IN FOCUS

Tecumseh Products Company announced its 2003 second quarter

consolidated results. The company reports second quarter 2003 net loss of $0.35 per share after restructuring charge of $0.99.

Pentair announced that it named Frederick S. Koury, 42, to the position of senior vice president of Human Resources effective August 11, 2003. Koury was also named an executive officer of the corporation.

AESSEAL has won “The Best Use of Technology” section of the National Business Awards 2003 for the North East Region.

Pfeiffer Vacuum, a leading manufacturer of high-quality vacuum pumps, vacuum gauges and mass spectrometers, as well as complete vacuum systems, announces its results for the 1st half of 2003.

Gardner Denver, Inc. announced that revenues for the three months ended June 30, 2003 were $109.4 million, a 4% increase compared with the second quarter of the previous year and an 8% increase compared to the three months ending March 31, 2003. Diluted earnings per share (DEPS) in the three-month period of 2003 were $0.33, compared to $0.34 in the previous year, and 50% better than DEPS of $0.22 in the first quarter of 2003.

Grundfos has a good chance to win this year’s European Quality Award. It is the only Danish finalist to enter the competition.

National-Oilwell, Inc. reported net income of $20.4 million ($0.24 per diluted share) for its second quarter ended June 30, 2003.

Pentair announced that it has completed two new financing arrangements totaling $700 million effective today. The new arrangements comprise a $200 million private placement of senior notes with a 10-year maturity, and a $500 million revolving credit facility with maturity in three years.

ITT Industries, Inc. today announced second quarter 2003 net income of $99.9 million and diluted earnings per share of $1.06, up $7 million and $0.07 respectively over the second quarter 2002.

Sales and earnings performance of BWT is in 2003 considerably impaired by the weak semiconductor industry business. Due to the decline in the semiconductor industry business of the “AST – Aqua Systems Technologies” division, the Management Board is reducing the sales and earnings forecasts of the BWT Group for 2003.