ITC ruling favors U.S. washer industry
The U.S. International Trade Commission (ITC) has unanimously ruled that unlawful pricing by certain large residential washers caused injury to the U.S. clothes washer industry. This was the ITC’s final ruling in the international trade investigations related to clothes washers from Korea and Mexico.
“As a result of the USITC’s affirmative determinations, Commerce will issue a countervailing duty order on imports of these products from Korea and antidumping duty orders on imports of these products from Korea and Mexico,” according to the ITC’s website.
This vote follows a U.S. Department of Commerce ruling last month that foreign manufacturers were selling clothes washers in the United States at less than fair value.
Whirlpool applauded the decision, which is in response to antidumping and anti-subsidy petitions filed by the company in December 2011 on behalf of the U.S. appliance industry.
"The actions taken today by the U.S. government represent a great victory for the U.S. appliance industry, especially for our employees and consumers," commented Marc Bitzer, president, Whirlpool North America. "We invest in U.S. manufacturing because we believe in our 22,000 U.S. employees and the innovative products we produce. Today the government made the right decision. We expect this ruling will restore a level competitive playing field that enables Whirlpool and other U.S. manufacturers to continue investing in America to produce the high-quality, innovative products that consumers deserve."
District of Columbia tops 2012 ranking of new LEED certifications
The U.S. Green Building Council (USGBC) has released its annual list of the top 10 states for new LEED certifications in 2012.
The per-capita list is based on 2010 U.S. Census data and includes commercial and institutional buildings certified under LEED. About 2.2 billion sq. ft. of space has been certified worldwide through 2012.
“Securing a spot on this list is a remarkable achievement for everyone involved in the green building movement in these states,” said Rick Fedrizzi, president, CEO and founding chair of the USGBC. “From architects and designers to local chapter advocates, their collective efforts have brought sustainable building design and use to the forefront of the national discussion on the environment, and I applaud their efforts to create a healthier present and future for the people of their states.”
The District of Columbia tops the ranking, with 36.97 sq. ft. of LEED space certified per resident in 2012.
Virginia moved into the position as the top state, with 3.71 sq. ft. certified per resident in 2012. Virginia overtook Colorado, with 2.10 sq. ft. certified per person.
Other top states include Massachusetts, Illinois and Maryland.
The full ranking, which includes 10 states plus Washington, D.C., is as follows:
“Buildings are a primary focus of our Mayor’s Sustainable DC initiative,” said Keith Anderson, interim director, District of Columbia Department of the Environment. “We are indeed thrilled to be leading the nation in per-capita LEED certified space. Our private and public building sectors are boldly leading with the development of high performing green buildings, and we have aligned governmental policies to support such innovation.”
Projects that certified in 2012 include:
- Atlantic Wharf, the first LEED Platinum skyscraper in Boston
- Cooper Vineyards in Louisa, Va., the first winery on the East Coast to achieve LEED Platinum
- National Football League (NFL) corporate headquarters in New York City, LEED Gold
- Levi Strauss headquarters in San Francisco, LEED Gold
- The Chicago Center for Green Technology, a LEED Platinum existing building
- Dallas Convention Center Hotel, the first LEED Gold hotel in Texas
- The U.S. Mint Building in Washington, D.C., LEED Gold
- Denver Police Crime Lab, LEED Gold
- Montgomery College Science Center in Rockville, Md., LEED Gold
- The Center for Urban Waters in Tacoma, Wash., LEED Platinum
- Bonneville Transit Center in Las Vegas, LEED Platinum
A. O. Smith reports record 2012 sales and earnings
Water technology company A. O. Smith announced record sales and earnings from continuing operations for 2012.
Sales from continuing operations for 2012 totaled $1.94 billion, up 13% from $1.71 billion recorded in 2011. The Lochinvar business, acquired in August 2011, added $225.7 million to sales compared with $75.9 million in 2011, and sales of A. O. Smith branded products in China grew 20% to about $448 million for the year.
Earnings from continuing operations for 2012 of $162.6 million included an after-tax gain of $16.8 million related to the sale of shares of Regal Beloit Corp., which were received from the 2011 divestiture of the electric motor business. Earnings also included an after-tax gain of $2.9 million related to a settlement with a component supplier in Canada and an after-tax gain of $2.0 million from revisions to the company’s estimate of the Lochinvar earn-out. Earnings from continuing operations for 2011 were $111.2 million.
In the fourth quarter of 2012, the company earned $43.2 million from continuing operations on sales of $524.3 million. Earnings from continuing operations for the same three-month period in 2011 were $31.5 million on sales of $475.8 million.
“With a strong fourth quarter and solid performance for the full year, the A. O. Smith team did an excellent job again in 2012 driving the company to achieve record sales and net earnings,” said Ajita Rajendra, president and CEO. “We are very pleased with Lochinvar’s performance, and our China business’ growth was more than two and one-half times that country’s GDP growth last year. Although our North American new construction business continued to be affected by the slow economic recovery, we were able to take advantage of our strength in the replacement portion of the water heater and boiler markets.”
Full-year sales for the North America segment, which includes the United States and Canadian water heaters and boilers, were $1.43 billion, an 11% increase over 2011 sales of $1.29 billion. Fourth quarter sales for the North American segment increased 6% over the prior year’s fourth quarter to $375.9 million.
Sales for the rest of the world, which includes China, India and Europe, increased 19% in 2012 to $542.5 million. Sales of A. O. Smith branded products in China grew more than 20% to about $448 million.
“Our pipeline of possible acquisition candidates remains active,” said Paul Jones, executive chairman. “We continue to pursue water heating and water-related investments all over the world, but we will remain selective and only make acquisitions that we believe will increase shareholder value. With more than $400 million in cash and a meaningful amount of incremental borrowing capacity, we are confident we have the resources available to take advantage of global opportunities that add long-term value.”