Monday Market Movers
Shaw Group (NYSE: SHAW): Shares of Shaw Group were up on Monday after the company announced that it has agreed to be acquired by CB&I for $46 per share. The combination of these companies creates one of the world's largest engineering firms not focused on the energy industry.
J.M. Bernhard Jr., chairman, president and chief executive officer of Shaw, stated, “I am extremely proud of the company we have built and operated for the last 25 years. Shaw's leadership position in the power, environmental and infrastructure industries will complement CB&I's current business, and I am confident that, together, these two companies will continue to excel.”
Shaw Group traded up about 57% on Monday.
TriMas Corporation (NASDAQ: TRS): The company reported second-quarter earnings that beat analyst estimates for EPS and revenue. The company also reaffirmed its outlook for the rest of 2012. TriMas announced on Monday that it acquired Trail Com Limited for $23 million.
David Wathen, TriMas President and Chief Executive Officer, noted, "Our record second quarter results demonstrate we are successfully executing on our growth strategies in the midst of an uncertain global economy. We achieved sales growth of 17.5% during the second quarter, resulting from the execution of our strategic initiatives including bolt-on acquisitions, product innovation, market share gains and geographic expansion.”
TriMas Corporation traded up about 20% on Monday.
Clean Diesel Technologies (NASDAQ: CDTI): Shares of Clean Diesel Technologies traded up on Monday after the company announced that it has begun supplying catalyst for next generation four-cylinder and six-cylinder Honda models. Clean Diesel Technologies is a cleantech emission control company.
Craig Breese, Clean Diesel's President and Chief Executive Officer, stated, “We are proud to be Honda's catalyst supplier for the Accord — one of the best selling cars in North America — and we look forward to our catalysts being introduced on other new and exciting Honda vehicle models.”
Clean Diesel Technologies traded up about 35% on Monday.
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