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ITT Corporation Announces Plan to Separate into Three Independent Publicly Traded Companies

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

Taco/White Family Foundation Donates $100K to Support URI’s Graduate School of Oceanography

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

Family of man who died in house explosion to sue

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 Sets Targets to Slash Carbon Emissions

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

HVAC permits, inspections to be required in Ky.

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

DOE to Provide $7 Million to Support Updated Building Codes in 24 States

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

Canadian Institute of Plumbing and Heating seeks clarification on consumer safety bill

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 to sell electric motor division to Regal Beloit

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

Maine school rejects energy saving grant

LEE, Maine (AP) — A school in eastern Maine is rejecting a $300,000 federal grant to install a new wood-chip boiler because of uncertainty about changing federal regulations. Lee Academy Headmaster Bruce Lindberg says the Federal Environmental Protection Agency is expected to tighten regulations of boiler emissions next year, so buying the boiler, even with the help of the grant, could have increased the project's cost by as much as 30 percent.The plan had called for using the federal stimulus grant as part of a $745,000 project to install a pellet boiler that would have heated three buildings and saved 26,600 gallons of fuel oil a year.Lindberg tells the Bangor Daily News school officials are researching other energy options for the school. (source) Read More

Philadelphia Eagles to take stadium off power grid

(Reuters) - The Philadelphia Eagles are taking their stadium off the power grid and converting Lincoln Financial Field to one that will allow the stadium to generate all its own electricity from renewable sources, team officials said on Thursday. The NFL club plans to install solar panels, wind turbines and an alternative-fuels power plant the Eagles say will save them $60 million on electricity costs over 20 years.The savings "prove that sustainable energy policies are consistent with sound business practices," club owner Jeffrey Lurie said at a ceremony in the 70,000-seat field.The Eagles have contracted with Solar Blue, an Orlando-based renewable energy company, to install 80 20-foot (6.1-meter) wind turbines on the upper rim of the stadium and about 2,500 solar panels.The turbines and panels will each contribute about 15 percent of the output while the rest will be generated by a plant that can run on biofuels or natural ... Read More
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