International news digest
1st Quarter 2010
News & events
Matrikon has announced that it purchased the remaining 51% of Matrikon-SoftDEL India from joint venture partner SoftDEL Systems on 11 November, 2009 for CAN$575,000.
The company, with approximately 30 full-time staff, will operate as Matrikon India. Matrikon India will continue to expedite the company’s R&D efforts while building the skill set to support growth in the Middle East, where Matrikon anticipates growing demand for its products and services.
Sun Hydraulics Corporation recently reported a modest rebound in sales and incoming order for the third quarter. President and CEO, Allen Carlson, says the company is cautiously optimistic about prospects for the fourth quarter.
Sun’s electrically-actuated valves continue to gain attention in the marketplace and the company’s prototype development for integrated packages has remained busy throughout the last three quarters, leading to new orders.
Fourth quarter 2009 revenues are expected to be approximately US$26 million, down 21% from the fourth quarter of 2008. Earnings per share are estimated to be $0,05 to 0,07 compared to $0,15 in the same period a year ago.
Danfoss A/S (Danfoss) announced in late December 2009 that it intends to launch a cash offer for all the outstanding shares of common stock of Sauer-Danfoss (Sauer-Danfoss) not already owned by Danfoss and its subsidiaries. Danfoss and its subsidiaries currently own a stake of approximately 75,7% in Sauer-Danfoss.
The offer of US$10,10 per share values the stake of approximately 24,3% not currently owned by Danfoss and its subsidiaries at approximately $118 750 000.
The rationale for the offer is that Danfoss believes that private ownership will assist Sauer-Danfoss in reaching its operational and strategic objectives.
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