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Conti to increase industrial tire prices Tuesday, February 9, 2010 Fort Mill, SC -- Continental Tire Americas, LLC has announced that due to rising costs for raw materials, energy and transportation, prices will increase by 4.5 percent on industrial tire product groups sold in the U.S. effective March 1, 2010. The increase will take effect March 15, 2010 for Canada. The company said the increase includes the possibility of in-line adjustments. Orders recorded by February 26, 2010 in the U.S. and March 12, 2010 in Canada and shipped by April 30, 2010 will benefit from price protection, the company said. - * Email ñ Top of the page ñ
Air Products offers to buy Airgas Tuesday, February 9, 2010 Lehigh Valley, PA -- Air Products has announced that it has made an offer to acquire Airgas, Inc. for $60.00 per share in cash. The offer was made in a letter to Airgas’ board of directors on February 4 after the CEOs of the two companies had previously discussed Air Products’ interest in acquiring Airgas and after Air Products had made two written offers, and these offers and Air Products’ requests to discuss them were rejected by Airgas. At $60.00 per share, the offer provides a 38 percent premium to Airgas shareholders based on the February 4 closing price of $43.53, and is 18 percent above Airgas’ 52-week high. The total value of the transaction is approximately $7.0 billion, including $5.1 billion of equity and $1.9 billon of assumed debt. The acquisition is expected to be immediately accretive to Air Products’ earnings per share on both a GAAP and cash basis, excluding expected one-time costs. According to Air Products, a combination of the two companies would be financially and strategically compelling, with substantial cost synergies of $250 million by the end of the second year. - * Email ñ Top of the page ñLubrizol reports four quarter, full year earnings Tuesday, February 9, 2010 Cleveland, OH -- The Lubrizol Corp. announced consolidated earnings for the fourth quarter ended December 31, 2009, of $134 million, or $1.92 per diluted share, including after-tax restructuring and impairment charges of $2 million, or $.03 per diluted share. In the fourth quarter of 2008 the company reported a consolidated loss of $281 million, or $4.16 per diluted share, including after-tax restructuring and impairment charges of $330 million, or $4.86 per diluted share, and an after-tax write-off of acquired in-process research and development of $1 million, or $.01 per diluted share. Consolidated revenues for the fourth quarter of 2009 increased 9 percent to $1.19 billion compared with $1.09 billion in the fourth quarter of 2008. Excluding the special charges in both periods, adjusted earnings were $136 million, or $1.95 per diluted share, for the fourth quarter of 2009 compared with $50 million, or $.74 per diluted share, for the fourth quarter of 2008. For the full year of 2009, consolidated revenues decreased 9 percent to $4.59 billion compared with $5.03 billion for the full year of 2008. Earnings for the full year of 2009 were $501 million, or $7.26 per diluted share, including after-tax restructuring and impairment charges of $19.8 million, or $.29 per diluted share. For the full year of 2008, the company reported a loss of $66 million, or $.97 per diluted share. - * Email ñ Top of the page ñEliokem to increase price for all coatings resins Tuesday, February 9, 2010 Villejust, France -- Eliokem has announced an up to 5 percent price increase for all its coatings resins, Pliolite, Hydro Pliolite, Pliotec and Plioway resins, in Europe, Africa, Asia and Latin America, effective February 15, 2010. The price increase is required to offset the continuing escalation in raw materials, energy, transportation and compliance costs. - * Email ñ Top of the page ñHexagon announces management changes Tuesday, February 9, 2010 Stockholm, Sweden -- In line with the accelerating globalization and the growing importance of emerging markets, Hexagon has strengthened the group management team by making the following additions, effective as of April, 2010: William Gruber, president of Hexagon Metrology and member of group management, will be assuming the position of executive vice president for the group. Norbert Hanke will succeed Gruber as president of Hexagon Metrology. Li Hongquan is president for Hexagon's operations in China. Hongquan has held that position since 2000. Norbert and Hongquan will join Ola Rollén, president and chief executive officer; Håkan Halén, chief financial officer; William Gruber, executive vice president; Frederick London, general counsel; and Bo Pettersson, chief technical officer, forming the new management team for the group. Gert Viebke will leave his position as vice president, strategy. - * Email ñ Top of the page ñOmnova Solutions announces price increase Tuesday, February 9, 2010 Fairlawn, OH -- Omnova Solutions has announced a price increase of $0.05 per dry pound on styrene butadiene latex for carpet and related markets, effective March 1, 2010. This increase is necessitated by inflation in raw material costs, said the company. - * Email ñ Top of the page ñ |
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