Bob Miodonski 0000-00-00 00:00:00
NEWS, INSIGHTS AND BACKGROUND INFORMATION OF INTEREST TO PVF PEOPLE Complied by Bob Miodonski and John McNally firstname.lastname@example.org and email@example.com HD Supply sells its industrial PVF business HD Supply agreed to sell its industrial pipe, valves and fittings business to Shale-Inland Holdings, an affiliate of investment firms Tower- Brook Capital Partners and The Stephens Group. The purchase was expected to close in March. The purchase price was not disclosed. "After careful evaluation, we determined that divesting our industrial PVF business is in the best interests of our company as we seek to continue strengthening our industry-leading businesses," HD Supply CEO Joe DeAngelo said. Once the sale is complete, proceeds from the transaction, according to the company's announcement, will provide HD Supply with additional financial and strategic flexibility to further strengthen its portfolio. As of Jan. 9, 2012, the Atlantabased distributor had approximately $1.2 billion in available funds. This liquidity "provides ample capital to fund growth and meet its financial obligations," the company said. Last September, the company sold its plumbing/HVAC business to Hajoca Corp. Professor says fossil fuels will fill U.S. energy needs University of Houston Professor Michael J. Economides told the PVF Roundtable at its Feb. 21 meeting in Houston that oil, gas and coal will satisfy U.S. energy needs for years to come. Further, he called the Obama administration's emphasis on alternative energy sources misguided. "World demand for energy coming from fossil fuels is 87%. In 2030, world demand for fossil fuels will be 87%," said Economides, who is a professor of chemical and biomolecular engineering. "Solar and wind power will never provide more than 1% of world demand for energy. Wind power has been exposed as expensive, and it won't save energy costs. "There are no alternatives for hydrocarbon fuels in the near future." In contrast, he noted, projected growth of natural gas as an energy source will average 7. 36% per year worldwide to 2035. By the same year, almost half (49%) of the natural gas in the United States will come from shale. The U.S. Energy Information Administration estimates the United States has more than 2,500 trillion cu. Ft. Of technically recoverable natural gas, of which 33% is held in shale rock formations. "Shale gas is great for the United States," Economides said. "Innovative technology made shale gas a reality." Drawing a connection between energy consumption and wealth, he said the United States is the world's biggest energy consumer. "A rich country will use more energy," Economides said. "Use of energy generates wealth." The PVF Roundtable's next meeting will be May 15 in Houston. It will be preceded on May 14 by the PVF Don Caffee Memorial Scholarship Fund Golf Tournament. For more information, visit www.pvf.org. - Bob Miodonski Precision Castparts to acquire RathGibson Janesville, Wis.-based welded, stainless-steel and alloy tubing manufacturer RathGibson agreed March 8 to be acquired by Precision Castparts Corp. The deal is pending regulatory approval. Precision Castparts - based out of Portland, Ore. - is a worldwide manufacturer of metal components and products in the aerospace, power and general industrial markets. RathGibson CEO Mark G. Essig sees a strong future for RathGibson with its new business partners. "Operating as part of PCC will allow RathGibson to accelerate its growth plans and offer a more complete product capability to the market. We look forward to capitalizing on the opportunities that this strategic partnership will offer," he said.
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