| Court orders ex-owner of Tougher Industries to pay business partners
ALBANY The former owner of Tougher Industries has lost the first of several federal court cases related to the near demise of the heating and air conditioning company. In Albany on Monday, U.S. District Court Senior Judge Lawrence Kahn ordered Steven Shaw to pay $100,000 plus interest to the three business partners from whom he bought Tougher in 2005. The judge also directed Shaw to deliver at least $1.65 million to a surety as collateral for certain bonding obligations. In November 2006 — about three weeks after Tougher filed for Chapter 11 reorganization in U.S. Bankruptcy Court in Albany — Richard Abramo, Robert Brown and John Tomassetti sued Shaw over breach of contract allegations. Shaw and the trio of investors acquired the downtown Albany HVAC company — once one of the largest in the Northeast, with more than 200 employees — from PSEG Energy Technologies in 2003.
Trane Directors Declare Quarterly Dividend of 16 Cents Per Share of ...
PISCATAWAY, N.J., Feb. 7 /PRNewswire-FirstCall/ -- The board of directors of Trane Inc. (NYSE: TT) today declared a quarterly dividend of 16 cents per share of common stock. The dividend is payable on March 20, 2008, to shareholders of record on March 3, 2008. On Dec. 17, 2007, Trane announced that it had entered into an agreement to be acquired by Ingersoll-Rand Company Limited (NYSE: IR) . The agreement is expected to be finalized in the second quarter of 2008. About Trane Trane Inc. provides heating, ventilation and air conditioning (HVAC) systems and services that enhance the quality and comfort of the air in homes and buildings around the world. The company offers customers a broad range of energy-efficient HVAC systems; dehumidifying and air cleaning products; service and parts support; advanced building controls; and financing solutions.
American Standard finishes year with Trane ride
It has been anything but a standard year for American Standard. The Piscataway-based company completed the sale of its renowned bath and kitchen business and spun off its vehicle-control systems operation to focus solely on its more-profitable air-conditioning and heating systems. And Wednesday, it completed its three-way business split by announcing its name change to Trane, to identify with its popular HVAC brand. "Everyone has been clearly focused on the separation plan, and we're in the final stages," company spokesman Skip Colcord said. It was February when American Standard Chief Executive Officer Fred Poses announced that the company, which employs about 1,450 in New Jersey, would separate into three units in the hopes of creating greater shareholder value for its varied operations.
Mitsubishi Electric HVAC Advanced Products Division Joins U.S. Green ...
Mitsubishi Electric HVAC Advanced Products Division has become a manufacturer member of the U.S. Green Building Council (USGBC), marking the companys commitment to the effective use of energy through the development of environmentally responsible air-conditioning and heating products and technology. Joining the USGBC is a key step in advancing our mission to develop reliable, energy effective products, says Lorie Quillin-Bell, director of marketing, Mitsubishi Electric HVAC. With increasing energy costs and heightened concern regarding environmental impact, we are committed to making our Mr. Slim and CITY MULTI systems even more energy effective and cost efficient. Mitsubishi Electrics proprietary INVERTER-driven compressor is highly responsive and efficient.
Board approves service plan for HVAC system
The Forrest City School Board on Monday agreed to enter into a contract with a local company to try and ensure that the new HVAC system at the high school works properly. Following some discussion on the matter, the districts board agreed unanimously to a one-year maintenance contract with Store Services Inc., of Forrest City for a base price of $6,480. The contract requires SSI to perform quarterly maintenance on the system. Board member Ernestine Weaver was absent. The other bidder was Mohr Heating and Air Conditioning of Wynne. Architect Dave Hodges, who works with the school district on the HVAC system, explained to the board that a separate maintenance contract, in his opinion, would benefit the district. Basically, you would hire someone to get really familiar with the system and to check quarterly to make sure everything is working properly, said Hodges.
Bessemer Venture Partners Expands India Team Industry Veteran Devesh ...
LARCHMONT, N.Y., Oct. 17 /PRNewswire/ -- Bessemer Venture Partners, the oldest venture capital operation in the United States, today announced that Devesh Garg has been named a Managing Director of the global investment firm's India practice. Mr. Garg brings more than 20 years of high-tech industry experience to the existing nine-person Mumbai based investment team. In June, Bessemer closed its latest $1 billion global fund with $350 million earmarked for investments in India. Since opening the India office in 2003, Bessemer has invested in 17 Indian companies including: In addition to Mr. Garg, Bessemer has dedicated five other partners to the India effort, including Anil Sarin, who joined Bessemer last year from Prudential ICICI, where he was co-head of equities.
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