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Company Activity Comment

Fourth quarter 2002

ITT Industries Acquired the assets of PCI Membranes from Thames Water The deal should provide significant expansion opportunities for ITT(see Pump Industry Analyst, January 2003). IndustriesS anitaire in the growing filtration and disinfection segments.

Idex Acquired Wrightech Corp, a Waukesha, Wisconsin-based Wrightech will operate as part of Idexs Viking Pump business unit.manufacturer of stainless steel positive displacement pumps(see Pump Industry Analyst, December 2002).

Dover Resources Sold Tarby Inc to Robbins & Myers (see Pump Industry Analyst, Claremore, Oklahoma-based Tarby makes progressing cavity pumpsDecember 2002). and components for the general industrial and municipal wastewater

markets, and has annual industrial sales of approximately US$6 million.

Grundfos Acquired the rights to part of Svanehjs product range large Grundfos will now be able to produce pumps with capacities of upin-line pumps, used in district heating and air-condit ioning to 4000 cubic metres per hour equipped with motors of up to 600(see Pump Industry Analyst, December 2002). kW. Svanehj A/S is part of Hamworthy KSE Group Ltd.

Curtiss-Wright Signed an agreement with Westinghouse Government Services EMD manufactures highly engineered critical function electro-Co LLC, for the acquisition of its Electro-Mechanical Division mechanical solutions, including pumps, for the US Navy, commercial(EMD) (see Pump Industry Analyst, December 2002). nuclear power ut il it ies, petrochemical and hazardous waste

industries. EMD is the OEM for main coolant pumps and control roddrive mechanisms for 140 nuclear power plants worldwide designedby Westinghouse Electric Co.

Waukesha Acquired Robert James Production, a Buffalo, New York WCB, a unit of SPX Corp, supplies component equipment includingCherry-Burrell (WCB) manufacturer of BPE and sanitary fittings (seePump Industry positive displacement and centrifugal pumps, single seat and mix-

Analyst, November 2002). proof valves, tubular fittings, and scrape surface heat exchangers.

USFilter Completed the sale of its waterworks distribution business to a The US$620 million cash sale is part of USFilters strategy to divestcompany jointly owned by JPMorgan Partners, and Thomas H Lee non-core assets. USFilters waterworks distribution business suppliesPartners, a Boston-based private equity firm (see Pump Industry pumps, pipes, hydrants, valves and meters through more than 140Analyst, October 2002). sales and service centres in the US.

Third quarter 2002

Selwood Goup Reverted to full management ownership, with the repurchase of 3i This concludes 3is involvement with UK-based Selwood after eightplcs share capital and other interests in the company (see years and gives Selwood management 100% ownership of thePump Industry Analyst, October 2002). company.

Alfa Laval Added a fourth core product group - membrane filtration - with the DSS has annual sales of about SKr90 million and 65 employeesacquisition of Danish Separation Systems A/S (DSS), a within R&D, manufacturing and sales operations.membrane specialist in the biotech/pharmaceutical and the foodindustries (see Pump Industry Analyst, October 2002).

Pentair Extended its water treatment product range with the purchase of Given Pentairs existing water pump, pool and water treatment valvePlymouth Products Inc of Sheboygan, Wisconsin, from USF businesses, Plymouth Products significantly strengthens PentairsConsumer & Commercial WaterGroup, a unit of Vivendi position in the global water market.Environnement (see Pump Industry Analyst, October 2002).

Thomas Industries Bought the German vacuum pump specialist Werner Rietschle With very little product overlap, Thomas Industries sees greatGmbH + Co KG for 85.5 million in cash and 1.8 million shares of benefits from combining both companies expertise in engineering,Thomas Industries common stock (see Pump Industry Analyst, manufacturing, marketing and distribution.October 2002).

ITT Industries Acquired Flowtronex PSI Inc, the Dallas-headquartered The acquisi tion puts ITTFluid Technology at the top of the tur fmanufacturer of modular pumping systems for golf courses and irrigation market.other turf irrigation, sports fields, municipal and commercialproperties (see Pump Industry Analyst, October 2002).

Howden Pumps Ended merger talks with Orbit Pump Manufacturing (Pty) Ltd and The proposed merger would have resulted in a jointly-owned manu-Orbit Pumps (Botswana) (Pty) Ltd (see Pump Industry Analyst, facturing and distributor business of agricultural, industrial and processSeptember 2002). pumps in Southern Africa.

Ford Motor Decided not to pursue the sale of Hertz Equipment Rental Corp The delayed recovery in the equipment rental industry lay behind this(HERC) until valuations become more favourable (see Pump decision.Industry Analyst, September 2002).

Cardo Divested its Rail business area to Vestar Capital Partners, for a The deal freed up capital for a potential expansion in the companyscapital gain of SKr345 million (see Pump Industry Analyst, August Pump business area.2002).

Idex Entered into a definit ive agreement to acquire Rheodyne, the The company, which has annual sales of approximately US$23

California-based manufacturer of injectors, valves, fittings and million, will be operated as part of Idexs Pump Products Group.accessories for the analytical instrumentation market (see PumpIndustry Analyst, August 2002).

January 2003

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Pump Industry Analyst

The pump sector maintained its consolidation momentum during 2002. Cross-border deals were commonplace, as pump companies

added technologies and product lines and expanded into new markets. The majority of the deals were niche-type acquisitions, withan increase in the number of product lines rather than companies being acquired, as post-acquisition integration measures led many

pump companies to regroup and refine their product lines, divesting non-core operations and overlapping manufacturing units.

Mergers and Acquisitions Review 2002

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Company Activity Comment

Crane Acquired Corva Corp, a privately held distributor of valves and Corva will be integrated with Cranes North America valve company.actuators with annual sales of approximately US$12 million(see Pump Industry Analyst, August 2002).

Framatome ANP Bought the assets of Washington Group International Incs E&S, headquartered in Denver, Colorado, specializes in fuel handling

Equipment and Services (E&S) Division (see Pump Industry machines and transfer systems for both PWR and BWR nuclearAnalyst, August 2002). power plants.

ITT Industries Acquired Svedala Robot BV, a Dutch manufacturer of submersible Robot has annual sales of approximately10 million and employspumps and pump systems used in wastewater applications, from 75 people.Their pumps are expected to fuel additional growth forMetso Minerals (see Pump Industry Analyst, August 2002). ITT Industries in the wastewater sector in the US, Europe and Asia.

Second quarter 2002

Sulzer Pumps Expanded its US activities with the acquisition of selected assets of Sulzer Pumps said the acquisition fitted the Sulzer strategy ofthe service and repair company Centriflo Pump and Machine Co expanding its service business.based in Odessa, Texas, USA (see Pump Industry Analyst, July 2002).

ITT Industries Acquired Waterlinks Pure Water Division, including the WET, With annualized revenues of approximately US$16 million and 85CTreat and WETEC product lines (see Pump Industry Analyst, employees the Pure Water Division will function as an operating unitJuly 2002). of ITT Sanitaire.

A/S De Smithske Bought the Dutch company K&R (Kuyl & Rottinghuis) Pompen BV, With 19 employees, K&R Pompen has been a distributor of DESMI(DESMI) (see Pump Industry Analyst, June 2002). products in the Netherlands for more than 40 years.

Grundfos Moved into mixers and flowmakers with the acquisition of the Swiss Based in Schachen, Arnold has an annual turnover of around DKr35company Arnold AG, specialists in submersible mixers, flowmakers million and 20 employees.and recirculation pumps (see Pump Industry Analyst, June 2002).

Sta-Rite Industries Bought Aermotor Pumps of Conway, Arkansas from Canadas Aermotor manufactures water pumps and pump accessories for aGSW (see Pump Industry Analyst, June 2002). variety of applications, including potable water, agriculture and irriga-

tion, sump drainage, and sewage and effluent for the residential,industrial, commercial and mining markets.The company will becomepart of Sta-Rites Water Systems group.

Flowserve Completed its acquisition of Invensys plcs Flow Control Division The US$535 million acquisition, which included the Edward,(IFC) (see Pump Industry Analyst, June 2002). Limitorque, PMV, Argus and McCanna valve brands, created the

worlds second largest valve company.

Elmo Vacuum Merged with The Nash Engineering Co (see Pump Industry Analyst, The new company, Nash-Elmo, is now an internationalTechnology June 2002). organization with over US$200 million in annual revenues and

more than 1000 employees worldwide.

Hitachi Industrial Consolidated the Industria l Components and Equipment Group of Power generation pumps are now manufactured by Hitachi IndustriesEquipment Systems Hitachi Ltd (including general purpose pumps), Hitachi Drive Co Ltd.

Systems Ltd, Hitachi Nakajo Technology Ltd, Hitachi Service &

Engineering (East) Ltd and Hitachi Service & Engineering (West) Ltd.

Cryostar Purchased Char t Industries CVI pump division, (see Pump Industry The deal expanded the French companys presence in the US pumpAnalyst, June 2002). market.

TMT One Won control of Johnson Pump (see Pump Industry Analyst, June As a result, TMT Ones investment portfolio was liquidated and the2002). company has since changed its name to Johnson Pump AB.

The BOC Group Purchased Seiko Instruments turbomolecular pump business for The deal also includes Seiko Instruments87.5% stake in Societeapproximately 70 million (see Pump Industry Analyst, May 2002). de Mecanique Magnetique, the French controller company.

Derlan Industries Directors approved a formal plan to dispose of its joint venture pump Once the pump businesses have been divested, the companysoperations (see Pump Industry Analyst, May 2002). remaining operations will be solely focused on aerospace.

First quarter 2002

Grundfos Strengthened its position in the Asian market by taking a 60% Grundfos will acquire the remaining 40% of the company over theholding in the South Korean pump manufacturing company Chung next two years. Chung Suk has an annual production of 500 000Suk Co Ltd (see Pump Industry Analyst, Apr il 2002). circulator pumps.Annual turnover is approximately US$10 million.

Espa Group (Bombas Purchased KSBs Chteauroux factory in France and the rights to Spains Espa continues its expansion.Elctricas) the brand name Pompes Guinard for the building and DIY sectors.

ABS Extended its European activities by acquiring Soprime, a French The Soprime aquisition is part of ABSs intensified focus on servicemanufacturer of pumping stations, and set up a Portuguese and aftersales.Soprime has extensive pump service and rental oper-subsidiary (see Pump Industry Analyst, March 2002). ations in France.

The Forth Tool & Underwent a management buy-out, returning 80% of the Scottish BI Marine & Offshore acquired Dawson Downie Lamont, based inValve division of BI company to private ownership with BI Marine & Offshore Ltd Clydebank, Scotland in 1990.Marine & Offshore retaining a minority shareholding (see Pump Industry Analyst,

March 2002).

Gorman-Rupp Acquired American Machine and Tool Co (AMT), a manufacturer AMT has sold pumps under its own name and under distributor brandsof off-the-shelf industrial centrifugal pumps based in Royersford, for more than 70 years. The product range includes electric andPennsylvania (see Pump Industry Analyst, March 2002). engine driven centrifugal and diaphragm pumps in cast iron, bronze,

stainless steel and aluminium, as well as hand and barrel pumps.

Cardo Pump Bought the Finnish company Nopon Oy, a manufacturer of aeration Nopon has a turnover of SKr120 million and employs 65 people.systems for biological wastewater treatment (see Pump IndustryAnalyst, February 2002).

Tencarva Machinery Acquired Southern States Industries (SSI), a Memphis, Tennessee- Tencarva president Rod Lee said the acquisition would become thebased distributor of pumps and pumping systems for the municipal nucleus for his companys first venture specifically into the sale ofand industrial markets in Arkansas, West Tennessee and North pumps and liquid processing equipment to the municipal market.Mississippi (see Pump Industry Analyst, February 2002).

January 2003

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Pump Industry Analyst