MTU re-brands with Tognum
A newly devised name, Tognum, is being adopted by the strategic holding company for the MTU group of companies. Tognum GmbH will perform all corporate functions including corporate strategy, finance, communication, planning, organization and IT for the globally established brands of MTU, Detroit Diesel, L’Orange, MDE, CFC Solutions and the Drive Shaft division. The brands and individual companies will continue to operate independently in their markets.
The name uses the German root (tog) and Latin root (um) and is pronounced very similarly in most European languages. “The new name for our group combines the tradition and strength of all the companies and brands and safeguards their independent market presence,” explained Tognum CEO, Volker Heuer.
The new holding structure was created following the sale of the off-highway division of DaimlerChrysler to EQT IV in March 2006.
Mirant offers buyback
Mirant Corporation has announced a plan to enhance shareholder value by offering to repurchase up to 43 million shares of Mirant common stock for an aggregate purchase price of up to $1.25bn.
The tender offer is being made through a modified “Dutch Auction” and shareholders have the opportunity to sell some or all of their shares at a price not less than $25.75 and not more than $29.00 per share tendered.
Part of the cash required for this buyback will be generated through the sale of Mirant’s Philippines and Caribbean businesses. Mirant owns three generating facilities in the Philippines with total owned capacity of 2203 MW. The US-based company has interests in three Caribbean utilities with total capacity of 1050 MW. The sales are expected to close by mid-2007.
Aggreko enjoys the rent party
A boom in the rental of power generating and temperature control equipment in Europe has prompted Aggreko to invest €25m ($32m) over the past year in new equipment. Aggreko has also established a new telephone customer service that routes through Aggreko’s National Retail Rental Centre in Cannock, UK and operates around the clock.
New equipment has come from the company’s manufacturing facility in Scotland. Commenting on the new investments, Kash Pandya, Aggreko’s European managing director, said, “We appreciate that only by delivering top quality, state-of-the-art equipment and proper round-the-clock back-up and support can we retain our leading position in the market.”
Uranium technology etc
French nuclear group Areva and energy group Urenco have created their uranium Enrichment Technology Company (ETC) joint venture following clearance from the European Union’s competition authority. ETC will be the only vehicle for the centrifuge technology business for both partners and will give Areva access to the most high performance uranium enrichment centrifugation technology.
The technology will be implemented in Areva’s future uranium enrichment plant George Besse II, which it will begin to build this summer and should take about ten years. Areva estimated the cost of the project at about €3bn ($3.83bn), most of which would be financed by the plant itself once it begins operation.
Land measures up for Ametek
Ametek, headquartered in Pennsylvania, USA, has acquired British-based Land Instruments International. Specialising in industrial temperature measurement, combustion and emissions monitoring, Land also has subsidiary offices based in the USA, France, Germany, Italy, Spain, Poland, Mexico and Japan.
Ametek supplies high-end analytical instrumentation and Land Instruments will become part of Ametek’s Process & Analytical Instruments Division. Land Instrument’s combustion efficiency and environmental monitoring products, widely used in the power and process industries, will complement Ametek’s Thermox product line.
BNFL businesses to be sold by 2007
The UK government’s decision to sell its nuclear assets is likely to see the break-up of British Nuclear Fuels (BNFL) by the end of 2007, according to chief executive Mike Parker. BNFL group profits totalled £208m ($389m) in the year ending March 31, 2006, on revenues of £3.5bn.
The sales include British Nuclear Group (BNG), the site management decommissioning and clean-up specialist, that announced profits of £72m on gross revenue of £2.01bn in its first full year. BNG is due to be sold by the autumn of 2007, and Westinghouse is in the process of being sold to Toshiba of Japan for $5.4bn.
Parker confirmed that talks are underway for the sale of BNFL’s one-third stake in uranium enrichment company Urenco and that he had recommended that BNFL’s Nexia Solutions research division should form the basis for a state-owned national nuclear laboratory.
Acta on track: Acta has achieved important technical milestones in the development and demonstration of its Hypermec platinum-free fuel cell catalyst technology using ethanol.
AES controls wind: AES Corporation has acquired majority control of the Wind Energy Limited group of companies, a UK-based wind development company with 640 MW of wind generation projects.
Duke plans separation: Duke Energy Corporation has announced plans to create two separate publicly traded companies by spinning off Duke Energy’s natural gas business to shareholders.
Dyesol solar flexes: Australian solar power company Dyesol has successfully demonstrated its solar panel, which is based on a flexible metal substrate, under a contract with the Australian Defence Science and Technology Organisation
E.ON cuts carbon: E.ON UK has published its Corporate Responsibility Report in which it has committed to reducing the carbon intensity of its electricity generation by ten per cent by 2012, compared with 2005.
Finavera rules waves: Irish renewable energy company Finavera has acquired the remaining 90 per cent of wave energy specialist AquaEnergy following the purchase of a ten per cent stake in April 2005.
GE unveils Brilliance: GE Energy has launched an all-in-one residential solar energy system called ‘Brilliance’. It has also introduced a 66 W roof-integrated solar module for new home construction.
Power Machines IAS loss: International Accounting Standards-based figures showed Russia’s Power Machine Group returning a loss of $40.5m for 2005. Orders were up 20 per cent on 2004.
RePower the west: RePower Systems is to supply EDF Energies Nouvelles subsidiary enXco with 56 MM92 wind turbines, modified for 60 Hz, and destined for wind projects on the west coast of America.
Vestas chooses Singapore: Danish wind turbine manufacturer Vestas is establishing a new R&D centre in Singapore, having recently moved the headquarters of Vestas Asia Pacific to the country.
Wheelabrator goes south: Wheelabrator Group is opening an office in Monterrey, Mexico, having won a £2.6m ($4.9m) contract in the country to supply blast machines to the Technocast factory, which produces castings for Caterpillar engine blocks and heads
Yokogawa enters Vietnam: Yokogawa Electric Corporation plans to establish a subsidiary in Vietnam to provide engineering and maintenance services in its industrial automation and control business.