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Transcript of US Chemicals and Gases Rachel Mo Leo Cheng. Agenda Industry Overview Chemicals Industry Agricultural...
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US Chemicals and Gases
Rachel Mo
Leo Cheng
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Agenda
Industry OverviewChemicals IndustryAgricultural Chemicals Industrial Gases
MonsantoDuPontPraxair
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Chemical Products
Petrochemicals Used to make plastics, resins, fibres, solvents, detergents, etc. World production is around 245 million tons a year
Agrochemicals Various chemical products for agriculture Mainly pesticides, herbicides, fungicides; but also synthetic fertilizers and hormones
Pharmaceuticals Polymers
Large molecules formed of repeated smaller molecules they are all mainly used in plastics
Paints Primary components of paint: binder, pigment, filler, diluent, and additives
Oleochemicals Derived solely from renewable raw materials (biological oils/fats) Can be used in pharmaceuticals, food processing and personal care
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Applications
Industrial chemicals and gases are needed in the following applications:
Steelmaking Medical application Fertilizer Semiconductors Cutting and welding Environmental protection Food Gases for breathing
Gases for safety and inerting Glass, ceramics, other
minerals Medicinal gases Metallurgy Rubber, plastics, paint Semiconductor industry Water treatment Petroleum refining Computer-chip manufacturing Beverage carbonation Fiber-optics Aerospace
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Big Players in the Industry
Bayer, Dow Chemical, E. I. du Pont de Nemours (DuPont), Huntsman Corporation, ExxonMobil and BASF
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Demand
•Total industrial chemical industry sales growing every year•Most increases attributed to higher price, not higher quantity sold
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Demand
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Key Issues
Rising Demand demand for base chemicals is increasing slowing now in US
Falling Margins Rising oil and natural gas prices cost increase major end-users of chemicals (manufacturers, agricultural firms,
construction products companies, and automakers) reducing purchase levels demand decrease
Regulatory Threat Increasingly stringent regulations regarding confidentiality in the
aftermath of 9/11 are set to decrease the ability of chemical manufacturers to shield any confidential business information (CBI).
The ability to innovate, and to protect innovations through CBI protection, is key to the success of companies in this industry.
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Significant Trends
Downsizing rationalising operations and activities and investing selectively
in processes that assist productivity and increase efficiency E-commerce
using E-commerce to improve the efficiency Restructuring
initiating restructuring measures, streamlining their business focus
For example, the sale of DuPont Textiles & Interiors has removed the apparel businesses, which are in secular decline, from DuPont's portfolio, making it possible for DuPont to meet its 6% goal for revenue growth.
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Industry Forecasts
American Chemical Society forecasts Production of commodity chemical -> currently
trend is moving to foreign shores (Asia) American Chemical Society forecasts
High price of natural gas, higher production cost Specialty chemical more important in US market, as
commodity chemicals will be produced where the main users will be (china, India)
More R&D based Although it is possible that some R&D will move to
Asia too
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Agricultural Chemical
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Products
Seeds and genomicCrop protection, pesticidesGrowth regulator Protein or hormone for animals
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Demand
Major customersFarmers
Sterile seed -> force farmers to buy new seeds every season
Farmers have to constantly buy new seeds to guarantee optimal yield
End usesFood (vegetables, fruits, meat, dairy)Ethanol (burn food for fuel!)
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Food
Food, or crop supply would not change substantially unless there is some sort of scientific breakthrough
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Ethanol
First used in 1908Renewal of interest during period of high
oil priceMature industry, hard to get further cost
reductionMainly used as blend in gasoline Energy efficient and cost efficient?
Not an issue because government supports it and public loves it
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Ethanol
US market On Jan 31, 2006, President Bush proposed a four-
fold increase in "alternative fuels" during this year's State of the Union address, from 7.5 billion gallons currently to 35 billion gallons by 2017
Present federal law provides for a partial federal excise tax exemption of 51 cents per gallon of ethanol blended into gasoline (expiring in 2008)
Reduce dependence on foreign oil
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Ethanol Production: Dry Milling
Source: RFA
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Ethanol Production: Wet Milling
Source: RFA
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Corn Prices
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Corn Stockpile
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Ethanol Supply
Source: American Coalition for Ethanol
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Ethanol
2005: 3.90 billion gallons of production 4.05 billion gallons of demand
2006 4.86 billion gallons of production 5.4 billion gallons of demand
Currently in US, 114 ethanol biorefineries have the capacity to produce over 5.6 billion gallons annually.
78 ethanol refineries and 7 expansions under construction with a combined annual capacity of more than 6 billion gallons.
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Ethanol Supply Projection
By 2015, a third of US corn acres will be used to supply for ethanol production.
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Risks
Quite a few environmental groups condemning the use of genetically modified products Fear of contamination with natural genes “Greenpeace is campaigning against Monsanto's
unsafe, unwanted and unnecessary GE crops.” Accusing Monsanto of the following:
Monopolizing the food chain with genetically modified products
Bribing governments to skip environmental assessments
Although no scientific proof that GE food will harm human, according to biotech student
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Risks
Commodity price fluctuates Generic products -> violation of
intellectual property to reproduce biotech products
Laws and regulations might change the tax subsidy for ethanolenvironmental damage liabilities
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Competition
Production Agrichemical companies
Syngenta (18B) Mosaic (11.6B) Agrium (5.3B)
Seeds companies Government owned corporations Farmers saving seed from one year to the next, harms
demand for new seeds (violation of Monsanto’s license term) Research
Biotechnology research companies State-funded research programs Academic institutions
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Industrial Gases
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Industrial Gases
Industrial gas is a group of gases that are commercially manufactured and sold for uses in other applications.
used in an industrial processes, such as steelmaking, medical applications, fertilizer, semiconductors, etc,.
may be both organic and inorganic are produced by extraction from the air by a process of
separation or are produced by chemical synthesis will take various forms such as compressed, liquid, or
solid.
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Industrial Gases
Types of industrial gases: acetylene (C2H2) carbon dioxide (CO2) carbon monoxide (CO) chlorine (Cl2) hydrogen (H2) hydrogen chloride (HCl) methane (CH4) nitrous oxide (N2O) propane (C3H8) sulphur dioxide (SO2)
Air gases argon (Ar) nitrogen (N2) oxygen (O2)
Rare gases helium (He) krypton (Kr) neon (Ne) xenon (Xe)
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Air Separation
Some products: oxygen, nitrogen, argon only need air as raw material, using air separation process Cryogenic air separation Non-cryogenic air
separation technology (developing)
Proprietary vacuum pressure swing adsorption
Membrane separation
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Applications
Chemical industry Cutting and welding Environmental
protection Food Gases for breathing Gases for safety and
inerting
Glass, ceramics, other minerals
Medicinal gases Metallurgy Rubber, plastics,
paint Semiconductor
industry Water treatment
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Distribution
Pipelines Bulk transport
(truck, rail, ship) Cylinders
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Industry Overview
market for industrial gases is a global business high distribution costs local character driving forward consolidation
2005, industrial gas companies worldwide netted sales of $49b
was up 10% on 2004 - and experts anticipate stable growth rates of 6%-7%/year
five firms dominate the market worldwide they represent a market share of 81%
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Big Players in the US
Praxair (Mkt Cap 19.67 B) industrial gases business are atmospheric gases (oxygen, nitrogen,
argon, rare gases) process gases (carbon dioxide, helium, hydrogen, electronic gases,
specialty gases, acetylene). Air Products and Chemicals, Inc. (Mkt Cap 16.48B)
include atmospheric gases, process and specialty gases, performance materials, equipment and services
supplier of hydrogen and helium for markets, Airgas Inc (Mkt Cap 3.29B)
distributor of industrial, medical and specialty gases (delivered in packaged or cylinder form), and welding, safety and related products (hardgoods)
producer of nitrous oxide in the United States
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Competition
Distributions Praxair Buys Two Gas Distributors.
Vertical Integrations Praxair acquires Hobart Industrial.
Global market Asia, Europe Praxair to Build Asia's Biggest Single-Train Gases Pl
ant.
Air Products eyes Central Europe.
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Demand
Growth of 10% and above is forecast of hydrogen, and for applications in medicine and electronics. a shift to home therapies In electronics, new technologies in communication
and semiconductors are forcing the pace of business: 80% of this market is in North America and Asia; 75% alone is focused on the cyclical semiconductor business
increasing quantities of heavier crude oil and stricter legislation on cleaner fuels
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Recent News
Price increases for industrial gas and specialty gas in 2007Operational, logistic cost increase pressureRaw material price increase natural gasAdditional charge for argon (by-product of
oxygen production), since demand > supply recently
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Regulations
Pipeline LicensesIndustrial pollution
Industry spends billions annually on environmental protection plans
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Monsanto CompanyMonsanto Company Ticker: MON-N (NYSE) Ticker: MON-N (NYSE)
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Quotes
Last: US$ 50.800
Monsanto Company MON-N Last Trade: Mar 05, 2007 16:04 EST
Open 50.580
High 51.840
Low 50.010 EPS 1.36
Volume 2,891,467 P/E 37.40
52-Week High 57.080 IndicatedAnnual
Div.
0.50
52-Week Low 37.905 Yield 1.00
Shares outstanding (as of Oct 30, 2006)
543.3M
Market Capitalization 27.6B
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1 Year Stock Price
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1 Year Performance
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5 Year Stock Price
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Financial Highlights
Higher sales mainly due to seeds and traits products
Lower acquisition spending in 2006 -> more free cash flow
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Dividend
Declared Date Record Payable Amount Type
01/17/2007 04/06/2007 04/27/2007 .125 Regular Cash
08/09/2006 10/06/2006 10/27/2006 .10 Regular Cash
06/27/2006 07/07/2006 07/28/2006 .20 Regular Cash
01/17/2006 04/07/2006 04/28/2006 .20 Regular Cash
12/12/2005 01/06/2006 01/27/2006 .20 Regular Cash
08/02/2005 10/07/2005 10/28/2005 .17 Regular Cash
06/21/2005 07/08/2005 07/29/2005 .17 Regular Cash
03/21/2005 04/08/2005 04/29/2005 .17 Regular Cash
12/07/2004 01/07/2005 01/28/2005 .17 Regular Cash
07/20/2004 10/08/2004 10/29/2004 .145 Regular Cash
05/04/2004 07/09/2004 07/30/2004 .145 Regular Cash
03/02/2004 04/09/2004 04/30/2004 .13 Regular Cash
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Share Ownership
533Number of Institutions Holding Shares:
87%% of Float Held by Institutional & Mutual Fund Owners:
87%% of Shares Held by Institutional & Mutual Fund Owners:
0%% of Shares Held by All Insider and 5% Owners:
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History
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The Old Monsanto Company
Founded in 1901 by John F. Queeny (note that his wife was Olga Monsanto Queeny)
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The Old Monsanto Company
1901 First product is Saccharin (artificial sugar)
1960 Established agricultural division
1976 Roundup herbicide is commercialized in the U.S.
1994 First biotechnology product to win regulatory
approval, Posilac, bovine somatotropin for dairy cows, goes on sale in the U.S.
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The Old Monsanto Company
2000The original Monsanto enters into a merger
and changes its name to Pharmacia Corporation.
A new Monsanto Company, based on the previous agricultural division of Pharmacia, is incorporated as a stand-alone subsidiary
Pharmacia itself eventually becomes a subsidiary of Pfizer, in 2003
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The new Monsanto Company
2002spun off from Pharmacia
2004Forms American Seeds Inc. (ASI), a holding
company for mostly corn and soybeans 2005
Acquires Seminis, Inc., a global leader in the vegetable and fruit seed industry.
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Monsanto Company
Monsanto Company is a leading global provider of agricultural products for farmers. Our seeds, biotechnology trait products, and herbicides provide farmers with solutions that improve productivity, reduce the costs of farming, and produce better foods for consumers and better feed for animals.
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Management: Chairman, President and Chief Executive Officer
Hugh Grant
Work History Executive Vice President and Chief Operating Officer Managing Director, all Monsanto business units in Southeast Asia, Australia and New
Zealand. Led the marketing, sales and technology organizations in Europe and North America.
Education B.S. (Honors) degree in Molecular Biology and Agricultural Zoology, Glasgow University. M.S. degree, Edinburgh University. MBA degree, International Management Center, Buckingham, U.K.
Owns 456,936 shares Salary: $3.05M
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The smartest person in Monsanto:Executive Vice President and Chief Technology Officer
Dr. Robert T. Fraley Work History
Co-President, Monsanto's Agricultural Sector. President, Monsanto’s Ceregen business unit, with responsibilities for the
discovery, development and commercialization of new crop chemical and biotechnology products.
Group Vice President and General Manager, New Products Division. Vice President of Technology for crop chemical and plant biotechnology R&D. Director, Monsanto’s Plant Science Research Group. Senior Research Specialist, Monsanto Biological Sciences Program.
Education Fellowship, University of California, San Francisco. Ph.D in microbiology/biochemistry, University of Illinois. Bachelor of Science, University of Illinois.
Owns 108,742 shares Salary: $1.17M
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Executive Vice President and Chief Technology Officer
Significant Activities more than 100 publications and patent applications Awards Received:
National Medal of Technology National Award for Agricultural Excellence in Science, Kenneth A. Spencer Award for Outstanding Achievement
in Agricultural and Food Chemistry. Monsanto Edgar M. Queeny Award in recognition of the
discovery, development and successful commercialization of Roundup Ready®
Monsanto Thomas and Hochwalt Award Progressive Farming Magazine’s Man of the Year
in 1995.
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Executive Vice President, North America Commercial
Carl M. Casale Work History
Managing Director, U.S. Agriculture Director, Marketing for Ceregen, a unit of Monsanto Director, New Technology Integration - Crop Director, Channel Strategy Sales Director - Roseville, California Various product management positions for Monsanto in St.
Louis Education
B.S. degree in agricultural economics, Oregon State University. M.B.A., Washington University in St. Louis.
Owns 98,401 shares Salary: $1.09M
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Executive Vice President and Chief Financial Officer
Terrell K. Crews Work History
Global Finance Lead, Monsanto Global Seed Operations Monsanto General Auditor Finance Lead, Monsanto Asia Pacific Operations - Singapore Controller, Latin America Business Analysis Lead, Latin America Business Analysis and Planning, chemical startup business Cost analyst, accounting, financial analyst
Education B.S. degree in accounting from Freed Hardeman University. Certificate in Management Accounting. Masters in Management, Kellogg’s Executive Master’s Program.
Owns 145,346 shares Salary: $1.11M
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Management
Aside from the CFO, most executives have education related to the agriculture.Biotech (biology and chemistry related)Agricultural economicsZoology
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Products
Seeds and Genomics Global seeds and traits business Genetic technology platforms Leading seed brands: DEKALB, Asgrow, Seminis and
Stoneville Traits that enable crops to protect themselves from certain
insects, reducing the need for applications of insecticides Corn hybrids and foundation seed; soybean varieties and
foundation seed; cotton varieties, hybrids and foundation seed; sunflower hybrids; grain and forage hybrids; canola varieties
Vegetable and fruit seeds, including tomato, pepper, eggplant, melon, cucumber, pumpkin, squash, beans, broccoli, onions and lettuce
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Products
Agricultural Products Crop Protection Products
Roundup® agricultural herbicides other glyphosate-based herbicides for weed control
Other herbicides used to control weeds and insects in agronomic crops.
Animal Agriculture Posilac ® bovine somatotropin to increase efficiency of milk
production in dairy cows Choice Genetics™ for swine to increase productivity and meat
quality Industrial, turf & Ornamental/Lawn & Garden Products
Herbicides for lawn, garden, recreational, roadside, commercial and industrial markets.
Control of pre-emergent annual grass and small seeded broadleaf weeds in corn and soybeans; control of specific weeds in rice, wheat, turf, cotton, and barley and on roadsides
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Monsanto Product Mix (in millions):
2006 2005 2004
Sales Gross profit Sales Gross profit Sales Gross profit
Roundup and herbicides
2262 648 2049 637 2005 703
Other productivity products
1054 438 993 385 1098 455
Corn seeds and traits 1793 1019 1494 825 1145 638
Soy bean seeds and traits
960 667 889 613 699 429
Vegetable and fruit seeds
569 296 226 113 0 0
Other seeds and traits 706 480 643 431 476 302
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Hybrid Corn Seed Market Share Argentina is the
only country in region with biotech traits
Europe, Africa breeding applications roughly 2 years behind US
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Growth Potential
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Future Strategy
Monsanto’s growth in the US corn market will continue
Commercial potential of R&D pipeline International corn opportunity is poised for
growth and improvement Trait technologies are set for global expansion
and upgrades Unlocking untapped value of Seminis (seed
company) Cotton platform represents more growth
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Future Strategy
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R&D Stages
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Future Outlook
Seeds and Genomics Corn and cotton are primary driver, increasing penetration in
approved markets Second generation traits Stacking of multiple traits
Currently seeking regulatory clearances at the state level in US and approvals in other countries
In 2007, higher-value, stacked-trait products will represent a larger share of total U.S. corn seed sales than single trait products
Plans for acquisitions to increase penetration
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Future Outlook
Agricultural Productivity Glyphosate herbicides
Increased pricing pressure from generic formulations Although able to maintain decent stream of revenue due to heavy
demand Must remain competitive by actively managing inventory and costs
Selective herbicides Increasing competitive pressures Declining market due to other products such as Roundup Ready
Lawn-and-garden herbicides Depends on brand Increase competition from generic products and cost pressure
Posilac Will be switching manufacturer, not a major impact according to Monsanto Limited growth
Low milk price Requests for r-BST-free milk
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Future Outlook
International business Continue to face regulatory environments that are highly
politicized, with volatile and difficult economic environments Business currently operating under state governmental pricing
directives have limited near-term earnings growth. In Brazil, full operation of the regulatory system to approve
additional traits must be achieved for Brazil to be a greater contributor to revenue in seeds and traits
It is likely that a ruling of patent infringement from court cases in Europe will be required before we can expect to capture value from our Roundup Ready soybeans grown in Argentina.
Raw Material prices Petroleum-based products and natural gas Increased near-term production costs, although will not be
material in long term
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Future Outlook
High growth expectation and the market likes it
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Major Risk Factors
The degree of public acceptance or perceived public acceptance of our biotechnology products
The successful development and commercialization of our pipeline products
Protect intellectual property Adverse outcomes in legal proceedings Subject to extensive regulations Global operations are subject to foreign
regulations Commodity price fluctuation Farmers’ future needs
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Major Risk Factors
Environmental groupsPARIS, March 13 (Reuters) - Environmental
group Greenpeace launched a fresh attack on genetically modified maize developed by U.S. biotech giant Monsanto (MON.N: Quote, Profile , Research), saying on Tuesday that rats fed on one version developed liver and kidney problems.
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Financials
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Financials
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Financials
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Conclusion
Management expects health growth (15%-20% in EPS)EthanolTraitsGlobal expansion
Justifies P/E of 37?Earning depressed due to large R&DToo much acquisitions
Legal contingencies
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Recommendation
Speculative buySpeculative buy
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Stock Performance
Shares Outstanding: 2006 2005 2004 921mil 982 mil 998 mil
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Stock Performance (1year) 1 year
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Stock Performance (5 years) 5 years
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DD vs. S&P 500
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Products and Services Five market- and technology-focused growth platforms
• Agriculture & Nutrition• Coatings & Color Technologies• Electronic & Communication Technologies• Performance Materials• Safety & Protection• Textiles & Interiors segment - sold to Koch Industries,
Inc in 2004• Pharmaceuticals segment - sold to the Bristol-Myers
Squibb Company in 2001
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Agriculture & Nutrition Animal Health Solution Crop Protection Land & Pasture Management Pioneer® Seeds & Inoculants Professional Pest Management Turf & Ornamental/Green Industry Vegetation Management
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Coatings & Color Technologies Automotive Systems Automotive refinishes Industrial Coatings Power Coatings Ink Jet
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Electronic & Communication Technologies
Displays (LCD etc.) Semiconductor Fabrication Materials Semiconductor Packaging &
Circuit Materials
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Performance Materials Packaging & Industrial Polymers Polyester Specialty Resins & DMT Teijin Films Performance Elastomers
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Safety & Protection Consulting Services & Safety Products Emergency Response Industrial Safety & HazMat Law Enforcement & Military
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Company Overview Founded In 1802, DuPont was primarily an
explosives company One hundred years ago,
focus turned to chemicals, materials and energy Operating in more than 70 countries Employees: 60,000 worldwide More than 40 research and development and
customer service labs in the United States, and more than 35 labs in 11 other countries
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Management Chairman & CEO - Charles O. Holliday, Jr
He started at DuPont in the summer of 1970 He has been with DuPont for more than 30 years He became CEO on February 1, 1998 and
Chairman on January 1, 1999 Bachelor's degree in industrial engineering A licensed Professional Engineer Owned 315,838 shares Salary: $ 2.88M
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Management Executive Vice President & Chief Operating
Officer - Richard R. Goodmanson joined DuPont in May 1999 president and chief executive officer of America
West Airlines 1996-1999 1992 to 1996 he was senior vice president of
operations for Frito-Lay, Inc – division of the Pepsi.Co
spent 10 years in heavy civil engineering project management prior 1980
holds degrees in civil engineering, commerce, economics and business administration
Salary : $1.5mil
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Management Executive Vice President and Chief Financial Officer Jeffrey L. Keefer
joined DuPont in 1976 as a financial analyst holds a bachelors degree in economics from Wooster (Ohio) College and an
MBA from Northwestern University's Kellogg Business School, with a specialty in finance
Executive Vice President – DuPont Safety & Protection; DuPont Coatings & Color Technologies; Marketing & Sales; Safety and Sustainability; Pharmaceuticals; and Risk Management - Ellen J. Kullman
joined DuPont in 1988 as marketing manager in the Medical Imaging business
a bachelor of science degree in mechanical engineering; masters in business administration
In 2005 and 2006, Fortune Magazine named Ellen to its 50 Most Powerful Women in Business List
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Suppliers Utilizes numerous firms as well as internal sources to
supply a wide range of raw materials, energy, supplies, services and equipment.
A substantial portion of the production and sales in Performance Materials is dependent upon the availability of hydrocarbon and hydrocarbon derivative feedstocks - purchases from major energy and petrochemical companies
Seed production is performed directly by the company or contracted with independent growers and conditioners.
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Major Customers Not materially dependent on a single customer or
small group of customers Coatings & Color Technologies and Performance
Materials have several large customers, primarily in the automotive original equipment manufacturer (OEM) industry
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R&D owns approximately
21,000 worldwide patents and approximately 15,000 worldwide patent applications
R&D goals tied directly with business growth
Transportation Building and
construction Agriculture Food Communications
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Innovation Centres
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Risks and Concerns
Risks and Concerns Agriculture & Nutrition are affected by seasonal patterns. Price increases for energy costs and raw materials Failure to develop and market new products Could incur significant environmental liabilities Exchange rates, interest rates and commodity prices
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Financial Information
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Revenue by Segments
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Revenues by Segments
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Revenue by Geographic Areas
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Revenue Composition
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Growth Strategies Putting Science to Work - research and development
programs are focused on creating new technologies, processes and business opportunities in relevant fields, as well as improving existing product and processes.
Leveraging the Power of One DuPont - reduce fixed costs , standardize and simplify its supply chains, and increase sales effectiveness ( exceeded fix cost saving goal by 107mil in 2006)
Going Where the Growth Is - has a strong presence in the fastest-growing emerging markets and continues to leverage resources and market position to realize new growth. ( reflected in international sales 36% 2006)
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Income Statement
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Future outlook Growth Expectations
Expects to achieve over the long term, annual financial targets of 6 percent revenue growth, 10 percent earnings growth in earnings per share and 1 percentage point improvement in Return on Invested Capital (ROIC).
In 2006, sales increased 3 percent, diluted earnings per share increased 63 percent and ROIC increased 7 percentage points.
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2007 Outlook less favorable in 2007 than in 2006 , with growth expected
to slow in every region of the world largest increase in Electronic & Communication
Technologies increase demand for the company’s exported products
due to weaker US dollars increase cost in oil and natural gas Management estimates EPS increase from $2.88 to
$3.15, net sales increases from $27 billion to $29 billion
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Conclusion High P/E 17.6 growth?
Can it sustain? EPS $2.88 to $3.15 Difficult to achieve
Lower demand in US Higher raw material costs
Clear and effective business strategies Expanding into Global market Restructuring Divestures
Recommendation
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HOLD
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Stock Performance
Shares Outstanding:320.37M Market Cap : $19.5 Bil
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Stock Performance (1 year)
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Stock Performance (5 year)
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Praxair vs. S&P 500 ( 1 year)
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Products and Services
Products Atmospheric Gases Process & Specialty Gases Services & Equipment
Services Cylinder Storage Pipeline networks Leak Detection Nitrogen Pumping Cryogen and magnet services Cylinder Gases and Equipment
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Energy Technology
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Environmental Technology
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Products and Services
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Management
Dennis H. Reilley – Chairman & CEO In position since 2000 Joined Praxair 2000 Executive vice president (1997) and chief operating officer (1999) of
DuPont Vice president and general manager of titanium dioxide (1990 –
1994) Vice president and general manager specialty chemicals (1994 –
1995) Bachelor of Science Degree in Finance – Oklahoma State University Harvard Business School – Management Development Program
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Management
Stephen F. Angel - President & Chief Operating Officer In position since 2006 Executive vice president of Praxair (2001 – 2006) GE’s Electrical Distribution and Control (1979 – 2001) Marketing and sales background General manager of GE’s power equipment business Bachelor of Science Degree in Civil Engineering – North Carolina
State University Masters Degree in Business Administration – Loyola College
(Baltimore)
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Global Growth 2006
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Balance Sheet (10Q)
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Growth forecast through 2010
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Recommendation
Hold