A.O. Smith enters agreement with Israel-based solar manufacturer; Ladish reports quarterly jump in earnings; Actuant completes Enerpac acquisitions
A.O. Smith enters agreement with Israel-based solar manufacturer
A. O. Smith Corp. has entered into a strategic agreement with Chromagen, an Israel-based manufacturer of solar water heating solutions, to develop solar technology for water heating applications.
Chromagen will offer A. O. Smith exclusive marketing and distribution rights of its solar collectors for use in residential and commercial solar water heating systems in North America. The two companies also agreed to work cooperatively to design, develop, and market energy-efficient solar products.
"Chromagen, a pioneer in solar water heating, offers a proven solar product line of consistently high quality, extensive technical capabilities, and a global presence in the rapidly expanding renewables market," said Ajita G. Rajendra, president of A. O. Smith Water Products Company. "As A. O. Smith expands its offering of high-efficiency water heating solutions, it is important we team up with the right strategic partners so that together, we can bring the best value to our customers in this rapidly changing market."
Ladish reports quarterly jump in earnings
Ladish Co. reported first quarter net income of $5.3 million, or 34 cents per share, which was up from $1.2 million, or 8 cents per share, in the same period a year ago.
The Cudahy-based company’s quarter sales fell to $98.9 million from $105.7 million a year earlier.
Ladish will host a conference call today at 8 a.m. CST to discuss the first quarter performance for 2010.
Actuant completes Enerpac acquisitions
Butler-based Actuant Corp. has completed its acquisitions of Team Hydrotec and Hydrospex.
The combined businesses generate approximately $30 million in annual revenue.
Based in Singapore, Team Hydrotec provides engineering and integrated solutions systems to the Asian energy, ship building, mining and other industries. Headquartered in The Netherlands, Hydrospex is a provider of a range of heavy-lift technologies, including strand jacks and gantries for the global infrastructure, power generation and other industrial markets.
The acquisitions will operate as part of Enerpac’s Integrated Solutions business within Actuant’s Industrial Segment.
Brian Kobylinski, executive vice president of the Energy and Industrial Segments, said, "We recently created a global organization within Enerpac to further our focus on Integrated Solutions – the combining of our world class hydraulic technology with extensive controls and engineering expertise. The products, technologies, engineering and geographic breadth of Team Hydrotec and Hydrospex are complementary to our existing competencies and will further strengthen our market leading heavy-lift solutions for the global infrastructure and other markets."
The $20 million used for the acquisitions was funded by Actuant’s revolving credit facility.