Mergers, Acquisitions & Partnerships: Dover completes $160M sale
Dover completes sale of Tipper Tie
Dover completed the sale of its Tipper Tie unit, headquartered in Apex, North Carolina, to JBT Corporation for $160 million. Tipper Tie supplies processing and clipping machines, with its strongest market being the meat/poultry industries. Dover is a diversified global manufacturer with annual revenue approaching $7 billion. The company purportedly delivers innovative equipment and components, specialty systems and support services through four major operating segments: energy, engineered systems, fluids, and refrigeration and food equipment.
Fortress paper announces $19.7M investment in birch project
Fortress Paper Ltd. announced a major investment to advance its strategic project of utilizing birch to manufacture dissolving pulp at the Fortress Specialty Cellulose Mill located in Thurso, Québec. Birch trees grow abundantly across Canada and are considered an underutilized species of tree. The Project will ensure a better use of the mixed forest in the local region, increase economic activity, and result in other ancillary economic benefits.
The Project is estimated to cost approximately $19.7 million in total, with $9 million to be funded by the Government of Canada through a non-repayable contribution. The remainder of the Project’s total cost is expected to be financed by the Company with cash on hand, operating cash-flow and other investment incentive programs, such as the Hydro Québec “Rate L” tariff.
The Company anticipates that the Project will be completed in the first quarter of 2018, and is expected to result in an incremental annual production capacity increase of 8,500 ADMT in 2018 and 17,000 ADMT in 2019 compared to current production capacity.
NACD & ANIQ sign memorandum of understanding
The National Association of Chemical Distributors (NACD) and the Asociación Nacional de la Industria Química (ANIQ), the national chemical industry associations of the U.S. and Mexico, signed a memorandum of understanding (MOU) agreeing to recognize the value of each organization’s environmental, health, safety and security (EHS&S) programs known as Responsible Distribution and Responsabilidad Integral. The MOU also encompassed best practices, information sharing and additional support.
Siemens celebrates commissioning of Panda Patriot Power Project
Siemens and Panda Power Funds celebrated the commissioning of the Panda Patriot Power Project in Clinton Township, Pennsylvania – an 829 megawatt (MW) natural gas-fueled power plant featuring Siemens’ advanced H-class gas turbines. With the Liberty Power Project in Bradford County dedicated in October, "Patriot" is the second of two new Panda Power Funds generating stations to be commissioned in Pennsylvania this fall. These two power plants are the first in the nation to employ the Siemens SGT6-8000H single shaft configuration. Combined, these two natural gas power projects – designed to use Marcellus Shale gas – are able to generate enough electricity to power about two million households in large regional power markets, including Pennsylvania.
Canadian refinery joins forces with GE
Seeking to reduce the use of water in the refining process and as a way of minimizing its environmental impact on the North Saskatchewan River, North West Redwater (NWR) Partnership turned to GE’s Water & Process Technologies for NWR’s new Sturgeon refinery in Alberta, Canada. Like many regions, Alberta has very stringent regulations regarding freshwater withdrawal and effluent discharge, and Water & Process Technologies provided an innovative solution to meet NWR’s sustainability and environmental goals as well as the province’s policies.
Total and Corbion form a joint venture in bioplastics
Total and Corbion joined forces to develop bioplastics by creating a 50/50 joint venture to produce and market polylactic (PLA) polymers. The two partners plan to build a world-class PLA polymerization plant with a capacity of 75,000 tons per year at Corbion’s site in Thailand that already has a lactide (PLA monomer) production unit that will become part of the joint venture. Corbion will supply the lactic acid necessary for the production of the PLA and the lactide. The new company will be based in the Netherlands and will launch operations in the 1st quarter of 2017, subject to regulatory approvals.
Provisur acquires assets of both AMFE B.V. and BFD Corporation
Provisur Technologies, Inc., a global leader in innovative food processing technologies and systems, announced the simultaneous acquisition of select assets of both AMFE B.V. in the Netherlands and BFD Corporation in the U.S.
AMFE is a leading producer of advanced press-type separation equipment used primarily in beef and pork applications. Leading meat processors use the AMFE press separation system, known as the Bone Cannon, to recover high quality meat remaining on beef and pork bones after secondary processing. Colorado based BFD Corporation provide sale, application expertise, installation and aftermarket support for AMFE equipment in North America.
Weidmuller purchases Bosch Rexroth Monitoring Systems GmbH
The Weidmuller Group announced the purchase of Bosch Rexroth Monitoring Systems GmbH from Bosch Rexroth AG. The sale was completed November 1, 2016, following review and approval of the Competition Authorities. With this acquisition, Weidmuller strengthens its presence in the wind power industry and expands its solution portfolio for condition-monitoring technologies.
The new subsidiary, located in Dresden, Germany, employs 25 people and effective immediately, will operate under the name of "Weidmuller Monitoring Systems". As part of the acquisition, the Weidmuller Group purchased the former facility of Bosch Rexroth Monitoring Systems in Dresden, where the condition-monitoring systems for wind power installations are developed, manufactured and distributed. These systems, marketed under the brand name BLADEcontrol, monitor the condition of wind turbine rotor blades and provide the ability to detect ice build-up.
Quality Custom Distribution purchases assets of Mile Hi Specialty Foods
Quality Custom Distribution (QCD), a subsidiary of Golden State Foods (GSF), one of the largest diversified suppliers to the Quick Service Restaurant industry, purchased the assets of Mile Hi Specialty Foods to form QCD Rocky Mountain LLC in a recent sale. The new business includes distribution centers in Denver, Colorado, Kansas City, Missouri, and satellite locations in Salt Lake City, Utah, Casper, Wyoming and Albuquerque, New Mexico.
QCD Rocky Mountain will service more than 900 restaurants throughout the North Central U.S., and customers include Starbucks, Chipotle, Einstein Bros. Bagels, and Noodles & Company. The combined Mile Hi Specialty Foods facilities employ approximately 235 associates, who will all have the opportunity to become part of the QCD/GSF family.
