Parker to record realignment costs
Parker Hannifin Corp. expects to record about $60 million pretax in business realignment costs and asset impairments for its fourth quarter.
Annual goodwill impairment tests required under new accounting guidelines cost the firm about $40 million, primarily in businesses serving the semiconductor market and non-core units picked up as parts of strategic acquisitions. The company recorded an additional $7 million in fixed-asset impairments.
Business realignment costs of about $13 million resulted from Parker's plan to achieve operating improvements and greater returns. The company expects to record an additional $23 million in severance, operating realignments, plant closures and consolidation costs in 2003.
GreenMan completes R&J purchase
GreenMan Technologies Inc. has completed its acquisition of R&J Recycling Co.'s tire collection operations.
Founded in 1989, R&J collects and markets scrap tires in the northern portions of Minnesota and Wisconsin. GreenMan will consolidate the Minnesota-based company into GreenMan Technologies of Minnesota. Terms of the deal were not released.
Fitch lowers Solutia's ratings
Fitch Ratings lowered Solutia Inc.'s bank facility rating to ``BB'' from ``BB+'' and lowered the senior unsecured debt rating to ``B+'' from ``BB.''
The downgrade is based on heightened refinancing risk associated with a $150 million maturity due in October and an $800 million credit facility up for renewal in August. Refinancing plans have been delayed and are incomplete, Fitch said.
The specialty chemical company remains on Fitch's Rating Watch Negative because of concerns surrounding Solutia's ability to refinance about one-half of its $1.23 billion debt. If it appears refinancing will not be completed in a timely fashion, Fitch said it may downgrade the firm's ratings further.
ASTM panel seeks input on adhesives
ASTM International is seeking adhesive suppliers and other interested parties to assist in a review of ASTM adhesive-material standards.
The Subcommittee on Adhesive Classification is reviewing D 4800, the standard guide for classifying and specifying adhesives, published in 1994 and updated in 1999. Adhesives covered by the standard bond the aluminum bodies of automobiles or aircraft to their frames.
Interested parties should contact Dennis Damico by phone at 814-868-3611, Ext. 3289; or e-mail [email protected]
Collins & Aikman wins mat contract
Collins & Aikman Corp. has won its first original equipment contract for its acoustically tunable floor mats.
The manufacturer will supply its AcTMat products as part of a flooring and acoustic products contract for the 2003 Toyota Sienna minivan. Collins & Aikman spent nearly two years developing the mat products, which can work with both mass-back and lightweight absorptive vehicle floor systems.
PolyOne adds Harwick Standard
PolyOne Corp. has realigned the distribution channel for its Performance Additives business unit by choosing Harwick Standard Distribution Corp. of Akron as a national distributor for all its products. The agreement is effective Sept. 3.
Harwick will add PolyOne's full line of elastomer additives and colorants to its product portfolio, including Stan-Tone Colors, its brand name Mastermix MB Additive System and VVO Vulcanized Oils.
Sartomer adds distributors
Sartomer Co. has added three distributors for its Norsolene-brand line of hydrocarbon resins.
J.H. Calo Co. Inc. will distribute Norsolene products to the Northeast U.S.; Dowd and Guild Inc. will cover the western U.S.; and Brenntag Mid-South/Brenntag South-East will serve the southeastern U.S., Sartomer said. Ashland Chemical, a Norsolene distributor since the mid-1990s, will continue to cover Missouri, Iowa and Kansas.