logo
Share SHARE
FONT-SIZE Plus   Neg

MFRI To Sell Domestic Assets Of Its Subsidiary, Thermal Care To IPEG

MFRI Inc. (MFRI) announced that it agreed to sell the domestic assets of its subsidiary, Thermal Care Inc. to IPEG Inc. The transaction is scheduled to close on April 30, 2013, subject to customary closing conditions.

Thermal Care. designs, manufactures and sells industrial process cooling equipment, including chillers, cooling towers, plant circulating systems, and related accessories for use in plastic processing and general industrial process applications.

In the year ended January 31, 2013, Thermal Care sales represented approximately 16% of MFRI's total sales.

MFRI said it plans to release its operating results for its fiscal year ended January 31, 2013 next week.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
French car maker Renault SA reported Friday higher profit in its fiscal 2015, with strong growth in automotive profit and revenues. The company announced higher dividend. Looking ahead, for fiscal 2016, Renault expects to increase group revenues at constant exchange rates and improve group operating margin. Shares of Rolls-Royce Holdings Plc were gaining around 13 percent in the morning trading in London after the engine maker reported more-than doubled profit in its fiscal year 2015, with lower one-time items. Underlying earnings were hurt by weakness in Marine markets. Further, the company halved its dividends, and still expects lower revenues next year. German steel giant ThyssenKrupp AG reported a loss in its first quarter, compared to last year's profit as sales and orders were hurt by sharp deterioration in materials businesses. The company said its overall performance in the first quarter was within its full-year forecast corridor. Looking ahead, the company continues to expect higher net income and flat sales for fiscal 2016.
comments powered by Disqus
Follow RTT