Key Developments: MFRI Inc (MFRI.OQ)
9.70USD
4:00pm EDT
$0.26 (+2.75%)
$9.44
$9.47
$9.71
$9.18
4,897
3,339
$10.00
$4.73
Latest Key Developments (Source: Significant Developments)
MFRI Inc Announces Sale of Assets of Subsidiary, Thermal Care, Inc
MFRI Inc announced the signing of a definitive agreement to sell the domestic assets of its subsidiary, Thermal Care, Inc. to IPEG, Inc. The transaction is scheduled to close on April 30, 2013, subject to customary closing conditions. Thermal Care, Inc. designs, manufactures and sells industrial process cooling equipment, including chillers, cooling towers, plant circulating systems, and related accessories for use in plastic processing and general industrial process applications. In the year ended January 31, 2013, Thermal Care sales represented approximately 16% of MFRI, Inc.'s total sales. MFRI, Inc. plans to release its operating results for its fiscal year ended January 31, 2013 next week. Full Article
MFRI Inc's Subsidiary Receives New Orders Totaling Over $27 Million
MFRI Inc announced that its Perma-Pipe Saudi Arabia subsidiary has received new orders exceeding $27 million for the first phase of the district cooling system expansion project at King Abdul-Aziz International (KAIA) airport in Jeddah, Saudi Arabia. Full Article
MFRI Inc Announces Senior Management Succession And Appointment Of Chief Financial Officer
MFRI Inc announced that as part of planned succession changes, Chairman and Chief Executive Officer (CEO) David Unger has retired as CEO and will continue as Chairman of the Board. At the same time, current President Bradley Mautner will assume the responsibilities of CEO. Additionally, the Board has appointed Karl J. Schmidt as Vice President Chief Financial Officer (CFO) and Chief Accounting Officer of the Company. Full Article
MFRI Inc Announces Over $23 Million in New Orders for Piping Systems in the Kingdom of Saudi Arabia
MFRI Inc announced that its Perma-Pipe Saudi Arabia subsidiary has received several orders totaling over $23 million to supply engineered and insulated piping products for the chilled water distribution system utilized for a major expansion of the Haram Sharif in Mecca, Kingdom of Saudi Arabia. Full Article
MFRI Inc Announces Management Succession Plans
MFRI Inc announced that Bradley E. Mautner, 57, the Company's current President and Chief Operating Officer, will assume the position of President and Chief Executive Officer, effective February 1, 2013 as part of the Company's management succession plan. David Unger, the current Chairman and Chief Executive Officer, will continue as Chairman and work with Mr. Mautner on various strategic initiatives. The Company also announced that Michael D. Bennett, 68, Chief Financial Officer (CFO), Secretary and Treasurer of the Company, will step down as CFO effective on October 12, 2012. Mr. Bennett will continue as Secretary and Treasurer of the Company and an external search has been initiated to retain a permanent CFO. During the search, the Company has retained Mr. Gerald O'Connor to serve as Interim CFO. In addition to his recent experience providing CFO-level consulting services. Full Article
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