levels over the next decade. (more) Read More
FRANKFORT, Ky. — New regulations in Kentucky that take effect Saturday will require contractors to apply for permits and have inspections conducted for new heating or air conditioning systems.The Kentucky Public Protection Cabinet says the regulations also apply to homeowners installing a system in a new home or an initial system in an existing home. (more) Read More
The Department of Energy (DOE) announced today that it has selected 24 states to receive a total of $7 million to support the adoption of updated, energy-efficient building codes. The funding will expand the existing partnerships between states and the federal government and help states to more rapidly adopt new residential and commercial building codes, as well increase compliance with those codes. As part of the Administration’s broad efforts to help families and businesses save money by saving energy, these awards will help states and local communities significantly cut the energy intensity of the nation’s buildings sector, which accounts for more than 40 percent of the energy consumed in the U.S. (more) Read More
The Canadian Institute of Plumbing and Heating (CIPH) is gearing up to meet with Health Canada in January to raise industry concerns related to implementation of the Canada Consumer Product Safety Act. The legislation, which received royal assent in mid-December, requires manufacturers, importers and distributors to report product-related safety incidents and provide testing and study results on products when required to do so by the federal department. (more) Read More
AO Smith Corp has entered into a definitive agreement to sell its Electrical Products Co to Regal Beloit Corp in a deal valued at US$875 million.Electrical Products Co is one of the largest manufacturers of electric motors for residential and commercial applications in North America. AO Smith chairman and CEO Paul Jones said: “The electric motor industry has been undergoing a significant transformation over the last several years due to global consolidation and the emergence of a number of international competitors. The consolidation in the marketplace, which has accelerated this year, prompted us to evaluate the potential sale of our motor business, with the expectation that we would reinvest the proceeds into high growth opportunities.” With the sale of its electrical products business, AO Smith's core business will be manufacturing residential and commercial water heating equipment and water purification equipment, which reported sales of US$1.1 billion for the first nine months ... Read More