NEWS/DIVIDENDS
demonstrate Danish wastewater technology
in the US in full scale.
“The potential is good. In the US, there is an
increased focus on efficient and environmentally
friendly water technologies, and in Grundfos,
we have the knowledge and the products that
can help do something. At the same time, there
is a great business potential in upgrading other
treatment plants in the country,” said Thomas
Morrison, executive vice president, Water Utility
at Grundfos in the US.
For further information, visit www.grundfos.com
NOV closes Fjords
Processing acquisition
N ational Oilwell Varco Inc (NOV)
has completed the acquisition
of Fjords Processing from Akastor
ASA (see Pump Industry Analyst,
November 2016).
Fjords Processing specializes in process
support systems for gas, oil and water,
including filtration, separation, flotation,
dehydration and desalting technologies.
NOV says that the Fjords Processing
acquisition provides complementary
technology for several of NOV’s existing
business units, including Process and Flow
Technology, which currently provide
production and process solutions.
For further information, visit www.fjordsprocessing.
com, www.nov.com and www.akastor.com
SPX Flow amends
US$1.35bn credit facilities
S PX Flow Inc has completed an
amendment to its US$1.35 billion
senior secured credit facilities which,
among other things, provides a
period of covenant relief through 31
December 2018.
“We are pleased with the on-going support
of our lenders, including Bank of America
Merrill Lynch who acted as lead bank in
December 2016 Pump Industry Analyst
arranging the amended agreement,” said Marc
Michael, SPX Flow president and CEO.
“The amended credit facility provides us
financial flexibility to continue executing our
realignment program and invest in organic
growth initiatives. We expect these actions
will enable us to better serve our customers
and drive improved operational performance
even in a low growth macro environment.
We are in a stable financial position with
adequate liquidity and expect to be well-
positioned to leverage growth when our key
end markets recover,” added Michael.
For further information, visit www.spxflow.com
Cemex to divest
ready-mix concrete
pumping assets in
Mexico
C emex SAB de CV and Cemex
Concretos SA de CV have entered
into a definitive agreement to sell
their ready-mix concrete pumping
assets in Mexico to Pumping Team
SLL for approximately US$80 million
plus an additional US$29 million
purchase price contingent on future
performance targets.
Pumping Team, a Spanish company that
specializes in providing pumping services, will
become the supplier of ready-mix concrete
pumping to Cemex and its customers in
Mexico.
“This transition will be seamless for
Cemex’s customers, as they will continue
dealing directly with the company to obtain
pumping services for our ready-mix products,”
said Juan Romero, president of Cemex
Mexico. “This strategic divestment will allow
us to increase our focus on our core ready-mix
concrete business while transferring pumping
services to a specialised company, thereby
ensuring continued quality to our customers.”
For further information, visit www.cemex.com and
www.pumpingteam.com
Dividends
• Pentair plc’s board of directors has
approved a 3% increase in the company’s
regular annual cash dividend rate for
2017, up from US$1.34 per share paid
in 2016 to US$1.38 per share. The
company will pay a regular quarterly
cash dividend of US$0.345 per share
on 10 February 2017 to shareholders
of record on 27 January 2017. 2017
will mark the 41st consecutive year that
Pentair has increased its dividend.
www.pentair.com
• Parker Hannifin Corp says that its
planned acquisition of filter maker
Clarcor Inc is not expected to
impact its dividend payout target of
approximately 30% of net income,
while maintaining its record of annual
dividend increases.
www.parker.com
• Kubota Corp intends to propose a
¥16 year‐end dividend. Including the
interim dividend of ¥14 per common
share already paid, the annual dividend
for the fiscal year ending 31 December
2016 will be ¥30, which will be a ¥2
increase on the previous fiscal year.
www.kubota.co.jp
• The Hillenbrand Inc board has
declared a regular quarterly cash
dividend of US$0.2050 per share on
the company’s common stock. On an
annualized basis, this is an increase
of US$0.01 per share to a total rate
of US$0.82 per share in fiscal year
2017. This latest dividend is payable
30 December 2016, to shareholders of
record on 16 December 2016.
www.hillenbrand.com
• The next regular Idex Corp quarterly
cash dividend of US$0.34 per common
share will be paid on 31 January 2017
to shareholders of record on 16 January
2017. This dividend represents the
company’s 89th consecutive regular
quarterly cash dividend payment.
www.idexcorp.com
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