DALLAS--(BUSINESS WIRE)--Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced that it plans to release its results for the fourth quarter and full year 2020 after the close of the New York Stock Exchange (NYSE) on Thursday, February 18.
The following morning, on Friday, February 19, the company will hold its conference call with the financial community at 11 a.m. Eastern time. Scott Rowe, president and chief executive officer, and other members of management will present.
The earnings materials and webcast of the conference call can be accessed by shareholders and other interested parties at www.flowserve.com under the "Investor Relations" section.
About Flowserve: Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 55 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s Web site at www.flowserve.com.
Safe Harbor Statement: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; our ability to execute and realize the expected financial benefits from our strategic manufacturing optimization and realignment initiatives; economic, political and other risks associated with our international operations, including military actions or trade embargoes that could affect customer markets, particularly Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela; our furnishing of products and services to nuclear power plant facilities and other critical processes; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; a foreign government investigation regarding our participation in the United Nations Oil-for-Food Program; expectations regarding acquisitions and the integration of acquired businesses; our ability to anticipate and manage cybersecurity risk, including the risk of potential business disruptions or financial losses; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; and other factors described from time to time in our filings with the Securities and Exchange Commission.
All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.
Investor Contacts:
Jay Roueche, Vice President, Investor Relations & Treasurer, (972) 443-6560
Mike Mullin, Director, Investor Relations, (972) 443-6636
Media Contact:
Lars Rosene, Vice President, Corporate Communications & Public Affairs, (972) 443-6644
TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (TSX:SPB):
February 2021 Cash Dividend - $0.06 per share
Superior Plus Corp. (“Superior”) today announced its cash dividend for the month of February 2021 of $0.06 per share payable on March 15, 2021. The record date is February 28, 2021 and the ex-dividend date will be February 25, 2021. Superior’s annualized cash dividend rate is currently $0.72 per share. This dividend is an eligible dividend for Canadian income tax purposes.
2020 Fourth Quarter and Year-End Results and Conference Call
Superior expects to release its 2020 fourth quarter and year-end results on Thursday, February 18, 2021 after market close. A conference call and webcast for investors, analysts, brokers and media representatives to discuss the 2020 Fourth Quarter and Year-End Results is scheduled for 10:30 a.m. EST on Friday, February 19, 2021. To participate in the call, dial: 1-844-389-8661. Internet users can listen to the call live, or as an archived call, on Superior's website at: www.superiorplus.com under the Events section.
About the Corporation
Superior consists of two primary operating businesses: Energy Distribution includes the distribution of propane and distillates, and supply portfolio management; and Specialty Chemicals includes the production and sale of specialty chemicals.
For further information about Superior, please visit our website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Investor Relations and Treasurer, Tel: (416) 340-6003, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Toll Free: 1-866-490-PLUS (7587).
Forward Looking Information
This news release contains certain forward-looking information and statements that are based on Superior’s current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In this news release, such forward-looking information and statements can be identified by terminology such as “will”, "expects", "annualized", and similar expressions.
In particular, this news release contains forward-looking statements and information relating to: future dividends which may be declared on Superior’s common shares, the dividend payment, the tax treatment thereof, and the receipt of cash dividends. These forward-looking statements are being made by Superior based on certain assumptions that Superior has made in respect thereof as at the date of this news release, regarding, among other things: the success of Superior’s operations; prevailing commodity prices, margins, volumes and exchange rates; that Superior’s future results of operations will be consistent with past performance and management expectations in relation thereto; the continued availability of capital at attractive prices to fund future capital requirements; future operating costs; that any required commercial agreements can be reached; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: the regulatory environment and decisions; non-performance of agreements in accordance with their terms; the impact of competitive entities and pricing; reliance on key industry partners and agreements; actions by governmental or regulatory authorities including changes in tax laws and treatment, or increased environmental regulation; adverse general economic and market conditions in Canada, North America and elsewhere; fluctuations in operating results; labour and material shortages; and certain other risks detailed from time to time in Superior’s public disclosure documents including, among other things, those detailed under the heading "Risk Factors" in Superior’s management's discussion and analysis and annual information form for the year ended December 31, 2019, which can be found at www.sedar.com.
Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. Such forward-looking statements are expressly qualified by the above statements. Superior does not undertake any obligation to publicly update or revise any forward looking statements or information contained herein, except as required by applicable laws.
Beth Summers
Executive Vice President and Chief Financial Officer
Tel: (416) 340-6015
or
Rob Dorran
Vice President, Investor Relations and Treasurer
Tel: (416) 340-6003
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Toll Free: 1-866-490-PLUS (7587)
AUSTIN, Texas--(BUSINESS WIRE)--Sky-Futures, an ICR company, one of the world’s leading drone inspection and survey providers, has signed a global service delivery partnership with SeekOps Inc to provide methane detection, localisation, and quantification services to customers around the world.
With a global footprint in 9 countries and operations in over 33 countries to date, Sky-Futures will deliver a SeekOps-certified service to customers both onshore and offshore. The partnership will enable SeekOps to rapidly scale the delivery of its methane emissions detection services globally to customers across multiple sectors, including the oil and gas and biogas industries.
Established as best-in-class for methane detection and quantification, the drone-mounted SeekIR® sensor enables cost-effective comprehensive emissions inspection in a fraction of the time required by traditional ground surveys, resulting in significant cost savings for operators.
Working together, Sky-Futures and SeekOps will provide customers with an end-to-end service including data capture, data analysis and reporting. The SeekOps drone-based sensors operate in concert with their custom data analytics software, to rapidly localise point source emissions and quantify emissions rates.
Iain Cooper, CEO of SeekOps said, “The world is changing fast and there is an increasing market demand for dependable leak detection technologies. SeekOps provides technologies that can be used to detect, locate, and quantify leaks, and the technology is highly accurate, lightweight, and field-proven.
“We are delighted to be partnering with Sky-Futures, to bring our highly-effective leak detection and quantification abilities into the global marketplace. This partnership enables us to provide rapid, robust, reliable and repeatable quality solutions to our customers’ emissions needs anywhere in the world and in all aspects of oil and gas - upstream, midstream and downstream, as well as to the nascent but rapidly expanding biogas and landfill monitoring markets”.
Sky-Futures delivers a range of services across multiple sectors with significant experience in the onshore and offshore oil and gas market. This experience is a fundamental piece of the partnership between the Sky-Futures and SeekOps and will support the rapid roll out of the technology and service to customers around the world.
Chris Blackford, CEO of Sky-Futures said: “As a company with significant experience using drone technology to provide survey and inspection services to the oil and gas industry, we are always looking to partner with companies providing new, innovative and value adding technology. SeekOps tick all these boxes and more. Their drone-based fugitive emission detection technology is class-leading and meets a need that is ever more important in a world where emission monitoring is becoming more regulated.”
About Sky-Futures
Sky-Futures (an ICR Integrity company) provides drone-based inspection and survey services to the industrial markets. With 10 years of experience in over 33 countries, we are one of the leading drone-based inspection and survey service providers globally.
We support a range of industrial markets including: oil and gas; engineering; bridges; renewables; solar; utilities; telecoms and more. Our solution is powering drone-based inspections globally and changing the way data is collected, analysed and used to make better inspection and maintenance decisions.
About SeekOps Inc.
SeekOps Inc. provides advanced methane emissions solutions for the energy sector to detect, localize, and quantify methane emissions through integrated drone-based systems. SeekOps’ unique SeekIR® sensor design and proprietary algorithms eliminates false positive readings and quantifies emissions sources to provide actionable data to oil and gas and biogas operators globally. SeekOps provides best-in-class technology to meet increasingly stringent environmental, sustainability and governance (ESG) reporting requirements, and enables producers worldwide realize their goal to reduce methane intensity from operations.
SeekOps Inc.
Paul Khuri
VP Business Development
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Phone: +1 713.962.6146
www.seekops.com
Sky-Futures
Nick Beattie
Head of Sales
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Phone: +44 (0) 207 148 7002
www.sky-futures.com
HOUSTON--(BUSINESS WIRE)--Helix Energy Solutions Group, Inc. (NYSE: HLX) will issue a press release reporting its fourth quarter and full year 2020 results on Monday, February 22, 2021, after the close of business. The press release and associated slide presentation will be available on Helix's website, www.HelixESG.com.
Helix will review its fourth quarter and full year 2020 results on Tuesday, February 23, 2021, at 9:00 a.m. Central Time via a live webcast and teleconference. The live webcast will be available on our website under "For the Investor." Investors and other interested parties wishing to dial in to the teleconference may join by dialing 1-800-926-5188 for participants in the United States or 1-303-223-0120 for international participants. The passcode is "Staffeldt." A replay of the webcast will be available on our website under "For the Investor" by selecting the "Audio Archives" link beginning approximately two hours after the completion of the event.
About Helix
Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations. For more information about Helix, please visit our website at www.HelixESG.com.
Erik Staffeldt
Executive Vice President & CFO
281-618-0465
Highlights:
CAMDEN, N.J.--(BUSINESS WIRE)--L3Harris Technologies (NYSE:LHX) has been awarded a contract by Fincantieri Marinette Marine for the shipboard integration and production of major subsystems onboard the U.S. Navy’s guided-missile frigate FFG 62. L3Harris is prepared to support the Navy’s plans to build at least 10 ships. The value of the L3Harris program could exceed $300 million if all design, development, and production options are awarded.
L3Harris is the largest member of the Fincantieri FFG team and will provide integrated systems that include the electric and propulsion systems, bridge and navigation systems, and aviation integration services. The diversified capabilities that L3Harris delivers on the Constellation-class Frigate program will distribute the power and propulsion needed to meet the U.S. Navy’s mission requirements throughout the world.
"We're excited by the opportunity to join the Fincantieri Marinette Marine team on the Frigate program and we look forward to bringing to bear industry-best speed, innovation and affordability as we deliver the advanced integrated capabilities that will ensure the Navy's ability to operate this ship with impunity upon any sea," said Sean Stackley, President, Integrated Mission Systems, L3Harris.
The Navy recently awarded a contract to Fincantieri to design and build the FFG, the Navy’s first new build in more than a decade. L3Harris will support Fincantieri at its Marinette, Wisconsin shipyard, where it will build the frigate based on the company’s Italian FREMM multi-mission frigate.
About L3Harris Technologies
L3Harris Technologies is an agile global aerospace and defense technology innovator, delivering end-to-end solutions that meet customers’ mission-critical needs. The company provides advanced defense and commercial technologies across air, land, sea, space and cyber domains. L3Harris has approximately $18 billion in annual revenue and 48,000 employees, with customers in more than 100 countries. L3Harris.com.
Forward-Looking Statements
This press release contains forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Statements about the value or expected value of orders, contracts or programs and about system capabilities are forward-looking and involve risks and uncertainties. L3Harris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Deanna Burke
Integrated Mission Systems
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856-338-3437
Sara Banda
Media Relations
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321-674-4498
PG&E’s 2021 Wildfire Mitigation Plan Also Aims to Continue to Reduce Wildfire Risk and Improve Public Safety Power Shutoffs
SAN FRANCISCO--(BUSINESS WIRE)--In a proposal filed today with the California Public Utilities Commission (CPUC), Pacific Gas and Electric Company (PG&E or the Utility) detailed its ongoing strategy to reduce wildfire risk, increase situational awareness, and deploy new technology and models to help keep customers and communities safe. Improvements to its 2021 Public Safety Power Shutoff (PSPS) program were also proposed.
PG&E’s 2021 Wildfire Mitigation Plan (WMP) enhances the company’s ongoing, comprehensive Community Wildfire Safety Program designed to address the growing threat of severe weather and wildfires across its service area.
“The last few years have demonstrated how California’s wildfire season continues to grow longer and more devastating. We are continuing to evolve to meet the challenging conditions to more effectively reduce wildfire risk,” said Sumeet Singh, Senior Vice President and Chief Risk Officer. “We are accountable to our customers and our communities that we are privileged to serve. The safety actions and programs outlined in our Wildfire Mitigation Plan provide details for our continued commitment to the critical work of providing safe and reliable service.”
The 2021 WMP focuses on three key areas:
Reducing More Wildfire Risk at a Faster Pace Using Improved Risk Modeling
For 2021, PG&E is implementing a new Wildfire Risk Model that can comprehensively assess and prioritize its safety work, including system hardening and enhanced vegetation management. This builds upon the previous model and uses advanced software and machine learning for predicting fire ignitions and improving fire spread simulations for determining the potential impacts of a wildfire.
“This new technology will allow us to more accurately prioritize our efforts within the highest fire-threat areas,” said Debbie Powell, Interim Head of Electric Operations. “Because of this advanced model, customers may see a shift in where we are conducting wildfire safety work in the coming years. We appreciate their patience as we adapt to changing environmental conditions.”
Continuing to Improve Public Safety Power Shutoffs
The core purpose of PG&E’s PSPS program is to keep customers and communities safe during extreme weather events. The company will continue to build on its 2020 PSPS improvements and work to make the program better for customers and communities as part of the 2021 WMP plan.
These efforts, many of which build off progress made in previous years, include:
Building Upon Important Safety Work Completed in 2020
In 2020, PG&E completed important safety enhancements and investments to help keep its customers and communities safe including:
PG&E also embraced feedback that it received from regulators, its federal monitor and others on gaps in its processes in 2020 and is working to further improve in 2021.
Impact to Customer Bills
The forecasted cost of wildfire mitigation programs described in the plan is about $3 billion each year for two years (2021-2022). The costs reflect PG&E’s best estimate of the costs for the proposed programs as of Feb. 5, 2021. Actual costs may vary substantially depending on actual conditions and requirements.
PG&E’s 2021 Wildfire Mitigation Plan is subject to public review and approval by the CPUC. PG&E strongly supports and encourages its customers and communities to provide feedback and participate in this important public process.
Customer Preparedness Resources
For more information about preparedness resources, visit PG&E’s Safety Action Center. The Safety Action Center provides information to help customers keep their family, home, and business safe during natural disasters and other emergencies. The site includes tips on how to create a personalized emergency plan, what to pack in an emergency supply kit, and how to prepare in advance for power outages and PSPS events. To learn more, visit safetyactioncenter.pge.com.
Cautionary Statement Concerning Forward-Looking Statements
This news release includes forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans and strategies of PG&E Corporation and Pacific Gas and Electric Company (the "Utility"), including but not limited to the Utility's 2021 Wildfire Mitigation Plan. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in PG&E Corporation and the Utility's joint Annual Report on Form 10-K for the year ended December 31, 2019, their joint Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020, and their subsequent reports filed with the Securities and Exchange Commission. PG&E Corporation and the Utility undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric energy companies in the United States. Based in San Francisco, with more than 20,000 employees, the company delivers some of the nation's cleanest energy to 16 million people in Northern and Central California. For more information, visit pge.com and pge.com/news.
MEDIA RELATIONS:
415-973-5930
SINGAPORE--(BUSINESS WIRE)--#Canalys--New research from Canalys shows that global sales of electric vehicles (EVs) in 2020 increased by 39% year on year to 3.1 million units. This compares with a sales decline of 14% of the total passenger car market in 2020. Canalys forecasts that the number of EVs sold will rise to 30 million in 2028 and EVs will represent nearly half of all passenger cars sold globally by 2030.
In a new digital report, Electric vehicle outlook: 2021 and beyond, Canalys publishes detailed EV sales data, forecasts and analysis on this fast-growing and fast-changing part of the car market.
“In a tough 2020 for the automotive industry, the strong demand for EVs has been a real bright spot. This will continue around the world in 2021 and beyond, despite the economically adverse conditions,” said Chris Jones, Chief Analyst for automotive at Canalys. Electric vehicles represented almost 5% of all new car sales in 2020. EVs are forecast to reach over 7% of new car sales worldwide in 2021, a further 66% growth, to exceed 5 million units sold. Approximately 1.3 million EVs were sold in both China and Europe in 2020, four times the EV sales in the US. “EV sales in the US represented just 2.4% of new cars sold there, despite it being home to Tesla, the world’s leading EV manufacturer. Even policies from a more supportive US government won’t change things overnight,” said Jones.
EV sales will continue to grow throughout the decade, with Canalys forecasting that EVs will represent 48% of all new cars sold in 2030. “Rapid growth will continue as more electric vehicles launch and governments set and maintain policies to stimulate EV production and sales. Reducing ‘range anxiety’ with increases in performance and charging infrastructure will be vital to entice more buyers,” said Sandy Fitzpatrick, VP at Canalys. “The automotive industry is currently facing crippling semiconductor shortages, so managing future supply chains and production systems to cope with the growth will be make or break for any electric vehicle strategies.”
Canalys’ Electric vehicle outlook: 2021 and beyond report offers data and insights in an innovative digital format. It will inform the strategies of those in automotive, tech and finance looking to enhance their planning and forecasting.
More information:
Chris Jones:
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+44 7867 389 727
Press:
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COLUMBUS, Ind.--(BUSINESS WIRE)--Today, Cummins Inc. (NYSE: CMI) and Isuzu Motors Limited (Isuzu) announced agreements for a global mid-range diesel powertrain and an advanced engineering collaboration, marking another step forward in the Isuzu Cummins Powertrain Partnership (ICPP). The partnership, formed in May 2019, formalized a business structure for the two companies to evaluate and carry out opportunities to jointly develop and bring new diesel and alternate powertrains to global markets.
“We are pleased to take another step forward in the partnership by powering Isuzu vehicles with Cummins engines in global markets,” said Tom Linebarger, Chairman and CEO, Cummins Inc. “Our partnership is a terrific opportunity for both companies to harness our respective strengths and drive innovation in advanced diesel and other technology solutions.”
“Cummins and Isuzu have been working on our partnership based on strong trusts in each other. I am pleased to announce today our first step in this collaboration. We will accelerate holistic collaboration in joint research for advanced engineering capabilities and further developments in advanced diesel technologies to deliver optimum trucks and powertrains to customers all over the world,” said Masanori Katayama, President and Representative Director, Isuzu Motors Limited.
Under this global mid-range diesel collaboration agreement, Cummins will provide Isuzu mid-range B6.7 diesel platforms for use in medium-size trucks to meet global customer needs. Cummins and Isuzu will closely work together to integrate the engine with Isuzu’s chassis and to meet Japan’s emission regulations. Isuzu chassis powered by Cummins B6.7 diesel platform engines will be introduced in North America in 2021, and in Japan, Southeast Asia and other regions at a later date.
This collaboration will allow both companies to best serve end user needs across the globe while optimizing their respective investments in both diesel and emerging technologies. The engines for trucks built in Japan will be assembled at Isuzu’s plant located in Tochigi, Japan.
Isuzu and Cummins also entered into an Advanced Technology Agreement, to conduct joint research for various powertrain technologies using the companies’ respective advanced engineering capabilities. Both companies are committed to further enhance efficiency and emissions capability of their advanced diesel products. As part of the path to carbon neutral, Isuzu and Cummins have recently expanded the partnership discussions to include new power sources, including electrical powertrain technologies.
Cummins and Isuzu continue to innovate and advance the future power sources for commercial vehicles in terms of power, quality, reliability, emissions and fuel efficiency. Together, the companies believe there may be further opportunities to benefit from each other’s unique strengths by harnessing each other’s products and technology to drive global growth.
About Cummins
Cummins Inc. is a global power technology leader headquartered in Columbus, Indiana (USA). Cummins is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of reliable clean power solutions; including diesel, natural gas, hybrid, electric, and other non-traditional power sources. Established in 1919, Cummins serves customers in over 190 countries and territories around the world as an independent engine manufacturer. More information can be found at www.cummins.com.
About Isuzu
Isuzu, is a leading global automobile company, based in Tokyo, Japan and is engaged in the design, development, manufacturing, sale and service of commercial vehicles, pick-up trucks, diesel and natural gas engines, parts and components. Isuzu products are sold in over 150 countries and regions worldwide. It's Japan’s No. 1 light-duty truck brand and ELF holds top shares in many countries and is acclaimed as the global standard in light-duty trucks. D-MAX pick-up truck has been manufactured and exported to approximately 120 countries from its production base in Thailand. More information can be found at www.isuzu.co.jp.
Cummins:
Jon Mills
Cummins Inc.
Phone: 317-658-4540
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Isuzu:
PR and Government Relations Department
Phone: +81-3-5471-1138
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For the second year in a row, the company made the list of fast-growing companies
ATLANTA--(BUSINESS WIRE)--#bulldog100--PDI (www.pdisoftware.com), a global provider of enterprise software solutions to convenience retailers and petroleum wholesalers, announced it has been named to the University of Georgia Alumni Association’s 2021 Bulldog 100. The list recognizes the 100 fastest-growing businesses owned or operated by UGA alumni. UGA received 429 nominations for the 2021 list.
“We’re very proud to have made the Bulldog 100 list again this year and to share in this honor with so many other deserving companies,” said PDI CEO and UGA graduate, Jimmy Frangis. “Of course, none of this would have been possible without the dedication and commitment of our employees and the lasting relationships we’ve built with our customers and partners.”
Over the last several years, PDI has significantly expanded its solutions portfolio and global reach through organic product development and acquisitions. Today, the company's loyalty marketing, pricing, and payment solutions increase profitability by changing consumer behavior, while its ERP, logistics, security, and insights solutions provide the end-to-end visibility to improve efficiency, decision-making and data protection.
The 2021 Bulldog 100 includes companies from over two dozen industries, including agriculture, construction, health care, nonprofits and software. Applicants were measured by their business’ compounded annual growth rate during a three-year period.
“These alumni demonstrate the incredible value of a degree from UGA, and we are committed to continuing the tradition of recognizing their achievements and connecting them with current students, who will become the next generation of entrepreneurs,” said Meredith Gurley Johnson, executive director of the UGA Alumni Association. “These leaders inspire us by bringing better solutions and building stronger communities, so we will ensure they are celebrated even as necessity requires this to be done virtually.”
The UGA Alumni Association will host the annual Bulldog 100 Celebration virtually Feb. 11 to celebrate these alumni business leaders and count down the ranked list to ultimately reveal the No. 1 fastest-growing business. To view the list of businesses and learn more about the Bulldog 100, visit www.alumni.uga.edu/b100.
About PDI
Professional Datasolutions, Inc. (PDI) helps convenience retailers and petroleum wholesalers thrive through digital transformation and enterprise software that enables them to grow topline revenue, optimize operations and unify their business across the entire value chain. Over 1,500 customers in more than 200,000 locations worldwide count on our leading ERP, logistics, fuel pricing and marketing cloud solutions to provide insights that increase volume, margin and customer loyalty. PDI owns and operates the Fuel Rewards® loyalty program that is consistently ranked as a top-performing fuel savings program year after year. For more than 35 years, our comprehensive suite of solutions and unmatched expertise have helped customers of any size reimagine their enterprise and deliver exceptional customer experiences. For more information about PDI, visit www.pdisoftware.com.
About UGA Alumni Association
The UGA Alumni Association supports the academic excellence, best interests and traditions of Georgia’s flagship university by inspiring engagement through relevant programming, enhanced connections and effective communications. For more information, see www.alumni.uga.edu.
Cederick Johnson, PDI
+1 254.410.7600 I This email address is being protected from spambots. You need JavaScript enabled to view it.
DENVER--(BUSINESS WIRE)--Palantir Technologies Inc. (NYSE:PLTR) and bp (NYSE:BP) have extended their partnership to support bp as it works towards its ambition to become a net zero company by 2050 or sooner, and to help the world get to net zero. Palantir will provide its software to bp at the enterprise level, with global deployment across the organization in a multi-year, multi-million dollar deal.
Palantir and bp have partnered since 2014, and Palantir’s software has been a key accelerant in bp’s digital transformation. bp has now committed to using Palantir’s Foundry software for five more years and apply it to new areas of business to further accelerate bp’s strategic digitization objectives and help support delivery of its ambitious energy transition goals.
bp’s digital twin applications, powered by Palantir, have already delivered significant value and enhancements in hydrocarbon-based workflows. Now, there are opportunities to apply these applications to accelerate bp’s new ambition, optimizing wind farms, electric charging networks, solar generation, and supporting the achievement of other aspects of bp’s net zero aims.
The partnership has yielded concrete results in operations management, asset allocation, strategic planning, and procurement and the Palantir platform and related applications will continue to be used to deliver value in production, operations, simulation, and modeling.
“We started this company to work on the hardest problems,” said Shyam Sankar, COO of Palantir. “Helping deliver energy more safely and efficiently, in a disrupted market, while supporting the transformation of a business the size and scale of bp, is exactly what we built this platform to do.”
Palantir also continues to support bp’s efforts in risk monitoring, including workflows around infrastructure management, and information flow management during the COVID-19 pandemic.
About Palantir Technologies
Palantir Technologies is a software company that builds enterprise data platforms for use by organizations with complex and sensitive data environments. From building safer cars and planes, to discovering new drugs and combating terrorism, Palantir helps customers across the public, private, and nonprofit sectors transform the way they use their data. Additional information is available at https://www.palantir.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, Palantir’s expectations regarding the amount and the terms of the contract and the expected benefits of our software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These risks and uncertainties include our ability to meet the unique needs of our customer; the failure of our platforms to satisfy our customer or perform as desired; the frequency or severity of any software and implementation errors; our platforms’ reliability; and our customer’s ability to modify or terminate the contract. Additional information regarding these and other risks and uncertainties is included in the filings we make with the Securities and Exchange Commission from time to time. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.
Lisa Gordon
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SIMI VALLEY, Calif.--(BUSINESS WIRE)--$AVAV--AeroVironment, Inc. (NASDAQ: AVAV), a global leader in unmanned aircraft systems (UAS), today announced that Steven A. Gitlin, chief marketing officer and vice president of investor relations, will present virtually at Cowen’s Aerospace/Defense and Industrials Conference on Wednesday, February 10, 2021 at 09:40 a.m. PT / 12:40 p.m. ET.
A live audio webcast of the presentation will be available in the Events and Presentations section of the AeroVironment website at https://investor.avinc.com/events-and-presentations. A replay of the webcast will be available for 90 days.
ABOUT AEROVIRONMENT, INC.
AeroVironment (NASDAQ: AVAV) provides technology solutions at the intersection of robotics, sensors, software analytics and connectivity that deliver more actionable intelligence so you can proceed with certainty. Celebrating 50 years of innovation, AeroVironment is a global leader in unmanned aircraft systems and tactical missile systems, and serves defense, government and commercial customers. For more information, visit www.avinc.com.
SAFE HARBOR STATEMENT
Certain statements in this press release may constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from those expressed or implied. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, our ability to perform under existing contracts and obtain additional contracts; changes in the regulatory environment; the activities of competitors; failure of the markets in which we operate to grow; failure to expand into new markets; failure to develop new products or integrate new technology with current products; and general economic and business conditions in the United States and elsewhere in the world. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) announced today that it has submitted a non-binding proposal to the Board of Directors of Noble Midstream GP LLC, the general partner of Noble Midstream Partners LP (NASDAQ: NBLX), to acquire all of the publicly held common units representing limited partner interests in NBLX not already owned by Chevron and its affiliates (the “Common Units”). Chevron is proposing to acquire the Common Units through a merger transaction in exchange for shares of common stock of Chevron, at a value of $12.47 per Common Unit (based on the most recent closing price of NBLX Common Units as of February 4, 2021). Chevron expects the proposed transaction to align long term interests by efficiently combining two highly integrated businesses while streamlining governance of the NBLX assets, which primarily serve Chevron as its largest customer. Agreement of definitive terms is subject to negotiations and approval by the Board of Directors of NBLX. There can be no assurance that any such approvals will be forthcoming, that a definitive agreement will be executed, or that any transaction will be consummated.
About NBLX
NBLX is a master limited partnership originally formed by Noble Energy, Inc. and indirectly majority-owned by Chevron Corporation to own, operate, develop and acquire domestic midstream infrastructure assets. NBLX currently provides crude oil, natural gas, and water-related midstream services and owns equity interests in oil pipelines in the DJ Basin in Colorado and the Delaware Basin in Texas. NBLX operations were integrated into Chevron in 2020 following the close of the Noble Energy acquisition.
About Chevron
Chevron Corporation is one of the world's leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance business value in every aspect of the company's operations. Chevron is based in San Ramon, California. More information about Chevron is available at www.chevron.com.
As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.
Please visit Chevron’s website and Investor Relations page at www.chevron.com and www.chevron.com/investors, LinkedIn: www.linkedin.com/company/chevron, Twitter: @Chevron, Facebook: www.facebook.com/chevron, and Instagram: www.instagram.com/chevron, where Chevron often discloses important information about the company, its business, and its results of operations.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating to Chevron’s operations that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on schedule,” “on track,” “is slated,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: the negotiation and execution, and the terms and conditions, of a definitive agreement relating to the proposed transaction and the ability of Chevron or NBLX to enter into or consummate such an agreement; changing crude oil and natural gas prices and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company's ability to achieve the anticipated benefits from the acquisition of Noble Energy; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, industry-specific taxes, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to pay future dividends; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 21 of the company's 2019 Annual Report on Form 10-K, as updated by Part II, Item 1A, "Risk Factors" in the company's subsequently filed Quarterly Reports on Form 10-Q, and in other subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.
No Offer or Solicitation
This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the transaction or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Additional Information and Where You Can Find It
In connection with the proposal that Chevron made for a business combination transaction with NBLX, subject to further developments and if a transaction is agreed, Chevron and NBLX may file one or more registration statements, information statements, consent solicitation statements, proxy statements, prospectuses, or other documents with the U.S. Securities and Exchange Commission (“SEC”). INVESTORS AND SECURITYHOLDERS OF CHEVRON AND NBLX ARE ADVISED TO CAREFULLY READ ANY REGISTRATION STATEMENT, INFORMATION STAEMENT, CONSENT SOLICITATION STATEMENT, PROXY STATEMENT, PROSPECTUS, OR OTHER DOCUMENT (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION, THE PARTIES TO THE TRANSACTION AND THE RISKS ASSOCIATED WITH THE TRANSACTION. Any definitive information statement, consent solicitation statement, or proxy statement, if any when available, will be sent to securityholders of NBLX in connection with any solicitation of proxies or consents of NBLX unitholders relating to the proposed transaction. Investors and securityholders may obtain a free copy of such documents and other relevant documents (if and when available) filed by Chevron or NBLX with the SEC from the SEC’s website at www.sec.gov. Securityholders and other interested parties will also be able to obtain, without charge, a copy of such documents and other relevant documents (if and when available) from Chevron’s website at www.chevron.com under the “Investors” tab under the heading “SEC Filings” or from NBLX’s website at www.nblmidstream.com under the “Investors” tab and the “SEC Filings” sub-tab.
Participants in the Solicitation
Chevron, NBLX and their respective directors, executive officers and certain other members of management may be deemed to be participants in the solicitation of proxies and consents in respect of the transaction. Information about these persons is set forth in Chevron’s proxy statement relating to its 2020 Annual Meeting of Stockholders, which was filed with the SEC on April 7, 2020, and NBLX’s Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the SEC on February 12, 2020, and subsequent statements of changes in beneficial ownership on file with the SEC. Securityholders and investors may obtain additional information regarding the interests of such persons, which may be different than those of the respective companies’ securityholders generally, by reading the consent solicitation statement prospectus statement, or other relevant documents regarding the transaction (if and when available), which may be filed with the SEC.
Braden Reddall, Chevron, 925-842-2209
BOSTON--(BUSINESS WIRE)--#AutomationExpert--Schneider Electric, the leader in the digital transformation of energy management and automation, today announced EcoStruxure™ Automation Expert version 21.0, the next in an ongoing series of updates and enhancements for the world’s first software-centric system.
Schneider Electric is implementing Agile software development methodology to deliver a new EcoStruxure Automation Expert release, based on direct customer feedback, every six months.
“Keeping pace with rapid innovation while still maintaining the capability to be 100% future proof is a key benefit of EcoStruxure Automation Expert for our customers,” said Fabrice Jadot, senior vice president, next generation automation, Schneider Electric. “In the space of a couple months we’ve added features and functions that will enhance the user experience and directly address high-demand customer needs. Our best in class implementation of agile mode project delivery along with an overall agile mindset helps us provide an always-current experience for our users.”
IEC 61499 adoption
EcoStruxure Automation Expert, first launched to the public in November 2020, is the world’s first universal automation offer, based on the IEC61499 standard for interoperability and portability.
In his report, The Road to Universal Automation, Harry Forbes from ARC stated, “Today’s demands for greater manufacturing flexibility and higher productivity require that control system software development must become much more like IT software development. Far better management of this software as a resource becomes a critical need in the era of Industry 4.0. EcoStruxure Automation Expert is designed to close this gap.”
Early interest in this new category of industrial automation is strong. The company reports that its integrator partners see enormous benefit in being able to add value beyond traditional PLC control. Early adopters are innovating to provide comprehensive, more capable solutions by combining technologies for their customers.
“This is not the same automation platform from 30 or 40 years ago, so there’s an initial learning curve for adjusting to IEC61499-based technology,” said Jadot. “But we’re finding that once customers and partners dive into the technology, they see real returns in flexibility and speed of engineering unlike anything they’ve experienced before. When users realize the full value of EcoStruxure Automation Expert, the most common response is, ‘This is a game changer.’”
EcoStruxure Automation Expert is particularly drawing interest from businesses in the consumer packaged goods and logistics sectors where the added flexibility is needed to react quickly to changing market dynamics, take advantage of new opportunities, or rapidly mitigate potential risk.
Next-generation technology
Enhancements in EcoStruxure Automation Expert V21.0 include:
and updates include:
Universal automation
Schneider Electric believes the time is right for a bold move in industrial automation and is calling on all stakeholders across industry to embrace universal automation.
Universal automation is the world of plug and produce automation software components based on the IEC61499 standard that solve specific customer problems in a proven way. Adoption of a universal automation layer, common across vendors, will provide limitless opportunities for growth and modernization across industry.
By greatly extending the capabilities of existing IEC61131-based systems and enabling an app-store-like model for automation software components, the advancements possible in the Fourth Industrial Revolution will be fully realized. As its benefits become visible, Schneider Electric believes other vendors will adopt universal automation, and end users will soon begin to demand it from their automation suppliers and ecosystem.
About Schneider Electric
Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.
Our mission is to be your digital partner for Sustainability and Efficiency.
We drive digital transformation by integrating world-leading process and energy technologies, endpoint to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.
We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.
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Schneider Electric Media Relations – Thomas Eck, Phone: 917-797-4974
DUBLIN--(BUSINESS WIRE)--The "Geothermal Power Generation - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The publisher brings years of research experience to the 8th edition of this report. The 189-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.
Global Geothermal Power Generation Market to Reach $28.3 Billion by 2027
Amid the COVID-19 crisis, the global market for Geothermal Power Generation estimated at US$8.7 Billion in the year 2020, is projected to reach a revised size of US$28.3 Billion by 2027, growing at a CAGR of 18.4% over the analysis period 2020-2027.
Dry Steam Plants, one of the segments analyzed in the report, is projected to record a 13.9% CAGR and reach US$4.3 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Flash Steam Plants segment is readjusted to a revised 17.7% CAGR for the next 7-year period.
The U.S. Market is Estimated at $2.3 Billion, While China is Forecast to Grow at 22.6% CAGR
The Geothermal Power Generation market in the U.S. is estimated at US$2.3 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$6.3 Billion by the year 2027 trailing a CAGR of 22.6% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 14.8% and 16.6% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 15.6% CAGR.
Binary Cycle Power Plant Segment to Record 27.5% CAGR
In the global Binary Cycle Power Plant segment, USA, Canada, Japan, China and Europe will drive the 26.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$697.1 Million in the year 2020 will reach a projected size of US$3.6 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$4.2 Billion by the year 2027, while Latin America will expand at a 28.9% CAGR through the analysis period.
Competitors identified in this market include, among others:
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/qkt6op
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Genvia governance is established with a Board of Directors from Genvia partner companies, and the definition of a clear roadmap of ambitious milestones for the development and industrialization of solid oxide technologies.
PARIS--(BUSINESS WIRE)--Schlumberger New Energy, the CEA and partners have announced Florence Lambert as the CEO of the Genvia clean hydrogen production technology venture, effective March 1, 2021. Florence brings more than 20 years of experience in new energy technologies and was previously CEO of CEA-LITEN in Grenoble, France.
“Florence has been a respected voice at the forefront of energy transition technology development for a number of years. We are delighted that she has chosen to bring her experience and passion to the leadership of Genvia. We believe that hydrogen is a critical energy carrier that will enable countries to meet their decarbonization ambitions,” said Ashok Belani, Executive Vice President Schlumberger New Energy.
In the next 30 years, hydrogen production could account for 20% of total energy demand, according to the Hydrogen Council. Genvia’s technology development and industrialization activities will be in step with the anticipated strong growth of the hydrogen economy. Genvia will provide innovative early solutions through strategic alliances in different industries.
“Genvia brings together an extraordinary group of partners, to foster the new ecosystem needed to accelerate the development and industrialization of affordable clean hydrogen production. I am particularly delighted to have the opportunity with Genvia to create business and employment growth while making an impact on climate change,” said Florence Lambert, the newly appointed Genvia CEO.
The Genvia Board of Directors will have high-level executive representation from its founding partners:
The Genvia high-performance solid oxide electrolyzer technology developed by the CEA is fully reversible, giving it the flexibility to switch between electrolysis and fuel cell functions. Genvia technology design will enable a 30% higher electricity conversion efficiency per kg of hydrogen produced, bringing the cost of producing clean hydrogen down to a level that competes aggressively with other sources of energy.
Leveraging Schlumberger technology industrialization experience, the first Genvia manufacturing pilot line will be established at a Schlumberger manufacturing facility in Béziers in 2021. Genvia will also set up a Technology Centre co-located with the CEA in Grenoble, France, to accelerate the maturing of the technology through the industrialization process.
Genvia will participate in a series of demonstration projects with partners in different use cases for the industrial, energy and mobility sectors. These demonstration projects will pave the way for the development of the full value chain for the utilization of hydrogen as the clean energy carrier of choice. The different demonstration projects are expected to range from 300 kW systems in 2023 to larger systems with megawatt capacities in 2024.
Based on the results of the pilot line and demonstration projects, investment into the building of a giga factory for the production of solid oxide electrolyzer and fuel cell stacks is expected to launch in 2025. The production ramp of the giga factory will enable Genvia to meet the gigawatt deliveries of electrolyzers and fuel cells, which the market is anticipated to demand at an accelerated pace in 2030 and beyond.
About Schlumberger New Energy
Schlumberger is the world's leading provider of technology to the global energy industry. Schlumberger New Energy explores new avenues of growth by leveraging Schlumberger’s intellectual and business capital in emerging new energy markets, with a focus on low-carbon and carbon-neutral energy technologies. Its activities include ventures in the domains of hydrogen, lithium, carbon capture and sequestration, geothermal power and geoenergy for heating and cooling buildings.
About CEA
The CEA is a key player in research, development and innovation in four main areas: energy transition, digital transition, technology for the medicine of the future and defense and security. With a workforce of 20,000 people, based in nine French sites equipped with very large-scale research infrastructures, the CEA actively participates in collaborative projects with a large number of academic and industrial partners, in France, Europe and worldwide. According to the Clarivate 2019 ranking, the CEA is the first French research organization, in terms of number of patents filed in France and Europe.
The CEA invested through its fully owned subsidiary CEA Investissement, a unique tool for a public research organization. It is assisted and operated by Supernova Invest, the CEA’s private equity partner, which brings its in-depth experience of cutting-edge technologies towards more than 140 investments in deeptech companies, including in the hydrogen industry.
www.cea.fr
www.supernovainvest.com
About VINCI Construction
A subsidiary of VINCI, VINCI Construction, is a global player and European leader, active on five continents, with more than 72,000 employees and 830 companies generating revenue of €14.9 billion in 2019. Structured according to an integrated model, the company has the capacity to intervene over the entire life cycle of a structure (finance, design, construction, maintenance) in eight sectors: buildings, functional structures, transport infrastructure, hydraulic engineering, renewable and nuclear energy, the environment, hydrogen and gas sector, and mines.
www.vinci-construction.com
About Vicat
With almost 200 years of experience, the Vicat Group develops a top-class offering of mineral and bio-based construction materials. In following the trajectory it has set itself for carbon neutrality throughout its value chain, the Group operates three core lines of business: Cement, Ready-Mixed Concrete and Aggregates, as well as related activities. Still family-run, the Company has almost 9,950 employees, and generated consolidated sales of €2.7 billion in 2019. The Group operates in twelve countries: France, Switzerland, Italy, the United States, Turkey, Egypt, Senegal, Mali, Mauritania, Kazakhstan, India and Brazil. More than 60% of its sales are generated outside France.
www.vicat.com
About AREC, an investment company in the Occitanie Region
Tool of the Occitanie Region, AREC suggests energy transition solutions to territories. The Agency endeavors to offer actors adapted solutions, whether they are turnkey or specific, depending on the contexts of the actors in the territories of Occitanie. Neutral, it has an objective vision of solutions. A trusted third party for regional actors and serving the general interest, AREC's added value lies in its unique support across the entire energy transition value chain: from upstream to the realization and financing of projects. The Occitanie Region has also always positioned itself as a pioneer in the development of the hydrogen sector in its territory. This wish was illustrated in 2019 by the adoption of an unprecedented Green Hydrogen Plan, endowed with €150 million, which should make it possible to achieve the objective of becoming the leading positive energy region in Europe by 2050. AREC has actively participated in the deployment of the “green hydrogen” sector in the region since 2016, as an actor of the energy transition in Occitanie. The Agency provides technical support and invests in innovative production and distribution projects in order to deploy hydrogen ecosystems that respect the environment. Thus, AREC is already involved in major projects in Occitanie such as the HyPort project and the Hyd'Occ project.
www.arec-occitanie.fr
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws — that is, statements about the future, not about past events. Such statements often contain words such as “expect,” “may,” “believe,” “plan,” “estimate,” “intend,” “anticipate,” “should,” “could,” “will,” “likely,” “goal,” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as the extent to which hydrogen will account for the world’s future energy demands; zero emissions goals, anticipated growth of the hydrogen economy and the level of acceptance of hydrogen in global decarbonization, greenhouse gas (“GHG”) emissions reduction goals and other forecasts or expectations regarding global climate change. These statements are subject to risks and uncertainties, including, but not limited to, the level of acceptance of hydrogen in global decarbonization; the inability to achieve net zero goals; the inability to recognize intended benefits of Genvia’s business strategies and initiatives; the inability to produce hydrogen at costs competitive to other sources of energy; legislative and regulatory initiatives addressing environmental concerns, including initiatives addressing the impact of global climate change; and other risks and uncertainties detailed in the companies’ public filings, including Schlumberger’s most recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of such a development changes), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. The forward-looking statements speak only as of the date of this press release, the parties disclaim any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
Media
Giles Powell – Director of Corporate Communication, Schlumberger Limited
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Tuline Laeser – CEA
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Investors
Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
Joy V. Domingo – Director of Investor Relations, Schlumberger Limited
Tel: +1 (713) 375-3535
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MANSFIELD, Ohio--(BUSINESS WIRE)--#EARNINGS--The Gorman-Rupp Company (NYSE: GRC) reports financial results for the fourth quarter and year ended December 31, 2020.
Fourth Quarter 2020 Highlights
Net sales for the fourth quarter of 2020 were $82.5 million compared to net sales of $93.7 million for the fourth quarter of 2019, a decrease of 11.9% or $11.2 million. Domestic sales decreased 7.4% or $4.7 million and international sales decreased 21.3% or $6.5 million compared to the same period in 2019.
Sales in our water markets decreased 6.7% or $4.2 million in the fourth quarter of 2020 compared to the fourth quarter of 2019. Sales in the agriculture and construction markets increased $1.4 million and $0.9 million, respectively. The increases were offset by sales decreases in the fire market of $3.5 million, municipal market of $1.8 million, and repair market of $1.2 million primarily as a result of the COVID-19 pandemic.
Sales in our non-water markets decreased 23.2% or $7.0 million in the fourth quarter of 2020 compared to the fourth quarter of 2019 primarily as a result of the COVID-19 pandemic, along with reduced demand from midstream oil and gas customers and softness in oil and gas drilling activity. Sales in the industrial market decreased $4.3 million, sales in the petroleum market decreased $1.4 million, and sales in the OEM market decreased $1.3 million.
International sales were $23.9 million in the fourth quarter of 2020 compared to $30.4 million in the same period last year and represented 29% and 32% of total sales, respectively. The decrease in international sales was across most of the markets the Company serves.
Gross profit was $21.3 million for the fourth quarter of 2020, resulting in gross margin of 25.8%, compared to gross profit of $25.4 million and gross margin of 27.1% for the same period in 2019. Gross margin decreased 130 basis points principally due to a 120 basis point more favorable LIFO impact in the fourth quarter of 2019.
Selling, general and administrative (“SG&A”) expenses were $12.9 million and 15.6% of net sales for the fourth quarter of 2020 compared to $15.3 million and 16.4% of net sales for the same period in 2019. SG&A expenses decreased 16.2% or $2.4 million due to reduced payroll related and travel expenses combined with overall expense management. SG&A expenses as a percentage of sales decreased 70 basis points as payroll related and travel expense reductions exceeded the decrease in sales.
Operating income was $8.4 million for the fourth quarter of 2020, resulting in an operating margin of 10.2%, compared to operating income of $10.0 million and operating margin of 10.7% for the same period in 2019. Operating margin decreased 50 basis points primarily as a result of the more favorable LIFO impact in the fourth quarter of 2019 of 120 basis points and the loss of leverage on fixed manufacturing costs from lower sales volume, partially offset by improved SG&A leverage in the current period.
Other income (expense), net was expense of $0.1 million for the fourth quarter of 2020 compared to income of $0.5 million for the same period in 2019. The decrease to income was in part due to non-cash pension settlement charges of $0.2 million.
Net income was $6.8 million for the fourth quarter of 2020 compared to $8.3 million in the fourth quarter of 2019, and earnings per share were $0.26 and $0.32 for the respective periods. Earnings per share for the fourth quarter of 2020 included a non-cash pension settlement charge of $0.01 per share. Earnings per share for the fourth quarter of 2019 included a favorable LIFO impact of $0.04 per share.
Full Year 2020 Highlights
Net sales for 2020 were $349.0 million compared to $398.2 million for 2019, a decrease of 12.4% or $49.2 million. Domestic sales decreased 10.3% or $28.4 million while international sales decreased 17.0% or $20.8 million compared to 2019. Sales have decreased across most of our markets primarily as a result of the COVID-19 pandemic, along with a slowdown in the oil and gas industry.
Sales in our water markets decreased 9.4% or $25.9 million in 2020 compared to 2019. Sales in the agriculture market increased $1.5 million. This increase was offset by decreases in the construction market of $11.3 million driven primarily by softness in oil and gas drilling activity. Decreases in the repair market of $5.6 million, municipal market of $5.3 million, and fire protection market of $5.2 million were a result of the COVID-19 pandemic.
Sales in our non-water markets decreased 18.9% or $23.3 million in 2020 compared to 2019 primarily as a result of the COVID-19 pandemic, along with reduced demand from midstream and downstream oil and gas customers and softness in oil and gas drilling activity. Sales in the OEM market decreased $8.3 million, sales in the industrial market decreased $7.8 million and sales in the petroleum market decreased $7.2 million.
International sales were $102.1 million in 2020 compared to $122.9 million in 2019 and represented 29% and 31% of total sales for the Company, respectively. International sales decreased most notably in the fire protection and all non-water markets.
Gross profit was $89.6 million for 2020, resulting in gross margin of 25.7%, compared to gross profit of $102.7 million and gross margin of 25.8% for 2019. Gross margin decreased 10 basis points largely due to an unfavorable LIFO impact of 60 basis points compared to 2019 and decreased 120 basis points from the loss of leverage on fixed labor and overhead attributable to lower sales volume. Largely offsetting these items were lower material costs of 170 basis points compared to 2019.
SG&A expenses were $53.8 million and 15.4% of net sales for 2020 compared to $58.8 million and 14.8% of net sales for 2019. SG&A expenses decreased 8.6% or $5.0 million due to reduced payroll related and travel expenses combined with overall expense management. SG&A expenses as a percentage of sales increased 60 basis points primarily as a result of loss of leverage from lower sales volume.
Operating income was $35.8 million for 2020, resulting in an operating margin of 10.2%, compared to operating income of $43.8 million and operating margin of 11.0% for 2019. Operating margin decreased 80 basis points primarily as a result of loss of leverage from lower sales volume.
Other income (expense), net was $4.5 million of expense for 2020 compared to income of $1.3 million for the same period in 2019. The increase to expense was due primarily to a non-cash pension settlement charge of $4.6 million.
Net income was $25.2 million for 2020 compared to $35.8 million in 2019, and earnings per share were $0.97 for 2020 and $1.37 for 2019. Earnings per share in 2020 included a non-cash pension settlement charge of $0.14 per share. In 2019, earnings benefited from a favorable LIFO impact of $0.04 per share.
The Company’s effective tax rate decreased to 17.9% for the fourth quarter of 2020 from 21.2% for the fourth quarter of 2019. The Company’s effective tax rate was 19.4% for 2020 compared to 20.7% for 2019. The effective tax rate for 2020 was impacted by an increased benefit from credits and permanent items over a lower pretax income as well as a favorable tax rate benefit on foreign operations. We expect our effective tax rate for 2021 to be between 21.0% and 23.0%.
The Company’s backlog of orders was $113.1 million at December 31, 2020 compared to $105.0 million at December 31, 2019, an increase of 7.7%. Incoming orders decreased 8.7% for the full year and decreased 4.3% for the fourth quarter of 2020 compared to the same periods in 2019. Incoming orders were down across most markets the Company serves driven primarily by the COVID-19 pandemic and a slowdown in the oil and gas industry. However, incoming orders for the fourth quarter of 2020 increased 16.0% compared to the third quarter of 2020.
Capital expenditures for 2020 were $8.0 million and consisted primarily of machinery and equipment and building improvements. Capital expenditures for the full-year 2021 are presently planned to be in the range of $15-$20 million.
Jeffrey S. Gorman, Chairman and CEO commented, “Despite the unprecedented global challenges of COVID-19, we ended 2020 in strong financial condition and well positioned for the future. While the ongoing impact of the global pandemic on the economy remains uncertain, we are prepared for the eventual recovery. We have continued to focus on our long-term strategic initiatives across our diverse markets, built on our strong inventory position while also maintaining our highly skilled workforce.
We begin 2021 with an increase in backlog from the same time last year, however we expect sales during the first half of the year to continue to be challenging due to the world-wide pandemic. During this time we will continue to manage our SG&A expenses, while at the same time remaining focused on initiatives that will contribute to our long term growth. Our balance sheet, cash position and on-going positive cash flow allow us to continue to look for the right opportunities that will supplement our growth for new and existing products and markets. Our outlook for the longer term remains very positive.
I would like to again thank the Gorman-Rupp team as well as our customers, suppliers and shareholders for their support as we managed through these challenging times. Without your support and cooperation we would not have been able to address these challenges as successfully as we have.”
About The Gorman-Rupp Company
Founded in 1933, The Gorman-Rupp Company is a leading designer, manufacturer and international marketer of pumps and pump systems for use in diverse water, wastewater, construction, dewatering, industrial, petroleum, original equipment, agriculture, fire protection, heating, ventilating and air conditioning (HVAC), military and other liquid-handling applications.
Forward-Looking Statements
In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, The Gorman-Rupp Company provides the following cautionary statement: This news release contains various forward-looking statements based on assumptions concerning The Gorman-Rupp Company’s operations, future results and prospects. These forward-looking statements are based on current expectations about important economic, political, and technological factors, among others, and are subject to risks and uncertainties, which could cause the actual results or events to differ materially from those set forth in or implied by the forward looking statements and related assumptions. Such factors include, but are not limited to: (1) continuation of the current and projected future business environment, including the duration and scope of the COVID-19 pandemic, the impact of the pandemic and actions taken in response to the pandemic; (2) highly competitive markets; (3) availability and costs of raw materials; (4) loss of key personnel; (5) cyber security threats; (6) intellectual property security; (7) acquisition performance and integration; (8) compliance with, and costs related to, a variety of import and export laws and regulations; (9) environmental compliance costs and liabilities; (10) exposure to fluctuations in foreign currency exchange rates; (11) conditions in foreign countries in which The Gorman-Rupp Company conducts business; (12) changes in our tax rates and exposure to additional income tax liabilities; (13) impairment in the value of intangible assets, including goodwill; (14) defined benefit pension plan settlement expense; (15) family ownership of common equity; and (16) risks described from time to time in our reports filed with the Securities and Exchange Commission. Except to the extent required by law, we do not undertake and specifically decline any obligation to review or update any forward-looking statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments or otherwise.
For additional information, contact James C. Kerr, Chief Financial Officer, Telephone (419) 755-1548.
| The Gorman-Rupp Company | |||||||
| Condensed Consolidated Statements of Income (Unaudited) | |||||||
| (thousands of dollars, except per share data) | |||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||
2020 |
|
2019 |
|
2020 |
|
2019 |
|
| Net sales | $82,500 |
$93,692 |
$348,967 |
$398,179 |
|||
| Cost of products sold | 61,213 |
68,314 |
259,412 |
295,504 |
|||
| Gross profit | 21,287 |
25,378 |
89,555 |
102,675 |
|||
| Selling, general and | |||||||
| administrative expenses | 12,851 |
15,330 |
53,802 |
58,835 |
|||
| Operating income | 8,436 |
10,048 |
35,753 |
43,840 |
|||
| Other income (expense), net | (146) |
534 |
(4,507) |
1,326 |
|||
| Income before income taxes | 8,290 |
10,582 |
31,246 |
45,166 |
|||
| Income taxes | 1,483 |
2,244 |
6,058 |
9,351 |
|||
| Net income | $6,807 |
$8,338 |
$25,188 |
$35,815 |
|||
| Earnings per share | $0.26 |
$0.32 |
$0.97 |
$1.37 |
|||
| The Gorman-Rupp Company | |||||||
| Condensed Consolidated Balance Sheets (Unaudited) | |||||||
| (thousands of dollars, except share data) | |||||||
| December 31, | December 31, | ||||||
2020 |
2019 |
||||||
| Assets | |||||||
| Cash and cash equivalents | $108,203 |
$80,555 |
|||||
| Accounts receivable, net | 50,763 |
65,433 |
|||||
| Inventories, net | 82,686 |
75,997 |
|||||
| Prepaid and other | 5,169 |
5,680 |
|||||
| Total current assets | 246,821 |
227,665 |
|||||
| Property, plant and equipment, net | 108,666 |
111,779 |
|||||
| Other assets | 4,795 |
8,320 |
|||||
| Goodwill and other intangible assets, net | 34,175 |
34,996 |
|||||
| Total assets | $394,457 |
$382,760 |
|||||
| Liabilities and shareholders' equity | |||||||
| Accounts payable | $9,466 |
$16,030 |
|||||
| Accrued liabilities and expenses | 29,035 |
29,465 |
|||||
| Total current liabilities | 38,501 |
45,495 |
|||||
| Pension benefits | 9,232 |
1,040 |
|||||
| Postretirement benefits | 28,250 |
24,453 |
|||||
| Other long-term liabilities | 2,961 |
3,894 |
|||||
| Total liabilities | 78,944 |
74,882 |
|||||
| Shareholders' equity | 315,513 |
307,878 |
|||||
| Total liabilities and shareholders' equity | $394,457 |
$382,760 |
|||||
| Shares outstanding | 26,101,992 |
26,067,502 |
|||||
Brigette A. Burnell
Corporate Secretary
The Gorman-Rupp Company
Telephone (419) 755-1246
NYSE: GRC
Genvia governance is established with a Board of Directors from Genvia partner companies, and the definition of a clear roadmap of ambitious milestones for the development and industrialization of solid oxide technologies.
PARIS--(BUSINESS WIRE)--Regulatory News:
Schlumberger New Energy, the CEA and partners have announced Florence Lambert as the CEO of the Genvia clean hydrogen production technology venture, effective March 1, 2021. Florence brings more than 20 years of experience in new energy technologies and was previously CEO of CEA-LITEN in Grenoble, France.
“Florence has been a respected voice at the forefront of energy transition technology development for a number of years. We are delighted that she has chosen to bring her experience and passion to the leadership of Genvia. We believe that hydrogen is a critical energy carrier that will enable countries to meet their decarbonization ambitions,” said Ashok Belani, Executive Vice President Schlumberger New Energy.
In the next 30 years, hydrogen production could account for 20% of total energy demand, according to the Hydrogen Council. Genvia’s technology development and industrialization activities will be in step with the anticipated strong growth of the hydrogen economy. Genvia will provide innovative early solutions through strategic alliances in different industries.
“Genvia brings together an extraordinary group of partners, to foster the new ecosystem needed to accelerate the development and industrialization of affordable clean hydrogen production. I am particularly delighted to have the opportunity with Genvia to create business and employment growth while making an impact on climate change,” said Florence Lambert, the newly appointed Genvia CEO.
The Genvia Board of Directors will have high-level executive representation from its founding partners:
The Genvia high-performance solid oxide electrolyzer technology developed by the CEA is fully reversible, giving it the flexibility to switch between electrolysis and fuel cell functions. Genvia technology design will enable a 30% higher electricity conversion efficiency per kg of hydrogen produced, bringing the cost of producing clean hydrogen down to a level that competes aggressively with other sources of energy.
Leveraging Schlumberger technology industrialization experience, the first Genvia manufacturing pilot line will be established at a Schlumberger manufacturing facility in Béziers in 2021. Genvia will also set up a Technology Centre co-located with the CEA in Grenoble, France, to accelerate the maturing of the technology through the industrialization process.
Genvia will participate in a series of demonstration projects with partners in different use cases for the industrial, energy and mobility sectors. These demonstration projects will pave the way for the development of the full value chain for the utilization of hydrogen as the clean energy carrier of choice. The different demonstration projects are expected to range from 300 kW systems in 2023 to larger systems with megawatt capacities in 2024.
Based on the results of the pilot line and demonstration projects, investment into the building of a giga factory for the production of solid oxide electrolyzer and fuel cell stacks is expected to launch in 2025. The production ramp of the giga factory will enable Genvia to meet the gigawatt deliveries of electrolyzers and fuel cells, which the market is anticipated to demand at an accelerated pace in 2030 and beyond.
About Schlumberger New Energy
Schlumberger is the world's leading provider of technology to the global energy industry. Schlumberger New Energy explores new avenues of growth by leveraging Schlumberger’s intellectual and business capital in emerging new energy markets, with a focus on low-carbon and carbon-neutral energy technologies. Its activities include ventures in the domains of hydrogen, lithium, carbon capture and sequestration, geothermal power and geoenergy for heating and cooling buildings.
About CEA
The CEA is a key player in research, development and innovation in four main areas: energy transition, digital transition, technology for the medicine of the future and defense and security. With a workforce of 20,000 people, based in nine French sites equipped with very large-scale research infrastructures, the CEA actively participates in collaborative projects with a large number of academic and industrial partners, in France, Europe and worldwide. According to the Clarivate 2019 ranking, the CEA is the first French research organization, in terms of number of patents filed in France and Europe.
The CEA invested through its fully owned subsidiary CEA Investissement, a unique tool for a public research organization. It is assisted and operated by Supernova Invest, the CEA’s private equity partner, which brings its in-depth experience of cutting-edge technologies towards more than 140 investments in deeptech companies, including in the hydrogen industry.
www.cea.fr
www.supernovainvest.com
About VINCI Construction
A subsidiary of VINCI, VINCI Construction, is a global player and European leader, active on five continents, with more than 72,000 employees and 830 companies generating revenue of €14.9 billion in 2019. Structured according to an integrated model, the company has the capacity to intervene over the entire life cycle of a structure (finance, design, construction, maintenance) in eight sectors: buildings, functional structures, transport infrastructure, hydraulic engineering, renewable and nuclear energy, the environment, hydrogen and gas sector, and mines.
www.vinci-construction.com
About Vicat
With almost 200 years of experience, the Vicat Group develops a top-class offering of mineral and bio-based construction materials. In following the trajectory it has set itself for carbon neutrality throughout its value chain, the Group operates three core lines of business: Cement, Ready-Mixed Concrete and Aggregates, as well as related activities. Still family-run, the Company has almost 9,950 employees, and generated consolidated sales of €2.7 billion in 2019. The Group operates in twelve countries: France, Switzerland, Italy, the United States, Turkey, Egypt, Senegal, Mali, Mauritania, Kazakhstan, India and Brazil. More than 60% of its sales are generated outside France.
www.vicat.com
About AREC, an investment company in the Occitanie Region
Tool of the Occitanie Region, AREC suggests energy transition solutions to territories. The Agency endeavors to offer actors adapted solutions, whether they are turnkey or specific, depending on the contexts of the actors in the territories of Occitanie. Neutral, it has an objective vision of solutions. A trusted third party for regional actors and serving the general interest, AREC's added value lies in its unique support across the entire energy transition value chain: from upstream to the realization and financing of projects. The Occitanie Region has also always positioned itself as a pioneer in the development of the hydrogen sector in its territory. This wish was illustrated in 2019 by the adoption of an unprecedented Green Hydrogen Plan, endowed with €150 million, which should make it possible to achieve the objective of becoming the leading positive energy region in Europe by 2050. AREC has actively participated in the deployment of the “green hydrogen” sector in the region since 2016, as an actor of the energy transition in Occitanie. The Agency provides technical support and invests in innovative production and distribution projects in order to deploy hydrogen ecosystems that respect the environment. Thus, AREC is already involved in major projects in Occitanie such as the HyPort project and the Hyd'Occ project.
www.arec-occitanie.fr
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws — that is, statements about the future, not about past events. Such statements often contain words such as “expect,” “may,” “believe,” “plan,” “estimate,” “intend,” “anticipate,” “should,” “could,” “will,” “likely,” “goal,” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as the extent to which hydrogen will account for the world’s future energy demands; zero emissions goals, anticipated growth of the hydrogen economy and the level of acceptance of hydrogen in global decarbonization, greenhouse gas (“GHG”) emissions reduction goals and other forecasts or expectations regarding global climate change. These statements are subject to risks and uncertainties, including, but not limited to, the level of acceptance of hydrogen in global decarbonization; the inability to achieve net zero goals; the inability to recognize intended benefits of Genvia’s business strategies and initiatives; the inability to produce hydrogen at costs competitive to other sources of energy; legislative and regulatory initiatives addressing environmental concerns, including initiatives addressing the impact of global climate change; and other risks and uncertainties detailed in the companies’ public filings, including Schlumberger’s most recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of such a development changes), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. The forward-looking statements speak only as of the date of this press release, the parties disclaim any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
Media
Giles Powell – Director of Corporate Communication, Schlumberger Limited
Tel: +1 (713) 375-3494
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Tuline Laeser – CEA
Tel: +33 1 64 50 20 97
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Investors
Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
Joy V. Domingo – Director of Investor Relations, Schlumberger Limited
Tel: +1 (713) 375-3535
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Generates sequential fourth quarter improvement across key financial metrics
BROOKLYN HEIGHTS, Ohio--(BUSINESS WIRE)--GrafTech International Ltd. (NYSE: EAF) (GrafTech or the Company) today announced unaudited financial results for the fourth quarter and full year ended December 31, 2020.
2020 Highlights
CEO Comments
“We are pleased with our overall performance during a challenging year for the industry,” said David Rintoul, President and Chief Executive Officer. “We made good progress managing our business through the pandemic as we adjusted our production to changes in demand, while being highly responsive to our customers’ needs and maintaining excellent service levels. During the fourth quarter, we achieved sequential quarterly improvement in key metrics such as production, sales volumes, net sales, earnings per share, adjusted EBITDA, and cash from operating activities.”
“As we look forward, the environmental and economic advantages of electric arc furnace steel production position both that industry and the graphite electrode industry for long-term growth. We believe GrafTech’s leadership position, strong cash flows, and advantaged low-cost structure and vertical integration are sustainable competitive advantages. The services and solutions we provide will position our customers and our company for a better future. As we move through 2021, we believe that the improvement in steel industry metrics will subsequently result in improved demand for graphite electrodes,” Mr. Rintoul concluded.
Key Financial Measures
(dollars in thousands, except |
|
|
For the Year Ended |
|||||||||||||
|
|
December 31, |
||||||||||||||
Q4 2020 |
Q3 2020 |
Q4 2019 |
|
2020 |
2019 |
|||||||||||
Net sales |
$ |
338,010 |
|
$ |
286,987 |
|
$ |
414,612 |
|
|
$ |
1,224,361 |
|
$ |
1,790,793 |
|
Net income |
$ |
125,096 |
|
$ |
94,234 |
|
$ |
174,922 |
|
|
$ |
434,374 |
|
$ |
744,602 |
|
Earnings per share (a) |
$ |
0.47 |
|
$ |
0.35 |
|
$ |
0.61 |
|
|
$ |
1.62 |
|
$ |
2.58 |
|
Adjusted EBITDA(b) |
$ |
175,538 |
|
$ |
153,105 |
|
$ |
234,586 |
|
|
$ |
658,946 |
|
$ |
1,048,259 |
|
(a) |
|
Earnings per share represents diluted earnings per share. |
(b) |
|
A non-GAAP financial measure, see below for more information and a reconciliation of EBITDA and Adjusted EBITDA to Net income, the most directly comparable financial measure calculated and presented in accordance with GAAP. |
Full Year and Fourth Quarter 2020 Financial Performance
Net sales for the year ended December 31, 2020 totaled $1.2 billion compared to $1.8 billion in the prior year. Net sales for the quarter ended December 31, 2020 were $338 million compared to $415 million in the fourth quarter of 2019. Lower net sales were driven primarily by lower sales volumes.
Net income for 2020 was $434 million, or $1.62 per share, compared to $745 million, or $2.58 per share, in the prior year. Net income for the fourth quarter of 2020 was $125 million, or $0.47 per share, compared to $94 million, or $0.35 per share in the third quarter of 2020 and $175 million, or $0.61 per share in the fourth quarter of 2019.
Adjusted EBITDA was $659 million in 2020 compared to $1,048 million in the prior year. Adjusted EBITDA was $176 million in the fourth quarter of 2020, a 15% sequential increase from $153 million in the third quarter of 2020. Fourth quarter 2019 adjusted EBITDA was $235 million. Year-over-year financial results for the fourth quarter and full year 2020 were primarily impacted by lower net sales.
Full year cash flow from operating activities was $564 million in 2020 compared to $805 million in 2019. Cash flow from operating activities was $147 million in the fourth quarter of 2020, a 14% sequential increase from $129 million in the third quarter of 2020. Fourth quarter 2019 cash flow from operating activities was $221 million.
COVID-19 and Operational Update
GrafTech continues to proactively manage through the COVID-19 crisis to support the health and safety of our team. Our plants have remained operational and maintained a 97% on-time delivery rate in the fourth quarter. Our global footprint gives us the flexibility to move or adjust production as needed going forward.
In 2020, production volume of 134 thousand MT decreased from 177 thousand MT in 2019. Production volume of 36 thousand MT in the fourth quarter of 2020 decreased from 41 thousand MT in the fourth quarter of 2019 and was a sequential improvement over 32 thousand MT in the third quarter of 2020. Capacity utilization was lower as we aligned production with reduced year-over-year sales volumes.
Commercial Update
Late in 2020, we began seeing a measured recovery in the global steel markets with improvement in steel pricing and capacity utilization rates. In the fourth quarter of 2020, both the global (ex-China) and U.S. steel market capacity utilization rates improved to over 72%3,4.
The commercial team reported solid results in the fourth quarter of 2020, with sales volumes of 37 thousand MT, consisting of long term agreement (LTA) volumes of 31 thousand MT and non-LTA volumes of 6 thousand MT. Full year 2020 sales volumes were 135 thousand MT, consisting of LTA volumes of 113 thousand MT and non-LTA volumes of 22 thousand MT.
During the fourth quarter, our average price from LTAs was approximately $9,600 per MT and our average price for non-LTA business was approximately $4,900 per MT.
During the challenging market conditions in 2020, we were able to work with our valued customers to develop mutually beneficial solutions to their challenges, including volume commitments. We are pleased to have successfully negotiated LTA modifications with many of these customers. We also continue to work to preserve our rights under the LTAs in a few arbitrations that arose from some LTA non-performance and other disputes during the year. The estimated shipments of graphite electrodes for the final two years of the initial term under our LTAs and for the years 2023 through 2024 are as follows:
|
2021 |
|
2022 |
|
2023 through 2024 |
|
Estimated LTA volume(c) |
98-108 |
|
95-105 |
|
35-45 |
|
Estimated LTA revenue(d) |
$925-$1,025 |
|
$910-$1,010 |
|
$350-$450(e) |
(c) |
|
In thousands of MT |
(d) |
|
In millions |
(e) |
|
Includes expected termination fees from a few customers that have failed to meet certain obligations under their LTAs |
Capital Structure and Capital Allocation
As of December 31, 2020, GrafTech had cash and cash equivalents of $145 million and total debt of approximately $1.4 billion.
During 2020, capital allocation included $400 million of debt repayment, $36 million of capital expenditures, $31 million of dividend payments, and $30 million for share repurchases. In 2021, we expect capital expenditures to range between $55 and $65 million and our primary use of cash to continue to be debt repayment.
On December 22, 2020, we issued $500 million aggregate principal amount of 4.625% senior secured notes due December 2028 (Notes). The proceeds of the Notes were used to repay a portion of our secured term loans due February 2025 under our existing credit agreement.
Outlook
Mr. Rintoul continued, “The current market for graphite electrodes continues to be competitive, as our industry lags the improving fundamentals in the steel industry. If the strength in the steel industry continues, we would expect the graphite electrode market to improve as we move further into 2021. We remain encouraged with the long-term growth opportunity given the benefits of electric arc furnace steel production, and we believe GrafTech is well positioned for success.”
Conference Call Information
In conjunction with this earnings release, you are invited to listen to our earnings call being held on February 5, 2021 at 10:00 a.m. Eastern Standard Time. The webcast and accompanying slide presentation will be available at www.graftech.com, in the Investors section. The earnings call dial-in number is +1 (866) 521-4909 toll-free in the U.S. and Canada or +1 (647) 427-2311 for overseas calls, conference ID: 8956898. A replay of the Conference Call will be available until May 5, 2021 by dialing +1 (800) 585-8367 toll-free in the U.S. and Canada or +1 (416) 621-4642 for overseas calls, conference ID: 8956898. A replay of the webcast will also be available on our website until May 5, 2021, at www.graftech.com, in the Investors section. GrafTech also makes its complete financial reports that have been filed with the Securities and Exchange Commission (SEC) and other information available at www.graftech.com. The information in our website is not part of this release or any report we file or furnish to the SEC.
About GrafTech
GrafTech International Ltd. is a leading manufacturer of high-quality graphite electrode products essential to the production of electric arc furnace steel and other ferrous and non-ferrous metals. The Company has a competitive portfolio of low cost graphite electrode manufacturing facilities, including three of the highest capacity facilities in the world. We are the only large-scale graphite electrode producer that is substantially vertically integrated into petroleum needle coke, the primary raw material for graphite electrode manufacturing. This unique position provides competitive advantages in product quality and cost.
| _____________________________________________ | ||
1 |
|
A non-GAAP financial measure, see below for more information and a reconciliation of EBITDA and Adjusted EBITDA to net income, the most directly comparable financial measure calculated and presented in accordance with GAAP. |
2 |
|
Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by net sales (2020 Adjusted EBITDA of $659 million/2020 net sales of $1.224 billion). |
3 |
|
Source: World Steel Association and Metal Expert |
4 |
|
Source: American Iron and Steel Institute |
Special note regarding forward-looking statements
This news release and related discussions may contain forward-looking statements that reflect our current views with respect to, among other things, future events and financial performance. You can identify these forward-looking statements by the use of forward-looking words such as “will,” “may,” “plan,” “estimate,” “project,” “believe,” “anticipate,” “expect,” “foresee”, “intend,” “should,” “would,” “could,” “target,” “goal,” “continue to,” “positioned to,” “are confident”, or the negative versions of those words or other comparable words. Any forward-looking statements contained in this release are based upon our historical performance and on our current plans, estimates and expectations considering information currently available to us. The inclusion of this forward-looking information should not be regarded as a representation by us that the future plans, estimates, or expectations contemplated by us will be achieved. Our expectations and targets are not predictions of actual performance and historically our performance has deviated, often significantly, from our expectations and targets. These forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to: the finalization of our financial statements as of and for the year ended December 31, 2020, which may differ from our current expectations and the preliminary financial information provided in this release; the ultimate impact that the COVID-19 pandemic has on our business, results of operations, financial condition and cash flows; the cyclical nature of our business and the selling prices of our products may lead to periods of reduced profitability and net losses in the future; the possibility that we may be unable to implement our business strategies, including our ability to secure and maintain longer-term customer contracts, in an effective manner; the risks and uncertainties associated with litigation, arbitration, and like disputes, including the recently filed stockholder litigation and disputes related to contractual commitments; the possibility that global graphite electrode overcapacity may adversely affect graphite electrode prices; pricing for graphite electrodes has historically been cyclical and the price of graphite electrodes may continue to decline in the future; the sensitivity of our business and operating results to economic conditions and the possibility others may not be able to fulfill their obligations to us in a timely fashion or at all; our dependence on the global steel industry generally and the electric arc furnace steel industry in particular; the competitiveness of the graphite electrode industry; our dependence on the supply of petroleum needle coke; our dependence on supplies of raw materials (in addition to petroleum needle coke) and energy; the possibility that our manufacturing operations are subject to hazards; changes in, or more stringent enforcement of, health, safety and environmental regulations applicable to our manufacturing operations and facilities; the legal, compliance, economic, social and political risks associated with our substantial operations in multiple countries; the possibility that fluctuation of foreign currency exchange rates could materially harm our financial results; the possibility that our results of operations could deteriorate if our manufacturing operations were substantially disrupted for an extended period, including as a result of equipment failure, climate change, regulatory issues, natural disasters, public health crises, such as the COVID-19 pandemic, political crises or other catastrophic events; our dependence on third parties for certain construction, maintenance, engineering, transportation, warehousing and logistics services; the possibility that we are unable to recruit or retain key management and plant operating personnel or successfully negotiate with the representatives of our employees, including labor unions; the possibility that we may divest or acquire businesses, which could require significant management attention or disrupt our business; the sensitivity of goodwill on our balance sheet to changes in the market; the possibility that we are subject to information technology systems failures, cybersecurity attacks, network disruptions and breaches of data security; our dependence on protecting our intellectual property; the possibility that third parties may claim that our products or processes infringe their intellectual property rights; the possibility that significant changes in our jurisdictional earnings mix or in the tax laws of those jurisdictions could adversely affect our business; the possibility that our indebtedness could limit our financial and operating activities or that our cash flows may not be sufficient to service our indebtedness; the possibility that restrictive covenants in our financing agreements could restrict or limit our operations; the fact that borrowings under certain of our existing financing agreements subject us to interest rate risk; the possibility of a lowering or withdrawal of the ratings assigned to our debt; the possibility that disruptions in the capital and credit markets could adversely affect our results of operations, cash flows and financial condition, or those of our customers and suppliers; the possibility that highly concentrated ownership of our common stock may prevent minority stockholders from influencing significant corporate decisions; the possibility that we may not pay cash dividends on our common stock in the future; the fact that certain of our stockholders have the right to engage or invest in the same or similar businesses as us; the possibility that the market price of our common stock could be negatively affected by sales of substantial amounts of our common stock in the public markets, including by Brookfield Asset Management Inc. and its affiliates; the fact that certain provisions of our Amended and Restated Certificate of Incorporation and our Amended and Restated By-Laws could hinder, delay or prevent a change of control; the fact that the Court of Chancery of the State of Delaware will be the exclusive forum for substantially all disputes between us and our stockholders; and the loss of our status as a “controlled company” within the meaning of the New York Stock Exchange corporate governance standards, which will result in us no longer qualifying for exemptions from certain corporate governance requirements.
These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements, including the Risk Factors sections included in our most recent Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2020, June 30, 2020 and September 30, 2020, and other filings with the SEC. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We do not undertake any obligation to publicly update or review any forward-looking statement, except as required by law, whether as a result of new information, future developments or otherwise.
Non-GAAP financial measures
In addition to providing results that are determined in accordance with GAAP, we have provided certain financial measures that are not in accordance with GAAP. EBITDA and Adjusted EBITDA are non-GAAP financial measures. We define EBITDA, a non-GAAP financial measure, as net income or loss plus interest expense, minus interest income, plus income taxes, discontinued operations and depreciation and amortization. We define adjusted EBITDA as EBITDA plus any pension and other post-employment benefit ("OPEB") plan expenses, initial and follow-on public offering expenses, non-cash gains or losses from foreign currency remeasurement of non-operating liabilities in our foreign subsidiaries where the functional currency is the U.S. dollar, related party Tax Receivable Agreement expense, stock-based compensation and non-cash fixed asset write-offs. Adjusted EBITDA is the primary metric used by our management and our board of directors to establish budgets and operational goals for managing our business and evaluating our performance.
We monitor adjusted EBITDA as a supplement to our GAAP measures, and believe it is useful to present to investors, because we believe that it facilitates evaluation of our period-to-period operating performance by eliminating items that are not operational in nature, allowing comparison of our recurring core business operating results over multiple periods unaffected by differences in capital structure, capital investment cycles and fixed asset base. Adjusted EBITDA margin is also a non-GAAP financial measure used by our management and our board of directors as supplemental information to assess the Company’s operational performance and is calculated as adjusted EBITDA divided by net sales. In addition, we believe adjusted EBITDA, adjusted EBITDA margin and similar measures are widely used by investors, securities analysts, ratings agencies, and other parties in evaluating companies in our industry as a measure of financial performance and debt-service capabilities. We also monitor the ratio of total debt to adjusted EBITDA, because we believe it is a useful and widely used way to assess our leverage.
Our use of adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:
In evaluating EBITDA, adjusted EBITDA and adjusted EBITDA margin, you should be aware that in the future, we will incur expenses similar to the adjustments in the reconciliation presented below. Our presentations of EBITDA, adjusted EBITDA and adjusted EBITDA margin should not be construed as suggesting that our future results will be unaffected by these expenses or any unusual or non-recurring items. When evaluating our performance, you should consider EBITDA, adjusted EBITDA and adjusted EBITDA margin alongside other financial performance measures, including our net income (loss) and other GAAP measures.
GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands) Unaudited |
|||||||
|
As of December 31, 2020 |
|
As of December 31, 2019 |
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
145,442 |
|
|
$ |
80,935 |
|
Accounts and notes receivable, net of allowance for doubtful accounts of $8,243 as of December 31, 2020 and $5,474 as of December 31, 2019 |
|
182,647 |
|
|
|
247,051 |
|
Inventories |
|
265,964 |
|
|
|
313,648 |
|
Prepaid expenses and other current assets |
|
35,114 |
|
|
|
40,946 |
|
Total current assets |
|
629,167 |
|
|
|
682,580 |
|
Property, plant and equipment |
|
784,902 |
|
|
|
733,417 |
|
Less: accumulated depreciation |
|
278,685 |
|
|
|
220,397 |
|
Net property, plant and equipment |
|
506,217 |
|
|
|
513,020 |
|
Deferred income taxes |
|
32,551 |
|
|
|
55,217 |
|
Goodwill |
|
171,117 |
|
|
|
171,117 |
|
Other assets |
|
93,660 |
|
|
|
104,230 |
|
Total assets |
$ |
1,432,712 |
|
|
$ |
1,526,164 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
70,989 |
|
|
$ |
78,697 |
|
Short-term debt |
|
131 |
|
|
|
141 |
|
Accrued income and other taxes |
|
48,720 |
|
|
|
65,176 |
|
Other accrued liabilities |
|
56,501 |
|
|
|
48,335 |
|
Related party payable - tax receivable agreement |
|
21,752 |
|
|
|
27,857 |
|
Total current liabilities |
|
198,093 |
|
|
|
220,206 |
|
|
|
|
|
||||
Long-term debt |
|
1,420,000 |
|
|
|
1,812,682 |
|
Other long-term obligations |
|
81,478 |
|
|
|
72,562 |
|
Deferred income taxes |
|
43,428 |
|
|
|
49,773 |
|
Related party payable - tax receivable agreement long-term |
|
19,098 |
|
|
|
62,014 |
|
Stockholders’ equity: |
|
|
|
||||
Preferred stock, par value $0.01, 300,000,000 shares authorized, none issued |
|
— |
|
|
|
— |
|
Common stock, par value $0.01, 3,000,000,000 shares authorized, 267,188,547 and 270,485,308 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively |
|
2,672 |
|
|
|
2,705 |
|
Additional paid-in capital |
|
758,354 |
|
|
|
765,419 |
|
Accumulated other comprehensive loss |
|
(19,641 |
) |
|
|
(7,361 |
) |
Accumulated deficit |
|
(1,070,770 |
) |
|
|
(1,451,836 |
) |
Total stockholders’ deficit |
|
(329,385 |
) |
|
|
(691,073 |
) |
|
|
|
|
||||
Total liabilities and stockholders’ equity |
$ |
1,432,712 |
|
|
$ |
1,526,164 |
|
Wendy Watson
216-676-2699
Recognition comes from leading source of infrastructure, power and renewables news, data and analysis
OVERLAND PARK, Kan.--(BUSINESS WIRE)--Outstanding performance during one of the most challenging years in recent history has made Black & Veatch’s Management Consulting business Inframation and SparkSpread’s top technical advisor by deal count for 2020.
Black & Veatch’s Management Consulting business serves clients across the electric, water, oil, natural gas and technology industries, providing valuable technical, commercial, regulatory, bankability and market advisory services. Topping the Inframation and SparkSpread ranking is a recognition of the successful deals supported by the Management Consulting business’ Transactions team.
“Achieving the top position in Inframation and SparkSpread’s deal listing provides clients with very strong third-party verification of the capabilities and performance of Black & Veatch Management Consulting,” said Deepa Poduval, leader of the Global Strategic Advisory Practice within Black & Veatch Management Consulting. “Our Transaction team is highly sought after for their outstanding efforts and quality work across infrastructure categories and deal structures. I am thrilled to celebrate the efforts of our team and their commitment to client service in a year that presented many new challenges.”
Black & Veatch’s Transaction team provides “one-stop shop” technical, market, regulatory and strategic advisory services in support of mergers and acquisitions, as well as financing transactions. In the past five years, the team has helped accelerate the evolution of the infrastructure sector by supporting well over US$100 billion worth of transactions that are transforming the energy, water and communications landscape.
Inframation and SparkSpread are a leading source of infrastructure, power and renewables news, data and analysis. The companies’ transactions, investors, advisors and lenders databases are among the most comprehensive coverage of deals and organizations in the power and energy market.
Editor’s Notes:
Collectively, Black & Veatch’s industry-leading team can solve technological, operational and financial challenges by integrating the full range of our capabilities to deliver a unique solution package that other smaller or regional firms are unable to provide.
About Black & Veatch Management Consulting, LLC
Black & Veatch Management Consulting, LLC provides integrated strategy, transaction advisory, business operations, regulatory and technology solutions for the global power, water, telecommunications, and oil and gas industries. Our highly experienced team of professional consultants bring together combined expertise in advanced analytics and practical business sense with extensive technology and engineering capabilities. We deliver solutions that work best for your program needs, organization, assets, and customers.
About Black & Veatch
Black & Veatch is an employee-owned engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people in over 100 countries by addressing the resilience and reliability of our world's most important infrastructure assets. Our revenues in 2019 were US$3.7 billion. Follow us on www.bv.com and social media.
Media Contact Information:
JIM SUHR | +1 913-458-6995 P | +1 314-422-6927 M | This email address is being protected from spambots. You need JavaScript enabled to view it.
24-HOUR MEDIA HOTLINE | +1 866-496-9149
TORONTO--(BUSINESS WIRE)--As students prepare to return to classrooms across the province, the Ontario Society of Professional Engineers (OSPE) is calling on the provincial government to immediately address the airborne transmission of COVID-19. It is widely understood by health experts that aerosol transmission of the virus is possible, particularly in indoor settings where people gather for long periods of time. OSPE believes the need for proper ventilation to stop the spread of infected aerosol particles is not being properly addressed.
“Ontario engineers are concerned about the health and well-being of students, and the lack of attention to air quality by the provincial government,” said Sandro Perruzza, CEO of OSPE. “While investments like the Ontario Together Fund to develop new technologies are welcome, we need a transparent plan to prioritize and conduct upgrades to heating, ventilation and air conditioning (HVAC) systems in schools now.”
OSPE is calling on the Ontario government to take the following immediate actions:
OSPE’s President & Chair, Réjeanne Aimey, P.Eng., says government must take steps now to prevent future outbreaks. “As engineers, we have always known there is a connection between ventilation systems and our health, but it has taken a global pandemic to shine light on this issue. We are urging government to properly invest in protecting our children – allocating $50 million of federal support is inadequate,” she said.
With frigid winter temperatures, many HVAC systems in public and commercial spaces re-circulate air instead of funneling fresh air in. As a result, HVAC systems recycle the same potentially infected air. Engineers believe that this could be contributing to airborne transmission of COVID-19 in buildings such as warehouses and long-term care facilities, as well as other indoor spaces.
“This is bigger than COVID-19 – Indoor Air Quality (IAQ) affects how many sick days we take off of work, how happy we are, and how long we live,” said Brian Fleck, professional engineer and professor at the University of Alberta who, along with a team of medical scientists and engineers, is studying ventilation and how it impacts the transmission of the virus. “We have the opportunity now to make the air in the buildings where we live and work cleaner than the air outside. We just have to make that investment; the costs are small compared to the benefits we will reap in finance, health and wellness.”
OSPE is calling on the Ontario government to consult with engineers, scientists, HVAC specialists and other experts immediately to adequately address this issue before more outbreaks occur.
About the Ontario Society of Professional Engineers (OSPE)
OSPE is the advocacy body and voice of the Ontario engineering profession. Ontario has more than 85,000 professional engineers and 293,600 engineering students and graduates. OSPE provides strategic engineering input to the government, industry, and academia, often through work undertaken by its committees and task forces. Most recently, OSPE has showcased how the engineering community will assist Ontario and Canada with economic recovery post-COVID-19.
As a member-driven professional association, OSPE welcomes the entire engineering community to contribute knowledge, skills, and leadership to help create a better future for the profession and society. For more information about OSPE, please visit www.ospe.on.ca.
Resources
OSPE endorses the work of our colleagues at the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE), who have released extensive resources detailing how to conduct overall improvements to HVAC systems to properly mitigate virus transmission. ASHRAE’s Building Readiness Guide includes checklists for re-occupancy of schools, including a recommendation to “consider consulting with a local professional engineer to determine the appropriate minimum RH levels based on local climate conditions, type of construction and age of the building under consideration.”
Carolyn Skinner
Ontario Society of Professional Engineers
647-981-4494
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Keera Hart
Kaiser & Partners
905-580-1257
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