Tag Archives: Subic Bay

Spectrum Brands Completes Acquisition of Residential Lockset Business of Tong Lung Metal Industry Co

By Business Wirevia The Motley Fool

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Spectrum Brands Completes Acquisition of Residential Lockset Business of Tong Lung Metal Industry Co. Ltd.

MADISON, Wis.–(BUSINESS WIRE)– Spectrum Brands Holdings, Inc. (NYS: SPB) announced today that it has completed the acquisition of the residential lockset business of Tong Lung Metal Industry Co. Ltd. (Tong Lung), a Taiwanese manufacturer of residential and commercial locksets and related hardware, in connection with Spectrum Brands‘ accretive cash purchase of the Hardware & Home Improvement Group (HHI) of Stanley Black & Decker, Inc. (NYS: SWK) on December 17, 2012. The commercial lockset business of Tong Lung will remain with Stanley Black & Decker.

A total of $100 million of the $1.4 billion HHI purchase price had been held in escrow until the closing of the Tong Lung portion of the HHI acquisition. Thepurchase includes the Tong Lung Metal Industry Co. Ltd. name, a major residential lockset manufacturing plant in Subic Bay, Philippines and sales, R&D and engineering operations for tooling and new product development in Taiwan. For the 12 months ended December 31, 2011, the Tong Lung residential business had sales of approximately $48 million, excluding sales to HHI. Tong Lung‘s residential OEM and branded lockset sales are primarily to customers in North America, Asia and Latin America. Tong Lung branded products are predominantly sold under its EZSET brand.

With manufacturing operations in the Philippines and Taiwan, Tong Lung further diversifies and vertically integrates HHI‘s supply chain and expands capacity for high quality tubular, electronic, mortise and cylindrical lockset manufacturing and hardware manufacturing that will accelerate HHI‘s global growth initiatives.

Tong Lung‘s existing sales and distribution channels throughout Asia and Latin America provide immediate new growth opportunities for HHI‘s international lock and electronic security products. HHI‘s focus on innovation in both traditional and electronic product categories will be enhanced through Tong Lung‘s manufacturing tooling center and robust, in-house engineering and R&D capabilities, which will add velocity and breadth to new product introductions.

HHI is a major manufacturer and supplier of residential locksets, residential builders’ hardware and faucets for residential applications with a portfolio of renowned brands, including Kwikset, Weiser, Baldwin, National Hardware, Stanley, FANAL, Pfister and EZSET. HHI is a leader in its key markets with #1 positions in U.S. residential locksets (Kwikset), Canada residential locksets (Weiser), U.S. luxury locksets (Baldwin), and U.S. builders’ hardware (Stanley/National Hardware), and a top 5 position in U.S. faucets (Pfister).

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Source: FULL ARTICLE at DailyFinance

Last part of doomed US Navy ship removed from Philippine reef

Workers in the southwestern Philippines have removed the last major part of a U.S. Navy minesweeper from a protected coral reef where it ran aground in January, and the damage will be assessed to determine the fine Washington will pay, officials said Sunday.

A crane lifted the 250-ton stern of the dismantled USS Guardian on Saturday from the reef, where it accidentally got stuck Jan. 17, officials said. The reef, designated a World Heritage site by UNESCO, the United Nations‘ cultural arm, is located in the Tubbataha National Marine Park in the Sulu Sea, about 400 miles southwest of Manila.

The doomed ship’s parts will be transported to a Navy facility in Sasebo, Japan, to determine which ones can be reused and which will be junked, Philippine coast guard Commodore Enrico Efren Evangelista said.

Workers were cleaning debris at the site, where American and Filipino experts this week will begin a final assessment of the reef damage, to be paid for by Washington. An initial estimate showed about 4,000 square meters (4,780 square yards) of coral reef was damaged by the ship grounding, according to Tubbataha park superintendent Angelique Songco. She said it was unlikely the estimate would change significantly.

Songco said the fine would be about 24,000 pesos ($600) per square meter, so the U.S. could be facing a bill of more than $2 million.

The fine will go to a fund for the upkeep of the reef, Songco said, adding that Filipino and U.S. scientists will inspect the reef this week to determine the best way to “rehabilitate” the damaged parts. One option is to let the reef heal by itself, which would take a long time but be less complicated. Another option is to carry out some “repairs” to the reef, which would be more costly and complicated, she said.

Songco said her agency did not have plans to pursue charges against U.S. authorities over the incident.

Asked if the Philippine government would press charges against U.S. Navy officials, Philippine Secretary Herminio Coloma Jr., a spokesman for President Benigno Aquino III, did not reply directly, but said, “There must be accountability and we will enforce our existing laws.”

The warship’s removal closes an embarrassing episode as Washington reasserts its presence in Asia amid China‘s rise. The Navy and the U.S. ambassador to Manila, Harry K. Thomas, have both apologized for the grounding and promised to cooperate with America’s longtime Asian ally.

“As we have stated in the past, we regret this incident and the United States is prepared to pay compensation for the damage to the reef,” the U.S. Embassy said in a statement, adding that it was cooperating with a Philippine government investigation of the incident.

A separate U.S. government investigation on the cause of the grounding has not yet been completed, the embassy said.

Aquino has said that the U.S. Navy must explain how the ship got off course, and that the Navy will face fines for damaging the environment.

The Guardian was en route to Indonesia after making a rest and refueling stop in Subic Bay, …read more
Source: FULL ARTICLE at Fox US News

Navy minesweeper to be dismantled after running aground off Philippines

A U.S. Navy minesweeper that ran aground on a reef off the coast of the Philippines two weeks ago will be cut up and removed in sections, officials said.

The 224-foot USS Guardian got stuck Jan. 17 on the Tubbataha Reef, in the Sulu Sea, after leaving a port in Subic Bay. The crew of 79 was evacuated the next day, while Navy brass considered options for dislodging it. Pacific Fleet spokesman Lt. Anthony Falvo told Stars and Stripes they concluded it could only be dismantled and removed in pieces in a process that will take at least a month.

“Our naval architecture and salvage experts have reviewed all possible alternatives, and our only supportable option is to dismantle the damaged ship and remove it in sections,” Falvo wrote in an email to the military news website.

“We have the right team of experienced professionals to conduct this complex operation and to ensure that it is done safely while minimizing damage to the surrounding marine environment. We expect the first floating crane to arrive in a few days and the dismantling to take over a month — we will work to conduct the operation as quickly as safety, weather and environmental protection allows.”

No one was injured when the ship, one of the Navy’s 14 Avenger-class mine countermeasure ships in service, ran aground about 400 miles southwest of Manila.

The ship’s hull was scored in the accident and it has since been shifting on the reef, causing damage both to the reef, which is recognized as a United Nations World Heritage Site, and to the ship. Some 15,000 gallons of diesel have spilled into the sea, though the rest of the ship’s fuel was removed.

Task Force Unit Guardian spokesman Lt. Cmdr. James Stockman, speaking from Manila, told Stars and Stripes on Tuesday that seawater was pumped in to replace the fuel as a counter to the ship’s buoyancy, and Kevlar bands were used to reinforce the ships structure after much of the hull’s fiberglass coating had worn away.

“The Philippine Coast Guard is going to review the salvage plan of the U.S. Navy, and more information will be forthcoming soon,” Stockman said in a statement to Stars and Stripes. “The ship is currently stable, and we continue with our preparations for removal of Guardian from the reef.”

Investigators are still trying to determine was caused the Guardian to run aground.

The ship, which costs $5 million per year to operate, according to the Navy, was one of four stationed in Japan. All minesweeper ships, including the Guardian, are scheduled to be replaced in the coming years by Littorial Combat ships, which can be outfitted with minesweeping equipment.

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Source: FULL ARTICLE at Fox US News

US Navy ship runs aground on coral reef in the Philippines

A U.S. Navy minesweeper ran aground on a coral reef in the Philippines on Thursday, but there were no injuries to the crew and Philippine authorities were trying to determine if the ship caused damage to a marine park in a protected area.

The Navy said in a statement that the crew of the USS Guardian was working to find out the best method of safely extracting the ship.

It had just completed a port call in Subic Bay, a former American naval base west of the Philippine capital, when it hit the reef in the Tubbataha National Marine Park, a World Heritage Site in the Sulu Sea, 400 miles southeast of Manila.

The ship was not listing or leaking oil but about 15 percent of the bow appeared to have struck the reef, said Angelique Songco, head of the government‘s Protected Area Management Board, after flying over the ship in a Philippine Air Force plane. “It does not appear to be damaged.”

She said it was unclear how much of the reef was damaged. She said the government imposes a fine of about $300 dollars per square meter (yard) of corals that are damaged.

In 2005, the environmental group Greenpeace was fined almost $7,000 after its flagship, the Rainbow Warrior, struck a reef in the same area.

Songco said that park rangers were not allowed to board the ship for inspection and were told to contact the U.S. Embassy in Manila. Their radio calls to the ship were ignored, she said.

She said the ship may be able to float free during a high tide later Thursday.

U.S. Navy ships have stepped up visits to Philippine ports for refueling, rest and recreation, and joint military exercises as a result of a redeployment of U.S. forces in the Asia-Pacific region. The Philippines, a U.S. treaty ally, has been entangled in a territorial dispute with China in the South China Sea.

Source: FULL ARTICLE at Fox World News