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Sensata Technologies aquires the Schrader Group

Wednesday, August 20, 2014

Almelo, the Netherlands - Sensata Technologies Holding N.V. announced that its wholly owned indirect subsidiary Sensata Technologies B.V. has reached agreement to acquire the Schrader group of companies from Madison Dearborn Partners, LLC for a total enterprise value of $1.0 billion. Schrader is the global leader in tire pressure monitoring sensors (TPMS). The transaction provides TPMS and additional low pressure sensing capabilities that address large and fast growing sensing markets and adds to Sensata's industry-leading sensing position. The transaction is subject to regulatory approval and is expected to close during the fourth quarter of 2014. Schrader is headquartered in Denver, CO, and has sales and engineering offices in the United States, the United Kingdom, Germany, China, Japan and South Korea. Manufacturing facilities are located in the United States, United Kingdom, France, Brazil and China. Schrader employs 2,500 people globally, including over 300 engineers. Schrader is expected to generate approximately $550 million in revenue in 2014. Schrader pioneered TPMS for global OEMs, a safety feature now standard on all cars in North America and growing globally in Europe and Asia. Fuel economy and safety regulations in each region are driving the rapid adoption of TPMS and Schrader has obtained over 50 percent market share in these regions. "The acquisition of Schrader extends Sensata's leadership position in pressure sensing and provides further access to a rapidly growing $2 billion low pressure sensor market where the largest current opportunity is in TPMS," said Martha Sullivan, Sensata Technologies president and chief executive officer. "Additionally, Schrader's expertise in MEMS sensing, wireless communications and ASIC design will be highly complementary; we are excited to welcome this talented team into Sensata's global organization." "Today is an exciting day as we move into the next phase in the evolution of Schrader. The addition of Schrader to Sensata's product portfolio makes sense strategically and operationally; we are aligned on our plans to continue to grow the business," said Hugh Charvat, Schrader chairman, president and chief executive officer. "I would like to thank Madison Dearborn Partners for their partnership over the past few years. Their commitment and advice have helped us surpass our ambitious goals." "The purchase price represents less than a 10x multiple on estimated 2015 stand-alone EBITDA," added Paul Vasington, Sensata Technologies chief financial officer. "While we expect Schrader to be $0.13 to $0.16 dilutive to adjusted earnings per share in 2014, we expect Schrader to be $0.18 to $0.21 accretive in 2015, provide $0.50 to $0.55 of accretion after integration and debt pay-down and provide an additional $0.18 to $0.22 accretion when China ramps adoption of TPMS." Barclays Bank PLC and Morgan Stanley Senior Funding, Inc. have committed to provide debt financing to support the transaction. Centerview Partners acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Sensata Technologies. Barclays, Citigroup and Guggenheim Securities, LLC acted as financial advisors and Kirkland & Ellis LLP acted as legal advisor to Schrader International. - * Email

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RheinChemie

Rubber Division, ACS announces discounts on industry publications

Wednesday, August 20, 2014

Akron, OH - The ACS, Rubber Division announces discounts on 13 of their publications. Place your order online at www.rubber.org or stop by the Rubber Division, ACS booth #406 at the International Rubber Expo in Nashville, TN, October 14-16 to make a purchase. Titles include: Analyzing Friction in the Design of Rubber Products and Their Paired Surfaces by Robert Horigan Smith, $125.00; Basic Elastomer Technology by K.C. Baranwal, $20.00; Chains of Opportunity by Mark D. Bowles, $25.00; Lean Six Sigma for Service: How to Use Lean Speed & Six Sigma Quality to Improve Services & Transactions by Michael L. George, $20.00; The Rubber Formulary by Peter A. Ciullo, $210.00; Rubber Mirror by Henry J. Inman, $15.00; Six Sigma Black Belt Handbook by Thomas McCarty, $65.00; Surface Treatment of Materials for Adhesion Bonding by Sina Ebnesajjad, $140.00; Taguchi's Quality Engineering Handbook by Genichi Taguchi, $150.00; Viscoelastic Behavior of Rubbery Materials by C.M. Roland, $75.00; Strategic Supply Chain Management: The 5 Disciplines for Top Performance by Shoshanah Cohen, $30.00; How to Improve Rubber Compounds: 1500 Experimental Ideas for Problem Solving by John Dick, $150.00; Polymer Extrusion: Revised 4E by Chris Rauwendaal, $150.00. - * Email

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McLube

Semperit Group reports first half growth

Wednesday, August 20, 2014

Vienna, Austria - The publicly listed Semperit Group continued its organic growth in the first half of 2014, showing a good revenue and earnings development. Revenue in the first six months of 2014 rose 2.9 percent year-on-year to EUR 464.3 million from EUR 451.4 million in the prior-year period. Both the Medical and Industrial Sectors contributed to growth based on strong sales performances and higher global sales. This more than offset the decrease in selling price levels caused by the substantial drop in raw material prices. Double-digit growth was achieved in the Medical Sector, whereas the more cyclically-dependent Industrial Sector further increased its revenue and profitability. In the first half of 2014, the Group’s consolidated EBITDA improved by 4.6 percent to EUR 68.8 million from EUR 65.8 million in the previous year. EBIT was up 5.7 percent to EUR 46.2 million, compared to the prior-year level of EUR 43.7 million. In addition to the positive operating development, the resolute implementation of strategic raw material management, stringent cost discipline as well as further efficiency improvements related to good capacity utilization contributed to the rise in earnings. The EBITDA margin was up from 14.6 percent to 14.8 percent, and the EBIT margin climbed to 10.0 percent from 9.7 percent in the previous year. Semperit achieved a net result (earnings after tax) of EUR 27.8 million, which declined slightly from the comparable figure of EUR 28.2 million in the first half of 2013 due to the somewhat higher financial expenses. “The expansion of our sales activities and the further globalization of our business paid off again in the first half of 2014. This enabled us to achieve double-digit sales increases and to grow once more faster than the market. We not only gained market shares and attracted new customers but also managed to further increase profitability. This can be attributed to our high capacity utilization as well as the successful, active management of our raw material needs”, said Semperit CEO Thomas Fahnemann in commenting on the current business development. Semperit also held up well in the second quarter of 2014. Although production and sales volumes could be significantly increased, the lower raw material prices compared to the prior-year period resulted in a slight revenue decline to EUR 231.6 million, down from EUR 236.2 million in the second quarter of 2013. EBITDA fell by 2.9 percent to EUR 35.4 million, and EBIT decreased to EUR 23.9 million, a drop of 4.2 percent. In spite of these earnings declines, profitability remained at a very good level as reflected by the EBITDA margin of 15.3 percent and an EBIT margin of 10.3 percent. Semperit boasted a solid capital base at the reporting date of June 30, 2014. The equity ratio remained at a consistently high level of 48.9 percent compared to 48.3 percent as per December 31, 2013. Cash and cash equivalents amounted to EUR 157.3 million, down from EUR 182.6 million at the end of 2013, which can be mainly attributed to the dividend payment. “Despite distributing a dividend which was higher than in the previous year and implementing an extensive investment program, we still have a positive net liquidity of EUR 17.5 million. - * Email

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National Science Foundation awards grant to researcher pairing cancer prevention drugs and polymer implants

Wednesday, August 20, 2014

Akron, OH - Ohio.com reports, "University of Akron researcher Dr. Judit Puskas has received nearly $750,000 from the National Science Foundation to further her creation of a drug that would target cancer cells when paired with a rubber polymer prosthetic breast. “I feel extremely good, together with my local business partner, Dr. Harlan Wilk,” Puskas said in a recent interview. “We worked extremely hard on the proposal.” Puskas, the Joseph M. Gingo Chair in chemical engineering at the University of Akron, explained that the drug would be absorbed into the body from the implant. That would allow for more localized treatment of the cancer and would replace traditional chemotherapy and its usual side effects, which can include the destruction of healthy cells. The treatment, however, will not become widely used for a number of years. “The regulatory process became exceedingly long,” Puskas said. “Today the average time to get FDA approval from idea is 14 years.” The funding, a grant of $749,747, was allocated to PolyInsight LLC of Akron to support commercialization of the cancer-killing polymeric agent that Puskas and former UA graduate assistant Kwang Su Seo have developed. This second grant from the NSF to Puskas is a two-year, Phase II grant intended for early stage research and product development. Puskas, along with PolyInsight and the University of Akron Research Foundation, formed Enzyme Catalyzed Polymers LLC, a spinoff company that licensed the relevant technology from UA." - * Email

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RPM International restates first, second and third quarters of fiscal 2013

Wednesday, August 20, 2014

Medina, OH - RPM International Inc. announced that it filed with the Securities and Exchange Commission (SEC) its Annual Report on Form 10-K for the fiscal year ended May 31, 2014, and amended Quarterly Reports on Forms 10-Q/A for the fiscal 2013 quarters ended August 31, 2012, November 30, 2012 and February 28, 2013. The Forms 10-Q/A reflect the restatement of the financial statements for the first three quarters of fiscal 2013 resulting from the findings of the previously announced independent investigation by the audit committee of RPM's board of directors. This restatement relates to the timing of the accrual of loss reserves associated with the General Services Administration (GSA) settlement in fiscal 2013. The audit committee has determined that the previously issued financial statements for the fiscal 2013 interim periods covered by the Forms 10-Q/A should no longer be relied upon. The identified accounting errors had no effect on RPM's reported annual results for fiscal 2013. These errors also had no effect on RPM's "as-adjusted" results reported in its earnings releases for fiscal 2013, or on its reported interim and annual results for fiscal 2014. On July 28, 2014, RPM had announced that it planned to delay the filing of its Form 10-K pending the resolution of an investigation conducted by its audit committee, with the assistance of independent advisors, into the timing of the disclosure and accrual of loss reserves with respect to the previously disclosed GSA and Department of Justice investigation into compliance issues relating to the Tremco roofing division's GSA contracts. The issues reviewed by the audit committee are also the subject of a formal investigation by the SEC, in which RPM is cooperating. RPM originally accrued $68.8 million for a settlement with the GSA and other related matters during the third quarter of fiscal 2013, which was subsequently revised to $65.1 million during the fourth quarter of fiscal 2013. Of the total $68.8 million loss reserve that the company originally accrued in connection with the GSA matter, the audit committee has determined that $11.4 million should have been accrued during the quarter ended August 31, 2012, an additional $16.9 million should have been accrued during the quarter ended November 30, 2012, and an additional $40.5 million should have been accrued during the quarter ended February 28, 2013. The company restated its financial statements for the affected periods to reflect such accruals. The impact of the restatement is as follows: The estimated loss contingency for the first quarter of fiscal 2013 was understated by $11.4 million, producing an overstatement of net income of $7.2 million; The estimated loss contingency for the second quarter of fiscal 2013 was understated by $16.9 million, producing an overstatement of net income of $10.8 million; and the estimated loss contingency for the third quarter of fiscal 2013 was overstated by $28.3 million, producing an understatement of net income of $18.0. The audit committee determined that the accounting errors described above did not result from intentional misconduct. Management has determined the material weakness in the company's internal controls that caused the timing issues on accrual recognition and disclosure no longer existed as of February 28, 2013. - * Email

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Saint-Gobain Seals' OmniSeal qualified for use in military helicopters

Wednesday, August 20, 2014

Garden Grove, CA - Saint-Gobain Seals’ OmniSeal spring-energized seals have been qualified as a sealing solution in various sections of rotorhead in military helicopters. Within this dynamic rotorhead application, four seals have been qualified for sealing purposes, including sealing the inboard pitch-varying housing, outboard pitch-varying housing, vertical hinge pin and horizontal hinge pin. This recent qualification acts a system solution complement to their OmniLip lip seals, which perform sealing in helicopter gearboxes. The rotor system or the rotary-wing assembly is an externally visible, rotating part of a helicopter responsible for generating lift. This system consists of a mast, a hub and rotor blades. The rotor blades are connected to one end of the hollow, cylindrical mast at the point of attachment called the hub. The hub, also referred to as the rotorhead, consists of pitch-varying shafts attached to it by horizontal hinge pins. Pitch-varying housings are mounted over these pitch-varying shafts. The rotor blades are attached to the pitch-varying housings by vertical hinge pins. On the other end, the mast is connected to transmission and gearboxes. This assembly of various parts in the rotor system receives torque from the transmission and translates into rotary motion of the helicopter blades. As the mast rotates at hundreds of rpm during a powered flight, it is very important that seals located at various positions of the rotary system prevent oils and greases from leaking and contaminants such as ice, water and dirt from coming in. Loss of lubrication can lead to catastrophic failures; hence, seals have to be able to be capable of dry running in such events. All above four seals share a unique design customized to meet key requirements such as dry running and are a special type of Saint-Gobain Seals’ product family of OmniSeal spring-energized seals, which are widely used in critical environments. The outside sealing jacket is made from a proprietary Fluoroloy material that combines the excellent frictional and wear characteristics of PTFE with flexibility and elasticity of thermoplastic elastomers. This PTFE material blended with thermoplastic elastomer ensures optimum chemical compatibility with various lubricating oils per MIL-L-2105 and MIL-L-21260 as well as greases per MIL-G-23827 and MIL-G-81322 specifications. The seal utilizes a wrapped and formed OmniSeal RP II ribbon spring design which offers the utmost spring deflection for otherwise difficult sealing applications. This rugged seal encased by an anodized aluminum casing works under the most severe mechanical conditions when other designs fail. The aluminum casing ensures lightweight as well as simple press-fit installation in the seal housing. As the helicopter covers a wide range of environment and landscape, these seals handle temperatures ranging from -67°F (-55°C) up to 200°F (93°C). The OmniSeal product line is available in multiple designs such as 103A, APS, Spring Ring II, 400A, RP II and RACO 1100A and are also offered in various custom designs. These designs include seal jackets in various Fluoroloy materials and springs in various configurations. Saint-Gobain Seals’ sealing solutions have been used in launch vehicles such as the Atlas V rocket engine (which launched the Mars Rover Curiosity into space), Delta IV Heavy rocket and Falcon 9 rocket. Their solutions have also been used in other industries (oil and gas, automotive, life sciences, electronics and industrial) and in applications such as environmentally-friendly industrial dyeing process equipment, high-speed surgical tools, the world’s first subsea gas compression station and deicing systems. - * Email

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Air Products announces price increases for its line of epoxy curing agents and adhesion promoters

Wednesday, August 20, 2014

Lehigh Valley, PA - Air Products announced that, effective September 1, 2014, or as contracts allow, it will increase prices globally by up to 20 cents per kilogram for select Ancamide, Ancamine, Anquamine, Anquawhite, and Sunmide epoxy curing agents, as well as select Nourybond adhesion promoters. The increase is necessary to offset higher raw materials costs, including recent price increases on tetraethylenepentamine, triethylenetetramine and polyetheramines. - * Email

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