Rockwell Automation settles with SEC over China subsidiary
Rockwell Automation, Milwaukee, has settled a civil matter with the Securities and Exchange Commission (SEC) involving civil violations of the books and records and internal controls provisions of the U.S. Foreign Corrupt Practices Act that took place in 2006 and earlier by one of its former Power Systems subsidiaries in China. The China subsidiary was divested by Rockwell Automation in January 2007 as part of the sale of its entire Power Systems business to Baldor Electric.
Under the terms of the settlement, Rockwell will forfeit $1.8 million in profit, plus interest and a $400,000 penalty.
Rockwell said it discovered the potential violations through its normal financial review process. It voluntarily self-reported to the SEC, publicly disclosed this matter in its Form 10-K in November 2006, and fully cooperated with SEC staff during the course of the government's investigation.
NEMA backs EV infrastructure bill
The National Electrical Manufacturers Association (NEMA), Rosslyn, Va., is throwing its political weight behind HR 1685, the Electric Drive Vehicle Deployment Act of 2011. Introduced by Representatives Judy Biggert (R-IL), Edward J. Markey (D-MA), Jerry McNerney (D-CA), and Anna Eshoo (D-CA), HR 1685 implements various incentives and programs to foster adoption of electric vehicles (EV) and EV infrastructure.
HR 1685 extends through 2014 the tax credit for the residential and commercial purchase and installation of electric vehicle charging infrastructure. The credit is currently set to expire at the end of this year. The bill expands the tax credit from 30 percent with a cap of $30,000 for businesses and $1,000 for individuals to Recovery Act levels of a 50 percent credit with a cap of $50,000 for businesses and $2,000 for individuals.
In addition to the tax provision, this bill establishes a grant program to identify and demonstrate best practices for incorporating EVs and EV infrastructure into the grid and select communities; bonding authority for EV infrastructure investments; a loan program for manufacturers to reequip their facilities to produce EVSE or EV components; and a program to encourage adoption of EVs by federal fleets.
EMCOR reports solid 1Q results
EMCOR Group Inc., Norwalk, Conn., reported a 8.3 percent increase in 1Q 2011 revenues to 1.3 billion and a 12.7 percent increase in net income to $24.6 million. Tony Guzzi, the company's president and CEO, said in a press statement, “Our results for the quarter were driven by superior performance of our large construction projects, as well as a recovery in demand for our services in the refinery sector.”
In other news at the company, EMCOR's Dynalectric Los Angeles subsidiary has been awarded a contract to install the electrical systems for the Middle Harbor Redevelopment Project at the Port of Long Beach, Calif.
Quanta to install 55,000 solar panels in huge N.J. project
The Ryan Co., a contracting subsidiary of Quanta Services Inc., Houston, will install 55,000 solar panels for a 10MW project in New Jersey that will connect to Atlantic City Electric's grid and power 2,000 homes. The New Jersey Oak Solar project is being developed by Lincoln Renewable Energy (LRE), Chicago. A LRE press release said when completed later this year, the New Jersey Oak Solar project will be the largest non-utility owned solar project east of the Mississippi.
Quanta Renewable Energy Services and The Ryan Co. will provide comprehensive engineering, procurement and construction services. Following project completion, Quanta will operate and maintain the facility under contract with LRE. Construction is projected to begin in June with an estimated project completion date of December.
Anixter 1Q sales up 19% YTY
Wire distribution behemoth Anixter International Inc., Glenview, Ill., had a solid first quarter and is cautiously optimistic about business conditions for the remainder of 2011. “The stronger-than-expected pace of this recovery not only fueled higher sales growth than we anticipated, but it also was strong enough to overcome the historical patterns that typically produce relatively flat sequential sales from the fourth quarter to the first quarter,” said Robert Eck, president and CEO, in a press release announcing the company's 1Q financial results.
Generac sees sales sag in 1Q 2011
Generac, Waukesha, Wis., reported mixed first-quarter results. Its total net sales decreased year-over-year by 5.2 percent to $124 million as compared to $130.7 million in the first quarter of 2010, but its commercial and industrial sales were up 15.6 percent year-over-year growth.
“Our first quarter 2011 results were impacted by headwinds in our residential markets, partially offset by improving demand in our Commercial & Industrial markets,” said Aaron Jagdfeld, president and CEO. “We continue to see strong year-over-year growth in our Commercial & Industrial products. As capital spending for commercial projects further improves, we believe that demand for our C&I products will show continued strength.”