Terrilynn Million Short has been named General Manager (GM) of Marley Engineered Products LLC (MEP), a leading manufacturer of high-performance, reliable heating and ventilation products. She will be based at the company’s Burr Ridge, Ill. facility. Short joins MEP with more than 20 years of experience with companies such as Sears Holding Corporation (supporting the Read more
General News
Terrilynn Million Short has been named General Manager (GM) of Marley Engineered Products LLC (MEP), a leading manufacturer of high-performance, reliable heating and ventilation products. She will be based at the company’s Burr Ridge, Ill. facility.
Short joins MEP with more than 20 years of experience with companies such as Sears Holding Corporation (supporting the Kenmore appliance brand and portable power tools), The Boston Consulting Group, Yahoo! and Lehman Brothers. Most recently Short was the Global Business Unit Manager at Illinois Tool Works (ITW) for the Kester Division, based in Illinois.
As the GM, Short will be responsible for integrating sales, product management, and engineering processes to accelerate growth. She also will serve as the MEP strategy execution leader to deliver high impact, needs-based product growth plans to profitably increase market share.
“Terrilynn’s business acumen and demonstrated success will provide a strong foundation for delivering on our key objectives and executing the next phase of our growth strategy,” said John Swann, president of MEP. “We are excited to have her on board in this new position to foster growth across all MEP brands.”
Short has a Bachelor’s degree in Systems Analysis from Miami University in Oxford, Ohio and an MBA from Stanford University in California.
About Marley Engineered Products
Marley Engineered Products is a leading North American designer and manufacturer of reliable comfort heating and ventilation solutions for residential, commercial and institutional buildings. Founded in 1926, the company’s expertise in thermal engineering began in 1922 with the inception of the Power Plant Equipment Company, which later became the Marley Company.
Today, Marley Engineered Products is recognized by contractors, architects, engineers and HVAC professionals for providing a wide range of high-performance, reliable heating and ventilation equipment. Marley Engineered Products’ brands include QMark®, Berko®, Fahrenheat® and Leading Edge®, providing a wide range of innovative, quality engineered, commercial, industrial, and residential electric comfort heaters as well as ventilation solutions.
Marley Engineered Products’ manufacturing operations are based in Bennettsville, S.C., with regional sales representatives located throughout the U.S. and an administrative office in Burr Ridge, Ill.
Additional information is available at www.marleymep.com.
Grundfos has named Thomas Morrison Executive Vice President of the company’s U.S. Water Utility business. In this role, Morrison will have complete P/L responsibility, including sales and operations. He will report directly to Jonathan Hamp-Adams, General Manager of Grundfos USA. “My goals for the Water Utility team include continuing the strong growth trajectory we have Read more
Grundfos has named Thomas Morrison Executive Vice President of the company’s U.S. Water Utility business. In this role, Morrison will have complete P/L responsibility, including sales and operations. He will report directly to Jonathan Hamp-Adams, General Manager of Grundfos USA.
“My goals for the Water Utility team include continuing the strong growth trajectory we have been able to realize over the past three years in the US,” says Morrison, who joined Grundfos in 2007 and has held various corporate roles during his nine-year tenure. He will be based out of the company’s Aurora, IL. facility.
Morrison takes his new position over from Dieter Sauer, who was recently promoted to Regional Managing Director for Grundfos Americas.
For more information and additional resources, please visit http://grundfos.media-resources-ordp.com/2016/personnel-thomas-morrison.shtml
A. O. Smith Corporation (NYSE: AOS) today announced it completed the purchase of Texas-based Aquasana, Inc. from consumer-focused private equity firm L Catterton for $87 million in cash on a debt/cash-free basis. The purchase price is subject to a customary net working capital adjustment. Aquasana designs, assembles and markets premium performance water treatment products, including whole-house Read more
A. O. Smith Corporation (NYSE: AOS) today announced it completed the purchase of Texas-based Aquasana, Inc. from consumer-focused private equity firm L Catterton for $87 million in cash on a debt/cash-free basis. The purchase price is subject to a customary net working capital adjustment.
Aquasana designs, assembles and markets premium performance water treatment products, including whole-house treatment systems, drinking water solutions for at home and on-the-go, and shower filters. Aquasana sells its products directly primarily to U.S. consumers through an on-line website, as well as through retail outlets and distributors.
A. O. Smith expects the acquisition to be neutral to earnings per share in 2016, excluding one-time after-tax purchase accounting charges and professional fees related to the acquisition of approximately $1 million.
“This acquisition fits squarely within our stated strategy to expand our core product offerings to new geographies that present growth opportunities. We believe the water quality needs for U.S. consumers are evolving as aging water infrastructure and consumer awareness highlight the increasing number of unhealthy drinking water situations,” Ajita G. Rajendra, chairman and chief executive officer, observed. “Aquasana’s products today address a full range of water quality issues and acquiring Aquasana is a significant first step to bringing our industry-leading reverse osmosis water treatment technology and innovative product development capabilities to the large and growing U.S. market.”
Aquasana 2016 sales are expected to be approximately $44 million, including approximately 35 percent comprised of consumable water treatment filters. The purchase price represents a multiple of two times expected 2016 sales. A. O. Smith expects to achieve approximately $25 to $30 million of annual revenue synergies over the next two to three years driven by the strength of the combined product lines and by leveraging all of the distribution channels of the combined organization.
“Our acquisition of Aquasana expands our growing global water treatment business, with expected combined proforma 2016 revenues of approximately $200 million,” Rajendra continued. “A. O. Smith brings its global presence, manufacturing expertise, and retail/wholesale relationships to Aquasana’s experienced management team, direct-to-consumer selling competencies, and premium water treatment brand in the U.S.,” he added.
Highlights of the transaction:
- Access to the approximately $2 billion U.S. residential water treatment market (composed of softeners and filters): The fragmented U.S. residential water treatment industry is composed of many participants, none of whom have a clear leadership position;
- Fast-growing U.S. water treatment company with direct-to-consumer selling and internet merchandising competencies as well as a premium water treatment brand: Aquasana is a leader in the direct-to-consumer residential water treatment portion of the industry. The company’s trailing three year revenue compound annual growth rate (CAGR) is approximately 19 percent. The premium Aquasana® brand consistently ranks at the top of consumer surveys for quality, effectiveness, and taste;
- Value creation and synergy opportunities: A. O. Smith expects annual revenue synergies from cross selling and global expansion opportunities to be $25 to $30 million in the next two to three years. Aquasana’s high performance products, including point-of-use carbon filtration and whole-house water treatment systems, are sold primarily in the U.S. and are complementary to A. O. Smith’s line of premium quality reverse osmosis products that currently have a leading position inChina;
- Financing and financial targets: A. O. Smith used available borrowing capacity on its $400 million revolving credit facility to fund the $87 million debt-free acquisition. A. O. Smith believes Aquasana’s organic revenue, including synergies, could reach $100 million in 2019. The transaction is expected to achieve a return in excess of A. O. Smith’s cost of capital in the third year after completing the acquisition. As a result of the acquisition, the company modified its previously stated share repurchase target and now expects to repurchase approximately $135 million of its shares in 2016.
Todd Bartee, chief executive officer of Aquasana, commented, “We are extremely excited about the benefits of combining with such a compelling partner like A. O. Smith. This combination will enhance Aquasana’s reach to a much broader base of customers and extend our healthy living brand, as well as enhance the positive future prospects for our employees, customers and suppliers.”
Aquasana’s executive and marketing team operate out of Austin, Texas, and the company’s sales, customer service and operations hub is located in Haltom City, Texas.
Watts is pleased to announce the June award winners for the Wild Ride Sweepstakes. Prizes include a pair of Harley-Davidson® sunglasses to the 91 third prize winners, Harley-Davidson® watches to the ten (10) second prize winners, and Open Road Motorcycle Adventures to the two (2) first prize winners. The first prize winners are from Advanced Read more
Watts is pleased to announce the June award winners for the Wild Ride Sweepstakes. Prizes include a pair of Harley-Davidson® sunglasses to the 91 third prize winners, Harley-Davidson® watches to the ten (10) second prize winners, and Open Road Motorcycle Adventures to the two (2) first prize winners. The first prize winners are from Advanced Water Products Corp, based in San Ramon, CA, and Miller St. Mechanical, based in Cortland NY. These lucky winners will enjoy a three day Harley-Davidson® motorcycle rental, fuel, and two-night hotel accommodation in the qualified destination of their choice.
The promotion remains ongoing with many more chances to win the aforementioned prizes, including the grand prize of a new Harley-Davidson® Fat Boy® motorcycle. The promotion runs from April 1, 2016 through September 30, 2016. During this time, each invoice or purchase order submitted in the United States or Canada (excluding Quebec) for Watts brand products earns an entry into the sweepstakes. Licensed contractors must be enrolled in order to participate through this online entry method. There is a limit of one entry per day, and invoices must be submitted on the website to show proof of purchase. Note that there is no purchase required; a purchase will not improve your chances of winning.
For more information, and how to participate, visit WattsWildRide.com.
Grundfos Technical Institute (GTI), the official training academy of Grundfos, will host a week-long series of free online trainings for engineering professionals to earn CEUs during Sept. 12-16, 2016. A range of professional, CEU-eligible courses will include such topics as reading pump curves, efficient pump selection and control, ASHRAE 90.1, diaphragm tanks for VFD systems Read more
Grundfos Technical Institute (GTI), the official training academy of Grundfos, will host a week-long series of free online trainings for engineering professionals to earn CEUs during Sept. 12-16, 2016.
A range of professional, CEU-eligible courses will include such topics as reading pump curves, efficient pump selection and control, ASHRAE 90.1, diaphragm tanks for VFD systems, and variable flow pipe sizing. Each course will be available via an instructor-guided live webinar. CEU credits (.5 CEU credits) will be issued for each individual course. A total of 2.5 CEU credits will be issued for the entire training track completed.
For more information and additional resources, please visit http://grundfos.media-resources-ordp.com/2016/gti-continuing-education-week.shtml