IN FOCUS

Crane Co. (NYSE: CR) today reported second quarter 2003 net income of $26.0 million, or $0.44 per share, in line with previous guidance and even with second quarter 2002 net income of $26.6 million, or $0.44 per share.

Smiths Group today announced the sale of its Polymer Sealing Solutions business to Trelleborg AB of Sweden for a cash sum of £495 million.

Flowserve Corp. reported net income of $13.2 million, or 24 cents a share, in the second quarter of 2003, compared with $14.3 million, or 27 cents a share, in the year-ago quarter.

Grundfos appoints Larry Wimmer President of the Grundfos Sales Company (GPU) in the U.S., effective June 17, 2003. Larry will also remain President of the Grundfos Manufacturing Company (GMU).

The Board of Directors of ITT Industries, Inc. has elected Mark E. Lang to Vice President of the corporation. Lang was appointed Corporate Controller in June, 2003, and is responsible for all aspects of accounting and financial reporting for the corporation.

Wilo Salmson Components, part of Wilo AG, has been awarded ‘Exzellenz Supplier Quality 2003’ by Vaillant Hepworth Group, the largest European manufacturer of domestic heating and hot water systems.

Dover Corporation earned $73.4 million or $.36 diluted earnings per share (DEPS) from continuing operations in the second quarter ended June 30, 2003, compared to $65.3 million or $.32 DEPS from continuing operations in the comparable period last year, an increase of 12%.

Golden Valley announced that its second quarter 2003 earnings per share (EPS) of $0.88 gained two percent over EPS of $0.86 in the same period last year, resulting in first-half EPS of $1.44, a 12 percent increase over EPS of $1.29 in the first half of 2002.

Eaton Corporation announced net income per share of $1.27 for the second quarter of 2003, an increase of 5 percent over net income per share of $1.21 in the second quarter of 2002. Sales in the quarter were $2.03 billion, 8 percent above last year. Net income was $93 million compared to $88 million in 2002.

Orders received by the Sulzer Corporation for the first half year 2003 totaled CHF 1001 million. In local currencies and adjusted for acquisition effects, this represents a substantial growth of 5 percent. The nominal decline of 4 percent is primarily attributable to currency effects. Order volume again increased in the second quarter 2003 – as in the two previous quarters –, and Sulzer expects further stabilization of the markets with partial recovery. Despite the normal slowdown during the summer vacation period, the growth of adjusted order volume is expected to continue throughout the year.