Clarcor Inc. subsidiary PECOFacet has opened an office in the United Arab Emirates in the Dubai Airport Free Trade Zone. PECOFacet is included within Clarcor’s industrial/environmental filtration segment, which has annual sales of about $530 million.
Scott Thompson, PECOFacet’s President, said: “We are very excited about our new office in Dubai. While PECOFacet has been providing innovative solutions throughout the Middle East for many years, our new office brings the next level of responsiveness and service to our customers in the Middle East. PECOFacet maintains a commitment to, and investment in, research and development which has resulted in significant technology advances in filtration, separation, and coalescence. Several key examples of which are PECOFacet’s patented PEACH® Gemini PuraSep® gas coalescers, XtreamPure® liquid housings and the PEACH® filter cartridge manufacturing process.”
Clarcor board member (and former Vanderbilt Owen School of Graduate Management dean) Jim Bradford last Thursday cashed in a number of the stock options granted him between 2006 and 2010. The strike prices for the almost 39,000 options ranged between $25 and $35; selling the shares that resulted from their exercising generated Bradford a profit of more than $920,000. Since bottoming out at about $23 in early 2009, Clarcor shares (Ticker: CLC) have risen almost 150 percent.
The directors of filtration and packaging manufacturer Clarcor on Monday voted to hike the company's quarterly dividend to 17 cents from 13.5 cents. The 26 percent boost is the biggest in at least two decades and pushes the Franklin-based company's increase streak to 30 years. Shares of Clarcor (Ticker: CLC) are up about 16 percent so far this year and closed Monday at $55.53, about 4 percent of their all-time high.
BioProcess Algae LLC has been selected to receive a grant of up to $6.4 million from the U.S. Department of Energy as part of a pilot-scale biorefinery project related to production of hydrocarbon fuels meeting military specification.
BioProcess Algae is a joint venture among Franklin-based Clarcor Inc., a provider of filtration products, BioProcessH2O LLC, a wastewater purification technology company, and Green Plains Renewable Energy.
The project will use renewable carbon dioxide, lignocellulosic sugars and waste heat through BioProcess Algae's Grower Harvester technology platform, co-located with the Green Plains Renewable Energy, Inc. ethanol plant in Shenandoah, Iowa.
"We believe our Grower Harvester platform will be vital in the development of this project with the DOE," said Tim Burns, president and CEO of BioProcess Algae. "For this project, we will integrate low-cost autotrophic algal production, accelerated lipid production, and lipid conversion in an effort to develop a cost-effective advanced biofuel for military needs. This development is consistent with our current plans to build the next phase of Grower Harvester reactors in Shenandoah."
The project will demonstrate technologies to cost-effectively convert biomass into advanced drop-in biofuels and the recipient is required to contribute a minimum of 50 percent matching funds for the project.
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