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Composites Industry News


Donald Trofholz Named Vice President Of Guardian Industries

25th July 2000 0 comments

Guardian Industries Corp. yesterday announced the appointment of Donald Trofholz to the position of Vice President and Chief Accounting Officer. Trofholz will be responsible for Guardian’s global accounting functions. These activities include financial and operational reporting and analysis as well as accounting and operations support. Guardian Industries Corp. is a privately-owned, multinational corporation based in Auburn Hills, Michigan. Together Guardian and its subsidiaries and affiliates constitute one of the largest global manufacturers of float glass and fabricated glass products for the commercial and residential construction industries and are a leading supplier of vehicle glass and exterior trim systems to the global automotive industry. Guardian Fiberglass, Inc., a Guardian subsidiary, is one of the largest manufacturers of fiberglass in the world and occupies a significant and growing position in the building materials distribution business.

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Metamorphosis: How a Two-Ton Termite Became a State Icon

25th July 2000 0 comments

The world’s biggest sculpture of a termite, Nibbles Woodaway, is revered as an icon in the state of Rhode Island. The 20-year-old, 58 feet long, two-ton fiberglass blue bug was built to advertise the services of the New England Pest Control Co., a local exterminator. Providence Mayor Vincent A. “Buddy” Cianci explains the bug’s popularity: “It’s kind of our own little symbol of … uh … uh … I don’t know what.” Victoria “Vicky” Vona, Mrs. Rhode Island International 2000, who plans to speak about the termite in next month’s competition for the title of Mrs. International, says, “Each contestant is required to speak about her state, and in my opinion, nothing says ‘Rhode Island’ like the big blue bug.”

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ZCL Composites Inc – Quattro Capital and Other Conclude Share Sale

25th July 2000 0 comments

ZCL Composites Inc. announced that Quattro Capital Inc and Messrs. Ven Cote, Robert Day, and Kuldip Delhon and their respective holding companies, have concluded a share sale transaction with Mr. Simon Sochatsky that has resulted in all of the shares in Quattro being sold to Mr. Simon Sochatsky. Mr. Sochatsky now beneficially owns and controls all of the issued and outstanding shares of Quattro. Quattro owns approximately 14.5% of the issued and outstanding shares of ZCL. ZCL is Canada’s largest manufacturer of fiberglass underground storage tanks and the leading supplier of tanks to the retail petroleum market. ZCL markets its tanks under the “Greentank”, “Prezerver” and “Protektor” trademarks and provides complete fuel, storage systems securing a $2 million insurance backed warranty against pollution.

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TXU Electric and FPL Energy Announce Major Wind Power Project

25th July 2000 0 comments

One of the largest wind power contracts in U.S. history was announced on Wednesday by TXU Electric & Gas and FPL Energy, LLC. The 160-megawatt project will generate enough electricity to annually power about 29,000 homes for Texas customers. FPL Energy will build, own and operate 242 wind turbines in West Texas. Each white wind turbine stands 166 feet tall and weighs a total of 143,000 pounds. The fiberglass blades are 76 feet long. Construction will begin late this year, and FPL Energy officials say that TXU Electric customers should be receiving the renewable energy by the third quarter of 2001. Under the contract, FPL Energy will provide approximately 500 million-kilowatt hours of electricity per year.

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Hexcel Reports 2000 Second Quarter Results

25th July 2000 0 comments

On Wednesday Hexcel Corporation reported net income for the 2000 second quarter of $50.4 million, including a net after-tax gain from the sale of the Bellingham aircraft interiors business of approximately $44 million. This compares with net income of $4.3 million for the second quarter of 1999, and net income of $2.6 million for the first quarter of 2000. Excluding business consolidation expenses and the gain from the sale of the Bellingham business, adjusted net income was $6.5 million for the second quarter of 2000. This represents a 25% increase compared with adjusted net income for the 1999 second quarter of $5.2 million and a 91% increase compared with the 2000 first quarter of $3.4 million. Adjusted net income for the 2000 second quarter reflects a portion of the interest expense reduction that will result from the use of the Bellingham transaction proceeds to pay down debt. In addition, Hexcel benefited from an increase in its equity share of the earnings of affiliated companies, primarily as a result of the improved operating results of the Company’s electronic fabrics venture in Asia. The year-on-year decline in commercial aerospace revenues primarily reflects the impact of The Boeing Company’s reductions in aircraft production rates during the second half of 1999. Recently, Boeing has publicly indicated that it may be able to sustain aircraft production at the current rate of about 490 per year, and Hexcel’s sales to Boeing and related subcontractors appear to have stabilized. According to industry analysts, Airbus Industrie plans to increase aircraft deliveries to about 320 in 2000 and to more than 350 in 2001. The benefit the Company obtains from any increases in build rates in 2001 will depend upon the mix of aircraft that are produced, the continuing impact on the aerospace supply chain of the pressure to reduce the cost of commercial aircraft, and the results of productivity improvement. Commenting on Hexcel’s second quarter 2000 results, John J. Lee, chairman and CEO, said, “The second quarter benefited from a continuation of the positive trends that began to emerge in the first quarter. Airbus and Boeing appear to be on track to deliver a combined total of more than 800 aircraft in 2000, and there are strong indications that they expect to do the same or better in 2001. The Company is also beginning to reap additional benefits from its emphasis on high-growth market segments. Sales of lightweight glass and aramid fabrics to electronics, architectural and ballistics markets continued to rise, while use of the Company’s advanced composites for wind energy, automotive and other industrial applications continued to climb. Further, as we enter 2001, the ramp up of production on a number of new military aircraft will start to contribute to Hexcel’s growth.”

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Cytec’s Second Quarter EPS of $0.81 Exceeds Consensus Estimates

25th July 2000 0 comments

Cytec Industries Inc. announced on Thursday that net earnings for the second quarter of 2000 were $41 million on sales of $381 million. Results for the quarter include an after tax gain of $5.9 million from an insurance settlement. This compares to net earnings of $28 million on sales of $359 million in the same quarter of 1999. “Specialty Materials sales volume declined 5% primarily due to lower Boeing commercial build rates, and their transition from carbon to glass fiber composites for certain interior applications. Exchange rate changes and divestments decreased sales 1% each. Operating earnings grew to $24 million, and our operating margin increased 200 basis points to 22%. This improvement eflects a favorable product mix, and the continuing benefits of productivity programs. This quarter’s results were enhanced by strong demand from our military and regional jet markets.” Cytec Industries is a specialty chemicals and materials technology company with 1999 sales of $1.4 billion and diluted earnings per share of $2.73. Its growth strategies are based on developing technologically advanced customer solutions for global markets, including: aerospace, plastics, industrial coatings, mining, paper and water treatment.

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Reichhold Sponsors Colin Powell at Composites 2000

25th July 2000 0 comments

Reichhold, Inc. will sponsor the Opening General Session of CFA’s Composites 2000 trade show and conference, featuring keynote speaker, Gen. Colin Powell (Ret.) in Las Vegas. “General Powell is one of the most distinguished leaders of our time,” said Richard Rodriguez, vice president and general manager of Reichhold’s North American Composites Strategic Business Unit. “Reichhold is honored to continue our longstanding tradition of sponsoring CFA’s general session,” he continued. “And we are extremely proud to bring Colin Powell before the membership of CFA and all attendees to Composites 2000. Composites 2000 runs from September 27-30. Reichhold is a total solutions provider and a leader in the development of innovative products for key composites applications.

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Denali Announces Revisions to Proposed Investment

18th July 2000 0 comments

Denali Incorporated announced on Wednesday that it has entered into a revised letter of intent with William Blair Mezzanine Capital Partners relating to an investment by Blair in the Company. Under the new proposal, Blair will invest a total of $23 million in the Company. The Company expects to hold a special stockholders meeting in mid-September to approve the proposed investment. Denali Incorporated is a global provider of fluid handling products specializing in corrosion-resistant applications in processindustries such as: chemical, power, pulp and paper, petroleum equipment and water/wastewater. The Company manufactures engineered fiberglass-composite tanks, vessels and piping systems, as well as steel, above ground storage tanks.

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Merck Named Executive Vice President Operations of K2 Inc

18th July 2000 0 comments

K2 Inc. announced that J. Wayne Merck has been named executive vice president operations of K2 Inc. Merck, 40, has served as president of K2’s Shakespeare Composites and Electronics business. K2 Inc. is a leading designer, manufacturer and marketer of brand name sporting goods, recreational and industrial products. The company’s sporting goods and recreational products include well-known names such as K2 and Olin alpine skis; K2, Ride and Morrow snowboards, boots and bindings; K2 in-line skates; Stearns sports equipment; Shakespeare fishing tackle; K2 bikes; and Dana Design backpacks. K2’s other recreational products include Planet Earth apparel, Adio skateboard shoes and Hilton corporate casuals. K2’s industrial products include Shakespeare extruded monofilaments, marine antennas and fiberglass light poles.

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CertainTeed Corporation/Brunswick Technologies

18th July 2000 0 comments

On Monday CertainTeed announced that the subsequent offering period has expired for its tender offer for the outstanding shares of Brunswick Technologies, Inc. at a price of $8.50 per share, in cash. CertainTeed now beneficially owns approximately 94% of BTI’s outstanding shares. All shares validly tendered during the subsequent offering period were accepted as tendered and have been, or will be, promptly paid for through the depositary for the offer. CertainTeed and BTI will now proceed with their previously announced merger pursuant to which CertainTeed will acquire the remaining equity interest in BTI. No further shareholder action will be required to approve the merger. As a result of the merger, each share of BTI common stock that was not tendered in the original tender offer period or the subsequent offering period will be converted into the right to receive $8.50 in cash, without interest, subject to dissenters’ rights. The merger is expected to be completed by mid-August.

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