Last updateFri, 14 May 2021 4pm

Closed Valve Likely Caused Fatal Houston Blast, Feds Say

A closed valve that allowed pressure to build probably caused the explosion that killed an employee and injured six others at a southeast Houston chemical plant, the U.S. Chemical Safety Board reported.

The board is continuing its investigation into the June 11 blast and likely will focus on the company's practices for managing, inspecting, and maintaining relief systems; training operators and accounting for workers during emergencies, said CSB Chairman John Bresland.

Source: Houston Chronicle

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Velan Inc. Reinstates Dividend and Reports its 2008 Financial Results

Velan Inc. reported financial results for the fiscal year ended May 31, 2008, with net earnings of $12.5 million, or $0.56 per share, compared to $18.4 million, or $0.82 per share in the preceding year. For the fourth quarter, net earnings amounted to $7.3 million, or $0.33 per share, versus $6.9 million, or $0.31 per share, in the preceding year.

Source: Velan

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McJunkin Plans $750M Initial Public Stock Offering

Industrial pipe and valve distributor McJunkin Red Man Holding Corp. is preparing an initial public stock offering.

McJunkin's outlines plans to sell up to $750 million in stock in a filing with the Securities and Exchange Commission.

Source: The Associated Press

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Curtiss-Wright Flow Control Names Clifton D. Jacobs Vice-President of Operational Excellence

Curtiss-Wright Flow Control Corporation (CWFC) announced that Clifton D. Jacobs has been named Vice President of Operational Excellence. He will report directly to CWFC President David Linton and will be responsible for developing and implementing operational excellence initiatives and programs to drive business improvement across the organization and augment the company’s plans to transform each of its business units into world-class performers.

Source: Curtiss-Wright

SPX Revenues up 29% in Second Quarter

SPX Corporation's second quarter revenues increased 28.8% to $1.56 billion from $1.21 billion in the year-ago quarter. Organic revenue growth was 3.7%, while completed acquisitions and the impact of currency fluctuations increased reported revenues by 20.6% and 4.5%, respectively.

Source: SPX

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