Industry Capsules

ACQUISITIONS, MERGERS AND PARTNERSHIPS

Valmet and Neles Merger Finalized

With the merger between Valmet and Neles into Valmet, the new company will provide a unique offering for process industries globally. Valmet’s Flow Control business line is a global leader in flow control solutions and services with renowned brands such as Neles, Neles Easyflow, Jamesbury, Stonel, Valvcon and Flowrox. “Our customers operate in oil and gas refining, pulp, paper and bioproducts industry, chemicals and other process industries. With our market-leading expertise, products and services we are committed to bring your business forward,” says president and CEO, Pasi Laine.

Ferguson Industrial Acquires AP Supply Chain Co.

Ferguson Industrial (formerly Wolseley Industrial) has acquired AP Supply Co. Since 1960, AP Supply has established itself as a premier distributor of industrial pipe, valves and fittings in the southern United States. Headquartered in Texarkana, AR, the company has two additional locations in El Dorado, AR and Bastrop, LA. All three locations will be joining Ferguson Industrial’s Gulf Coast district. The acquisition allows for geographic expansion into areas of Arkansas, Louisiana and Texas where Ferguson does not currently have a brick-and-mortar location.

ITT Acquires Habonim

ITT Inc. acquired privately-held Habonim for $140 million in April 2022. Habonim will become part of ITT's Industrial Process segment. Based in Kfar HaNassi, Israel, Habonim designs and manufactures valves, valve automation and actuation for the gas distribution (including LNG), biotech and harsh application service sectors. The company has operations in Israel, the U.S. and the Netherlands and employs over 200 highly skilled professionals globally.

Baker Hughes Acquires Mosaic Materials to Advance Carbon Capture           

Baker Hughes has acquired Mosaic Materials Inc. to further develop and scale its next-generation capture technology for (CO₂) reduction from stationary sources and CO₂ removal from the atmosphere. Mosaic’s metal-organic framework technology is a proprietary adsorbent material that acts like a high-capacity molecular sponge to selectively capture CO₂. Baker Hughes will draw from its existing advanced capabilities, including modular design and material science, to develop and scale Mosaic’s innovative technology, enabling direct air capture with a solution that requires significantly less energy to operate.

Baker Hughes Acquires Qi2 Elements
Baker Hughes has acquired Qi2 Elements, a designer and manufacturer of advanced robotic sensor systems that inspect, assess and monitor the integrity of critical energy infrastructure. Baker Hughes’ range of asset inspection solutions includes pipeline inspection services that detect, characterize, locate and size defects that can compromise pipeline integrity. The company’s Electro Magnetic Acoustic Transducer (EMAT) technology enables the detection and measurement of cracks and crack-related features that may occur in gas pipelines. The acquisition also includes Qi2 Elements’ robotic inspection technology.

Flowserve Partners with Gradiant in Water Technology

Flowserve Corporation has entered into a non-exclusive partnership agreement with Gradiant to help address the most challenging problems in water and wastewater treatment. Gradiant develops and delivers advanced water and wastewater treatment facilities around the world, with a primary focus in the rapidly growing Asia Pacific and Americas for customers with mission-critical needs in cleantech water and sustainable operations. This partnership will combine Flowserve’s flow control solutions and product expertise with Gradiant’s innovative tailored water treatment technology to provide total water treatment solutions for customers.

Hunt Valve Company Acquires Montreal Bronze Ltd.

Hunt Valve Co. has acquired Montreal Bronze Ltd. (MB). The acquisition brings MB into the Hunt Valve portfolio of severe duty valve and automation technologies under the new name MB Valve. Founded in 1985, MB Valve supplies severe-duty, bronze marine valves including qualified U.S., Canadian and NATO-friendly Navy MIL-STD valves, and specialty valves for pharmaceutical and nuclear applications. Hunt Valve is a specialty valve engineering and manufacturing company serving the U.S. Navy and industrial customers worldwide.

 

CHANGES

Wolseley Industrial Becomes Ferguson Industrial

During the past 15 years, Wolseley Industrial Group has grown into one of the nation’s leading industrial supply chain service providers of MRO, high-quality pipe, valves, fittings and specialized services. Since the formation of Wolseley Industrial Group, the company has been powered by Ferguson. In line with that legacy, the company will now be known as Ferguson Industrial. The new name will leverage the Ferguson brand, organizational structure, resources and capabilities to create efficiencies and share best practices to maximize growth.

Crane Co. Board Approves Plan to Separate into Two Companies

Crane Co., a diversified manufacturer of highly engineered industrial products, announced that its board of directors has approved a plan to pursue a separation into two independent, publicly-traded companies. Upon completion, Crane Co.’s shareholders will benefit from ownership in two focused and simplified businesses. Crane Co. will be a leading global provider of mission-critical, highly engineered products and solutions, with differentiated technology and respected brands. After the separation, Crane Co. will include the Aerospace & Electronics and Process Flow Technologies businesses. Crane Co. will be led by Max Mitchell, who will continue to serve as president and CEO. Crane NXT will be a premier industrial technology business. This year, the Payment and Merchandising Technologies business that will become Crane NXT is expected to achieve approximately $1.4 billion in sales.

 

AWARDS & RECOGNITION

ITT Donates $100,000 to Support Ukrainian Refugees

ITT Inc. contributed $100,000 to the CARE Ukrainian Humanitarian Response Fund, which aims to provide life-saving assistance to four million people who have been impacted by the conflict. CARE provides emergency aid through local partner organizations like Polish Humanitarian Action and SERA, helping them provide emergency aid to Ukrainians escaping to Poland, Romania and Moldova. In addition to its $100,000 company donation, ITT has launched a special 1:1 employee matching gift program where it will match the total contributions ITT employees make to CARE in 2022 up to $50,000.

Baker Hughes Named to Fortune’s First Modern Board 25

Baker Hughes has been selected as one of Fortune magazine’s new Modern Board 25, which is a list of the most innovative boards of directors among S&P 500 companies. It’s based on the belief that in a rapidly changing business climate, innovation at the board level — and the high performance that comes with it — can be predicted based on who is in the room. As companies seek to drive change on talent strategy, diversity, sustainability and social issues, they will need more diversified leadership at the very top.

Fortune has collaborated with the Diligent Institute, the research arm and think tank of the global corporate-governance software company Diligent, to develop this ranking.

Emerson Pledges $200 Million for Education Equity

Emerson has announced a new chapter in its philanthropic commitment to U.S. communities where it operates with a pledge to devote $200 million of its charitable contributions over the next decade to help address the vital issue of education inequity. With this announcement, Emerson is launching into its next phase of giving, building from its strong philanthropic foundation of the past 50 years. Emerson’s commitment to education equity will focus on programs or initiatives targeting children from infancy through 12^th grade, with an emphasis on early childhood and student services in under-resourced communities.

Flowserve Receives Top Scores in EnergyPoint’s Customer Satisfaction Survey

Flowserve Corporation has been named as the top supplier in the categories of performance and reliability according to EnergyPoint’s 2022 Oilfield Products customer satisfaction survey.

The survey, which concluded on Dec. 31, 2021, reflects opinions from more than 3,700 customer evaluations and comprises more than 50 questions that focus on factors shown to drive satisfaction among customers of product suppliers. This survey is considered by EnergyPoint to be the “industry standard for independent customer satisfaction ratings of global oilfield products providers.”

ITT Honored by VETS Indexes

ITT Inc. is proud to announce VETS Indexes has bestowed the designation VETS Indexes Recognized Employer as part of the 2022 VETS Indexes Employer Awards. The award recognizes ITT’s commitment to recruiting, hiring, retaining, developing and supporting veterans and the military-connected community.

“ITT is fortunate to have our amazing colleagues who are veterans and military family members. They come with an incredible array of experiences, wisdom and accomplishments that contribute significantly to ITT’s higher performing culture,” says ITT’s Veteran Resource Group sponsor, Dave Steblein, senior vice president and Industrial Process president.

 

CONTRACTS & PROJECTS

Hunt Valve Awarded $2M Contract by Newport News Shipbuilding

Fairfax Morse Defense (FMD) has been awarded a contract by Newport News Shipbuilding (NNS) to provide essential parts through Hunt Valve for the Ford Class aircraft carriers CVN 78-CVN 81. The contract, valued at approximately $2 million, covers parts that will be delivered during the second and third quarters of 2022. Hunt Valve, which was acquired by Fairbanks Morse Defense in 2021, manufactures valves and electromechanical actuators for naval defense applications.

This contract reinforces FMD’s position as a key supplier to its core naval defense customers. Having traditionally been a naval engine supplier, Fairbanks Morse Defense has expanded into a single-source product and service solutions provider for the entire vessel. Over the last 18 months, the defense contractor has acquired several companies and currently offers a large array of best-in-class marine technologies, OEM parts and turnkey services for the entire vessel to ensure Navy and Coast Guard fleets are always mission ready.

Flowserve to Provide Equipment for European Open-source CCS Initiative

Flowserve Corporation has been awarded a contract to provide control valves for a portion of Norway’s first cross-border and open-source carbon capture and storage facility. With an estimated 2024 completion, this facility will be the first of its kind and will help further enable the acceleration of decarbonization in Europe.

Flowserve’s Flowtop and Mark One control valves for the facility’s onshore site in the Bergen region will facilitate carbon capture before it is ultimately transported to an offshore terminal and stored permanently below the seabed. Once completed, the facility will have the ability to potentially store an estimated equivalent of 1,000 years of Norwegian emissions.

PEOPLE

Quality Valve CEO Jody Dunn has announced the promotion of Matt Hariel to CFO. Hariel has been with the company, serving as controller, for nearly three years. With the acquisition of the Griffco operation, his responsibilities now span both divisions and a much larger enterprise.

Admiral Valve LLD dba CPV Manufacturing has appointed Ryan Howard as regional sales manager, Gulf Coast region. He brings seven years of sales experience in the industrial market. Throughout his career, Howard has gained extensive knowledge about valves and fittings used in industrial applications, specifically in the vast oil and gas and petrochemical industries.