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Recreational vehicle manufacturer $ACAT said 4Q16 net sales grew 22.7% to $121.4Bil but fell short of expectations. The company is focused on improving its dealer network, ramping up end-user focused new products, pursuing strategic partnerships and creating a brand marketing powerhouse.
$KAMN said its Aerospace segment received a contract modification in excess of $17MM for the procurement of Joint Programmable Fuzes. The award is an additional order under Option 13 of the JPF contract with the US Air Force. The modification increases the total value of Option 13 to more than $102MM, all of which was in backlog at Dec. 31, 2017.
$BC said the Brunswick Freshwater Boat Group has appointed David Huguelet as General Manager of the Thunder Jet boat organization, effective immediately, reporting to Dirk Hyde, President - Lund Boats and Thunder Jet. Huguelet has previously worked at Polaris Industries Inc.
$AIT has agreed to acquire FCX Performance, Inc. for approx. $768MM. The deal is expected to close within 30 days. The acquisition is expected to contribute about $550MM in sales and $68MM in EBITDA in the first 12 months of applied ownership. The deal is expected to be accretive in FY19 after recognition of one-time transaction costs in FY18.
$MSA's BoD has elected Nishan J. Vartanian as a director of the company. Mr. Vartanian currently serves as President and COO. His election is part of a planned management succession, and coincides with an announcement made by Chairman and CEO William M. Lambert that he intends to retire as CEO in May of 2018.
$JCI's BoD appointed John Young to serve as a director. Young is currently group president of $PFE Essential Health. Effective Jan. 1, 2018, he will become group president of Pfizer Innovative Health, which comprises six business groups focused on improving health through innovative products covering every stage of life.
$XYL agreed to buy Pure Technologies Ltd. for an enterprise value of $397MM. Pure's BoD has unanimously approved the transaction and recommends that Pure shareholders vote in favor of the transaction. It is expected to close in 1Q18. Xylem expects to achieve at least $12MM in annual cost synergies within two years of closing.
$IVC announced a reduction in force in North America that is expected to generate approx. $8.5MM in annualized pretax savings. The company expects to incur total restructuring charges in 4Q17 of approx. $2.6MM on a pretax basis, principally in the NA/HME segment and to a lesser extent in the Institutional Products Group segment.
$BC said it intends to sell Sea Ray, one of the 15 brands that comprise the Brunswick Boat Group. Lazard's middle market advisory group is acting as Brunswick's investment banker for this transaction, which is expected to be completed in 1H18.
$KAMN announced that its Aerospace segment has received an order with an expected value of approx. $85MM for the procurement of Joint Programmable Fuzes for the US Air Force and 18 foreign militaries. The award is the first order under Option 13 of $KAMN’s JPF contract with the USAF with deliveries anticipated to occur in 2018 and 2019.
$DE, which is set to close the $5.2Bil valued acquisition of German road construction equipment maker Wirtgen Group in Dec. 2017, projects net sales improvement of 19% and net income of $2.6Bil for FY18. Wirtgen acquisition will contribute $3.1Bil or 12% to net sales in FY18.
$DE reported solid results for fourth quarter of 2017, as the global agriculture equipment market continues to improve due to demand for farm machineries. Persistence Market Research forecasts that over 7MM farm equipments will be sold globally by 2024. Deere’s profit jumped 79% to $510MM. Net sales from equipment operations surged 26% to $7.09Bil.