June 10, 1998 |
U.S. Filter Corp.'s facility for manufacturing medical water-purification systems has serious quality control problems, according to a government warning letter sent to the company. The May 27 letter from the Food and Drug Administration came after a February inspection of the company's Metairie, La., plant turned up flaws in the company's record keeping and management practices.
June 3, 1998 |
U.S. Filter Corp. said its profit more than doubled in its fiscal fourth quarter, but it posted a net loss for the year because of acquisition-related costs. The Palm Desert-based company, which provides industrial, municipal and residential water and waste-water treatment systems and services, said net income for the three months ended March 31 rose to $37.5 million, or 34 cents a diluted share, from $16.7 million, or 20 cents a diluted share, a year earlier.
February 10, 1998 |
U.S. Filter Corp., continuing its aggressive strategy to acquire rivals in the water-treatment industry, agreed Monday to buy Culligan Water Technologies Inc. for about $1.5 billion in stock. The purchase would be the latest and largest in a slew of acquisitions by U.S. Filter, a Palm Desert-based provider of water-treatment devices and services that has bought 100 companies in the last seven years, including about 60 in just the last 12 months. If completed, the deal with Culligan would give U.
January 6, 1998 |
U.S. Filter Corp. agreed to acquire Kinetics Group Inc. for about $220 million in stock and assumed debt, adding industrial piping to its water and waste-water treatment systems. The company will buy closely held Kinetics for about $170 million in stock and the assumption of about $50 million in debt, said U.S. Filter spokesman Tim Traff. The announcement is the latest in a string of acquisitions by the Palm Desert-based water-treatment company. In its fiscal third quarter ended Dec. 31, U.S.
November 21, 1997 |
Palm Desert-based U.S. Filter Corp. said it boosted its offer to buy the 94.8% of Memtec Ltd. shares it doesn't own to $36 a share, an offer accepted by Memtec directors. The bid, raised from $34.50 a share, values the company at about $380 million. It's the second time U.S. Filter has raised its bid for Memtec, based in Sydney, Australia. U.S. Filter wants Memtec's Memcor municipal water filtration system, which cleans water cheaply.
November 5, 1997 |
Cisco Systems Inc., the biggest maker of equipment to link computers into networks, on Tuesday reported an 86% jump in quarterly profit. The San Jose-based company earned $337 million, or 48 cents a share, in its fiscal first quarter ended Oct. 25. That was up from a profit of $181 million, or 26 cents, for the same period last year. Sales rose 30%, to $1.87 billion from $1.45 billion. The profit reflects a charge of $127.
October 3, 1997 |
U.S. Filter Corp. said it completed 19 acquisitions at a total cost of $215 million during its fiscal second quarter, adding new technologies and products. The Palm Desert-based manufacturer of treatment systems for water and waste water said the acquisitions, completed in the quarter ended Tuesday, add 58 locations to its existing network of 525 sales and service locations and 73 manufacturing plants worldwide.
September 19, 1997 |
Memtec Ltd., an Australian-based filtration products company, rejected a $330-million takeover bid from Palm Desert-based U.S. Filter Corp. as "opportunistic and woefully inadequate." Memtec American depositary receipts rose $9.50 to close at $34.13 in Nasdaq trading of 3.01 million shares, more than 26 times the three-month daily average. The rise indicates that investors expect U.S. Filter will have to boost its bid. U.S. Filter shares fell 94 cents to close at $40.81 in trading of 1.
August 5, 1997 |
U.S. Filter Corp. on Monday said it acquired about 50,000 acres of land and water rights in California and the Southwest from companies owned by the Bass family for about $250.5 million in stock and warrants to purchase 1.2 million more U.S. Filter shares. The transaction will allow the Palm Desert-based provider of equipment and systems for treating water and waste water to broaden its agricultural services.