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Composites Industry News

News for May 2000


ATK Reports Record Earnings

24th May 2000 0 comments

ATK, a leading aerospace and defense company and the nation’s largest supplier of military ammunition, said sharply improved operating margins and an aggressive share buyback program helped boost fiscal year 2000 earnings per share from continuing operations by more than 15 percent to a record $6.36 from $5.52 last year. Paul David Miller (PDM), chairman and chief executive officer, summarized fiscal year 2000 as outstanding from a financial, operational, and strategic perspective. Sales from the Aerospace segment rose 10 percent to $436 million from $395 million last year, reflecting higher sales of rocket motors for Delta launch vehicles and composite structures. ATK is a $1.1 billion aerospace and defense company with leading market positions in munitions, precision defense capabilities, solid propulsion, and composite structures.

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Conoco Markets New Carbon Fiber

24th May 2000 0 comments

Conoco will use its strength in petroleum technology and manufacturing to redraw the image of the traditional oil company customer by marketing the company’s new carbon fiber offering to people who build cars, construct roads and bridges, assemble batteries for use in cell phones and computers and engineer the latest technology into brakes on automobiles and airplanes. The first step in this new business entry is the construction of a manufacturing facility in Ponca City, Okla., to come on-line year-end 2001. Conoco’s new business will produce a pitch-based carbon fiber and when the plant is expanded to full capacity, it will be capable of producing eight million pounds of carbon fiber per year. “This innovative venture will bring a completely new high-tech Conoco product into markets outside the traditional energy sector,” said Archie Dunham, Conoco’s chairman and CEO. “In the near future, Conoco’s capability to produce petroleum-based carbon fibers will allow engineers and designers to create stronger and lighter products that last longer. Ultimately, this new business holds tremendous potential to redefine how business is done in the carbon fibers industry.” Tom Moccia, a 25-year veteran from the plastics industry who has worked at GE Plastics and MA Hanna, will lead Conoco’s fiber-reinforced plastics strategy and large-scale applications in automotive and other industries. Raj Mathur, previously with HITCO Carbon Composites, will develop Conoco’s carbon-carbon business. The new facility under construction is near Conoco’s carbon fibers pilot plant where the company has tested fiber since 1997.

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Starmet Corporation Announces Second Quarter Fiscal 2000 Results

24th May 2000 0 comments

Starmet Corporation, a Massachusetts based manufacturer of specialized metal products, today announced financial results for the second quarter which ended April 2, 2000. The Company continues its financial turnaround with another consecutive quarter of profitability. In this quarter, Starmet generated net income of $31,000 on revenue in excess of $5.6 million. Net income improved by $2.1 million over the same quarter in fiscal 1999, on $246,000 less in sales. This reflects the Company’s success in reengineering its cost structure to meet current revenues and enables it to meet research and development goals. Metal Matrix Composite Materials (“MMC”) appear to have the greatest potential for dynamic growth. Prototype orders, led by the requirements of a prominent manufacturer of semiconductor assembly equipment, have become production orders, enabling Starmet to double production of precision investment castings in the second quarter. Four new production prototype parts for the next generation of semiconductor assembly equipment are scheduled for production in the first quarter of 2001. Starmet continues to aggressively pursue other revenue enhancement opportunities in data storage, medical, space, defense and military applications where Beralcast(R) provides a technological and cost advantage. The Company continues to pursue potential expansion of its titanium powder business; development of its Beralcast(R) investment casting and MGA extrudable MMC technologies.

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CertainTeed Corporation Issues Statement on BTI Annual Meeting

24th May 2000 0 comments

CertainTeed Corporation issued the following statement on Brunswick Technologies, Inc.’s failure to get the required shareholder vote for the proposed amendment to the 1997 BTI Equity Incentive Plan at BTI’s Annual Shareholders Meeting: “We are pleased with the support we received from BTI shareholders. Today’s preliminary results are a clear indication that BTI shareholders recognized that the adoption of this amendment could have adversely affected their ability to obtain maximum value for their shares.” CertainTeed noted that the defeat of the proposed Plan amendment will satisfy one of the conditions to the completion of its tender offer of BTI shares. CertainTeed is extending its tender offer for all outstanding shares, including the associated rights to purchase preferred stock of BTI from the prior expiration date of midnight on May 18, 2000, to midnight, New York City time, on June 16, 2000, to coincide with the date of the Special Meeting of Shareholders.

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National Emission Standards for Wet Formed Fiberglass Mat Production

30th May 2000 0 comments

The EPA is adding wet-formed fiberglass mat production to the list of categories of major sources of hazardous air pollutants (HAPs) published under section 112(c) of the Clean Air Act (CAA) and to the source category schedule for national emission standards for hazardous air pollutants (NESHAP).

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Philippines Launches Anti-Logging Patrol Fleet

30th May 2000 0 comments

A total of 11 fiberglass patrol boats have been acquired by the Department of Environment and Natural Resources (DENR) to make the rounds across the 10 coastal waters of the country. The fleet will become a major factor in the department’s law enforcement efforts against illegal logging and other unlawful exploitation of the country’s natural resources. The 11 patrol boats are tasked to watch over the country’s coastal waters particularly in Manila Bay, Hundred Islands, Quezon Province, Malampaya in Palawan, Bicol, Cebu, Pamitikan Island, Basilan and Surigao.

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JPS Industries Reports Significantly Improved Net Income for Second Quarter

30th May 2000 0 comments

JPS Industries, Inc. announced results for the second quarter ended April 29, 2000. Net income rose to $1.6 million, compared with a net loss of $26.3 million in the second quarter of fiscal 1999. Commenting on the results, JPS Chairman, President and Chief Executive Officer Michael L. Fulbright said, “We are very pleased with these results and gratified to deliver solid improvement for the third consecutive quarter. While each of our three divisions remain in highly competitive and challenging markets, their performance through six months give us confidence that we will continue to deliver against our plan and show improving quarterly results over the remaining two quarters of fiscal 2000.” JPS Industries, Inc. is a major U.S. manufacturer of extruded urethanes, polypropylenes and mechanically formed glass substrates for specialty industrial applications, and apparel fabrics. JPS specialty industrial products are used in a wide range of applications, including: commercial and institutional roofing; reservoir and landfill liners and covers; printed circuit boards; advanced composite materials; tarpaulins; awnings; tile backings; security glazing; athletic shoes; and medical, automotive and industrial components.

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TSET, Inc. Announces Intent to Acquire American Composites Technology, Inc

30th May 2000 0 comments

TSET has signed a letter of intent on May 22, 2000 regarding the main terms for the acquisition of American Composites Technology, Inc. (“ACT”), in exchange for shares of the TSET’s common stock. It is anticipated that TSET will provide initial working capital for ACT and business development activities in global markets. ACT is in the business of developing an array of industrial testing applications, protocols, and equipment solutions employing advanced thermal imaging equipment and techniques for the non-destructive testing of a variety of structures and products that use composite materials and laminates. Seismic strengthening / retrofitting and bomb blast hardening of reinforced concrete structures is one area of particular application of composite materials and laminates that ACT is pursuing. A recent bomb blast test of two reinforced concrete bunkers in White Sands, New Mexico took place in which one bunker was completely retrofitted with carbon fiber reinforced polymer (CFRP) composite materials and epoxy resins. Both concrete bunkers were subject to the detonation of one pallet of C-4 explosives. The explosion destroyed one of the bunkers, while the bunker retrofitted with CFRP remained structural intact. Potential applications for ACT’s testing technology are found in a variety of markets, including: aerospace and military, commercial and general aviation, new construction and seismic retrofitting of reinforced concrete structures, maritime applications, sports equipment, automotive industry, U.S. government facilities for bomb blast protection, aqueducts and related water supply systems, utilities, chemical and petroleum facilities, bridges, highways, tunnels.

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New Company to Focus on Polymer and Composites Businesses

30th May 2000 0 comments

Three business executives from the Midwest have started a new equity venture, NEXTEP Equity Partners, LLC, with sponsorship from The CIT Group/Equity Investments, the principal investment arm of The CIT Group. T. Dan Clark, with Shell Chemical and Dexter experience, B. Peter Rohman, with Owens Corning experience, and Robert H. Jackson, a lawyer with significant deal-making experience, will assist companies seeking a buyout or recapitalization. The group is targeting businesses positioned for growth in the polymer, specialty chemical and composites sectors. “This is an excellent time to be looking for opportunities in the small to mid-cap market,” Dan Clark, a managing partner of NEXTEP, said. ” We are looking for companies with sales in the $25 to $100 million range with strong management teams and a history of investing in proprietary technology.”

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Composite Automobile Research Ltd – WTA Asian Appointment

30th May 2000 0 comments

Composite Automobile Research Ltd announced that John Tidy has been appointed to the position of Vice-President Asian Operations, and that it has entered into a Letter of Agreement with SIGWA Motors of Lagos, Nigeria regarding the purchase of the Master License for the country of Nigeria. Composite Automobile Research Ltd. and World Transport Authority Inc. serve the emerging world’s transportation needs through in country manufacturing facilities, utilizing local semi-skilled labor to produce the WorldStar(R)line of utility vehicles.

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