1
[-. c,.) ¢/3 © gl. < Pump Industry Analyst July 1999 GLOOMY OUTLOOK FOR VALMET-RAUMA In a review required by Val- met-Rauma's forthcoming listing on the Helsinki Exchanges, Rauma and Val- met say their 1999 opera- tional profit before extraor- dinary items and income taxes will be less than half of last year's level. Pulp and paper industry demand remains weak, and this investment slump is expected to limit 1999 demand for products in the fibre and paper technology activities, as well as in the automation and flow control business areas. However the replacement, process part rebuild, spare parts and service markets are expected to remain active. While demand for forest machines in Europe is strong, continued slack is expected in North America until the last quarter of this year. Construc- tion and civil engineering investment is expected to remain positive, with a healthy demand for crushers. HARNISCHFEGER FILES FOR BANKRUPTCY Milwaukee, USA-based Har- nischfeger Industries Inc has filed voluntary petitions for reorganisation under Chap- ter 11 of the US Bankruptcy Code. The paper and mining machinery company has been hit hard by the Asian crisis. At the time of the Chapter l I fil- ing, Harnischfeger had debts of US$1.3 billion. A US$90.7 million loss was recorded for the six months ended 30 April. The filing covers the par- ent company and its US oper- ating subsidiaries, including Joy Mining Machinery, P&H Mining Equipment and Beloit ll Corporation. The company's non-US subsidiaries are excluded from these filings. WEYERHAEUSER SHELVES MILL PLAN Weyerhaeuser has announced that it will not build a facility to produce linerboard and corrugated medium in Ful- ton, Arkansas. The company had studied options and recently obtained permits for the construction of the mill, but has notified com- munity leaders and other authorities that the permits will not now be used. AZURIX WINS WATER CONCESSIONS Azurix Corp, an affiliate of Enron Corp, is to be award- ed the water and wastewater concessions for two regions of Buenos Aires, Argentina. The US$438.6 million bid for the 30-year concessions will be funded through a com- bination of debt financing and equity capital. Azurix is also to acquire a 49 per cent interest in Industrias del Agua SA de CV, a water and wastewater service company based in Monterrey, Mexico. Through its sub- sidiary, Industrias del Agua de la Ciudad de Mexico SA de CV, IASA provides metering, billing, collections, operations and maintenance services. GALLI LAW TAKES EFFECT IN ITALY Lyonnaise des Eaux, the water division of Suez Lyon- naise des Eaux, is to manage water supplies and waste- water treatment for a syndi- cate of 37 communes around the city of Arezzo in Tuscany, serving a population of 350 000. This is the first contract signed in Italy following enact- ment of the 1994 Galli Law. This law marks a radical change in Italy's water and wastewater market, by setting up regional units that can con- tract services out to public or private operators. The 2J-year contract will generate revenues of FFr250 million a year. DEGRI~MONT EXPANDS IN SCANDINAVIA Degr~mont, a subsidiary of Suez Lyonnaise des Eaux, has acquired a 39.54 per cent stake in the Norwegian water treatment and engineering company Goodtech. Based in Sandvika, Goodtech reported 1998 sales of •49 million and employs 200 people. Goodtech operates mainly in Norway, Sweden and Finland. The two compa- nies have signed a technical cooperation agreement that will see Goodtech introduce new technologies to the Scan- dinavian market, and Degrd- mont gain access to Goodtech's expertise in water treatment membranes and sludge treatment. UK WATER COMPANY MAKES US ACQUISITION Yorkshire Water is to acquire Aquarion Company, an American water company serving parts of Connecticut and Long Island, New York. Kevin Bond, Yorkshire Water's chief executive, said the Aquarion acquisition was part of the group's develop- ment strategy to look at utility and environmental ser- vice business acquisitions worldwide. Yorkshire Water plc also plans to change the group name to Kelda Group, subject to shareholder approval in August. This will end the long- standing confusion between the similar names of the plc and the core regional water and sewerage business. CHEVRON AND SASOL PURSUE GLOBAL GTL JV In South Africa, Chevron and Sasol are to create a new global joint venture for gas- to-liquids (GTL) technology. Design and engineering on the GTL facility are already underway. The plant will be capable of converting natural gas into synthetic crude oil for further processing into com- mercial products. The initial feasibility study has been expanded to increase target production from 20 000 to 30 000 barrels per day. The plant is expected to come on stream in 2003. "Gas-to-liquids technolo- gy is so promising that its development could create an entire paradigm shift through- out the petroleum industry and reflects Chevron's strategy to grow our international busi- ness," said Richard Matzke, president of Chevron Overseas Petroleum Inc. TRACTEBEL WINS THAI TURNKEY GAS PROJECT The Petroleum Authority of Thailand (PTT) has awarded Tractebel Engineering a US$20 million turnkey con- tract to supply and commis- sion a gas conditioning facili- ty at the Rayong gas terminal south of Bangkok. The facility, consisting of a centre for monitoring and managing natural gas conden- sates and the mixture of gas

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Page 1: Azurix wins water concessions

[-. c,.)

¢/3 ©

gl.

<

Pump Industry Analyst July 1999

GLOOMY OUTLOOK FOR

VALMET-RAUMA In a review required by Val- met -Rauma 's forthcoming listing on the Helsinki Exchanges, Rauma and Val- met say their 1999 opera- tional profit before extraor- dinary items and income taxes will be less than half of last year's level.

Pulp and paper industry demand remains weak, and this investment slump is expected to limit 1999 demand for products in the fibre and paper technology activities, as well as in the automation and flow control business areas. However the replacement, process part rebuild, spare parts and service markets are expected to remain active.

While demand for forest machines in Europe is strong, continued slack is expected in North America until the last quarter of this year. Construc- tion and civil engineering investment is expected to remain positive, with a healthy demand for crushers.

HARNISCHFEGER FILES FOR

BANKRUPTCY Milwaukee, USA-based Har- nischfeger Industries Inc has filed voluntary petitions for reorganisation under Chap- ter 11 of the US Bankruptcy Code.

The paper and mining machinery company has been hit hard by the Asian crisis. At the time of the Chapter l I fil- ing, Harnischfeger had debts of US$1.3 billion. A US$90.7 million loss was recorded for the six months ended 30 April.

The filing covers the par- ent company and its US oper- ating subsidiaries, including Joy Mining Machinery, P&H Mining Equipment and Beloit

l l

Corporation. The company's non-US subsidiaries are excluded from these filings.

W E Y E R H A E U S E R SHELVES

MILL PLAN Weyerhaeuser has announced that it will not build a facility to produce linerboard and corrugated medium in Ful- ton, Arkansas.

The company had studied options and recently obtained permits for the construction of the mill, but has notified com- munity leaders and other authorities that the permits will not now be used.

AZURIX WINS WATER

CONCESSIONS Azurix Corp, an affiliate of Enron Corp, is to be award- ed the water and wastewater concessions for two regions of Buenos Aires, Argentina.

The US$438.6 million bid for the 30-year concessions will be funded through a com- bination of debt financing and equity capital. Azurix is also to acquire a 49 per cent interest in Industrias del Agua SA de CV, a water and wastewater service company based in Monterrey, Mexico. Through its sub- sidiary, Industrias del Agua de la Ciudad de Mexico SA de CV, IASA provides metering, billing, collections, operations and maintenance services.

GALLI LAW TAKES EFFECT IN

ITALY Lyonnaise des Eaux, the water division of Suez Lyon- naise des Eaux, is to manage water supplies and waste- water treatment for a syndi- cate of 37 communes around

the city of Arezzo in Tuscany, serving a population of 350 000.

This is the first contract signed in Italy following enact- ment of the 1994 Galli Law. This law marks a radical change in Italy's water and wastewater market, by setting up regional units that can con- tract services out to public or private operators. The 2J-year contract will generate revenues of FFr250 million a year.

DEGRI~MONT EXPANDS IN

SCANDINAVIA Degr~mont, a subsidiary of Suez Lyonnaise des Eaux, has acquired a 39.54 per cent stake in the Norwegian water treatment and engineering company Goodtech.

Based in Sandvika, Goodtech reported 1998 sales of •49 million and employs 200 people. Goodtech operates mainly in Norway, Sweden and Finland. The two compa- nies have signed a technical cooperation agreement that will see Goodtech introduce new technologies to the Scan- dinavian market, and Degrd- mont gain access to Goodtech's expertise in water treatment membranes and sludge treatment.

UK WATER COMPANY MAKES US ACQUISITION

Yorkshire Water is to acquire Aquarion Company, an American water company serving parts of Connecticut and Long Island, New York.

Kevin Bond, Yorkshire Water's chief executive, said the Aquarion acquisition was part of the group's develop- ment strategy to look at utility and environmental ser- vice business acquisitions worldwide.

Yorkshire Water plc also plans to change the group

name to Kelda Group, subject to shareholder approval in August. This will end the long- standing confusion between the similar names of the plc and the core regional water and sewerage business.

CHEVRON AND SASOL PURSUE

GLOBAL GTL JV

In South Africa, Chevron and Sasol are to create a new global joint venture for gas- to-liquids (GTL) technology.

Design and engineering on the GTL facility are already underway. The plant will be capable of converting natural gas into synthetic crude oil for further processing into com- mercial products. The initial feasibility study has been expanded to increase target production from 20 000 to 30 000 barrels per day. The plant is expected to come on stream in 2003.

"Gas-to-liquids technolo- gy is so promising that its development could create an entire paradigm shift through- out the petroleum industry and reflects Chevron's strategy to grow our international busi- ness," said Richard Matzke, president of Chevron Overseas Petroleum Inc.

TRACTEBEL WINS THAI TURNKEY

GAS PROJECT The Petroleum Authority of Thailand (PTT) has awarded Tractebel Engineering a US$20 million turnkey con- tract to supply and commis- sion a gas conditioning facili- ty at the Rayong gas terminal south of Bangkok.

The facility, consisting of a centre for monitoring and managing natural gas conden- sates and the mixture of gas