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In its filing, Integra listed total assets of $35.4 million and total liabilities of $63.6 million. Liabilities included secured creditors of $26.4 million (Fleet Capital Corp.), unsecured priority claims of $165,258, and unsecured nonpriority claims of $37.1 million. The largest unsecured creditor is Metropolitan Life Insurance Company with a $16.1-million claim. The next 19 unsecured vendors include Integra's primary product suppliers. Full story.
Tyrolit North America Inc., Westboro, MA, plans to cease production May 31 of its vitrified and bonded abrasives at its Westboro plant, formerly the Bay State Abrasives plant, according to an article in the Worcester Telegram. The company will focus on manufacturing superabrasives at this location, retaining about 30 employees of the current 200 workers at the plant. Tyrolit bought Bay State/Sterling in 1997 from Bay State's former general manager, Bernie Phaneuf, who had purchased the company out of Chapter 11 bankruptcy proceedings in 1994.
Flowserve Corp., Dallas, TX, has a definitive agreement to acquire the Flow Control Division (IFC) of Invensys plc for $535 million in cash. IFC manufactures valves, actuators and associated flow control products, including steam systems, for the oil and gas, chemical and petrochemical, power generation and process industries. IFC expects revenues of $520 million for the year ended Mar. 31, 2002 and EBITDA of $87 million. IFC's brands include Edward, Limitorque, PMV, Argus and McCanna.
Flowserve had fiscal 2001 revenues of $1.9 billion. The company formed in 1997 with the merger of BW/IP, Inc. and Durco International Inc. Flowserve markets a wide range of pump, valve and mechanical seal brands, as well as operating a service division. Among its flagship brands is Byron Jackson, a core line for BW/IP. It acquired the Ingersoll-Dresser Pump Co. in 2001. Most recently, it acquired Innovative Valve Technologies, Inc. (Invatec), a service and repair company.
USFLOW Corporation, Grand Rapids, MI, acquired certain assets of Flow Technologies, Minneapolis, MN, as part of its strategy to open branches in select markets adjacent to USFLOW's current geography or with strategic value to serve growth markets targeted by USFLOW.
The Manitowoc Company, Inc., Manitowoc, WI, a manufacturer of high-capacity, lattice-boom crawler cranes and tower cranes, has a definitive agreement to acquire Grove Worldwide, a manufacturer of mobile hydraulic cranes and truck-mounted cranes. The $270-million deal will be funded by cash and two million shares of Manitowoc common stock. In fiscal 2001, Grove reported revenues of $700 million. Founded in 1947, Grove has a product line that includes 30 crane models and eight aerial work platforms, with lifting capacity from 8 tons to 550 tons. Grove emerged from Chapter 11 reorganization in September 2001. Former creditors of Grove received substantially all of the stock ownership of the new Grove. Full story.
K.J. Electric, Syracuse, NY, has acquired Grand Eagle Motor Repair, Utica, NY, a $2-million motor repair facility. The branch will be the sixth location in New York state for K.J. Electric, a $25-million company.
Barnes Group Inc., Bristol, CT, signed a