Rexnord LLC Reports Third Quarter Results for Fiscal 2012

February 1, 2012
By

MILWAUKEE, Jan 31, 2012 (BUSINESS WIRE) —
Rexnord LLC:

Consolidated Highlights:


Net sales increased 17% from the prior year third quarter to $492
million. Core sales growth was 7% in the quarter.


Income from operations for the third quarter was $51 million or 10% of
net sales and includes $8.0 million (160 basis point impact) of
restructuring charges and inventory adjustments primarily related to
the VAG acquisition.


Adjusted EBITDA was $90 million or 18.2% of net sales.


Total liquidity of $294 million ($220 million cash plus $74 million
available borrowings).

“We are pleased with the 7% core growth we delivered in the third
quarter,” commented Todd A. Adams, President and Chief Executive
Officer. “The growth investments we have made around innovation, share
gain initiatives in key global vertical markets and emerging market
expansion is driving solid growth within our Process and Motion Control
platform which grew 11% on a core basis in the quarter. In our Water
Management platform, our Zurn business continues to post solid growth
despite a challenging market environment and our acquisition of VAG
provides us the footprint, product and technical capabilities to capture
the global growth element that we needed in our Water Management
platform.”

Third Quarter Fiscal 2012 Segment Highlights

Process Motion Control

Process Motion Control (“PMC”) core net sales in the third quarter
increased 11% year-over-year due to continued solid demand and market
share gains across the majority of our served global markets. Net sales
were $323 million, an increase of 8% from the prior year third quarter,
which includes the year-over-year impact of a fiscal 2012 second quarter
divestiture.

PMC Adjusted EBITDA in the third quarter improved 14% to $77 million or
23.7% of sales, which is primarily driven by productivity gains and
operating leverage on higher year-over-year sales volume net of
increased investment in new product development and global growth
capabilities.

Water Management

Water Management net sales in the third quarter increased 41% from the
prior year to $169 million as a result of the acquisition of VAG, the
impact of market share gains and increased alternative market sales,
which was partially offset by weakness in the North American municipal
water markets.

Water Management Adjusted EBITDA in the third quarter was $20 million,
or 11.9% of net sales. Fiscal 2012 EBITDA margins were adversely
impacted by $2.0 million of non-recurring inventory adjustments (120
basis point impact), as well as short-term facility consolidation costs
and lower profitability of certain long-lead time projects for the North
American municipal water markets.

EBITDA, Adjusted EBITDA and Free Cash Flow

Rexnord considers EBITDA and Adjusted EBITDA as key financial indicators
of operating performance.

EBITDA represents earnings before interest, taxes, depreciation and
amortization. EBITDA is presented because it is an important
supplemental measure of performance and it is frequently used by
analysts, investors and other interested parties in the evaluation of
companies in our industry. EBITDA is also presented and compared by
analysts and investors in evaluating the performance of issuers of “high
yield” securities because it is a common measure of the ability to meet
debt service obligations. Other companies in our industry may calculate
EBITDA differently. EBITDA is not a measurement of financial performance
under generally accepted accounting principles (“GAAP”) and should not
be considered as an alternative to cash flow from operating activities
or as a measure of liquidity or an alternative to net income as
indicators of operating performance or any other measures of performance
derived in accordance with GAAP. Because EBITDA is calculated before
recurring cash charges, including interest expense and taxes, and is not
adjusted for capital expenditures or other recurring cash requirements
of the business, it should not be considered as a measure of
discretionary cash available to invest in the growth of the business.
See the Condensed Consolidated Statements of Cash Flows included in the
attached financial statements.

Adjusted EBITDA corresponds to “EBITDA” in the Company’s credit
agreement. Adjusted EBITDA is defined in the credit agreement governing
our senior secured credit facilities as net income, adjusted for the
items summarized in the table below entitled “Reconciliation of EBITDA
and Adjusted EBITDA.” Our credit agreement requires us to maintain a
maximum senior secured bank leverage ratio (defined in our credit
agreement as the ratio of net senior secured bank debt to Adjusted
EBITDA) of no more than 4.25 to 1.0, calculated on a pro forma basis for
the trailing four quarters (as determined under our senior secured
credit facilities). Adjusted EBITDA is not a presentation made in
accordance with GAAP, and our use of the term Adjusted EBITDA varies
from others in our industry. This measure should not be considered as an
alternative to net income, income from operations or any other
performance measures derived in accordance with GAAP. Adjusted EBITDA
has important limitations as an analytical tool, and you should not
consider it in isolation, or as a substitute for analysis of our results
as reported under GAAP. For example, Adjusted EBITDA does not reflect:
(a) our capital expenditures, future requirements for capital
expenditures or contractual commitments; (b) changes in, or cash
requirements for, our working capital needs; (c) the significant
interest expenses, or the cash requirements necessary to service
interest or principal payments, on our debt; (d) tax payments that
represent a reduction in cash available to us; (e) any cash requirements
for the assets being depreciated and amortized that may have to be
replaced in the future; (f) management fees that may be paid to Apollo;
or (g) the impact of earnings or charges resulting from matters that we
and the lenders under our secured senior credit facilities may not
consider indicative of our ongoing operations. In particular, our
definition of Adjusted EBITDA allows us to add back certain non-cash,
non-operating or non-recurring charges that are deducted in calculating
net income, even though these are expenses that may recur, vary greatly
and are difficult to predict and can represent the effect of long-term
strategies as opposed to short-term results. In addition, certain of
these expenses can represent the reduction of cash that could be used
for other corporate purposes. Further, although not included in the
calculation of Adjusted EBITDA below, the measure may at times allow us
to add estimated cost savings and operating synergies related to
operational changes ranging from acquisitions to dispositions to
restructurings and/or exclude one-time transition expenditures that we
anticipate we will need to incur to realize cost savings before such
savings have occurred. For more information regarding the limitations of
using measures such as EBITDA and Adjusted EBITDA as indicators of our
operating performance, please see the risk factor entitled “The
calculation of Adjusted EBITDA pursuant to our senior secured credit
facilities represents our actual historical covenant compliance
calculations and permits certain estimates and assumptions that may
differ materially from actual results” in Exhibit 99.1 to our current
report on Form 8-K furnished on October 10, 2008.

We define Free Cash Flow as cash flow from operations less capital
expenditures.

About Rexnord

Headquartered in Milwaukee, Wisconsin, Rexnord is comprised of two
strategic platforms, Process Motion Control and Water Management, with
approximately 7,400 employees worldwide. The Process Motion Control
platform designs, manufactures, markets and services specified,
highly-engineered mechanical components used within complex systems. The
Water Management platform designs, procures, manufactures and markets
products that provide and enhance water quality, safety, flow control
and conservation. Additional information about the Company can be found
at
www.rexnord.com .

Conference Call Details

Rexnord will hold a conference call on Wednesday, February 1, 2012 at
10:00 a.m. Eastern Time to discuss its fiscal 2012 third quarter results
and provide a general business update. Rexnord President and CEO, Todd
Adams, and Senior Vice President and CFO, Mark Peterson, will co-host
the call. The conference call can be accessed via telephone as follows:

Domestic toll-free #: 877-723-9511

International toll #: 719-325-4891

Access Code: 2841110

The web presentation can be accessed via the following web link:

Meeting URL:
https://www119.livemeeting.com/cc/vcc/join

Meeting ID: w2841110

Entry Code: A284111

If you are unable to participate during the live teleconference, a
replay of the conference call will be available from 1:00 p.m. Eastern
Time, February 1, 2012 until 1:00 p.m. Eastern Time, February 15, 2012.
To access the replay, please dial 888-203-1112 (domestic) or
719-457-0820 (international) with access code 2841110.

Cautionary Statement on Forward-Looking Statements

Information in this release may involve guidance, expectations, beliefs,
plans, intentions or strategies regarding the future. These
forward-looking statements involve risks and uncertainties. All
forward-looking statements included in this release are based upon
information available to Rexnord LLC as of the date of the release, and
Rexnord LLC assumes no obligation to update any such forward-looking
statements. The statements in this release are not guarantees of future
performance and actual results could differ materially from current
expectations. Numerous factors could cause or contribute to such
differences. Please refer to the Company’s annual, quarterly and current
reports filed on Forms 10-K, 10-Q and 8-K from time to time with the
Securities and Exchange Commission for a further discussion of the
factors and risks associated with the business.


        
                                                  RBS Global, Inc. and Subsidiaries
                                           Condensed Consolidated Statements of Operations
                                                            (in Millions)
                                                             (Unaudited)
                                                              Third Quarter Ended                  Nine Months Ended
                                                      ----------------------------------- -----------------------------------
                                                       December 31, 2011  January 1, 2011  December 31, 2011  January 1, 2011
                                                      ------------------ ---------------- ------------------ ----------------
        Net sales                                         $ 492.4            $ 419.8          $ 1,423.8          $ 1,239.4
        Cost of sales                                       327.2              274.7              931.3              807.0
                                                      ------------       ------------     --------------     --------------
        Gross profit                                        165.2              145.1              492.5              432.4
        Selling, general and administrative expenses         98.5               80.1              276.3              237.2
        Restructuring and other similar charges               2.7                 --                2.7                 --
        Amortization of intangible assets                    12.7               12.4               37.6               36.4
                                                      ------------       ------------     --------------     --------------
        Income from operations                               51.3               52.6              175.9              158.8
        Non-operating expense:
           Interest expense, net                            (45.1)            (42.7)           (131.2)           (131.3)
           Loss on the extinguishment of debt                  --                 --                 --             (100.8)
           Loss on divestiture                                 --                 --               (6.9)               --
           Other expense, net                                (3.0)             (4.7)            (10.8)             (2.8)
                                                      -----------------  ---------------  -----------------  ---------------
        Income (loss) before income taxes                     3.2                5.2               27.0              (76.1)
        (Benefit) provision for income taxes                 (2.4)              3.1               (7.3)            (23.4)
                                                      -----------------  ------------     -----------------  ---------------
        Net income (loss)                                 $   5.6            $   2.1          $    34.3          $   (52.7)
                                                      ===== =====        ===== =====      ===== =======      ===== ======= =
        



        
                                             RBS Global, Inc. and Subsidiaries
                                           Condensed Consolidated Balance Sheets
                                            (in Millions, except share amounts)
                                                        (Unaudited)
                                                                               December 31, 2011   March 31, 2011
                                                                              ------------------ ------------------
        Assets
        Current assets:
           Cash and cash equivalents                                              $   220.1         $   390.3
           Receivables, net                                                           299.6             270.1
           Inventories, net                                                           329.6             283.8
           Other current assets                                                        55.2              36.5
                                                                              --------------     -------------
        Total current assets                                                          904.5             980.7
        Property, plant and equipment, net                                            414.2             358.4
        Intangible assets, net                                                        649.7             644.7
        Goodwill                                                                    1,115.9           1,016.2
        Insurance for asbestos claims                                                  65.0              65.0
        Pension assets                                                                  6.3               4.6
        Other assets                                                                   48.1              31.5
                                                                              --------------     -------------
        Total assets                                                              $ 3,203.7         $ 3,101.1
                                                                              ===== =======      ==== =======
        Liabilities and stockholders' (deficit) equity
        Current liabilities:
           Current portion of long-term debt                                      $     3.3         $    11.0
           Trade payables                                                             180.4             181.7
           Compensation and benefits                                                   55.8              67.9
           Current portion of pension and postretirement benefit obligations            6.2               6.1
           Interest payable                                                            36.3              51.3
           Other current liabilities                                                  113.8              85.4
                                                                              --------------     -------------
        Total current liabilities                                                     395.8             403.4
        Long-term debt                                                              2,400.8           2,209.9
        Pension and postretirement benefit obligations                                111.1             113.2
        Deferred income taxes                                                         221.9             224.1
        Reserve for asbestos claims                                                    65.0              65.0
        Other liabilities                                                              42.6              47.1
                                                                              --------------     -------------
        Total liabilities                                                           3,237.2           3,062.7
        Stockholders' (deficit) equity:
           Common stock, $0.01 par value; 3,000 shares authorized and 1,000             0.1               0.1
           shares issued and outstanding
           Additional paid-in capital                                                 439.8             537.1
           Retained deficit                                                          (480.6)          (514.9)
           Accumulated other comprehensive income                                       8.2              16.1
                                                                              --------------     -------------
        Total Rexnord stockholders' (deficit) equity                                  (32.5)            38.4
        Non-controlling interest                                                       (1.0)              --
                                                                              -----------------  -------------
        Total stockholders' (deficit) equity                                          (33.5)            38.4
                                                                              -----------------  -------------
        Total liabilities and stockholders' (deficit) equity                      $ 3,203.7         $ 3,101.1
                                                                              ===== =======      ==== =======
        



        
                                             RBS Global, Inc. and Subsidiaries
                                      Condensed Consolidated Statements of Cash Flows
                                                       (in Millions)
                                                        (Unaudited)
                                                                                        Nine Months Ended
                                                                               -----------------------------------
                                                                                December 31, 2011  January 1, 2011
                                                                               ------------------ ----------------
        Operating activities
        Net income (loss)                                                          $  34.3            $ (52.7)
        Adjustments to reconcile net income (loss) to cash provided by
        operating activities:
           Depreciation                                                               46.2               43.2
           Amortization of intangible assets                                          37.6               36.4
           Amortization of deferred financing costs                                    5.8                5.8
           Loss on dispositions of property, plant and equipment                       0.8                1.4
           Non-cash loss on divestiture                                                4.5                 --
           Equity in earnings of unconsolidated affiliates                              --               (4.1)
           Other non-cash charges                                                      7.4                1.1
           Loss on debt extinguishment                                                  --              100.8
           Stock-based compensation expense                                            2.7                4.1
           Changes in operating assets and liabilities:
              Receivables                                                              7.7               (3.9)
              Inventories                                                            (12.2)            (16.4)
              Other assets                                                           (13.7)             (2.8)
              Accounts payable                                                       (16.3)              3.3
              Accruals and other                                                     (42.4)            (39.7)
                                                                               -----------------  ---------------
        Cash provided by operating activities                                         62.4               76.5
        Investing activities
        Expenditures for property, plant and equipment                               (39.0)            (19.7)
        Acquisitions, net of cash                                                   (256.8)              1.2
        Loan receivable for financing under New Market Tax Credit incentive          (17.9)               --
        program
        Proceeds from dispositions of property, plant, and equipment                   5.6                 --
        Proceeds from divestiture, net of transaction costs                            3.4                 --
        Proceeds from sale of unconsolidated affiliate                                  --                0.9
                                                                               ------------       ------------
        Cash used for investing activities                                          (304.7)            (17.6)
        Financing activities
        Proceeds from borrowings of long-term debt                                     1.3            1,145.0
        Repayments of long-term debt                                                  (4.0)         (1,070.4)
        Proceeds from borrowings of short-term debt                                    1.0                1.6
        Repayments of short-term debt                                                 (8.5)             (1.8)
        Proceeds from financing under New Market Tax Credit incentive program         23.4                 --
        Proceeds from borrowings on revolving credit facility                         89.8                 --
        Proceeds from borrowings on AR securitization facility                        75.0                 --
        Payment of deferred financing fees                                            (3.5)            (14.6)
        Payment of tender premium                                                       --              (63.5)
        Dividend payment to parent company                                          (100.0)             (2.4)
        Excess tax benefit on exercise of stock options                                 --                0.5
                                                                               ------------       ------------
        Cash provided by (used for) financing activities                              74.5               (5.6)
        Effect of exchange rate changes on cash and cash equivalents                  (2.4)              1.4
                                                                               -----------------  ------------
        (Decrease) increase in cash and cash equivalents                            (170.2)             54.7
        Cash and cash equivalents at beginning of period                             390.3              263.2
                                                                               ------------       ------------
        Cash and cash equivalents at end of period                                 $ 220.1            $ 317.9
                                                                               ===== =====        ===== =====
        



        
                               RBS Global, Inc. and Subsidiaries
                         Reconciliation of EBITDA and Adjusted EBITDA
                                         Third quarter
                                         (in millions)
                                          (Unaudited)
                                                              Quarter Ended
                                                   -----------------------------------
                                                    December 31, 2011  January 1, 2011
                                                   ------------------ ----------------
        Net income                                     $   5.6            $   2.1
        Interest expense, net                             45.1               42.7
        Income tax (benefit) provision                    (2.4)              3.1
        Depreciation and amortization                     30.0               27.3
                                                   ------------       ------------
        EBITDA                                         $  78.3            $  75.2
                                                   ===== =====        ===== =====
        Adjustments to EBITDA (1)
        Restructuring                                  $   2.7            $    --
        Impact of inventory fair value adjustment          3.3                 --
        Stock option expense                               0.6                1.4
        LIFO expense                                       1.8                1.0
        CDSOA Recovery                                    (0.5)             (0.7)
        Other expense, net                                 3.5                5.4
                                                   ------------       ------------
        Subtotal of adjustments to EBITDA                 11.4                7.1
                                                   ------------       ------------
        Adjusted EBITDA                                $  89.7            $  82.3
                                                   ===== =====        ===== =====
        


Notes to Reconciliation of EBITDA and Adjusted EBITDA

(1) Adjustments to EBITDA

We define Adjusted EBITDA as net income (loss) plus interest, income
taxes, depreciation and amortization, adjustments for restructuring,
stock-based compensation expense, last-in first-out (“LIFO”) inventory
adjustments, other expense, and nonrecurring items, in each case as
permitted under our credit agreement. Other expense, net for the quarter
ended December 31, 2011, consists of management fee expense of $0.7
million, foreign currency transaction losses of $2.7 million and other
miscellaneous losses of $0.1 million. Other expense, net for the quarter
ended January 1, 2011, consists of management fee expense of $0.8
million, foreign currency translation losses of $4.4 million and other
miscellaneous losses of $0.2 million.


        
                               RBS Global, Inc. and Subsidiaries
                         Reconciliation of EBITDA and Adjusted EBITDA
                                       Nine Months Ended
                                         (in millions)
                                          (Unaudited)
                                                            Nine Months Ended
                                                   -----------------------------------
                                                    December 31, 2011  January 1, 2011
                                                   ------------------ ----------------
        Net income (loss)                              $  34.3            $ (52.7)
        Interest expense, net                            131.2              131.3
        Income tax benefit                                (7.3)            (23.4)
        Depreciation and amortization                     83.8               79.6
                                                   ------------       ------------
        EBITDA                                         $ 242.0            $ 134.8
                                                   ===== =====        ===== =====
        Adjustments to EBITDA (1)
        Loss on divestiture                            $   6.9            $    --
        Restructuring                                      2.7                 --
        Loss on extinguishment of debt                      --              100.8
        Impact of inventory fair value adjustment          4.2                 --
        Stock option expense                               2.7                4.1
        LIFO expense                                       4.9                3.0
        CDSOA Recovery                                    (0.5)             (0.7)
        Other expense, net                                11.3                3.5
                                                   ------------       ------------
        Subtotal of adjustments to EBITDA                 32.2              110.7
                                                   ------------       ------------
        Adjusted EBITDA                                $ 274.2            $ 245.5
                                                   ===== =====        ===== =====
        


Notes to Reconciliation of EBITDA and Adjusted EBITDA

(1) Adjustments to EBITDA

We define Adjusted EBITDA as net income (loss) plus interest, income
taxes, depreciation and amortization, adjustments for restructuring,
stock-based compensation expense, last-in first-out (“LIFO”) inventory
adjustments, other expense, and nonrecurring items, in each case as
permitted under our credit agreement. Other expense, net for the nine
months ended December 31, 2011, consists of management fee expense of
$2.2 million, foreign currency transaction losses of $8.0 million and
other miscellaneous losses of $1.1 million. Other expense, net for the
nine months ended January 1, 2011, consists of management fee expense of
$2.3 million, income in unconsolidated affiliates of $4.0 million
(includes $3.4 million gain recorded as a result of our step acquisition
of 100% of the voting shares in Mecanica Falk in August 2010), foreign
currency transaction losses of $3.4 million and other miscellaneous
losses of $1.8 million.


        
                                       RBS Global, Inc. and Subsidiaries
                                               Supplemental Data
                                                 (in millions)
                                                  (Unaudited)
                                                                   Fiscal 2012
                                          -------------------------------------------------------------
                                              Q1          Q2          Q3          Q4          Total
                                          ----------- ----------- ----------- ----------- -------------
        Net sales
             Process  Motion Control      $ 331.2     $ 317.0     $ 323.0                 $   971.2
             Water Management                145.0       138.2       169.4                     452.6
             Corporate                          --          --          --                        --
                                          ---------   ---------   ---------               -----------
             Total                         $ 476.2     $ 455.2     $ 492.4                 $ 1,423.8
                                          == =====    == =====    == =====                == =======
        Adjusted EBITDA
             Process  Motion Control      $  72.0     $  74.1     $  76.6                 $   222.7
             Water Management                 27.8        22.9        20.2                      70.9
             Corporate                        (6.2)      (6.1)      (7.1)                   (19.4)
                                          ----------  ----------  ----------              ------------
             Total                         $  93.6     $  90.9     $  89.7                 $   274.2
                                          == =====    == =====    == =====                == =======
        Adjusted EBITDA %
             Process  Motion Control         21.7 %      23.4 %      23.7 %                    22.9 %
             Water Management                 19.2 %      16.6 %      11.9 %                    15.7 %
             Total (including Corporate)      19.7 %      20.0 %      18.2 %                    19.3 %
                                                                   Fiscal 2011
                                          -------------------------------------------------------------
                                             Q1          Q2          Q3           Q4          Total
                                          ---------   ---------   ---------   ----------- -------------
        Net sales
             Process  Motion Control      $ 265.5     $ 282.1     $ 299.6     $ 327.9     $ 1,175.1
             Water Management                141.8       130.2       120.2       132.3         524.5
             Corporate                          --          --          --          --            --
                                          ---------   ---------   ---------   ---------   -----------
             Total                         $ 407.3     $ 412.3     $ 419.8     $ 460.2     $ 1,699.6
                                          == =====    == =====    == =====    == =====    == =======
        Adjusted EBITDA
             Process  Motion Control      $  55.6     $  63.1     $  67.4     $  76.8     $   262.9
             Water Management                 30.2        25.6        20.8        23.5         100.1
             Corporate                        (5.6)      (5.7)      (5.9)     (10.1)       (27.3)
                                          ----------  ----------  ----------  ----------  ------------
             Total                         $  80.2     $  83.0     $  82.3     $  90.2     $   335.7
                                          == =====    == =====    == =====    == =====    == =======
        Adjusted EBITDA %
             Process  Motion Control         20.9 %      22.4 %      22.5 %      23.4 %        22.4 %
             Water Management                 21.3 %      19.7 %      17.3 %      17.8 %        19.1 %
             Total (including Corporate)      19.7 %      20.1 %      19.6 %      19.6 %        19.8 %
        


SOURCE: Rexnord LLC


        
        Rexnord LLC 
        Mark Peterson 
        Senior Vice President and 
        Chief Financial Officer 
        414.643.3000
        


Copyright Business Wire 2012

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