I Bytes Manufacturing Industry

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I-Bytes
Manufacturing
December Edition 2020
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates................................................................................................................................................47
3. Rewards and Recognition Updates.................................................................................................................102
4. Customer Success Updates..............................................................................................................................143
5. Partnership Ecosystem Updates......................................................................................................................220
6. Environment & Social Updates.......................................................................................................................263
7. Miscellaneous Updates.....................................................................................................................................267

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Financial, M & A
Updates Manufacturing Industry

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Financial, M&A Updates
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ACCIONA (Spain) sells a portfolio of concessions in Spain for
€484 million
ACCIONA has reached an agreement to sell its stake in eight concession assets in Spain to Meridiam and Bestinver, in a transaction
valued at €484 million, of which €357 million represent the value of the holdings and €127 million the associated debt. Specifically,
ACCIONA will divest its concession holdings in the A-66 Highway Ruta de la Plata (Benavente-Zamora), the CM-42 Highway Los
Viñedos (Consuegra-Tomelloso), the Álvaro Cunqueiro Hospital (Vigo), the Toledo Hospital, the Can Misses Hospital (Ibiza), the
Infanta Sofía University Hospital (San Sebastián de los Reyes), the Navarra Channel and the Universitat de Barcelona’s Law School.
Meridiam will acquire leading stakes in all the eight assets for a total value of €312 million. Bestinver, through its new infrastructure
fund, will take minority stakes in the CM-42 Highway and in the hospitals of Ibiza and San Sebastián de los Reyes for €45 million under
the same financial conditions. The transaction is part of ACCIONA's strategy of rotating mature assets with the aim of maximizing the
return on capital employed, continuing to reduce the group's financial debt and boosting new investments, as well as meeting the asset
sale target announced by the company. The deal, subject to various authorizations, is expected to close during the first half of 2021.
Crédit Agricole Corporate and Investment Bank has acted as sole financial advisor to Acciona in the transaction.
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AECOM (USA) announces agreement to sell its Civil construction
business to Oroco Capital
AECOM the world’s premier infrastructure consulting firm,
announced the signing of a definitive agreement to sell its Civil
construction business, which includes the Shimmick Construction
business, to affiliates of Oroco Capital. The transaction is expected to
close in January 2021 upon the satisfaction of customary closing
conditions. Wachtell, Lipton, Rosen & Katz served as legal advisor to
AECOM in connection with the transaction, and DBO Partners LLC
served as its financial advisor.
Executive Commentary
“The announcement of the sale of our Civil construction business,
together with the sale of our Power construction business in
October, represents a significant milestone in advancing our
strategy and focusing our efforts on our higher-margin and
lower-risk Professional Services businesses,” said AECOM’s chief
executive officer. “Our outlook is bright as we bring together our
company under our Think and Act Globally strategy, which
includes transforming how we operate through the digital delivery
of our work and focusing on growing our Professional Services
businesses. I thank the Civil construction team on behalf of our
company for their efforts over the years and wish the business the
best of success under the stewardship of Oroco Capital.”
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AECOM (USA) joint venture secures nearly $800 million SCAPE
Framework Contract
AECOM the world’s premier infrastructure consulting firm, announced that, in association with
its joint venture partners Pick Everard and Gleeds, it has secured two lots under the new SCAPE
Consultancy framework in the United Kingdom. The joint venture, called Perfect Circle, has been
appointed to deliver the Built Environment and Infrastructure Consultancy lots for England,
Wales and Northern Ireland, which have a combined value of nearly $800 million. SCAPE is the
UK’s leading public sector procurement authority. The four-year framework will offer the
broadest range of property and infrastructure consultancy services, and is accessible to any public
sector organization in the UK. It allows direct award for commissioning services with full public
procurement compliance. Reducing the time needed for brief preparation, it is an efficient route
to market that will accelerate the delivery of projects and programs. The new framework replaces
the previous SCAPE Built Environment Consultancy Services (BECS) framework, which has
been delivered by the same joint venture since October 2016 and will end in January 2021.
AECOM expects that specific project awards will be made throughout the duration of the
framework. Perfect Circle has been commissioned on more than 1,450 projects through the
BECS framework, securing fees in excess of $680 million. AECOM is delivering over 300 of
these, with secured fee values totaling $350 million. Nationally significant infrastructure
projects, such as the Lower Thames Crossing and the Northumberland Line rail scheme, feature
among these.
“AECOM brings its full breadth of diverse services and track record of technical excellence
to the framework, which has helped better communities around the UK and deliver real value
to its taxpayers across a full range of public sector projects over the previous four years,” said
AECOM’s president. “We are proud to continue supporting SCAPE on this transformational
framework and will continue to focus on maximizing its social, economic and environmental
benefits.”
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Arkema (France) acquires Colorado Photopolymer Solution
Arkema announces the acquisition of Colorado Photopolymer Solutions, a company based in Boulder, Colorado, U.S.A.
with strong technical expertise in photopolymer formulation for the fast-growing 3D printing market, with applications in
the medical, composites, construction and consumer goods sectors. Colorado Photopolymer Solutions (CPS) develops and
markets a range of value-added, formulated photopolymer resin solutions for energy curing technology, especially for 3D
printing markets. CPS’s recognized expertise in formulation and materials design, supported by strong innovation
capabilities, will enable Sartomer, a global leader in photocure resins and photoinitiators, to further support its customers and
partners. The project will foster the development of an integrated offering of customized and formulated additive
manufacturing solutions to accelerate the design of turnkey solutions for the 3D printing market. The acquisition, which was
completed early December 2020, complements Sartomer’s resin solutions and expertise, and is in line with Arkema’s
strategy to become a pure Specialty Materials player by 2024.
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Arkema (France) announces the divestment of its PMMA business to
Trinseo
Arkema’s PMMA activity is an integrated business, from production of
methyl methacrylate to polymethyl methacrylate, marketed under the
well-known brands Plexiglas® on the American continent and Altuglas® in
the rest of the world. This activity benefits from leading commercial
positions with products primarily dedicated to the automotive, construction,
signs & displays, and sanitary ware markets. The business under divestment
is very competitive, employs some 860 people and operates 7 production
sites (4 in Europe and 3 in North America). Sales in 2020 are estimated at
around €510 million for an EBITDA around €122 million, a solid
performance in the context of Covid-19. In 2019, EBITDA was close to its
historic high, at €160 million. Trinseo, a global materials solutions provider
and manufacturer of plastics, latex binders, and synthetic rubber, generated
sales of US$3.8 billion in 2019, and operates 17 production sites
worldwide, with a workforce of 2,700 people.
“This proposed divestment is fully in line with the Group's strategy
presented at our Capital Markets Day last April. It will allow Arkema to
continue to significantly reduce the share of its Intermediates segment
and to consolidate its foothold in specialty materials with high
technological content. Trinseo is a high-quality company which will be
able to welcome in the best possible way PMMA’s management and
highly professional teams, support its customers and partners over the
long term, and capture the many growth opportunities for this
sustainable and high performance material.” CHAIRMAN AND CEO
OF ARKEMA
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Ayala (Philippines) acquires controlling stake of Qualimed
Ayala Healthcare Holdings, Inc. (AC Health) through Healthway Philippines Inc.
(HPI), has signed agreements to acquire a controlling stake of Mercado General
Hospital, Inc. (Qualimed), which owns or has interests in the Qualimed Health
Network. The addition of Qualimed expands the AC Health clinic and hospital
portfolio, housed under Healthway Philippines Inc. This includes all family,
specialty and corporate clinics, which earlier this year were integrated under one
Healthway brand. With the acquisition, AC Health will now have four general
hospitals, more than 85 outpatient clinics, and about 80 corporate clinics, as well
as the country’s first cancer specialty hospital which the company announced
previously. The Qualimed Health Network includes 4 hospitals: Qualimed Sta.
Rosa located in Nuvali, Qualimed San Jose Del Monte in Bulacan, Qualimed
Iloilo in Iloilo City, and Daniel O. Mercado Medical Center in Tanauan, Batangas.
In addition, Qualimed also operates an ambulatory surgical center in UP-PGH,
and has clinics in Makati, Quezon City and in Cebu IT Park.
“With the addition of the Qualimed Health Network, AC Health now
completes the entire continuum of patient care, from primary clinics,
multi-specialty care and now to hospital care. We have taken a deliberate
approach to building up our healthcare ecosystem, with the goal of delivering
an integrated patient experience for more Filipinos. In addition to expanding
our touchpoints, we are also excited about creating unique synergies in our
network, such as patient referrals, expanded opportunities for our medical
professionals, and greater operational efficiencies on pharmacy and
diagnostics,” said AC Health President and CEO.
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Bayer (Germany) sells a facility at its Wuppertal site to WuXi Biologics
Bayer is selling a biologics substance facility at the Wuppertal site of its Pharmaceuticals Division to a German subsidiary
of WuXi Biologics. Under the agreement the two companies announced on Monday, they will also enter into a long-term
sublease agreement and a transitional service contract. WuXi Biologics intends to use the facility to manufacture drug
substances for COVID-19 vaccines and other biologics and is planning additional investments in process equipment at the
site. Bayer will provide services and contribute its own resources as WuXi Biologics ramps up the plant for the production
of vaccines and other biologics. “This also marks an additional contribution by Bayer in the fight against the pandemic,” said
Bayer site manager Timo Flessner. The volume of the transaction, including the sublease agreement, amounts to
approximately 150 million euros. The transaction, which is subject to regulatory approval, is expected to close in the first
half of 2021. Bayer had originally planned to use the facility to produce recombinant factor VIII products.
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Braskem (Brazil) invests R $ 67 million in recycling line with German
technology
Committed to the circular carbon neutral economy, Braskem announces an important
investment to expand its portfolio of post-consumer resins (PCR). In partnership with
Valoren, a company specialized in the development and operation of technologies for the
transformation of waste, the company will invest R $ 67 million in the construction of a
recycling line with the capacity to transform about 250 million packages into 14
thousand tons of resin. high-quality post-consumer products per year. The project will be
installed in Indaiatuba, in the interior of the state of São Paulo, and is scheduled to start
operations in the fourth quarter of 2021. Most of the waste processed in the recycling line
will be of domestic origin, considering rigid polyethylene (PE) and polypropylene (PP)
materials, such as food packaging, cleaning materials, personal hygiene products and
cosmetics. The material, after processed, will yield a high quality PCR. The recycling
line will be formed by a modular complex, that is, that integrates different stages of the
process. The plastic waste placed at the beginning of the process will go through the
grinding, washing, extrusion and homogenization steps. The design of the project is
unprecedented and the machinery has cutting edge European technology, complemented
by national equipment.
Director of Circular Economy at Braskem in South America, explains that
technology is a great ally to leverage recycling in Brazil and, consequently, the
post-consumer polymer market. "The rates of waste recovery have grown gradually
in recent years and we believe that, among the challenges that the sector still faces,
the increase in the quality of PCR resin, which expands its possibilities of use, is an
important factor for us to continue advancing in development We are very pleased to
announce the partnership with Valoren, which will add to our business, its expertise
in waste management and supply, in addition to the development of technologies for
recycling, favoring the entire plastic value chain.”
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Brenntag (Germany) Acquires Canadian Full-Line Chemical Distributor
Alpha Chemical
Brenntag the global market leader in chemical and
ingredients distribution, has signed an agreement to
acquire Alpha Chemical Ltd. Alpha Chemical,
headquartered in Dartmouth, Nova Scotia, Canada, is a
full-line chemical distributor with a focus on several key
industries including Oil & Gas, Mining, Water Treatment
and Aquaculture. Currently, the acquired business
generates annual sales of approximately USD 12 million.
Closing of the transaction is expected to be completed in
early January 2021, subject to customary closing
conditions.
President Brenntag Canada, underlines the potential of
the acquisition: “Alpha Chemical has had an impressive
track record of growth and high level of customer
satisfaction over the past two decades. The company’s
infrastructure, capabilities and personnel will support
the expansion of our new Brenntag Essentials and
Brenntag Specialties divisions in Canada. The
acquisition will allow Alpha Chemical and Brenntag
Canada to provide even stronger value to our customers
and supply partners in Atlantic Canada. I am thrilled to
welcome the Alpha Chemical team to Brenntag.”
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The Chemours Company (USA) Reports Third Quarter 2020 Results
Third Quarter 2020 Results & Highlights
• Net Sales of $1.2 billion
• Net Income of $76 million, with EPS of $0.46
• Adjusted Net Income of $78 million, with Adjusted EPS of $0.47
• Adjusted EBITDA of $210 million
• Free Cash Flow of $252 million, a $92 million improvement from prior year
• Repaid the $300 million outstanding revolving credit facility balance
• On October 28, 2020, the company's Board of Directors approved a Q4 dividend of $0.25 per share,
consistent with the prior quarter
• Advanced our Corporate Responsibility Commitments (CRC) with publication of our third CRC
report
Update on COVID-19 Response Plan
• All Chemours sites remain operational
• Maintaining health and safety measures across our sites
• On target to reduce FY 2020 costs by $160 million
• On target to reduce FY 2020 CAPEX by approx. $125 million, from approx. $400 million to approx.
$275 million
• Preserving strong balance sheet, ample liquidity of $1.7 billion with no near-term senior debt
maturities
"Our results in the third quarter demonstrate the progress we have made in executing our business plan
and the steady recovery of the auto, architectural coatings and construction markets", said Chemours
President and CEO Mark Vergnano. "Despite the COVID-19 headwinds, we continue to deliver on our
cash generation strategy which supports our strong balance sheet and liquidity position. We also
released our third annual CRC Report – renewing our commitment to leading the industry and our
peers on a broad spectrum of ESG targets. This document remains foundational for the company, and
a key component of our long-term strategy."
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Key Financial Highlights

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Deere (USA) Reports Net Income of $757 Million for Fourth Quarter,
$2.751 Billion for Year
• Deere & Company reported net income of $757 million for the fourth quarter ended
November 1, 2020, or $2.39 per share, compared with net income of $722 million, or $2.27 per
share, for the quarter ended November 3, 2019.
• For fiscal 2020, net income attributable to Deere & Company was $2.751 billion, or $8.69
per share, compared with $3.253 billion, or $10.15 per share, in 2019.
• Worldwide net sales and revenues decreased 2 percent, to $9.731 billion, for the fourth
quarter of 2020 and declined 9 percent, to $35.540 billion, for the full year.
• Equipment operations net sales were $8.659 billion for the quarter and $31.272 billion for
the year, compared with corresponding totals of $8.703 billion and $34.886 billion in 2019.
• Fourth-quarter net income rises 5% aided by strong execution and disciplined cost
management.
• Improving fundamentals in agricultural sector setting stage for stronger demand in year
ahead.
Company Outlook & Summary
• Net income attributable to Deere & Company for fiscal 2021 is forecast to be in a range of
$3.6 billion to $4.0 billion.
"John Deere delivered another quarter of strong performance and a solid year despite the
challenges associated with managing the pandemic," said chairman and chief executive
officer. "In this regard, I would like to pay tribute to the thousands of John Deere employees,
dealers and suppliers throughout the world who have helped us safely maintain our
operations and serve customers. Because of their contributions, Deere was able to complete
a successful year and is positioned to continue providing differentiated solutions and
unlocking even greater value for customers."
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Gewobag acquires 116 apartments with additional land from Deutsche
Wohnen
Gewobag and Deutsche Wohnen have a purchase agreement for the purchase of
apartments and adjacent land in Franz-Künstler-Str. 2 signed in Kreuzberg. These are
three parcels with a total size of 8,500 m². A 15-storey high-rise with 116 apartments
and 3 commercial units is located on a plot of land. Another parcel is currently built
with garages. The transfer of ownership will take place in the first quarter of 2021.
All tenants will be informed in writing of the change of ownership. Deutsche Wohnen
is one of the leading listed real estate companies in Europe. The operational focus of
the company is on the management of its own residential property portfolio in
dynamic metropolitan regions and metropolitan areas in Germany. Deutsche Wohnen
sees it as its social responsibility and duty to maintain livable and affordable living
space in lively districts and to develop it anew. As of September 30, 2020, the
portfolio comprised a total of around 165,700 units, of which 162,700 were
residential units and 3,000 commercial units. Deutsche Wohnen is listed in the DAX
of the Deutsche Börse and is also included in the key indices EPRA / NAREIT,
STOXX Europe 600, GPR 250 and DAX 50 ESG.
“With the purchase of 116 apartments in Franz-Künstler-Str. 2 in a central district
with good infrastructure, connections to public facilities and local public
transport, we are expanding our portfolio in Friedrichshain-Kreuzberg. 6,200 of
our apartments in Kreuzberg alone are within a 3-kilometer radius. The
previously undeveloped areas enable us to round off and optimize the buildability
of our neighboring property, Alten-Jakob-Str. 4 ”, explains member of the board
of Gewobag.
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Eaton (Ireland) invests more than $100 million to expand North American electrical
manufacturing and distribution centers for commercial and residential customers and distributors
Power management company Eaton announced major infrastructure investments to increase the
supply of its residential and commercial electrical solutions across North America. Eaton is
expanding manufacturing capacity, modernizing production and adding a new plant, in addition
to a new distribution center. Other facility expansions and modernizations are taking place
through 2022. Eaton’s manufacturing and supply chain investments specifically target surging
demand for the company’s intelligent solutions including circuit breakers, load centers,
switchboards, residential solutions and more. Eaton has rapidly scaled up production capacity in
its newest facility in El Paso, Texas, and will soon do the same in Greenwood, South Carolina,
while investing in its existing manufacturing plants in Sumter, South Carolina; Lincoln, Illinois;
Cleveland, Tennessee; and four major facilities in Puerto Rico and the Dominican Republic.
Eaton also opened a new distribution center in Dallas earlier this year to optimize service levels
for customers across the country. An additional manufacturing plant is planned that will provide
incremental and geographically diverse manufacturing capacity for Eaton’s high-volume
miniature circuit breakers. The new facility will include on-site molding and stamping to provide
vertically integrated production. Eaton’s electrical business is a global leader with deep regional
application expertise in power distribution and circuit protection; power quality, backup power
and energy storage; control and automation; life safety and security; structural solutions; and
harsh and hazardous environment solutions.
“Our customers and teams have experienced significant challenges in the last year, which
have given us the opportunity to evaluate our approach and make significant improvements
to increase manufacturing flexibility, diversity and redundancy,” said president of Eaton’s
Commercial and Residential Distribution Solutions Division. “These investments focus on
our customers and employees while bolstering our regional manufacturing and distribution
capabilities for essential infrastructure powering homes and businesses.”
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Eaton (Ireland) to acquire a 50 percent stake in HuanYu High Tech
Power management company Eaton announced it has signed an agreement to acquire a
50 percent stake in HuanYu High Tech, a subsidiary of HuanYu Group that manufactures
and markets low-voltage circuit breakers and contactors in China, and throughout the
Asia-Pacific region. HuanYu High Tech had 2019 sales of $106 million and has
production operations in Wenzhou, China. The transaction, which is subject to regulatory
approvals and customary closing conditions, is expected to close in the second quarter of
2021. HuanYu Group is a leading Chinese electrical equipment manufacturer. Founded
in 1989 and headquartered in Wenzhou, China, its products are widely used across a
variety of industries, including power grid, new energy, communication technology,
chemicals, metal smelting, industrial manufacturing, medical and pharmaceutical,
transportation, and commercial building. Eaton’s mission is to improve the quality of
life and the environment through the use of power management technologies and
services. We provide sustainable solutions that help our customers effectively manage
electrical, hydraulic, and mechanical power – more safely, more efficiently, and more
reliably. Eaton’s 2019 revenues were $21.4 billion, and we sell products to customers in
more than 175 countries. We have approximately 92,000 employees.
“We are very pleased to establish this partnership with HuanYu Group,” said
president, Asia-Pacific Region, Electrical Sector and Corporate China, Eaton.
“HuanYu High Tech’s strong product portfolio and manufacturing capabilities,
combined with Eaton’s global scale and access to the broader Southeast Asian
market, opens up many exciting opportunities for us to grow our business in Asia.”
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Ecolab (USA) Acquires Swiss Hygiene Provider vanBaerle
Ecolab Inc., the global leader in water, hygiene and infection
prevention solutions and services, has acquired vanBaerle Hygiene
AG, a privately held hygiene provider in Switzerland. vanBaerle
offers a full range of cleaning, disinfectant and hygiene solutions for
institutional settings. Headquartered in the Basel area, Switzerland,
the company’s 2019 sales were approximately $20 million. Ecolab is
not purchasing the vanBaerle Silicates business.
“Hygiene plays a vital role in both protecting public health and
ensuring business can continue to operate, protecting against an
economic downturn,” said Ecolab Vice President who is
responsible for Ecolab’s Institutional business in Switzerland.
“vanBaerle is expected to further expand our product line and
service capabilities.”
“We look forward to ramping up our opportunities for growth and
partnering with Ecolab moving forward,” said owner of vanBaerle.
“This brings together two brands known for their quality and
service reputation. We are particularly excited about vanBaerle’s
sustainable product range which will extend the reach and better
capture the market opportunity for the underlying market need in
Switzerland,”
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Fabege (Sweden) first with 100 per cent green financing
Fabege has achieved an important milestone in its sustainability work as all of the
company’s loan agreements are now green. Therefore, Fabege is first among the Swedish
property companies to exclusively choose green financing. With total borrowing of SEK
26 billion (as of 30 September 2020), Fabege is one of Sweden’s largest borrowers and
can thus contribute to a greener financial market by setting a good example. Green
financing provides an more robust loan portfolio that handles crises better as well as
trusting relationships with creditors and, in addition, lower financing costs. All of
Fabege’s capital market financing is already green, both bonds and commercial paper, as
well as most of the bank financing and now the last five per cent of the financing has
been converted to green agreements. In connection with new financing, it is always a
requirement that it should be sustainable. For a long time, Fabege has had the declared
goal that all financing shall be green, which is facilitated by the company’s ambitious
sustainability work, which among other things, has resulted in all of Fabege’s investment
properties being certified as sustainable. Fabege has a goal that all property management
operations shall be climate neutral by 2030 and has a good chance of also reaching this
target.
“We are happy and proud to have the privilege of participating as an active party in
the great transformation towards an increasingly sustainable and responsible
financial market. To reach the climate goals in the Paris Agreement, the entire
financial world needs to take a major responsibility for the climate,” comments Head
of Treasury at Fabege. “Fully green financing means that we need to keep on our
toes, sustainability shall characterise everything we do and we are continually
working to advance our positions and to lead the Swedish property sector’s
sustainability efforts,”
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Fluor (USA) Reports Third Quarter 2020 Results
• Revenue for the quarter was $3.8 billion and net earnings from continuing operations attributable to Fluor was $19 million, or $0.14 per share.
• Consolidated segment profit for the quarter was $129 million compared to $79 million a year ago. Operating cash flow in the quarter was $80 million.
• New awards for the third quarter were $1.7 billion and ending backlog was $27.8 billion.
• Corporate general and administrative expenses for the quarter were $68 million which included foreign currency transaction losses of $30 million and
investigation expenses of $19 million in the quarter.
Business Segments
• The Energy & Chemicals segment reported profit of $95 million in the third quarter of 2020 up from $85 million in the third quarter of 2019. New
awards were $141 million and backlog is $11.6 billion.
• The Mining & Industrial segment reported profit of $18 million in the third quarter of 2020 compared to $57 million in the third quarter of 2019. New
awards were $268 million including the influenza and antivenom cell culture facility in Australia for Seqirus. Third quarter ending backlog is $4.8 billion.
• The Infrastructure & Power segment reported profit of $6 million in the third quarter of 2020 compared to $1 million in the third quarter of 2019.
• The Government segment reported profit of $26 million in the third quarter of 2020, up from $22 million in the third quarter of 2019. Results include
new awards of $188 million and ending backlog is $3.4 billion.
• The Diversified Services segment reported a segment profit of $7 million in the third quarter of 2020 compared to $11 million in the third quarter of
2019.
• The Other segment, which is comprised of NuScale and the Radford and Warren government projects, reported a loss of $23 million in the third
quarter of 2020 compared to a loss of $97 million in the third quarter of 2019. NuScale expenses in the third quarter of 2020 were $22 million. Remaining
backlog in the segment is $145 million.
Discontinued Operations
• Results from discontinued operations, which includes the held-for-sale AMECO equipment business, were immaterial. During the quarter, Fluor sold
its AMECO Jamaica business for $18 million net of working capital and recognized a loss of $1 million. The company expects to complete the sale of the
remaining AMECO business within the first half of 2021.
Outlook
• Although Fluor has suspended its guidance for 2020, the company expects to report fourth quarter results and 2021 guidance to the investment
community in February 2021. The company expects its cash balance to remain around $2 billion through the end of the year.
“With the 10-Q filing, Fluor is now current with its financials,” said, Fluor’s chief executive officer, “While 2020 has provided a lot of unexpected
challenges for our business, we are pleased to report that for the third consecutive quarter, we have had no material project execution charges.”
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Hexagon (Sweden) strengthens capabilities to serve rapidly evolving architecture,
engineering, and construction (AEC) ecosystem with the acquisition of OxBlue
Hexagon AB, a global leader in sensor, software and autonomous solutions, announced
the acquisition of OxBlue, a leader in construction visualisation technology designed to
capture the life of a job site, start to finish. OxBlue's high definition time-lapse
photography and live video streaming services deliver real-time visual documentation of
everything that happens on a job site, both exterior and interior. Combining the latest
camera technology, artificial intelligence, and machine learning algorithms, OxBlue's
desktop and mobile software platform connects stakeholders to their construction job
sites from anywhere, anytime. Instant access to the most up-to-date construction project
information enables real-time decision-making - from prompt assessments of quality,
progress, and overall performance to risk detection and mitigation - allowing project
executives and managers to confidently meet or exceed planned expectations. OxBlue's
construction visualisation solution improves the management of everything from
material shipments and site visits to contractor schedules, progress updates and
construction site security. Keeping everyone informed about project status, critical
milestones, and other key information, including weather conditions, ensures projects
stay on schedule and under budget.
"OxBlue represents another step in our vision to provide market-leading, data-centric
solutions that introduce smarter ways to build," says Hexagon President and CEO.
"OxBlue's scalable business model of remote installations coupled with its reputation
for outstanding customer support, leading technology, and strong AEC sales channel
make it a great fit for Hexagon. Integration with our 3D surveillance technology,
BLK247, and our construction software solution, HxGN SMART Build, will provide
invaluable data and insights on construction job site activities. Additionally,
OxBlue's access to machine learning data sets and best-in-class interface nicely
complement Hexagon's AI and machine learning capabilities, machine automation
solutions and autonomous workflow approach to construction."
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Huntsman (USA) Announces the Acquisition of Gabriel Performance Products,
Further Expanding its Specialty Chemicals Portfolio
Huntsman Corporation announced its agreement to acquire Gabriel
Performance Products, a North American specialty chemical manufacturer
of specialty additives and epoxy curing agents for the coatings, adhesives,
sealants and composite end-markets, from funds owned by Audax Private
Equity. Under terms of the agreement, Huntsman will pay $250 million,
subject to customary closing adjustments, in an all-cash transaction funded
from available liquidity. Gabriel had 2019 revenues of approximately $106
million with three manufacturing facilities located in Ashtabula, Ohio,
Harrison City, Pennsylvania and Rock Hill, South Carolina. Based on
calendar year 2019, the purchase price represents an adjusted EBITDA
multiple of approximately 11 times, or approximately 8 times pro forma for
synergies. The transaction is expected to close in the first quarter of 2021
after regulatory approvals.
Commenting on the acquisition, President of Huntsman's Advanced
Materials division, said: "The acquisition of Gabriel Performance
Products broadens the offering in our specialty portfolio and is
complementary to our recent acquisition of CVC Thermoset Specialties.
Gabriel makes highly specialized toughening and curing agents and
other additives used in a wide range of composite, adhesive and coatings
applications. We expect that the Gabriel business will strengthen our
North America footprint and provide significant commercial synergies
as we expand and globalize their specialty products across our global
footprint and customer base. The acquisition will further enhance our
competitiveness and our world class formulations business by
improving our ability to create differentiation in our customers'
applications."
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Ingersoll Rand (Ireland) Reports Third-Quarter 2020 Results
• Reported revenues of $1.3 billion
• Reported net income attributable to Ingersoll Rand Inc. of $30 million, or earnings of $0.07 per
share, including $177 million of pre-tax amortization, restructuring and related business
transformation costs, acquisition-related expenses and other adjustments
• Adjusted Net Income of $168 million, or $0.40 per share
• Adjusted EBITDA of $284 million with a margin of 21.3%
• Reported operating cash flow of $187 million and free cash flow of $179 million, both including
Transaction-related outflows of $26 million
• Liquidity of $2.3 billion as of September 30, 2020, including $1.3 billion of cash on hand and
undrawn capacity of $1.0 billion under available credit facilities
• Strong margin improvement fueled by the Ingersoll Rand Execution Excellence Process (IRX) to
drive daily management execution of synergy and productivity initiatives; executed a total of
approximately $150 million of annualized cost synergies, including approximately $100 million of
in-year savings, and on track to deliver total cost synergies of $250 million by the end of year three
after the completion of the Transaction1
• Awarded $150 million equity grant to global workforce with value equal to 20% of an employee’s
annual base cash compensation; bolsters our ownership culture where employees can benefit from
creating value as they contribute to net working capital improvement across the enterprise
“Our third-quarter performance demonstrates the strength of our employees to drive the
integration with rigor around IRX, resulting in accelerated growth and margin expansion,” said
Chief Executive Officer. “I am pleased with our continued sequential improvement across all of
our segments, especially given the challenging macro-environment. We continue to deliver
strong free cash flow and improve our liquidity position which will support our investments in
future organic and inorganic growth activities. With all our employees recently becoming owners
of the company, we now have approximately 16,000 people driving in a common direction to
deliver value as shareholders. Looking ahead, I am very excited for the future of Ingersoll Rand
as we embark on a multi-year transformation to help make life better for our employees,
customers and communities.”
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Ingersoll Rand (Ireland) to Acquire Tuthill Vacuum and Blower Systems, a
Division of Tuthill Corporation
Ingersoll Rand Inc., a global provider of mission-critical flow creation and industrial
solutions, has entered into an agreement to acquire the assets of Tuthill Vacuum and Blower
Systems. The all-cash transaction, valued at $184 million, is expected to close Q1 or earlier
upon obtaining required regulatory approvals and necessary third-party consents. Tuthill
Vacuum and Blower Systems is a leader in the design and manufacture of positive
displacement blowers, mechanical vacuum pumps, vacuum boosters and engineered
systems. Based in Springfield, Mo., Tuthill Vacuum and Blower Systems has approximately
160 employees and annual revenue of approximately $60 million. Upon transaction close,
the employees and brands of Tuthill Vacuum and Blower Systems will join the Ingersoll
Rand Industrial Technologies and Services (IT&S) segment. The acquisition will further
enhance Ingersoll Rand’s IT&S segment, which manufactures and services a broad range of
compressor, vacuum and blower solutions used in a variety of applications. Tuthill Vacuum
and Blower Systems will expand Ingersoll Rand’s vacuum offering and application expertise
to better serve customers who require a deeper level of technical support in a wide variety of
applications, including plastics, food processing, chemical and wastewater. In addition, the
acquisition will expand the company’s global blower channel coverage providing customers
worldwide with more choices to meet their needs.
“We are excited to welcome the Tuthill Vacuum and Blower Systems team to the
Ingersoll Rand family. This transaction delivers on our commitment to significantly
accelerate our growth plan and demonstrates our ability to seek out premium and iconic
industrial brands with strong complementary technology and commercial growth
opportunities,” remarked chief executive officer of Ingersoll Rand. “Following our
disciplined capital allocation strategy, we are paying a multiple largely in line with prior
acquisitions and expect this transaction will provide a similar opportunity over the
coming years to generate ROIC and reduce the post-acquisition multiple. Overall, we are
proud of the immediate and long-term value this acquisition is expected to create for our
shareholders.”
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Jacobs (USA) Reports Fiscal Fourth Quarter and Fiscal Year
2020 Earnings
Q4 2020 Financial Highlights:
• Revenue of $3.5 billion1 grew 3.7% year-over-year; net revenue up 2% pro forma
• EPS from continuing operations of $0.53, includes impact from Focus 2023 initiative
• Adjusted EPS from continuing operations of $1.63, including $0.24 in discrete tax benefits
• Backlog increased $1.2 billion to $23.8 billion, up 6% year-over-year and up 3% on a pro forma basis
• Cash flow from operations of $432 million and free cash flow of $403 million, driven by strong DSO
performance
Fiscal Year 2020 Highlights:
• Revenue growth of 6.5% and pro forma net revenue growth of 2.5%
• Net earnings from continuing operations of $354 million and adjusted EBITDA growth of 7% to $1.05
billion
• FY20 EPS1 of $2.67 up 28% and adjusted EPS of $5.48, up 9% year-over-year
• Cash flow from operations of $807 million and free cash flow of $689 million, representing strong cash
conversion
Financial Outlook
• The company expects fiscal 2021 adjusted EBITDA of $1,055 million to $1,155 million and adjusted EPS
of $5.20 to $6.00.
• We have launched our Focus 2023 initiative with expected benefits of over $200 million versus fiscal 2020.
• Looking beyond fiscal 2021 the company expects developing business momentum leading to double-digit
growth in adjusted EBITDA.
Jacobs' Chair and CEO commented, "Our strong FY20 results and solid FY21 outlook demonstrate the
mission-critical nature of our solutions, and when combined with the diversity of our end markets, enables
us to thrive in varying economic environments. The pandemic has served as a catalyst for us to materially
accelerate our digital vision and quickly pivot to an effective virtual workforce." Demetriou continued, "At
Jacobs, our mindset of continuously challenging to reinvent tomorrow has enabled us to capitalize on
enhanced technologies, positioning us for sustainable, long-term growth."
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Jacobs (USA) Acquires Cyber and Intelligence Leader The Buffalo Group
Jacobs announces it has acquired The Buffalo Group, a leader in advanced
cyber and intelligence solutions, further strengthening Jacobs' leading
portfolio of national priority mission-focused, government solutions in the
cyber domain and the Intelligence Community (IC). The terms of the
acquisition were not disclosed. Based in Reston, Va., The Buffalo Group
brings high-impact analytical and technology capabilities to the United States
Intelligence Community for key missions across multi-domains including
cyber, ground, sea, airborne and space. The Buffalo Group's advanced,
mission-critical solutions solve complex national priorities and security
challenges in the areas of advanced analytics, advanced targeting,
cybersecurity, cloud mitigation, DevSecOps (Development, Security and
Operations), identity intelligence and biometrics, human intelligence,
open-source and social media analysis, geospatial intelligence, cyber threat
intelligence and artificial intelligence/machine learning.
"Defending our nation against adversarial threats is growing in complexity.
The Buffalo Group's leading cyber and intelligence capabilities further
strengthens our suite of national priority solutions across integrated
multi-domain environments," said Jacobs Chair and CEO Steve
Demetriou. "Like Jacobs, The Buffalo Group has a proven track record of
winning multibillion-dollar full and open enterprise contracts. Under the
leadership of Caesar Nieves as head of our new Cyber and Intelligence
business, the combination of Jacobs and The Buffalo Group will provide
additional opportunities across the Intelligence Community, Combatant
Commands and the U.S. Army."
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Jacobs (USA) To Acquire Majority Stake in PA Consulting
Jacobs and PA Consulting, a leading innovation and transformation consulting firm,
announced that they will form a strategic partnership in which Jacobs will acquire a 65%
stake in PA. The investment places an enterprise value of PA at £1.825 billion ($2.4
billion). The remaining 35% stake will be held by PA employees, following the exit of
existing majority stakeholder, The Carlyle Group. PA has delivered strong growth over
the last five years, resulting in EBITDA more than doubling over the period and
achieving compound annual revenue growth of 12% since 2016. From its inception in
1943, PA has worked with a wide range of clients – from start-ups with a promising idea
to change the world to some of the most important global companies and organizations –
to find innovative ways to be faster and nimbler, and to create the services and products
that grow their businesses, delight their customers and the global community. PA has
developed world-leading innovations with Virgin Hyperloop to reinvent transport, with
Ori Biotech to revolutionize cell and gene therapy manufacturing and with public
utilities leveraging iPredict™, the world's first AI and Machine Learning system to
predict failures in critical underground electricity distribution assets.
"We are on the cusp of the next digital revolution as advances across 5G-driven
compute power, robotics, autonomous technology, machine learning automation and
geospatial technology converge to provide solutions to many of the world's most
complex challenges, including disruption to traditional business models," said
Jacobs Chair and CEO Steve Demetriou. "Our partnership with PA forms a unique
offering in the market that combines strategic front-end consulting and deep domain
knowledge across key sectors with next generation science and technology expertise.
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KION GROUP (Germany) AG successfully completes capital increase
KION GROUP AG has very successfully completed the capital increase by way of a rights issue
that it had announced on November 18, 2020. The gross proceeds from the capital increase
amount to approximately €813 million. This represents another significant step in strengthening
the KION Group's financial position and flexibility and preparing it for growth under its KION
2027 strategy after the COVID-19 pandemic. The total of 13,108,647 new shares - approximately
11 percent of the existing share capital - were offered to the shareholders of KION GROUP AG
(subject to certain restrictions) as part of a rights issue for subscription in the period from
November 20 through December 3, 2020 at a ratio of one new share for every nine existing
shares. The subscription price was €62.00 per new share. Weichai Power (Luxembourg) Holding
S.à r.l., the anchor shareholder of KION GROUP AG, exercised its subscription rights in full.
551.207 shares that remained unsubscribed were placed with qualified institutional investors on
December 4, 2020 as part of an accelerated bookbuilding process in accordance with the
applicable securities legislation. The proceeds from the capital increase are initially to be used in
full to reduce the KION Group's level of indebtedness. Once it has received the proceeds from the
offering, the KION Group also expects to be able to terminate the syndicated revolving credit
facility that it had agreed with its core group of banks under the participation of Kreditanstalt für
Wiederaufbau (KfW) in May of this year.
"The successfully completed capital increase further strengthens our balance sheet. From this
stronger financial position, we want to forge ahead with our innovative business activities,"
says Gordon Riske, Chief Executive Officer of KION GROUP AG. The capital increase is
intended to enable further steps to be taken as part of the long-term "KION 2027" strategy,
such as expansion in China, new product development, a focus on software solutions as well
as KION's continued efforts to improve efficiency.
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Kubota (Japan) Takes a Stake in a Japanese Agritech Start-up
Kubota Corporation announced that it has taken a stake in PLANTX Corp. a Japanese start-up who has been developing a plant cultivation system using artificial light
and a plant growth-rate management system. Kubota expects that this capital commitment to the agritech start-up will allow it to contribute to the efficient production
and stable supply of food.
Background and aims
• In a bid to promote open innovation through partnerships with external organizations, Kubota established the Innovation Center in June 2019 and has since invested
in and discussed partnerships with start-ups from around the world.
• Focusing on "plant factories using artificial light," which achieve stable and highly-efficient production regardless of external factors such as abnormal weather, we
have decided to invest in PLANTX which, using advanced technology in this field, has been developing a proprietary plant cultivation system using artificial light.
• The cultivation system is neatly separated into rooms where environment condition is controlled precisely and uniformly.Thus the productivity per unit area of
Plantx’s cultivation system is higher than that of conventional plant factories using artificial light. PLANTX intends to use the funds raised this time to establish a
mother factory to demonstrate that their system is capable of achieving efficient and stable production on a factory scale.
• With this investment, Kubota will strengthen ties with PLANTX, thereby contributing to efficient food production and stable food supply by jointly promoting the
commercialization of plant factories using artificial light.
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Kubota (Japan) Invests in Israeli Agritech Business
Kubota Corporation announced that it has taken a stake in SeeTree Systems Ltd. an Israeli startup offering fruit farmers focused on high value crops, an AI-based
service which provides visibility into the health and productivity of any individual tree at any time, and over time.
Background and investment rationale
• In order to promote open innovation through partnerships with external organizations, Kubota established its first Innovation Center in Japan in June of 2019. To
meet the different needs of the different regions, a second Innovation Center was established soon afterward in the Netherlands focusing on Europe and Israel.
• Its recent investments in four startups have allowed Kubota to deepen its knowledge of advanced agritech and its business models, thus accelerating the
development of its innovative business solutions in the agriculture sector. The fields of fruit and vegetable cultivation, in particular, have shown a slower adaptation of
advanced agricultural machinery compared to cereal culture and thus offer exceptional growth potential.
• SeeTree offers large-scale farms a service to monitor and manage the health of each single fruit tree from images taken by drones and sensors on the ground.
Although there are other businesses that offer an analysis service of aerial images taken by drones, only SeeTree can gather data on individual fruit trees, monitor their
health, and store the detailed data chronologically using unparalleled AI-generated algorithms.
• Furthermore, by combining the data with diagnoses by in-house farming experts, SeeTree offers customers advice on the health of trees, when to replace fruit trees
and for example generating spraying advice maps, thus making a significant contribution to improvements in the quality, yield and usage of chemicals for a sustainable
fruit production.
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LyondellBasell (Netherlands) and Sasol Complete Louisiana Joint Venture
Transaction
LyondellBasell one of the largest plastics, chemicals and refining companies in the world,
and Sasol a global integrated chemicals and energy company, announced the closing of their
Louisiana-based Integrated Polyethylene Joint Venture (JV) transaction following required
regulatory and shareholder approvals. The 50/50 JV includes a 1.5 MM ton ethane cracker,
0.9 MM ton low-density and linear-low density polyethylene plants, and associated
infrastructure near Lake Charles, La, and will toll manufacture the products on behalf of the
two shareholders. Under the terms of the transaction agreements, LyondellBasell will operate
the three assets on behalf of the JV and market the polyethylene products on behalf of the two
shareholders of the JV. Approximately 400 Sasol Lake Charles employees who directly
support the JV assets are now employees of LyondellBasell. The formation of this JV with
Sasol aligns with LyondellBasell’s strategy of investing in high-quality assets in growing
markets or feedstock advantaged regions. In September 2020, LyondellBasell established a
50/50 JV with China’s Liaoning Bora Enterprise Group to start up and operate a new, large
petrochemical complex in northeast China. Taken together, the Bora and Sasol JVs are
equivalent to the full capacity and immediate financial benefits of a new and operational
world-scale integrated cracker complex.
“The formation of this JV is part of our approach to growing our core businesses while
positioning the company to benefit from improving economic conditions,” said CEO of
LyondellBasell. “We believe our ability to operate efficiently and serve growing markets
will create exceptional long-term value for our shareholders of both companies. We
welcome our new JV employees to the LyondellBasell family.”
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LyondellBasell (Netherlands) and SUEZ increase plastics recycling capacity
LyondellBasell one of the world's largest plastics, chemicals and refining companies and
SUEZ a world leader in environmental services, jointly announced the acquisition of
TIVACO, a plastics recycling company located in Blandain, Belgium. The company will
become part of Quality Circular Polymers (QCP), the companies' existing 50/50 plastics
recycling joint venture. With this transaction, QCP will increase its production capacity for
recycled materials to approximately 55,000 tonnes per year. The TIVACO facility operates
five production lines capable of processing approximately 22,000 tonnes of recycled plastic
per year. This acquisition builds on the companies' 2018 acquisition of QCP, a plastics
recycling company in Geleen, the Netherlands which is capable of processing approximately
35,000 tonnes of material per year. Recycled materials from QCP can be found in consumer
products including Samsonite's S'Cure ECO luggage collection. QCP is committed to ending
plastic waste in the environment. The joint venture leverages the two partners' respective
strengths. SUEZ will utilize its leading-edge technology solutions in sorting and recycling to
improve the preparation of materials to be recovered at QCP. LyondellBasell will apply its
long-standing leadership in innovative plastic production technology, vast experience in
product development and deep knowledge of important end markets such as consumer
goods, where the company has a strong presence.
"This latest investment in QCP supports LyondellBasell's ambition to produce and
market 2 million tons per year of recycled and renewable source-based polymers by
2030. Extending the plastics lifecycle through recovery, recycling and reuse not only
eliminates waste but also produces a product with a lower CO2 footprint," said Senior
Vice President Olefins & Polyolefins, Europe, LyondellBasell. "This innovative
approach is key to unlocking additional value from existing plastics while addressing
brand owners' needs for sustainable products."
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MHI (Japan) to Invest in Green Hydrogen & Green Ammonia in South
Australia
Mitsubishi Heavy Industries, Ltd. (MHI) has agreed to make a capital investment in H2U Investments, the holding entity of the H2U Group. The H2U Group
includes The Hydrogen Utility (H2U), the leading Australian developer of green hydrogen and green ammonia projects using power derived from renewable
energy sources. The agreement also includes MHI's support for H2U's projects and business development initiatives, including supporting the Front-End
Engineering and Design (FEED) study for H2U's Eyre Peninsula GatewayTM project in South Australia. South Australia has a rich endowment of wind and solar
resources, and is now the leading economy, globally, in the integration of variable renewable energy into its electricity generation mix. By leveraging abundant
renewable energy resources in the region to produce green hydrogen and green ammonia as part of the State's carbon-free energy solutions, the initiatives will
help decarbonize mineral processing and agricultural industries in the region, and lay the foundation to export locally produced green hydrogen and green
ammonia to Japan and other destinations to help drive industrial decarbonization on a global scale. The first project of the initiatives, Eyre Peninsula GatewayTM
in southwest South Australia is planned to commence commercial production of green hydrogen and ammonia towards the end of 2022. Green hydrogen
produced by water electrolysis using power derived from renewable energy sources such as wind and solar, will be used in the manufacture of green ammonia,
and to demonstrate hydrogen-powered gas turbine generators. MHI will participate in the project by contributing engineering resources to the FEED study phase,
and also by providing key plant equipment, including hydrogen gas turbines and hydrogen compressors. As part of the project, MHI and H2U will investigate
synergies with nearby industrial operations, including shared infrastructure for the further reduction of total CO2 emissions in the region.
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NSK (Japan) Acquires Condition Monitoring System Business
NSK Ltd. (NSK; Headquarters: Tokyo, Japan; President & CEO: Toshihiro Uchiyama) has
signed an agreement to acquire condition monitoring system (“CMS”) business Brüel & Kjær
from Spectris Plc. In recent years, predictive maintenance, a next-generation maintenance
method, has been attracting attention in manufacturing circles. Predictive maintenance type
condition monitoring of equipment and production lines not only helps with maintenance
management, but also will be utilized to detect early signs of abnormality or failure and
contribute to preventing problems from occurring in the future. Through the analysis of obtained
condition information, predictive maintenance systems are expected to contribute to productivity
and quality improvements, and to serve as a means of production innovation in line with the
accelerating digital transformation of manufacturing infrastructure. NSK's main products,
including bearings, are key components that support the function and performance of equipment,
and the wealth of data, technology, and knowledge NSK has accumulated over the years is key to
developing predictive maintenance systems. In NSK's mid-term management plan
(FY2019-2021), “building up a CMS business” was set as a new mechanism for growth.
Specifically, NSK plans to evolve from providing breakdown and remaining life expectancy
diagnosis to providing comprehensive technical service solutions to customers for problems and
issues faced by equipment and machinery across a wide range of industries.
Comment from, Spectris Plc. Chief Executive “The sale of B&K Vibro is another step in our
portfolio optimization strategy and delivers compelling value for our shareholders. B&K
Vibro will be an ideal addition to the NSK product portfolio. Being part of a global
organization with complementary products and greater commercial alignment, with a parent
company which is looking to invest and develop their technology, will be a positive move for
the B&K Vibro business.”
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Nutrien (Canada) Announces Agreement for Sale of Equity Position in
MOPCO and Settlement of All Arbitration Claims
Nutrien Ltd. announced that, through one of its wholly-owned subsidiaries, it has entered into an agreement with the Government of Egypt
(through the Egyptian Ministries of Finance and Petroleum) to sell 100% of its stake in Misr Fertilizers Production Company S.A.E. (MOPCO)
totaling 59,573,922 ordinary MOPCO shares and upon closing to settle all arbitration claims it has made against the Government of Egypt and
MOPCO’s affiliate, the Egyptian Nitrogen Products Company S.A.E. Total gross proceeds resulting from the sale of shares as well as the
settlements amongst the parties total $540 million, which, subject to customary closing conditions, are expected to be received in full upon close
before the end of December 2020. This investment has historically contributed $15 to $20 million per year to Nutrien’s Adjusted EBITDA.
Nutrien is the world's largest provider of crop inputs and services, playing a critical role in helping growers increase food production in a
sustainable manner. We produce and distribute 25 million tonnes of potash, nitrogen and phosphate products world-wide. With this capability and
our leading agriculture retail network, we are well positioned to supply the needs of our customers. We operate with a long-term view and are
committed to working with our stakeholders as we address our economic, environmental and social priorities. The scale and diversity of our
integrated portfolio provides a stable earnings base, multiple avenues for growth and the opportunity to return capital to shareholders.
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PPG (USA) to Acquire Global Coatings Manufacturer Ennis-Flint
PPG announced that it has reached a definitive agreement to acquire Ennis-Flint, a global
manufacturer of coatings with a broad portfolio of pavement marking products,
including paint, thermoplastics and other advanced traffic technologies. The transaction,
valued at approximately $1.15 billion, is expected to close within the next few months,
subject to customary closing conditions. PPG formed a mobility focus team in 2017 to
develop mobility technologies and innovative technical solutions that provide increased
functionality and solve new and unique requirements for electric, hybrid and
autonomous vehicles. Mobility-related products developed by PPG include
battery-specific coatings that deliver enhanced safety and performance, autonomous
vehicle coatings that improve vehicle and infrastructure visibility, and interior coatings
that increase surface functionality and durability. Ennis-Flint, a privately held company
headquartered in Greensboro, North Carolina, is a global leader in pavement markings
and traffic safety solutions with the industry’s most comprehensive and innovative
product offering. Products are developed according to strict government guidelines and
customer specifications, many of which are proprietary to the company.
“The acquisition of Ennis-Flint will further expand our product offering and
opportunities in rapidly developing and high-growth mobility technology solutions,”
said PPG chairman and chief executive officer. “The company is well known for its
high-quality products, technical expertise and innovative systems. The addition of
Ennis-Flint’s products further enhances our existing mobility technologies in support
of increased automotive occupant safety through driver-assisted and autonomous
driving systems. We look forward to the Ennis-Flint team joining PPG and working
together to further expand the company’s product distribution on a global scale.”
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PPG (USA) to Acquire Tikkurila, a Leading Nordic Paint and
Coatings Company
PPG announced that it has entered into a definitive agreement to acquire Tikkurila in an
all-cash transaction. Under the terms of the agreement, PPG will commence a tender
offer to acquire all of the issued and outstanding stock of Tikkurila. Pursuant to the offer,
Tikkurila shareholders will receive €25.00 in cash for each share of Tikkurila stock they
own, for a total transaction value of approximately €1.1 billion, including the assumption
of debt and cash. The transaction is expected to close in the second quarter of 2021,
subject to customary closing conditions. Tikkurila was established in 1862, and is
headquartered in Vantaa, Finland. The company is a leading producer and distributor of
decorative paint and coatings with operations in 11 countries and more than 80% of its
revenue coming from Finland, Sweden, Russia, Poland, and the Baltic states. Its
premium brands include Tikkurila, ALCRO, and Beckers. In addition, Tikkurila’s
industrial paint business participates in the wood and protective coatings end-use
segments, among others. The company employs approximately 2,700 people globally
and reported sales of approximately €564 million in 2019. PJT Partners LP served as
PPG’s financial advisor for the transaction, and Wachtell, Lipton, Rosen & Katz and
DLA Piper Finland Attorneys Ltd served as PPG’s legal advisors.
“The combination of PPG and Tikkurila is extremely complementary, both
geographically and from a decorative brand perspective,” said PPG chairman and
chief executive officer. “We have long admired Tikkurila’s rich history of
establishing very strong decorative brands and product offerings in several northern
and eastern European countries where PPG has minimal decorative presence. We
will be able to provide customers with even more paint and coatings options by
bringing together Tikkurila’s high-quality and environmentally friendly decorative
products and distribution capabilities in these countries with PPG’s well-respected
industrial and protective coatings. In addition, the combination will provide new
cross-selling opportunities, growth opportunities for employees, and product
solutions for new segments and customers. We look forward to welcoming the
Tikkurila team to PPG and working with them to drive future growth.”
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PPG (USA) completes acquisition of global coatings
manufacturer Ennis-Flint
PPG announced that it has completed its acquisition of Ennis-Flint. Ennis-Flint is a global leader in pavement markings and
traffic safety solutions with a wide range of products, including traffic paint, hot-applied and preformed thermoplastics,
raised pavement markers and intelligent transportation systems. The company has approximately 1,000 employees globally,
with a network of manufacturing facilities within the United States, Europe, South America, Australia and Asia.
Ennis-Flint’s full year of 2020 revenue is expected to be approximately $600 million, with mid-teen percentage EBITDA
margins. PPG will provide additional details relating to the business acquisition, including acquisition-related financial
impacts, during the company’s fourth quarter earnings conference call in January 2021.
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Rolls-Royce group (UK) signs agreement to sell its civil nuclear
instrumentation & control business to Framatome
Rolls-Royce has signed an agreement to sell its civil nuclear instrumentation
and control (I&C) business to Framatome. The I&C business includes all the
Rolls-Royce activities and teams based in Grenoble (France), Prague (Czech
Republic), Beijing and Shenzhen (China). No UK-based employees are
impacted as this agreement does not include our UK civil nuclear business, or
small modular reactor activities, which will continue contributing to the
provision of low carbon power for the UK. The transaction is expected to be
completed at the beginning of the second half of 2021, subject to closing
conditions, including regulatory approvals. In the meantime, the two
companies remain independent and will continue to operate as normal. The
I&C business will continue to deliver business commitments and customer
satisfaction. In 2019, the I&C business subject to the agreement had 550
employees and reported revenues of EUR 94 million, which were consolidated
within the results of our Power Systems business.
Rolls-Royce Chief Executive Officer, said: “This transaction marks a
further simplification of our business and contributes towards our target to
generate over £2bn from disposals, as announced on 27 August 2020. We
also believe it represents the best outcome for this part of our civil nuclear
operations and its people.”
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Sandvik (Sweden) to acquire market leading underground safety
solutions company DSI Underground
Sandvik has signed an agreement to acquire DSI Underground, the
global leader in ground support and reinforcement products, systems and
solutions for the underground mining and tunneling industries. The
company will be reported in Sandvik Mining and Rock Solutions. DSI
Underground is present in 70 countries, with 22 production units situated
close to end customers. The product offering includes bolting systems,
injection chemicals and resin capsules. DSI Underground has
approximately 2,000 employees. DSI Underground’s revenue for 2020 is
expected to be about EUR 518 million (excluding the four joint ventures
that are part of the acquisition) and an EBIT margin that to certain extent
will be dilutive to Sandvik Mining and Rock Solutions’ margin. The
purchase price is approximately EUR 943 million on a cash and debt free
basis. Impact on Sandvik’s earnings per share will be slightly positive.
“With the world’s most extensive choice of ground support products
and systems, the DSI Underground’s offering is highly
complementary and enables us to deliver greater value and safety to
our customers. The deal gives DSI Underground access to Sandvik’s
substantial R&D, global service and sales network, complements our
growing aftermarket business and strengthens our leadership in
underground mining and tunneling”, says President of Sandvik
Mining and Rock Solutions.
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Lyondellbasell (Netherlands) And Sasol Complete Louisiana Joint
Venture Transaction
LyondellBasell one of the largest plastics, chemicals and refining companies in the world,
and Sasol a global integrated chemicals and energy company, announced the closing of their
Louisiana-based Integrated Polyethylene Joint Venture (JV) transaction following required
regulatory and shareholder approvals. The 50/50 JV includes a 1.5 MM ton ethane cracker,
0.9 MM ton low-density and linear-low density polyethylene plants, and associated
infrastructure near Lake Charles, La, and will toll manufacture the products on behalf of the
two shareholders. Under the terms of the transaction agreements, LyondellBasell will operate
the three assets on behalf of the JV and market the polyethylene products on behalf of the two
shareholders of the JV. Approximately 400 Sasol Lake Charles employees who directly
support the JV assets are now employees of LyondellBasell. The formation of this JV with
Sasol aligns with LyondellBasell’s strategy of investing in high-quality assets in growing
markets or feedstock advantaged regions. In September 2020, LyondellBasell established a
50/50 JV with China’s Liaoning Bora Enterprise Group to start up and operate a new, large
petrochemical complex in northeast China. Taken together, the Bora and Sasol JVs is
equivalent to the full capacity and immediate financial benefits of a new and operational
world-scale integrated cracker complex.
“The formation of this JV is part of our approach to growing our core businesses while
positioning the company to benefit from improving economic conditions,” said CEO of
LyondellBasell. “We believe our ability to operate efficiently and serve growing markets
will create exceptional long-term value for our shareholders of both companies. We
welcome our new JV employees to the LyondellBasell family.”
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Textron (USA) To Sell TRU Simulation + Training Canada To CAE
Textron Inc. announced that its TRU Simulation + Training Inc. subsidiary has reached a definitive agreement to sell certain
of its non-U.S. businesses to CAE Inc., a global high-technology leader in training for civil aviation, defense and security,
and healthcare, for a cash consideration of US$40 million, excluding post-closing adjustments. Included in the transaction is
the sale of TRU Simulation + Training Canada Inc., which includes its Montreal manufacturing operations, as well as
ETOPS entities in France and Malaysia and a minority interest in a joint venture in Iceland. The transaction is subject to
regulatory approvals and other customary closing conditions and is expected to close during the 4th Quarter of 2020 or early
2021. The businesses being sold by Textron operate as part of the Textron Systems segment. TRU Simulation + Training Inc.
and its operations in Tampa, Florida, which remain focused on the development of simulators for Textron Aviation and
rotorcraft platforms, are not included in the sale.
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Bell (USA) Acquires Coventry, Ri-Based Response Technologies In
Pursuit Of Advancing Fuel Cell Technology
Bell Textron Inc., a Textron Inc. company, announced its acquisition
of Response Technologies LLC, an innovative composite solutions
and fuel cell company based in Coventry, RI. This acquisition adds to
Bell’s extensive technology portfolio in the aerospace manufacturing
field. Established in Rhode Island and located at the historic former
Arkwright building, Response Technologies is a startup founded in
2015 that is focused on flexible, 3D, textile-reinforced composite
solutions. The company has two business areas of development: fuel
cells and components and textile composites. With a focus on
advanced manufacturing, Response Technologies’ mission aligns
closely with Bell’s Rapid Prototyping and Manufacturing Innovation
team. Bell has an 85-year history of leading innovation in aviation,
from the first American jet fighter to the first tiltrotor.
“This acquisition aligns with our strategy to pursue innovative
technology and will enable us to accelerate needed developments
in our industry,” said president and CEO of Bell. “We believe
Response Technologies has the right solution for modernizing fuel
cell systems and textile composites. We are proud to have them join
the Bell family.”
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Thor Industries (USA) acquires Tiffin Motorhomes in $300M deal
Indiana-based Thor Industries Inc. said Monday it had bought family-owned Tiffin Motorhomes, the Alabama-based
manufacturer of high-end recreational vehicles, in a deal worth $300 million. Thor, which is publicly traded and describes
its combined holdings as the world’s largest maker of RVs, said the Tiffin Group would operate as a stand-alone division of
the corporation, and the Tiffin family will continue to run it. Based in the northwest Alabama town of Red Bay, Tiffin
Motorhomes reported $800 million in RV sales in fiscal 2020, about 90% of which were motorized RVs and 10% were
towable campers. With plants in Alabama and Mississippi, Tiffin produces bus-sized motorhomes the Allegro Breeze,
Allegro Red 340, Allegro Red, Open Road Allegro, Phaeton, Allegro Bus and Zephyr models. The company also makes a
smaller RV line, the Wayfarer, and fifth-wheel campers.
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Toll Brothers (USA) Reports FY 2020 4th Quarter Results
FY 2020’s Fourth Quarter Financial Highlights (Compared to FY 2019’s Fourth Quarter):
• Net income and earnings per share were $199.3 million and $1.55 per share diluted, compared to net income of $202.3 million and $1.41 per share
diluted in FY 2019’s fourth quarter.
• Pre-tax income was $267.0 million, compared to $272.6 million in FY 2019’s fourth quarter.
• Home sales revenues were $2.50 billion, up 9%; home building deliveries were 2,940, up 10%.
• Net signed contract value was $2.74 billion, up 63%; contracted homes were 3,407, up 68%.
• Backlog value was $6.37 billion at fourth quarter end, up 21%; homes in backlog were 7,791, up 24%.
• Home sales gross margin* was 20.1%, compared to FY 2019’s fourth quarter home sales gross margin* of 20.9%.
• Adjusted home sales gross margin*, which excludes interest and inventory write-downs, was 24.0%, compared to FY 2019’s fourth quarter adjusted
home sales gross margin* of 23.9%.
• Pre-tax inventory write-downs totaled $33.9 million.
• SG&A*, as a percentage of home sales revenues, was 9.9%, compared to 11.1% in FY 2019’s fourth quarter.
• Income from operations was $260.6 million.
• Other income, income from unconsolidated entities, and land sales gross profit was $11.2 million.
Full FY 2020 Highlights (Compared to Full FY 2019)
• Net income and earnings per share were $446.6 million and $3.40 per share diluted, compared to net income of $590.0 million and $4.03 per share
diluted in FY 2019.
• Pre-tax income was $586.9 million, compared to $787.2 million in FY 2019.
• Home sales revenues were $6.94 billion, down 2%; home building deliveries were 8,496 homes, up 5%.
• Net signed contract value was $8.00 billion, up 19%; contracted homes were 9,932, up 23%.
• Home sales gross margin* was 20.2%, compared to 21.8% in FY 2019.
• Adjusted home sales gross margin* was 23.5%, compared to 25.0% in FY 2019.
• SG&A*, as a percentage of home sales revenues, was 12.5%, compared to 12.4% in FY 2019.
• Income from operations was $550.3 million.
• Other income, income from unconsolidated entities, and land sales gross profit was $51.1 million.
• The Company repurchased approximately 16.0 million shares at an average price of $39.75 per share for a total purchase price of approximately
$634.1 million.
Chairman and chief executive officer, stated: “In these challenging times, our team delivered on all fronts in our fourth quarter, exceeding our
expectations for sales, revenues, margins and earnings. I am tremendously proud of how we have adapted to a rapidly changing environment. We are
currently experiencing the strongest housing market I have seen in my 30 years at Toll Brothers and we continue to increase prices in nearly all of our
communities as we focus on driving profitability and managing growth. The strong demand began for us in mid-May and has continued through. In
our fourth quarter, net signed contracts of 3,407 homes and $2.74 billion were the highest totals for any quarter in our history, up 68% in homes and
63% in dollars compared to one year ago. In FY 2021’s first six weeks ended December 6, demand has remained very strong compared to one year
ago, with our non-binding reservation deposits, which are a precursor to contracts, up approximately 48%. We attribute the strength in demand to a
number of factors, including historically low interest rates, an undersupply of new and resale homes, and a renewed appreciation for the home as a
sanctuary. The work-from-home phenomenon is also enabling more buyers to live where they want rather than where their jobs previously required.
And since most of our customers have a home to sell, the tight resale market gives them confidence they can sell their home quickly at an appreciated
value that can then be re-invested in their new home.”
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Toll Brothers (USA) L+M Joint Venture Secures $160 million in
Construction Financing for New Multifamily Development in Washington, DC
Toll Brothers, Inc. announced the closing of $160 million in construction financing through a newly formed joint
venture between its Toll Brothers Apartment Living® rental subsidiary and GSLM Capital Partners, a venture of
L+M Development Partners and Goldman Sachs Urban Investment Group. The financing will be used to develop
Phase 1 of a 6.7-acre site in the heart of Washington, D.C., located at the nexus of NoMa, Mount Vernon Triangle
and Shaw – three fast growing and vibrant neighborhoods northwest of Union Station. Phase 1 will bring 561
units, approximately 20% of which are affordable, one-acre of public open space and nearly 50,000 square feet of
residential amenities. Citi Community Capital is providing a $160 million construction loan funded with $23
million of tax-exempt notes issued through the Washington, D.C. Housing Finance Agency (DCHFA) and a $137
million taxable construction loan. In addition, Citi arranged a $160 million forward commitment for permanent
financing from Freddie Mac in its role as an Optigo lender. Goldman Sachs, in addition to its land loan financing
and equity participation, will be the purchaser of approximately $15.7 million of low-income tax credits
generated as-of-right. The financing was secured by Toll Brothers and L+M Development Partners. Toll Brothers
Apartment Living and L+M will oversee the development, management, and marketing of the project. The
property, bounded by First Place, M, First and L Streets, NW, was acquired from the Sursum Corda Cooperative
in 2018. As part of the agreement, members of the Sursum Corda Cooperative will have the right to return to up
to 127 units included in the development. Phase 1 of the development won unanimous approval from the Zoning
Commission last year and will be built on the southern portion of the site. While Phase 1’s tax exempt bond and
low-income credits support 118 units that will be restricted at various incomes at or below 80% of Area Median
Income, the aggregate development will be constructed in multiple phases, which will include up to 1,100
apartments of which 199 will be affordable when fully completed.
CEO and Founding Partner of L+M Development Partners, said, “We're proud to expand our work to
Washington, D.C. to help revitalize this area of the city through mixed-income housing and a community
park. It is particularly meaningful for us to provide high-quality affordable apartments to members of the
Sursum Corda Cooperative, and we look forward to welcoming them and their neighbors to their new homes
in 2022. Thanks to the D.C. Housing Finance Agency and all of our partners for helping us reach this major
milestone in the area's redevelopment.”
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Transdigm (USA) Announces Acquisition Of Cobham Aero Connectivity And
Provides Update On Potential Divestitures Of Former Esterline Operating Units
TransDigm Group Incorporated announced it has entered into a definitive agreement to
acquire Cobham Aero Connectivity for approximately $965 million in cash, including
tax benefits. Additionally, TransDigm provided an update with regard to its previously
announced plans to potentially divest a select number of defense-oriented operating units
that were acquired as part of the Esterline acquisition. Cobham Aero Connectivity is
headquartered in Marlow, UK. The Company is a leading provider of highly engineered
antennas and radios for the aerospace end market. The products are primarily proprietary
with significant aftermarket content and have a strong presence across major defense
platforms as well as select commercial applications. The Company is expected to
generate approximately $225 million in revenue in 2020. Nearly 60% of CAC's revenue
is derived from international sales, and the Company has a strong presence across a
diverse range of both helicopters and fixed wing aircraft. The Company operates from
two primary facilities in Marlow, UK and Prescott, Arizona. CAC employs
approximately 760 people. The acquisition, which is expected to close during the first
calendar quarter of 2021, is subject to regulatory approvals and customary closing
conditions. The acquisition is expected to be financed through existing cash on hand.
TransDigm's Executive Chairman, stated, "We are pleased to announce the
acquisition of Cobham Aero Connectivity. This business fits well with our
long-standing strategy. The CAC products are almost all proprietary and over 70% of
CAC's revenue comes from the aftermarket. The Company is primarily a defense
business. The businesses we are considering for divestiture are also good businesses,
but do not fit as well with our long-standing proprietary and aftermarket strategy."
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Vestas (Denmark) invests in Copenhagen Infrastructure Partners to further
expand its presence across a wider range of the renewable value chain
Vestas has invested in Copenhagen Infrastructure Partners, (CIP), the world’s largest
dedicated fund manager in greenfield renewable energy infrastructure, to acquire a
25 percent minority stake in the investment management company, ref. Company
Announcement no. 45/2020 of 18 December 2020. With the investment, Vestas seeks
to create value across a wider range of the renewable value chain. Through its
investment in CIP, Vestas aims to further expand its presence in renewable project
development, and invest within areas of the renewables value chain that lie beyond
its existing activities. This will see Vestas building a new pathway to value creation,
whereby it will access the long-term returns generated by renewable energy projects.
This value stream will encompass investment management and optimisation,
including asset management and divestments, thereby increasing Vestas’ presence
along the energy value chain beyond the current co-development and early stage
investment in renewables projects. The investment also marks a key milestone in
Vestas’ overall growth journey, which includes an increased focus on development
through the launch of a new dedicated development business unit.
Group President and CEO of Vestas, said: “The global transition towards a
decarbonised energy system demands increased deployment of renewable
energy, and more extensive supportive infrastructure. As a leader in sustainable
energy solutions, Vestas is determined to play a role in driving this
transformation, but to do so, we must increase our involvement across the
renewable value chain and benefit from value creation across technology
providers, developers, and owners. Our investment in Copenhagen Infrastructure
Partners enable us to achieve both goals, and to maximise the market potential
signalled by our new development business unit. I’m therefore very excited to
begin this new journey with a global leader like CIP.”
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Volvo Group (Sweden) Venture Capital invests in digital service for shared
truckloads
Volvo Group Venture Capital AB has invested in Flock Freight, a technology company
based in Solana Beach, California, that pools shipments to fill unused trailer space. The
company uses algorithms to match multiple LTL (less than a truckload) shipments into
one shared truckload that eliminates all terminals and hubs, improving quality and
efficiency. Flock Freight allows shippers to move LTL shipments more efficiently and
damage-free. It reduces the number of times shipments are handled by avoiding hubs and
enables carriers to fill unused trailer space in their FTL shipments. The shared truckload
solution eliminates the need for terminals and cuts freight-related carbon emissions. The
role of Volvo Group Venture Capital is to make investments that drive transformation by
facilitating the creation of new services and solutions and to support collaborations
between start-ups and the Volvo Group. Against the background of the trends shaping the
future of transportation and the strategic priorities of the Volvo Group, the key areas of
investment for Volvo Group Venture Capital are currently logistics services, site
solutions and electrical infrastructure. The organisation has a global scope, but focuses
on Europe and North America.
“We look for start-ups that are building the future with technological developments
that will transform the transport industry. We believe that Flock Freight’s business
model and technology will play an important part in the future of freight transport on
the road,” says Vice President and Head of Volvo Group Venture Capital.
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Solutions Updates
Manufacturing Industry

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3M's (USA) new silicone adhesive helps improve lives of patients using
wearable medical devices needing longer wear
47
Solution Description
Acrylate and silicone have dominated the medical adhesive market for years. But the adhesives currently available require device
engineers to choose between strength and wear duration, or comfort and pliability. To fill the gap in the market, 3M announced the
next generation of silicone adhesives, 3M™ Hi-Tack Silicone Adhesive Tapes. The first of its class is the 2480 3M™ Single Coated
Medical Nonwoven Tape with Hi-Tack Silicone Adhesive on Liner, featuring longer wear times, supporting heavier devices and
offering more secure adhesion, while providing all the traditional benefits of 3M's base silicone adhesive portfolio. The new 2480 3M
Hi-Tack Silicone Adhesive provides increased sheer performance, higher tack, stronger adhesion and longer-wear duration. The
adhesive is repositionable, flexible and conformable to work well with various medical devices, including continuous glucose
monitoring systems, wearable monitors, sleep and incontinence devices. It is strongly bonded to the backing to minimize residue on
both skin and production equipment. The 2480 3M Hi-Tack Silicone Adhesive is compatible with ethylene oxide (EtO) sterilization.
The new adhesive is part of a larger portfolio, with additional silicone adhesives to be introduced in 2021.

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3M (USA) Littmann® Stethoscopes and eMurmur® Partner to Launch
New Educational Apps
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Solution Description
Becoming skilled in auscultation requires practice and repeated exposure to real patient heart and lung sounds. In response to that need, 3M™ Littmann® Stethoscopes has
joined forces with eMurmur® to release two new branded apps – one to support students and the other designed for instructors. The collaboration between 3M Littmann
Stethoscopes and eMurmur has resulted in mobile apps that help early-career clinicians master critical auscultation skills while also supporting instructors as they train those
students. Features include:
3M™ Littmann Learning App
• Designed for healthcare/medical students and professionals
• Teaches and tests the detection and classification of heart murmurs
• Designed to help users better recognize benign and pathological heart sounds and murmurs.
• CE accreditation: allows a US nurse or nurse practitioner to earn up to 22 continuing education credits with purchase of a subscription
3M™ Littmann University App
• Instructor app used with Littmann Learning App for in-person, online and simulation teaching, license purchased by school
• Creates a virtual classroom to help facilitate auscultation training with access to a large library of heart sounds and murmurs, many that have been vetted by cardiologists
and echocardiograms
• Offers instructors the ability to stream recordings of real-patient auscultation sounds in group testing with immediate results

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