Cameron has announced that it has entered into a definitive agreement to sell its centrifugal compression business to Ingersoll Rand for a cash consideration of approximately US$ 850 million, subject to closing adjustments. The decision to divest the division was made after a careful review of Cameron’s long term business strategy to increase its focus on its core markets. The company’s goal has been to identify a buyer that is more closely aligned with centrifugal compression’s broad and global markets.
Cameron expects to complete the sale of the business prior to year end, subject to regulatory approval. The company estimates after tax proceeds from the sale to be approximately US$ 600 million, and expects the net proceeds to support stock repurchases. In 2013, the compression division had revenues of US$ 396 million. The results of operations of the business will be reported as discontinued operations beginning in the third quarter of this year.
A natural gas boot camp programme between Consumers Energy and Oakland Schools is helping the energy company meet a critical employment need while providing marketable skills and permanent jobs to interested high school graduates. Consumers Energy is anticipating many long term employees to retire over the next few years. Replacing the highly skilled employees is critical to the energy company, especially as it continues to enhance and expand its natural gas system. The company has approximately 15 000 employees and contractors.
Daniel Malone, Senior VP said, ‘this partnership with Oakland Schools is a win-win for all. Part of our promise to Michigan is to help create good paying technical jobs like the ones offered through successful graduation from this natural gas boot camp.’
Lucideon has been named an Extraordinary Member of the European Associate for External Thermal Insulation Composite Systems (EAE). Founded in 2008, in Baden-Baden, Germany, the EAE represents approximately 85% of Europe’s market for External Thermal Insulation Composite Systems. The EAE shares one common objective: to increase the use of well approved ETICS on both new and existing buildings.
Lucideon has also made a senior appointment to support plans to transform and monetise high performance materials across the global economy. Reiner Bonsmann is joining the company as General Manager, supporting Chief Executive Tony Kinsella, with responsibility for testing and consulting operations, as well as business growth development. Reiner has more than 30 years of industry experience, having worked in Germany and the US as well as the UK, where he has been based for the last 18 years.
One of the hydrogen production units at Neste Oil’s Porvoo refinery has been damaged and production at the site has been reduced. Preliminary findings indicate that repairing the unit will take several weeks. When a more accurate timetable of the repairs needed is available with two weeks time, it will be possible to estimate the incident’s impact on production and profitability. The incident is not expected to have any impact on product deliveries that have already been contracted.
The United Steelworkers (USW) released the following statement from USW District 4 Director John Shinn in response to Crestwood’s proposed Finger Lakes liquefied petroleum (LPG) storage project:
‘The USW is pleased to announce its support of Crestwood’s proposed Finger Lakes LPG storage project. This project will create and maintain jobs, provide significant economic benefits to local communities, and help New York consumers avoid winter price spikes by increasing local storage volumes. USW District 4 has had a long and productive relationship with Crestwood’s US salt business, and after reviewing environmental, safety and technical data concerning the underground LPG storage project, we believe that Crestwood has the capacity to provide local storage services in a safe and responsible manner.'
Edited from various press releases by Claira Lloyd
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/19082014/oil-gas-industry-announcements-19-aug/