Industry Roundup: News from GE, EST, York, 3M, Honeywell and More
• GE Infrastructure , a unit of General Electric Company , will acquire Sarasota, Fla.-based Edwards Systems Technology (EST), the fire detection systems business of SPX Corp. , for $1.395 billion in an all-cash transaction. "GE Infrastructure is rapidly becoming the premier security provider and acquiring Edwards positions us as a leader in the $5 billion fire-detection and life-safety segment," said Bill Woodburn, President and CEO of GE Infrastructure.
• York International, York, Pa. , citing the globally mandated transition away from ozone-depleting refrigerants, will stop offering new chillers using HCFC-123 refrigerant beginning November 15, 2004. York officials explained that the time has come to complete the transition to more environmentally friendly refrigerants by ceasing to offer new HCFC-123 chillers. The company has a full line of zero-ODP chillers utilizing HFC refrigerants, which have no phase-out schedule.
• Dr. Richard Flynn , corporate scientist with St. Paul, Minn.-based 3M Company , has received the 2004 Tekne Leadership Award in the established company category. The award honors an outstanding individual who has contributed significantly to Minnesota's technology expansion. Flynn is the inventor or co-inventor of many key engineered fluids patents of the last 10 years, including major advancement in materials to reduce ozone depletion and global warming. He was a contributor in the development of the perfluoroketone family, commercialized as Novec 1230 Fire Protection Fluid.
• Baldor Electric Company , Ft. Smith, Ark., recently reported a number of changes in management. John A. McFarland , chairman and CEO, has replaced retiring Board Chairman, R. S. Boreham, Jr. , who earlier this year announced his plans to retire at the end of 2004. Ronald E. Tucker has become president of the company, in addition to his current responsibilities as CFO and secretary. Tucker has also assumed additional operational responsibilities that include Baldor's international business and its generator business.
• Honeywell Power Products (HPP) , Northford, Conn., a provider of power supplies and related accessories for the Fire, CCTV, access control and security markets, has formed a security power supply group. Products offered by the new group are designed for additional power applications in a compact size, such as for magnetic locks, heaters, blowers, cameras, devices and other equipment combinations.
• Lochinvar , Lebanon, Tenn., manufacturer of high-efficiency water heaters and boilers, recently raised more than $5,000 for Habitat for Humanity to build new homes in Wilson County. "Thanks to businesses like Lochinvar, there will soon be 37 families in this area who have achieved the American dream of owning a home of their own," said Cynthia Todd, executive director of Habitat for Humanity of Wilson County.
• T&S Brass , Traveler's Rest, S.C., has announced the death of founder George I. Theisen . Theisen, who founded the company in 1947, had been in declining health for the past several years. He served as president and CEO until 1992, a familiar figure in the plumbing arena for decades, serving on many boards and committees throughout the industry.