DePere company’s China subsidiary to build world’s largest methane capturer in China; Actuant acquires Norwegian company; Douglas Dynamics reports quarterly loss
DePere company’s China subsidiary to build world’s largest methane capturer in China
The Chinese subsidiary of DePere-based MEGTEC Systems has been contracted to build the largest plant in the world to capture and eliminate ventilation air methane (VAM) from a coal mine in China’s Chongqing province.
The project is expected to eliminate about 97 percent of the methane within the captured exhaust stream before it enters the atmosphere, reducing greenhouse gas emissions by up to 200,000 tons of CO2 equivalent per year. Energy released in the process will be used to heat water for nearby buildings.
About 80 percent of China’s electricity comes from coal burning power plants.
“Finalizing the agreement for construction of this VAM system clears the way for what truly is a breakthrough project on several levels,” said Mohit Uberoi, MEGTEC President & CEO. “It is by far the largest VAM emission control system anywhere in the world, with six of our VOCSIDIZER units and a capacity of 375,000 Nm3/h (normal cubic meters per hour) of ventilation air.”
Actuant acquires Norwegian company
Butler-based Actuant Corp. has completed its acquisition of Bergen, Norway-based Selantic AS for approximately $17 million, plus potential future performance-related consideration.
Selantic provides high-performance slings, tethers and related products for heavy lifting applications and has annual revenues of approximately $10 million. Selantic will operate as part of Cortland in Actuant’s Energy Segment.
Brian Kobylinski, executive vice president of energy and industrial segments, said, "Selantic is an excellent fit with our diversified energy portfolio, broadening our product offerings for slings and tethers used primarily in lifting, anchoring and ROV (remotely operated vehicles) applications. Its products are also complementary to our Enerpac Integrated Solutions heaving lifting offerings. Selantic brings strong customer relationships, engineering expertise and customized products which will further strengthen and globalize our existing Cortland business."
Actuant recently broke ground on its new headquarters in Menomonee Falls.
Douglas Dynamics reports quarterly loss
In its first quarter as a publicly traded company, Douglas Dynamics Inc. has reported a net loss of $5.7 million, or 40 cents per share, with net sales of $14.6 million.|
The Milwaukee-based manufacturer of snow and ice control equipment for light trucks said its first quarter sales historically are its lowest, due to distributors and end users generally not wanting to replace equipment until the beginning of a snow season and distributors generally waiting until Douglas Dynamics pre-season sales incentive period to re-stock their inventory.
James Janik, president and chief executive officer of Douglas Dynamics, said, "Our first quarter results were in-line with our expectations and the seasonal patterns that are typical for our business. As we implement our pre-season sales program, we are carefully building our inventory position to accommodate increased demand for our products in the second and third quarter."
