An introduction. September 2010
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1 An introduction September 2010
2 Contents 1. Introduction to Charter 2. ESAB 3. Howden 4. Charter financial highlights 5. Appendices Charter Chairman and CEO biographies Share price graphs Manufacturing locations 1
3 Introduction to Charter Charter International plc, headquartered in Ireland, owns (through a number of intermediate companies) two international engineering businesses, one focused on welding, cutting and automation ( ESAB ), and the other on air and gas handling ( Howden ). Further information is available at 2
4 Five-year record 2005 m m 2007 m 2008 m 2009 m Revenue 1, , , , ,659.2 Adjusted operating profit Adjusted profit before tax Equity shareholders funds Cash/(Debt) (6.5) Adjusted earnings per share (pence) Notes: 1) The 2006 comparatives have been restated to reflect the change in accounting for post retirement benefits 2) Before amortisation and impairment of acquired intangibles and goodwill and excluding exceptional item 3) Before amortisation and impairment of acquired intangibles and goodwill, exceptional items and (losses)/gains on retranslations of intercompany loan balances 4) Excluding exceptional items, gains or loses on inter-company loans and amortisation of goodwill. In 2006, earnings per share includes profit on property disposals of 2.9 pence per share 3
5 Charter s Global Presence Charter s 2009 global presence In 2009, Charter s global sales amounted to 1,659.2 million, split broadly equally between the developed economies of Western Europe and North America, and the emerging economies of Central and Eastern Europe, Asia and South America Rest of World 21% China 9% Europe 36% South America 12% North America 22% 4
6 ESAB: Overview ESAB Welding and cutting World leading manufacturer and supplier of: welding consumables welding equipment (standard and bespoke); and cutting equipment Revenue ( 1,031.4 million in 2009) spread approximately equally between developed economies (Western/Northern Europe and North America) and developing economies (Central/Eastern Europe, South America and Asia) Key end user markets are energy, infrastructure and shipbuilding Adjusted operating margin of 6.3 per cent (2009) and 9.0 per cent (1H2010); average adjusted operating margin was 10.7 per cent Manufacturing footprint Predominantly low cost locations (Central/Eastern Europe, Asia and South America) 5
7 Major cutting and welding end users Pipeline and pipe mills Energy Oil, gas & process Mobile machinery Shipbuilding & offshore Infrastructure construction Automotive All other 6
8 Market profile welding and cutting : $12.8 billion globally By region By end user segment South America 6% Other Asia 6% India 4% Europe 19% Infrastructure construction 18.0% Shipbuilding 9.0% Russia & CIS 7% All Others 11% North America 16% Energy Oil, gas & processes 9.5% Power 4.2% Petrochemicals 5.8% Pipelines & pipe mills 6.0% Total energy 25.5% Japan 10% China 21% All other (including repairs and maintenance) 33.5% Automotive/ mobile machinery 14.0% Notes: 1 The global welding and cutting market in which ESAB operates excludes welding robots and automation products. 7
9 Global steel consumption a leading indicator of the demand for welding products The World Steel Association ( WSA ) estimates steel use of 1,241 million metric tons ( MMT ) during 2010 and it is expected to increase to 1,306 MMTs (up 5.3%) in Figures by region are set out below: 2009 % change 2010 % change 2011 % change U.S.A. -42% +27% +8% EU (27) -35% +14% +8% China +25% +7% +3% Asia (ex China) -18% +13% +6% South America -24% +20% +7% RoW -17% +11% +8% World -7% +11% +5% World excluding China -25% +14% +7% 8
10 Worldwide weld metal consumption by weld process 5,000 4,500 Thousands of metric tonnes 4,000 3,500 3,000 2,500 2,000 1,500 1, E 2010F Electrodes Solid wire Sub Arc wire Flux cored wire Source: ESAB estimates 9
11 Worldwide weld metal consumption by region 5,000 4,500 Thousands of metric tonnes 4,000 3,500 3,000 2,500 2,000 1,500 1, E 2010F N. America Europe Asia Other Source: ESAB estimates 10
12 ESAB: Welding consumables the electrode The traditional welding consumable used in manual welding applications. The welding electrode can be a very advanced product; approximately 60% of ESAB s electrode sales are in welding critical applications requiring advanced technology and stringent process control. In Europe and North America, process conversion away from electrodes to wire is advanced, however a core volume of electrode demand remains for specialist applications. In emerging markets, usage of electrodes is more widespread and ESAB is looking to grow market share in these markets, partly through technology transfer. 11
13 ESAB: Welding consumables welding wire The welding consumable used in automated welding applications. Includes solid wires, and also flux-cored wires. A more standardised product than electrodes, but ESAB has developed a range of technologically advanced proprietary products. The Marathon Pac TM wire delivery system can offer truly non-stop production in robot applications, such as automotive production lines. 12
14 ESAB: Standard welding equipment Mass produced welding equipment, generally for manual welding applications ESAB provides a range of standard equipment for manual and semi automatic welding applications The range covers most welding processes including welding with electrodes, solid or cored wires and TIG. There are a number of equipment families suitable for all requirements and environments, including Caddy, Origo and Aristo MMA welding (electrodes) MIG welding TIG Welding 13
15 ESAB: Automated equipment ESAB offers a wide range of solutions for mechanised and automated welding ESAB is well positioned for growth in the energy segment, which is further supported by the acquisition of Romar and the development of the new telescopic Column & Boom The new telescopic Column & Boom provides increased safety, accuracy and efficiency while consuming significantly less space then existing solutions ESAB s new telescopic boom in a see through pipe 14
16 ESAB: Cutting equipment Cutting techniques include oxy fuel, plasma, laser and water-jet, according to the type of steel being cut and the precision required. ESAB has developed a comprehensive range of machines, including a new range for emerging markets (FALCON), made in China. Aftermarket business now contributing >30% of sales strong focus to build rapidly. 15
17 2,400 2,000 1,600 1, Tianjin Bridge Nittetsu Atlantic China OTC Daihen Binzel Kiswel Fronius Kemppi Major welding and cutting companies ESAB SeAH Based on estimated 2008 turnover Source: ESAB estimates US$m LINCOLN ESAB ITW ALW BOHLER MEC - Messer Thermadyne KOBE Tianjin GB Hyundai Panasonic
18 ESAB and Lincoln Based on estimated 2009 turnover Turnover by geography Turnover by product 2,000 2,000 1,800 1,800 1,600 1,600 US$M 1,400 1,200 1, ESAB SeAH Cutting & brazing South America Asia Pacific Europe North America US$M 1,400 1,200 1, ESAB SeAH Welding equipment, cutting and automation Welding consumables LINCOLN ESAB 0 LINCOLN ESAB Source: ESAB estimates 17
19 ESAB: key end users wind energy Wind tower manufacture requires extensive investment in welding equipment and continued expenditure on welding consumables. Wind energy capacity extension in 2007 was 27,000MW By 2012 this could well be 60,000MW Each MW of wind power consumes 700kg of weld metal and 600kg of welding flux. This would require 49,000t of weld metal and 42,000t of welding flux which equals 100m of total consumable spend Source: Frost & Sullivan estimates 18
20 ESAB: destination of sales 2009 V (total sales 1,031.4 million) 2002 (total sales million) Russia 6% China 3% India 5% Rest of World 9% Europe (emerging) 13% Europe (developed) 25% North America 33% Rest of World South America 3% 9% Europe 55% North America 23% South America 16% Emerging Europe comprises Central/Southern/Eastern Europe Developed Europe comprises Western/Northern Europe and Iberia 19
21 ESAB: worldwide consumables manufacturing capacity Since 2002, ESAB has increased its manufacturing capacity by over 250,000 tonnes to 700,000 tonnes principally through investment in emerging markets 2009 Capacity 2002 Capacity North America Asia North America Asia Western/No Western/ Northern rthern Europe Central/ Eastern Central/East Europe (inc rn Europe Russia) (inc Russia) Western/Nort hern Northern Europe Europe South America Central/East Eastern Europe ern Europe (inc Russia) South America 20
22 ESAB: impact of economic downturn Sharp reversal in the fourth quarter of 2008, most marked in Europe and North America Relative stability in the first quarter of 2009, but further volume declines in April and May 2009 Second half of 2009 was generally stable in terms of prices and volumes; operating result underpinned by benefit of cost savings Recovery in the first half of 2010 was led by welding consumables and standard equipment; consumables volume up 9.3%; standard equipment also improving; cutting and automation performance stabilised, improvement likely in 2011 Recovery expected to be led by BRIC economies. Western Europe/ North America flat 21
23 ESAB: restructuring process Since the commencement of the downturn in October 2008, ESAB has: Reduced headcount by 1,600 people (equivalent to 17% of the peak workforce), reducing manned capacity by around one-third (consumables) and one-half (equipment) Closed three consumables factories (Finland, Italy and Sweden) Mothballed one consumables factory (Italy) and an equipment factory (China) Implemented measures to improve procurement and reduce business overheads Commenced restructuring of US equipment business, with production moving to Europe, China and South America (nearing completion) Commenced restructuring of European supply chain to improve efficiency and customer service (continuing) Since 31 December 2010, ESAB: Restored manned capacity in line with demand in first half 2010 Closed capacity re-installation will complete during 3Q
24 ESAB: restructuring m (expected; including 6m from 2009) 15.0 Total restructuring charge 45.5 Savings achieved (2009)
25 ESAB: manufacturing locations Gothenburg Laxa Perstorp St Petersburg Traverse City Ashtabula Hanover Katowice Karben Terni Opole Vamberk Ihtiman Mor Florence Wuxi Weihai Zhangjiagang Shanghai Monterrey Nagpur Calcutta Chennai (2 factories) Singapore Jakarta Belo Horizonte Global R&D centre Current manufacturing site Currently mothballed St Luis Chascomus 24
26 ESAB: continuing development during the downswing Capital expenditure R&D expenditure Acquisitions 40 million in 2009 (2x depreciation) Will remain well in excess of depreciation in 2010 Emphasis on efficiency and cost-saving measures Will maintain at current levels Continue to look at incremental, bolt-on acquisitions at appropriate prices 25
27 ESAB: Revenue by destination ( m) 6 months 6 months 12 months 12 months to to to to m m m m Europe North America South America China Rest of world Total sales , ,
28 ESAB: revenue ( m) 6 months to months 12 months to to months to m m m m Welding ,042.2 Cutting and automation Revenue , ,
29 ESAB: adjusted operating profit ( m) 6 months to 6 months to 12 months to m m m Welding Cutting and automation (2.3) Adjusted operating profit months to m Share of profits of associates and joint ventures (post tax) Adjusted operating margins Welding 10.6% 6.6% 6.6% Cutting and automation -3.6% 7.3% 5.6% Overall 9.0% 6.7% 6.4% 11.8% 12.2% 11.9% 1 before exceptional items, acquisition costs and amortisation and impairment of acquired intangibles and goodwill 28
30 ESAB: 2010 outlook Continuing lack of clarity in economic outlook: Many positive indicators but government-led austerity in developed markets Western Europe / North America: flat Russia, South America and India are best performing markets WSA has forecast a 14 per cent increase in global steel use (excluding China) Will first be reflected in volumes of consumables, followed by standard equipment Potential for significant drop through from higher consumables volumes Steel prices and volumes likely to fluctuate; pricing discipline and capacity management will be key Cutting and automation Cutting performance stabilised but improvement unlikely until 2011 Prospects good in automation, but orders are being deferred due to uncertainty 29
31 ESAB: the welding authority Invest in brand, customer service and technology In developed markets, build on strong positions; emphasize high growth, welding intensive sectors, such as nuclear, pipelines and offshore In developing markets, build upon leading positions in Brazil, Russia and India, and grow elsewhere (e.g. China, Asia and Africa) Act as an industry consolidator 30
32 Howden: Overview Howden Air and gas handling equipment A world-leading international applications engineer Designs, manufactures, installs and services air and gas handling equipment Centrifugal and axial fans Air and gas rotary heat exchangers Turbo-blowers and compressors After-market revenues are around 30 per cent of total Revenue ( million in 2009) split between Europe, North America, China and the rest of the world (predominantly the remainder of Asia and South Africa) Adjusted operating margin of 11.2 per cent in 2009; 10.2 per cent in 1H 2010 Customers in the power and energy industries account for over three quarters of sales, in particular coal-fired power stations 31
33 Howden: Products and services Centrifugal fan Axial fan Rotary heat exchanger Cooling fan Compressor Aftermarket Howden supplies high integrity Fans Rotary heat exchangers Compressors for use in power generation and industrial applications which demand extremely high levels of efficiency, reliability and availability. 32
34 Howden: Supply chain management Our manufacturing and sub-contracting networks span the globe 33
35 Howden: major market coal fired boiler with FGD 34
36 Howden: future of coal World primary energy demand by fuel (Mtoe) Coal Oil Gas Nuclear Renewables According to the IEA, coal is expected to have an increased share of world primary energy demand. By 2030, fossil fuels will still provide for some 80 per cent of primary world energy. 35
37 Howden: electricity generation Projected global electricity generation capacity by fuel - GW Coal Oil Gas Nuclear Renewables The IEA expects coal-fired electricity generation to almost double between 2007 and Coal-fired generation (GW) 1,440 1,897 2,705 As percentage of total 31.9% 33.1% 34.6% 36
38 Howden: coal-fired generating capacity Projected coal-fired electricity generation capacity by region (IEA) North America Europe
39 Howden: coal-fired generating capacity (continued) Projected coal-fired electricity generation capacity by region (IEA) North America Europe India China 38
40 Howden: market opportunities The potential sales value for Howden equipment on a large plant varies significantly by industry Plant type m Large coal fired boiler in Europe* Retrofit FGD plant on large boiler in Europe Major sinter plant in China (UK supply) ** Large waste water treatment plant 5,000MT/yr cement plant in Europe Large coal mine in China * Excludes FGD. Prices in China are 50-65% of those in Europe ** Includes drive system 39
41 Howden: Sales analysis 2009 sales by industry type 2009 sales by region Other 17% Rest of World 24% Europe 27% Iron & Steel 7% Petrochemical 13% Power 55% South America 5% Mining 8% China 20% North America 24% Notes: New equipment plus aftermarket External sales only 40
42 Howden: Market share engineered fans and heat exchangers Howden s principal competitors Fans TLT Turbo TLT Babcock Shanghai Blowers Fläkt Woods Chengdu Rotary Heat Exchangers Alstom Shanghai Boiler Harbin Balcke Dürr Total market ( 1.4 billion) Howden 24% In-house 16% Competitors 60% In-house market: Certain equipment companies use their in-house capability to manufacture fans and heaters without seeking external tenders. Source: Howden estimates (based on 2008 figures) 41
43 Howden: Market share compressors Howden s principal competitors HV-Turbo Kobelco Enerflex Mycom Total market ( 1.0 billion) Unavailable 8% Howden 9% Compressors include Turbo compressors Screw compressors Piston compressors Potentially available: Includes market niches currently served by Howden and other markets where Howden technology is considered suitable Unavailable: The unavailable market is due to customers requiring packages of compressors, where Howden is unable to supply the full range Potentially available 83% Source: Howden estimates (based on 2008 figures) 42
44 Howden: The aftermarket segments and characteristics The aftermarket All activities to maintain, modify, upgrade and extend the product performance and operational life Selling new equipment creates a potential revenue stream at higher margin over the operating life, typically 30 to 40 years, normally commencing around 4 years after original equipment has been installed Product Annual revenue Centrifugal fan, power Centrifugal fan, steel VP axial fan Rotary heat exchanger Screw compressor Turbo compressor 4% 8% 4% 6% 2% 3% Annual revenue as a percentage of the original capital cost 43
45 Howden: The aftermarket market size Aftermarket by product Aftermarket by region Fan Heater Compressor Other China Europe North America Rest of World Estimated total market 600 million Source: Howden estimates; the estimated total market comprises the market for the maintenance and servicing of Howden equipment together with certain equipment supplied by other companies; excludes retrofit. 44
46 Howden: The aftermarket Howden sales Aftermarket sales by product Aftermarket sales by region 17% Fan Heater Compressor Other 34% 8% China Europe North America Rest of World 16% 50% 35% 17% 23% 45
47 Howden: summary of results ( m) 6 months 6 months 12 months to to to m m m New equipment Aftermarket Revenue Adjusted operating profit Adjusted operating margin % 11.7% 11.4% 12 months to m % 1 before exceptional items, acquisition costs and amortisation and impairment of acquired intangibles and goodwill 46
48 Howden: revenue by destination ( m) 6 months 6 months 12 months 12 months to to to to m m m m Europe North America China South America Rest of world Total sales
49 Howden: order book composition ( m) m 536m 441m 439m 400 m Dec Jun Dec Jun 2010 Rest of World China North America Europe 48
50 Howden: order book movements ( m) Six months ended Six months ended Six months ended Order book m m m Balance brought forward Orders booked* Sales (281.6) (322.4) (305.4) Orders cancelled (1.2) (5.0) (6.0) Foreign exchange impact 10.8 (7.1) 74.1 Balance carried forward * includes 2.2 m on the acquisition of AustCold 49
51 Howden: order intake Orders received: 2008 vs m Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
52 Howden: steps taken to reposition the business Rationalised product range 2002: wide range of fans (including HVAC) and other products 2010: tightly focussed on engineered fans and compressors Coal-fired power 2002: depressed conditions 2010: strong long-term outlook for power Compressor business 2002: small 2010: investment in acquisition of HCL and the Chinese factory, with strong demand outlook from oil/gas/petrochemicals, and new industries (e.g. waste water treatment) 51
53 Howden: steps taken to reposition the business (continued) Manufacturing 2002: integrated general manufacturing from steel fabrication to assembly 2010: emphasis on design, value-added manufacture, installation and service, with extensive outsourcing Aftermarket 2010: revenues represent 30 per cent of Howden s total; the business is well positioned to benefit from high sales of new equipment in recent years Restructuring Restructuring undertaken to ensure that capacity is in line with prevailing levels of demand 52
54 Howden: corporate developments India joint venture with Larsen & Toubro 50/50 joint venture will give access to the Indian power market Howden and L&T will each invest 2 million in the JV which will be used to build a new specialist factory; production to start in 2011 India is seen as being a major investor in coal-fired generating plants over the next 20 years AustCold Acquisition of Australian compressor packager for A$5.6 million Increases Howden s presence in the compressor industry in Australia Significant potential opportunities exist in this market; e.g. unconventional gas 53
55 Howden: 2010 outlook 2010 to be in line with our earlier expectations New equipment sales Good visibility from order book Aftermarket Improved performance in second half from the US Business remains capable of generating 10% year-on-year growth Bookings Level of enquiries remains good but continuing customer delays in orders due to uncertainties Business likely to become more focused on emerging markets where coal-fired new build programmes will be more extensive in the coming years 54
56 Financial highlights Charter International plc
57 Charter: Income statement Revenue Adjusted operating profit Exceptional items Amortisation and impairment of acquired intangibles and goodwill Other adjustments Operating profit Six months ended m (3.9) (0.1) 69.3 Year ended m 1, (26.8) (2.5) (0.3) 96.0 Year ended m 1, (8.3) (1.9) Net financing charge retirement benefit obligations (2.1) (7.7) (0.7) Other financing charge before retranslation of intercompany loan balances (1.2) (3.1) (1.2) Gains/(losses) on retranslation of intercompany loan balances Net financing charge Share of post tax profits of associates and joint ventures Profit before tax Profit before tax Amortisation and impairment of acquired intangibles and goodwill Exceptional items and other adjustments Net finance charge retirement benefit obligations Net (gains)/losses on retranslation of intercompany loan balances Adjusted profit before tax Taxation on adjusted profit Taxation on amortisation and impairment of acquired intangibles and goodwill Taxation on net financing charge retirement benefit obligations Taxation on net gains/(losses) on intercompany loan balances Taxation on exceptional items Taxation Profit after tax Earnings per share Basic Adjusted 1.9 (1.4) (0.5) 2.1 (1.9) 73.3 (13.2) (1.8) (13.7) p 32.8p 4.0 (6.8) (4.0) (22.7) (1.2) 4.2 (17.9) p 55.0p (4.6) (6.5) (38.5) (2.4) 1.5 (39.0) p 99.2p 56
58 Charter: adjusting items 6 months to months to Earnings per Earnings per Earnings share Earnings share m pence m pence Unadjusted results Exceptional items Restructuring* Post retirement benefits curtailment gain (8.5) Business disposal Acquisition costs Amortisation and impairment of acquired goodwill and intangibles (5.1) - - Net finance charge retirement benefit obligations Retranslation of intercompany loan balances (1.9) (1.1) (4.0) (2.4) Taxation on adjusting items (4.8) (2.9) Non-controlling share of adjusting items (0.1) (0.1) (0.2) (0.1) Adjusted results * 2009 restructuring charge is split ESAB 24.3 million; Howden 2.0 million 57
59 Charter: Cash generation Operating profit Depreciation and amortisation (Increase)/reduction in inventories (Increase)/reduction in receivables Increase/(reduction) in payables Net working capital (increase)/decrease Movement in net retirement benefit obligations Movement in other provisions Cash conversion percentage 6 months ended m (43.0) (48.0) 58.3 (32.7) (17.7) (1.0) 58.2% Year ended 2009 m (119.1) Other items Cash generated from operations (17.9) % Year ended 2008 m (57.4) (28.1) 29.8 (55.7) (16.0) % Capital expenditure (including capitalised development costs) (34.1) (65.7) (70.9) Acquisitions (0.8) (2.6) (39.4) (34.9) (68.3) (110.3) Disposals Notes: 1 Other items include share based payments, loss/(profit) on sale of business and fixed assets 58
60 Charter: Balance sheet As at m As at m As at m Non-current assets (excluding retirement benefit assets) Inventory Current trade and other receivables Current trade and other payables (440.7) (378.8) (512.2) Current net working capital Net retirement benefit obligations (180.7) (162.2) (139.3) Derivative financial instruments and tax liabilities (52.5) (53.9) (93.6) Net cash Provisions (74.8) (73.9) (74.9) Other long-term liabilities (excluding borrowings) (6.7) (3.0) (7.7) Net assets Equity shareholders' funds Non-controlling interests Total equity
61 Charter: Summary Market leadership ESAB: a world leader in welding with growing market share Howden: the global leader in air and gas handling Well positioned Business spread between developed and emerging economies Approximately 70 per cent of sales going either to emerging markets or the energy sector Manufacturing footprint Predominantly in low cost areas Timely restructuring of ESAB s manufacturing base Charter strong balance sheet Total Equity Shareholders Funds of 557 million and net cash of 14.3 million at 30 June 2010 Dividend Increased dividend covered over 2.5 times by earnings Well positioned to deliver growth potential in both businesses 60
62 Appendix 1
63 Chairman: Lars Emilson Lars Emilson, 68, has led a distinguished international business career, having held a number of senior executive positions over many years. He has lived and worked in Sweden, the United States and the United Kingdom. He joined PLM AB, a Swedish pan-european packaging group in 1970 after graduating in economics from Lund University, Sweden and was appointed Chief Executive of PLM in 1999 shortly before it was acquired by Rexam plc. In 2000 he joined the Board of Rexam with responsibility for the worldwide beverage can business, becoming Chief Executive from 2004 to He retired from Rexam on 31 January 2007 and has subsequently become a nonexecutive director of Filtrona plc. 62
64 Chief Executive Officer: Michael Foster Michael Foster, 57, joined Charter plc as a Non- Executive Director in December 2001 and became an Executive Director on 1 January He became Chief Executive on 1 July He was formerly Executive Director, responsible for UK, USA and Ireland at RMC Group plc. He gained an Honours Degree in Engineering and Electrical Sciences at Cambridge University and is qualified as a solicitor. 63
65 Appendix 2
66 Charter share price 1 year performance Performance of share price measured against various indexes (from 1 January 2009) Closing share price (pence) Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Charter FT All Share FT All Engineering FT Mid 250
67 Charter share price 5 year performance Performance of share price measured against various indexes (from 1 January 2005) 1,400 1,200 1, Closing share price (pence) Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Charter FT All Share FT All Engineering FT Mid 250
68 Charter share price versus Lincoln Electric Performance of share price measured against Lincoln Electric Inc Aug-10 Closing share price (pence) Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Charter Lincoln Electric
69 Appendix 3
70 ESAB: Europe manufacturing locations Karben Laxå Gothenburg Perstorp Katowice Opole Vamberk Mór St Petersburg Linkweld Ihtiman Cutting and equipment factory Consumables factory Global R&D centre 69
71 ESAB: North America manufacturing sites Traverse City Ashtabula Hanover Florence Monterrey 70
72 ESAB: South America manufacturing sites Belo Horizonte San Luis Buenos Aires Acquired 2007 Chascomus 71
73 ESAB: China manufacturing sites Weihai Consumables (2008) Zhangjiagang Consumables Zhangjiagang Equipment (2008) Shanghai Cutting factory Wuxi two automation factories 72
74 ESAB: India manufacturing sites 73
75 Howden: Europe principal locations Belfast (fans) Glasgow (Head office and compressors) Naestved (design and fans) Hengelo (fans) Paris (compressors) Coswig (fans) Cartagena (heat exchangers) 74
76 Howden: North America manufacturing locations New Philadelphia (fans) Mexico City (fans) 75
77 Howden: China manufacturing locations Weihai (existing fans and heat exchangers factories) Weihai (compressors opened September 2007) 76
78 Howden: rest of world Sao Paulo Johannesburg Port Elizabeth Melbourne 77
79 Howden: The compressor business HCL Acquired December 2006 Paris HCL Acquired December 2006 Glasgow Weihai Opened September 2007 Johannesburg 78
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