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Cummins approves new US$1bn stock repurchase program
Cummins Inc’s board of directors has authorised the repurchase
of up to US$1 billion in shares of common stock.
The filter maker is approaching the completion of its current US$1 billion share repurchase program which was approved by the board in February 2011.
“The announcement of this new repurchase program reinforces our commitment to returning value to shareholders and follows a 25% increase in the dividend announced in July,” said Cummins chairman and CEO Tom Linebarger. “We continue to have confidence in the company’s future performance and our strong balance sheet allows us the flexibility to fund future growth and to continue to reward shareholders.”
For further information, visit www.cummins.com
Modern Water partners with Hangzhou Water to develop projects in China
Modern Water plc has signed a framework agreement with
China’s Hangzhou Development Center of Water Treatment Technology Co Ltd to jointly identify and develop projects in China, including seawater desalination plants and other water-related opportunities.
Hangzhou Water specialises in membrane systems for seawater desalination, industrial pure water preparation and water reuse. The company is owned by National BlueStar (Group) Co Ltd, part of the state-owned China National Chemical Corp.
The partnership with Hangzhou Water further strengthens Modern Water’s position in China. Last year the Group appointed a non-executive chairman to drive business development in the region. Modern Water’s Monitoring Technologies division in China contributed sales of more than £500 000 to the Group last year.
“This partnership of like-minded and skilled organisations should lead to an abundance of opportunities and offer world leading solutions to the water and wastewater industry, such as our cost and energy-saving desalination technology,” said Neil McDougall, Modern Water executive chairman.
Zheng Genjiang, chairman of Hangzhou Water, added: “Our aim is to be at the forefront of water technology and this partnership with Modern Water is another strategic move that will build on this and improve our international reach. We believe that this partnership is the start of a long-standing relationship with Modern Water, who has a leading position in the field of FO technology, and Hangzhou Water with our innovative capability and industrial scale in China.”
For further information, visit
Culligan Matrix Solutions expands mobile business
Culligan Matrix Solutions, the commercial and industrial divi-
sion of Culligan International Co, is expanding its mobile water treat-ment solutions business in response to increasing demand.
The Culligan mobile water treatment fleet provides multi-level water purification, monitoring and control in a single solution for peaking plants and base loaded plants in the energy, power, oil & gas, and chemical processing industries. The modular system is designed to accommodate a wide variety of feed sources (eg brackish water, surface water and seawater) and can be operated in a rugged environment and installed quickly to provide large quantities of water on demand.
“Customers are looking for an easily transportable compact technology. Mobile plants fulfill a variety of needs and address a myriad of situations such as peak demand, capacity expansion, equipment breakdown, emergency rentals, plant commissioning, and wastewater minimisation – any circumstance where production demand for clean water exceeds existing system capacity,” said Allan Connolly, Culligan chief operating officer.
For further information, visit www.culligan.com and
Filtration Industry Analyst December 2012
Dow Water & Process Solutions’ new Dow Filmtec reverse osmosis manufacturing facility in Huzhou, China, will come online in 2013.
www.dowwaterandprocess.comBiwater AEWT Inc
has moved from Monrovia to a larger facility in San Dimas. Biwater AEWT says that the new headquarters and fabrication facility will give the company the right platform to grow its membrane business in the Americas and beyond.
www.biwater.comXylem Inc hosted its first Virtual Worldwide Water Show on 29 November 2012. Keynote speakers included Gretchen McClain, Xylem president and CEO; Charles Fishman, author of The Big Thirst; Michael Deane, executive director, National Association of Water Companies; George Hawkins, general manager of the DC Water and Sewer Authority; Upmanu Lall, director, Columbia Water Center; and Arjun Thapan, former special senior advisor on water and infrastructure to the president of the Asian Development Bank. The show featured more than 100 speakers and 16 virtual booths. Technical presentations and speeches covered a wide range of issues focusing on best practice solutions that drive energy efficiency and system performance including water reuse, desalination, mine dewatering and non-clog pumping. The show can be accessed by registering at www.xylemvirtualshow.comNanoH2O Inc has been awarded the Patrick Soon-Shiong Innovation Award by the Los Angeles Business Journal. The Californian membrane maker was selected from 13 finalists for playing an important role in enhancing the economic competitiveness of the Los Angeles region. “It is an honour to be included in this year’s group of leading Los Angeles-based innovators who continue to push the envelope. NanoH2O is certainly an LA story with its roots from University of California, Los Angeles, research and the team filled with many talented scientists and engineers from the local community,” said Jeff Green, CEO of NanoH2O.