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Manufacturing Industry. We are very
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I-Bytes
Manufacturing
February Edition 2021
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This document brings together a set
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates................................................................................................................................................21
3. Rewards and Recognition Updates..................................................................................................................73
4. Customer Success Updates...............................................................................................................................90
5. Partnership Ecosystem Updates.....................................................................................................................124
6. Environment & Social Updates......................................................................................................................147
7. Miscellaneous Updates....................................................................................................................................166
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Financial, M & A
Updates Manufacturing Industry
6. Financial, M&A Updates
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AECOM (USA) reports first quarter fiscal year 2021 results
• As compared to the prior year, revenue increased by 2% to $3.3 billion, operating income increased by 62%
to $141 million, the operating margin increased by 160 basis points to 4.3%, net income increased by 170% to
$83 million and diluted earnings per share increased by 184% to $0.54.
• Net service revenue2 (NSR) of $1.5 billion declined by 2% on an organic3 basis after adjusting for the
impact of two fewer available workdays in the first quarter compared to the prior year.
• Backlog in the design business increased by 9% over the prior year; contracted backlog across the
Professional Services business increased by 13% and is at a record level.
• The segment adjusted1 operating margin4 on NSR2 increased by 140 basis points to 13.1%, which is a
record high for a first fiscal quarter.
• Adjusted1 diluted earnings per share increased by 35% to $0.62 and adjusted1 EBITDA5 increased by 9%
to $189 million over the prior year; both metrics exceeded the Company’s expectations.
• Operating cash flow was $7 million and free cash flow6 was a use of $14 million, which marks the strongest
first quarter cash flow since fiscal 2018 and reflects a commitment to delivering more consistent cash flow
phasing.
• The Company closed on the sale of its Power and Civil construction businesses in October 2020 and January
2021, respectively.
• The Company has executed $630 million of stock repurchases since the beginning of September 2020 at an
average price of approximately $45 per share, which has reduced the diluted share count by nearly 9% to date;
the Company has $825 million of capacity remaining under its $1 billion Board repurchase authorization and
remains committed to returning to investors substantially all available cash and cash flow after investments are
made in the business.
Executive Commentary
“As our strong first quarter results demonstrated, we have successfully positioned AECOM as a pure-play
Professional Services business with higher margins, a stronger return on invested capital, and a focused
strategy on its largest profit pools with the best growth opportunities,” said AECOM’s chief executive
officer. “The inherent attributes of our business, including a strong backlog, highly variable cost structure,
diverse client base, and an agile culture, position us well to perform across varied market trends and give us
confidence to deliver on our strategic and financial commitments.”
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Key Financial Highlights
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Financial, M&A Updates
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Alstom (France) expands digital mobility signalling and communications expertise
with acquisition of B&C Transit
Alstom progresses further on the execution of its Alstom in Motion strategy and supports its growth
ambition for digital mobility with the acquisition of B&C Transit, Inc. a transit engineering design and
construction firm specializing in the passenger rail sector. This transaction reinforces Alstom’s position in
the North American signalling market by combining the companies’ advanced technology products and
engineering capabilities to the benefit of transit agencies and operators across the United States and Canada.
The acquisition will support Alstom’s efficient delivery of its innovative signalling solutions by extending
its systems engineering and wayside application capabilities. The acquisition will also bolster Alstom’s
portfolio of solutions, for existing and new customers across North America and reinforce Alstom’s
presence on the West coast. The combined resources of both companies will support customers’ operations
and technological visions, accelerating the delivery of more efficient, reliable, safe and sustainable
mobility. B&C Transit will be able to leverage Alstom’s worldwide presence and business development
opportunities in rolling stock, services and maintenance to further grow and scale-up its operations.
Employees from both companies will have opportunities to further develop their skills sets and scopes.
B&C Transit, headquartered in Oakland, California, employs approximately 85 people across the United
States at offices in cities such as Livermore, California, and Pittsburgh, Pennsylvania, and had a turnover
over US$45 million in 2020. B&C Transit serves an established customer base across North America, and
its portfolio of projects includes, for example, the San Francisco Municipal Transportation Agency (Muni)
Central Subway project, and Miami-Dade’s Metrorail control centre and systems.
Executive Commentary
“B&C Transit’s expertise in signalling and communications engineering and design is the perfect
complement to Alstom’s advanced technology solutions,” says Senior Vice President for Alstom North
America. “Customers will benefit from additional resource capacity and an extensive footprint across
North America that will further enable localized development, delivery and support.”
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Financial, M&A Updates
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DuPont (USA) Acquires Core Matrix Technology™ from Tex Tech
DuPont announced it has acquired Tex Tech’s Core Matrix Technology™, a
monolithic fabric structure that can significantly reduce backface trauma, while
increasing ballistic and fragmentation performance for military and law
enforcement personnel. Financial terms of the agreement were not disclosed.
DuPont’s acquisition of this globally-patented and unique Core Matrix
Technology™ adds to the Company’s already robust portfolio of life protection
solutions, enabling the most flexible, lightweight ballistic solutions to meet new
National Institute of Justice (NIJ) standards for enhanced durability. In addition to
enhanced protection, the new technology also increases the comfort of wearing
bullet-resistant body armor. The needs of today’s military, law enforcement and
global security professionals require advanced materials to help protect those who
protect people worldwide. DuPont is committed to providing the most innovative
solutions designed for specific hazards, and this acquisition strengthens an
increasingly robust portfolio of technologies to help our customers meet their
current and future challenges.
Executive Commentary
“The addition of the Core Matrix Technology™ to the family of DuPont Life
Protection solutions enables us to offer a more comprehensive portfolio to
meet any and all protection needs for soldiers and law enforcement
personnel,” said vice president, DuPont Safety Solutions. “With the
combination of the Core Matrix Technology™ and our current and future
fiber technologies we are well positioned to offer the best, most flexible and
lightest weight solutions available.”
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Eaton (Ireland) signs agreement to acquire Cobham Mission Systems, expanding
Eaton Aerospace’s fuel and environmental systems offerings
Power management company Eaton announced it has signed an agreement to
acquire Cobham Mission Systems, a leading manufacturer of air-to-air refueling
systems, environmental systems, and actuation primarily for defense markets.
Under the terms of the agreement, Eaton will pay $2.83 billion for CMS, inclusive
of $130 million in tax benefits. Excluding the amount paid for tax benefits, the
purchase price represents approximately 14 times CMS’s 2020 EBITDA and 13
times its estimated 2021 EBITDA. The acquisition, which is subject to customary
closing conditions, is expected to close in the second half of 2021. 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. For more information, visit
Eaton.com.
Executive Commentary
“Cobham Mission Systems’ highly complementary products and strong
position on growing defense platforms will enhance our fuel systems business
and position our Aerospace business for future growth,” said president and
chief operating officer, Industrial Sector, Eaton. “We look forward to
welcoming CMS to Eaton.”
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Financial, M&A Updates
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Eaton (Ireland) signs agreement to acquire Tripp Lite, expanding Eaton’s power
quality business in the Americas
Power management company Eaton announced it has signed an agreement to acquire Tripp Lite, a
leading supplier of power quality products and connectivity solutions including single-phase
uninterruptible power supply systems, rack power distribution units, surge protectors, and enclosures
for data centers, industrial, medical, and communications markets in the Americas. Founded nearly
100 years ago, the company is headquartered in Chicago, Illinois. Under the terms of the agreement,
Eaton will pay $1.65 billion for Tripp Lite, which represents approximately 12 times Tripp Lite’s 2020
EBITDA and 11 times estimated 2021 EBITDA. The acquisition, which is subject to customary
closing conditions, is expected to close mid-2021. 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. For more information, visit Eaton.com. This news release contains forward-looking
statements about the expected closing of the acquisition of Tripp Lite and estimated Tripp Lite 2021
EBITDA. These statements should be used with caution and are subject to various risks and
uncertainties, some of which are outside of the company’s control. Factors that could cause these
statements to become untrue include possible delay or failure of the satisfaction of all closing
conditions. We do not assume any obligation to update these forward-looking statements.
Executive Commentary
“The acquisition of Tripp Lite will enhance the breadth of our edge computing and distributed IT
product portfolio and expand our single-phase UPS business,” said president and chief operating
officer, Electrical Sector, Eaton. “We look forward to welcoming Tripp Lite to the Eaton family.”
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11. Financial, M&A Updates
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Huntington (USA) Ingalls Industries Reports Fourth Quarter and Full
Year 2020 Results
• fourth quarter 2020 revenues of $2.8 billion, up 14.3% from the fourth quarter of
2019.
• Operating income in the quarter was $305 million and operating margin was 11.1%,
compared to $186 million and 7.7%, respectively, in the fourth quarter of 2019.
• Diluted earnings per share in the quarter were $6.15, compared to $3.61 in the same
period of 2019.
• For the full year, revenues of $9.4 billion increased 5.2% over 2019. Operating
income in 2020 was $799 million and operating margin was 8.5%, compared to $736
million and 8.3%, respectively, in 2019.
• Diluted earnings per share for the full year were $17.14, compared to $13.26 in
2019.
• Cash from operations in 2020 was $1.1 billion and free cash flow1 was $757 million,
compared to $896 million and $460 million, respectively, in 2019.
• New contract awards in the quarter were approximately $3.5 billion, bringing total
backlog to approximately $46.0 billion as of Dec. 31, 2020.
Executive Commentary
“2020 will be remembered as one of the most challenging business environments
that we have ever had to navigate. Throughout the COVID-19 pandemic, we have
made decisions that are focused on the safety and well being of our employees, and
I could not be prouder of the way our team responded to the challenges. We enter
2021 as a stronger and more agile company with positive momentum and an
enormous opportunity in front of us to leverage our $46 billion backlog to drive
long-term, sustainable value creation,” said HII’s president and CEO.
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Key Financial Highlights
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Ingersoll Rand (Ireland) Completes the Acquisition of Tuthill Vacuum and
Blower Systems, a Division of Tuthill Corporation
Ingersoll Rand Inc. a global provider of mission-critical flow creation and industrial solutions, completed the acquisition of Tuthill Vacuum and
Blower Systems, a division of Tuthill Corporation. The transaction, completed with cash on hand for $184 million, fits strategically with the
company’s portfolio of air compression technologies and operates under the tradename’s MD Pneumatics and Kinney Vacuum Pumps.MD
Pneumatics and Kinney Vacuum Pumps are leaders 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. The employees and brands of the former 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. MD Pneumatics and
Kinney Vacuum Pumps will expand Ingersoll Rand’s overall product portfolio 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.
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Keppel (Singapore) Capital launches China logistics property fund
Keppel Capital Holdings Pte. Ltd. together with a global institutional investor has launched a
China logistics property fund to invest in developing high-quality logistics assets in key logistics
hubs in China. This is Keppel Capital’s inaugural China-focused logistics property fund, and has
an initial total equity commitment of around RMB 1,400 million, with an option to upsize by a
similar amount by the end of 2021. Keppel Capital’s wholly-owned subsidiary Keppel Capital
China (SG) Pte. Ltd. will serve as the fund’s investment manager.The launch of the fund is in line
with Keppel’s Vision 2030, which envisages Keppel harnessing its asset management arm to
seize opportunities in providing solutions for sustainable urbanization. The fund will leverage the
experience, network and expertise of the Keppel Group as well as a leading Chinese logistics
developer and operator, to undertake the development and the operations of Grade-A logistics
facilities across China’s key logistics hubs such as those in Greater Beijing, Greater Shanghai and
the Greater Bay Area. A pipeline of potential assets has been identified for the collaboration
between the fund and the Chinese logistics property developer. China’s logistics sector has been
expanding rapidly in recent years. The COVID-19 pandemic has accelerated the growth of online
marketplaces, which in turn further spurred the demand for logistics facilities from third-party
logistics, e-commerce and retail companies. The fund plans to invest in the development of assets
in China which would meet the strong demand for high-specification logistics facilities which are
well-connected to established supporting infrastructure, such as major transportation hubs.
Executive Commentary
CEO of Keppel Capital, said, “Despite the challenges brought about by the COVID-19
pandemic, Keppel Capital has continued to work with Keppel’s eco-system of companies
and other industry partners to create and capture compelling investment opportunities across
a range of asset classes. In 2020, Keppel Capital raised close to $4.5 billion, including
commitments from large global institutional investors, reflecting the strong demand for real
assets with cash flow that can serve as long-term inflationary hedges. Driven by rising
domestic consumption as well as e-commerce, China’s demand for quality logistics facilities
is expanding rapidly. Through the fund and our collaboration with our local logistics property
partner, we look forward to delivering modern logistics facilities for key cities in the Chinese
market, while also generating attractive risk-adjusted returns for our investors.”
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Keppel (Singapore): The Reef at King’s Dock sells more than 90% of units released
on launch weekend
Mapletree Investments and Keppel Land Limited have achieved a strong take-up of
their luxury waterfront project, The Reef at King’s Dock, with 280 of the 300 units
released sold over the launch weekend of January 30 and 31. Prices ranged from
$2,000 psf to $2,800 psf, with the average price at $2,330 psf. Due to the strong
demand, another 100 units were added to the initial 200 units released.There was a
good mix of sales for the one- to three-bedroom units, with all the one-bedroom units
of the development fully sold. The remaining units of The Reef at King’s Dock
comprise a mix of premium two- and three-bedroom units which will be released in
subsequent phases.The Reef at King’s Dock’s sales gallery opened for preview on 16
January 2021 and drew a total of more than 9,000 visitors over the two-week preview
period. The positive sales momentum over the launch weekend was largely driven by
strong demand from a good mix of singles, young couples and families, who were
drawn to the project’s prime location and myriad offerings. More than 90% of the
homebuyers over the launch weekend are Singaporeans and permanent residents,
with a good mix of owner occupiers and investors.
Executive Commentary
Chief Executive Officer, South East Asia & Group Retail, said, “We are pleased
that The Reef at King’s Dock has been well received by the public during the
launch. The luxurious features and the waterfront experiences offered by the
development, coupled with the convenient location with easy access to many
amenities are key elements that make the development a lovely place to call
‘home’. As future plans for the Greater Southern Waterfront roll out, The Reef at
King’s Dock will be well-placed to benefit from the enhancements and growth in
the precinct.”
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Lonza (Switzerland) Signs Agreement to Divest Specialty Ingredients Business to
Bain Capital and Cinven
Lonza has entered into a definitive agreement with Bain Capital and Cinven to
acquire Lonza’s Specialty Ingredients business and operations for an enterprise value
of CHF 4.2 billion. Both Bain Capital and Cinven have strong experience in the
industrials sector and an established track record of successful investments in
portfolio companies. The two private equity bidders showed strong and sustained
interest since the beginning of the official sale process, thereby confirming that they
are the best home for the business and the right transaction partner for Lonza.
Lonza’s Specialty Ingredients business operates across 17 manufacturing sites
globally and has approximately 2,800 permanent employees. The business is a
leading provider of microbial control solutions for Professional Hygiene and
Personal Care products. It also offers the custom development and manufacturing of
specialty chemicals and composites to support the electronics, aerospace, food and
agrochemical industries. The transaction is expected to close in H2 2021, subject to
customary closing conditions. The ownership transfer process is expected to be
smooth. Bain Capital and Cinven have confirmed that high standards of service
delivery and quality for customers will remain a priority following closing.
Executive Commentary
Chairman, Lonza: “ announcement is the result of a comprehensive and robust
selection process. Bain Capital and Cinven have shown they understand the value
of the experience and expertise of our Specialty Ingredients employees. They
presented the most compelling industrial strategy and vision for the business,
they are also keen to prioritize R&D and innovation, as well as to invest in
existing facilities to unlock the potential of the business. The sale of the Specialty
Ingredients business will allow Lonza to focus on its position as a leading partner
to the healthcare industry, and the free cash flows resulting from the sale will
allow us to accelerate our strategic priorities. We look forward to continuing to
collaborate with Bain Capital and Cinven to ensure a seamless transition for
customers and employees.”
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Lanxess (Germany) signs contract to acquire Emerald Kalama Chemical
Specialty Chemicals Company LANXESS is accelerating its growth course and
signed a binding agreement to acquire 100 percent shares in Emerald Kalama
Chemical on February 14, 2021. The US-based company is a globally leading
manufacturer of specialty chemicals, especially for the consumer segment, and is
majority-owned by affiliates of the US private equity firm American Securities LLC.
The enterprise value of Emerald Kalama Chemical amounts to USD 1.075 billion.
After deducting debt-like items, the purchase price is around USD 1.04 billion (EUR
867 million), which LANXESS will finance from existing liquidity. The transaction
is expected to be completed in the second half of 2021. It is still subject to approval
by the relevant authorities.In 2020, Emerald Kalama Chemical achieved sales of
around USD 425 million and EBITDA pre exceptionals of approximately USD 90
million. Within three years following the completion of the transaction, LANXESS
expects an additional annual EBITDA contribution of around USD 30 million (EUR
25 million*) from synergy effects. The acquisition will already be earnings per share
accretive in the first fiscal year after its completion.
Executive Commentary
“We are gaining further momentum on our growth course. The businesses of
Emerald Kalama Chemical are an ideal fit for us. We will further strengthen our
Consumer Protection segment and open up new application areas with strong
margins, for example in the food industry and animal health sector. In addition,
we will also enlarge our presence in our growth region of North America. All this
will make us even more profitable and stable,” said Chairman of the Board of
Management of LANXESS AG.
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17. Financial, M&A Updates
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LG (South Korea) Display LG Display Reports Fourth Quarter 2020
Results
• Revenues in the fourth quarter of 2020 increased by 11% to KRW 7,461
billion from KRW 6,738 billion in the third quarter of 2020 and increased
by 16% from KRW 6,422 billion in the fourth quarter of 2019.
• Operating profit in the fourth quarter of 2020 recorded KRW 685
billion. This compares with the operating profit of KRW 164 billion in the
third quarter of 2020 and the operating loss of KRW 422 billion in the
fourth quarter of 2019.
• EBITDA in the fourth quarter of 2020 was KRW 1,774 billion,
compared with EBITDA of KRW 1,288 billion in the third quarter of 2020
and with EBITDA of KRW 586 billion in the fourth quarter of 2019.
• Net income in the fourth quarter of 2020 was KRW 621 billion,
compared with the net income of KRW 11 billion in the third quarter of
2020 and the net loss of KRW 1,817 billion in the fourth quarter of 2019.
Executive Commentary
“We achieved our fourth quarter results backed by responding quickly
to the contactless market situation as well as improving revenues in
OLED,” said CFO and Senior Vice President of LG Display.
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Key Financial Highlights
18. Financial, M&A Updates
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PPG (USA) Reports Fourth Quarter and Full-Year 2020 Financial
Results
• Net sales of approximately $3.8 billion, more than 2% higher versus the prior year. Selling
prices increased by about 1.5%. Sales volumes decreased approximately 1.5% versus the prior
year, which reflects the ongoing, negative economic impacts of the COVID-19 pandemic in
certain end-use markets.
• Favorable foreign currency translation impacted net sales by about 1.5%, or about $60
million, and acquisition-related sales, added less than 1% to sales growth.
• Net income was $272 million, or $1.14 per diluted share, and adjusted net income was $378
million, or $1.59 per diluted share. Adjusted figures exclude after-tax items totaling $106 million
that primarily relate to asset impairment charges, including non-cash asset write-downs due to
the planned sale of certain smaller entities in non-strategic developing countries,
restructuring-related costs, and hurricane-related expenses.
• Fourth quarter 2019 reported net income from continuing operations was $295 million, or
$1.23 per diluted share, and adjusted net income from continuing operations was $313 million,
or $1.31 per diluted share.
• The fourth quarter 2020 reported and adjusted effective tax rates were approximately 19%
and 21% respectively, compared to the fourth quarter 2019 reported and adjusted effective tax
rates of about 24%. Detailed reconciliations of the reported to adjusted figures are included
below.
Executive Commentary
“Our strong earnings momentum continued in the fourth quarter as we delivered a second
consecutive quarter of record operating margins,” said PPG chairman and chief executive
officer. “The more than 20% increase in our adjusted EPS was the result of strengthening
year-over-year sales growth in our Industrial Coatings reportable segment, led by the
automotive original equipment manufacturer (OEM), general industrial and packaging
coatings businesses. In addition, the global architectural coatings business continued its
excellent execution as we leveraged higher year-over-year sales into strong earnings growth.
Consistent with the third quarter, we achieved improved operating results despite continued
weakness in several key end-use markets, including aerospace and automotive refinish
coatings, which are still being heavily impacted by the ongoing pandemic”.
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Key Financial Highlights
19. Financial, M&A Updates
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Rockwell (USA) Automation Reports First Quarter Fiscal 2021 Results;
Updates Fiscal 2021 Guidance
• Fiscal 2021 first quarter sales were $1,565.3 million, down 7.1 percent from $1,684.5 million in the
first quarter of fiscal 2020. Organic sales declined 9.7 percent, currency translation increased sales by 0.8
percentage point’s percent, and acquisitions increased sales by 1.8 percent.
• Fiscal 2021 first quarter net income attributable to Rockwell Automation was $593.3 million or $5.06
per share, compared to $310.7 million or $2.66 per share in the first quarter of fiscal 2020. The increases in
net income attributable to Rockwell Automation and EPS were primarily due to fair-value adjustments
recognized in the first quarter of fiscal 2021 and fiscal 2020 in connection with our investment in PTC (the
"PTC adjustments"). Fiscal 2021 first quarter Adjusted EPS was $2.38, up 11 percent compared to $2.15 in
the first quarter of fiscal 2020, primarily due to a $70 million pre-tax favorable legal settlement in the
quarter ($0.45 EPS), partially offset by a higher tax rate and higher incentive compensation expense.
• Pre-tax margin was 44.8 percent in the first quarter of fiscal 2021 compared to 19.9 percent in the same
period last year. The increase in pre-tax margin was primarily due to the PTC adjustments and a favorable
legal settlement in the quarter.
• Total segment operating margin was 19.8 percent compared to 20.1 percent a year ago. Total segment
operating earnings were $309.3 million in the first quarter of fiscal 2021, down 8.8 percent from $339.1
million in the same period of fiscal 2020.
• Cash flow provided by operating activities in the first quarter of fiscal 2021 was $346.5 million,
compared to $231.1 million in the first quarter of fiscal 2020. Free cash flow was $319.4 million, compared
to $194.1 million in the first quarter of fiscal 2020. Cash flow provided by operating activities and free cash
flow include $70 million of cash received in the quarter related to the legal settlement.
Executive Commentary
"The recovery in manufacturing is happening at a much faster pace than we were anticipating, with our
total orders exceeding pre-pandemic levels. Demand was especially strong for Intelligent Devices and
Information Solutions, which is expected to drive higher growth for the balance of the year. We
continue to increase capacity and are expanding our manufacturing workforce to meet this sharp
uptick in demand," said Chairman and CEO.
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Key Financial Highlights
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Transdigm (USA) Group Reports Fiscal 2021 First Quarter Results
• Net sales for the quarter declined 24.4%, or $357 million, to $1,108 million from $1,465 million
in the comparable quarter a year ago. In the current quarter, all sales represent organic sales.
• Income from continuing operations for the quarter was $50 million, a decrease of 78.6%
compared to $234 million in the comparable quarter a year ago. The decrease in income from
continuing operations primarily reflects the decline in net sales described above and higher interest
expense, partially offset by a lower effective tax rate.
• GAAP earnings per share were reduced in the first quarter of fiscal 2021 and 2020 by $1.32 per
share and $3.22 per share, respectively, as a result of dividend equivalent payments made during each
quarter. As a reminder, GAAP earnings per share are reduced when TransDigm makes dividend
equivalent payments pursuant to the Company's stock option plans. These dividend equivalent
payments are made during the Company's first fiscal quarter each year and also upon payment of any
special dividends.
• Adjusted net income for the quarter decreased 59.4% to $115 million, or $1.97 per share, from
$283 million, or $4.93 per share, in the comparable quarter a year ago.
• EBITDA for the quarter decreased 38.0% to $378 million from $610 million for the comparable
quarter a year ago. EBITDA As Defined for the period decreased 30.4% to $474 million compared
with $681 million in the comparable quarter a year ago. EBITDA As Defined as a percentage of net
sales for the quarter was 42.8%.
Executive Commentary
"Although commercial air travel demand has shown slight signs of recovery in recent months, the
recovery is expected to continue to be slow and uneven depending on factors such as COVID-19
infection rates, vaccine rollout and effectiveness, and the easing of quarantines and travel
restrictions, among other factors. Despite the challenges the commercial aerospace industry
continues to face, I am pleased that we were able to sequentially expand our EBITDAAs Defined
margin to 42.8% as a result of careful management of our cost structure and focus on our
operating strategy," stated TransDigm Group's President and Chief Executive Officer.
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Key Financial Highlights
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Groupe Seb (France) Invests In Chefclub
Groupe SEB has announced a new partnership agreement with Chefclub, as well as the acquisition of
a minority stake via its investment company, SEB Alliance. Simplifying cooking and making it
accessible to all: that’s what Chefclub, the start-up created in 2016 by three brothers, has set as its
corporate mission. Chefclub has rapidly become a leading brand in the production and dissemination
of cooking content. It has already sold 700,000 books and launched a series of innovative products for
kids, which more than 150,000 families have enjoyed so far, all created in collaboration with its online
community. Groupe SEB, always at the forefront of innovation, decided to partner with Chefclub, in
its new round of financing, for its appeal of experiential content and direct access to online
communities which represents the future of e-commerce. Free dissemination of quality content has
enabled the brand to attract a community of tens of millions of followers. Atrue Digital Native Vertical
Brand, Chefclub has built a relationship of trust with its users, who they can consult and involve in the
development of their products. Each product is designed based on the tastes of and requests and
comments from the online community, expressed at different stages of the creation process. This
acquisition is also part of joint efforts which will be stepped up in H1 2021 with the launch of a range
of products under the brand license “Chefclub by Tefal”, including skillets, saucepans, kitchen tools
and small domestic appliances. Created in collaboration with the Chefclub community, this range
combines Chefclub’s expertise in the development of creative recipes with Tefal’s sustainable design
for simple products to make cooking easier.
Executive Commentary
Regarding this partnership, Chairman and CEO of Groupe SEB, commented: “In these
extraordinary times, cooking is now more than ever a safe haven. While numerous studies show
that French people, and indeed people all around the world, are cooking more and more, they seek
fun content, simple and creative recipes, innovative products and original ideas to accompany
them in their achievements. We are proud to step up our development of digital cooking
initiatives, reach new audiences and we are therefore delighted to benefit from Chefclub’s
expertise. This collaboration will enable us to go even further in offering innovative services to
home chefs.”
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Shin tech (Japan) Announces Capital Investment of $1.25 Billion to Further
Bolster Integrated PVC Business
Shin-Etsu Chemical Co., Ltd. is going to further bolster the production capacity of Shintech Inc. its subsidiary in the U.S. In July 2018, Shintech
broke ground in a greenfield site in Plaquemine, Louisiana for a new integrated plant, which is scheduled to be completed in the middle of this
year. This construction is the foundation of the new capital project. The production capacity will be increased by 580,000 tons of VCM per year,
380,000 tons of PVC and 390,000 tons of caustic soda per year. Shintech’s production capacity will reach 3.62 million tons of PVC per year, 2.95
million tons of VCM and 1.95 million tons of caustic soda per year at the time of completion. The amount of the investment is expected to be
$1.25 billion. The completion of the construction is slated by the end of 2023. Shintech will start up the addition, assessing the supply and demand
of PVC and caustic soda worldwide. Worldwide demand for PVC has been increasing by an average of 1 million plus tons per year (or an average
of 200,000 plus tons per year, excluding the Chinese market) over the past ten years, including forecasts for year 2021. Demand for PVC is
expected to rise further as material of choice which greatly contributes to concurrent progress of greenhouse gas reduction and infrastructure
building for human life and society (Note 1). By leveraging favorable raw material availability and economy of scale, Shintech will further
expand and enhance business relationships with customers around the world, which Shintech has cultivated with meticulous care.
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VINCI (France) Immobilier finalises the acquisition of Urbat Promotion
VINCI Immobilier has acquired a 50.1% stake in Urbat Promotion, a property developer that specialises in the
construction of housing in the south of France, bringing its shares of the company to 100%. Urbat Promotion is a
successful operator in its area and, with its acquisition; VINCI Immobilier has attained a recognised brand in the
affordable housing segment. The shareholders of Urbat Promotion wanted to entrust the company to a major French
property developer that intends to protect the brand, ensure its long-term legacy, and develop it.
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24. Financial, M&A Updates
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Volvo (Sweden) Group – the fourth quarter and full year 2020
• In Q4 2020, net sales amounted to SEK 96.9 billion (105.4). Adjusted
for currency movements, net sales increased by 1%.
• Adjusted operating income amounted to SEK 10,934 M (9,223),
corresponding to an adjusted operating margin of 11.3% (8.8).
• Reported operating income amounted to SEK 12,215 M (9,379).
• Currency movements had a negative impact on operating income of
SEK 1,770 M.
• Diluted earnings per share amounted to SEK 4.53 (3.27).
• Operating cash flow in the Industrial Operations amounted to SEK
16,668 M (19,856).
• Final agreements signed with Isuzu Motors and Daimler Truck AG.
• The supply chain is strained in many areas and there will be
production disturbances and increased costs at least in Q1 2021.
Executive Commentary
“In 2020, the global pandemic presented us with challenges that are
unprecedented in modern times. Together with business partners and
suppliers, we supported our customers through all stages of the crisis.
We handled dramatic fluctuations in demand while taking decisive
steps forward towards tomorrow's fossil-free transport system. We
demonstrated that we have significantly improved our volume and
cost flexibility, which were crucial factors behind our earnings
resilience in 2020. Despite a loss of almost SEK 100 billion in
revenues, we were able to deliver an adjusted operating income of
SEK 28.6 billion with a margin of 8.4%. I would like to thank all my
colleagues and our business partners for their fantastic efforts in very
difficult circumstances,” says President and CEO.
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Key Financial Highlights
25. Financial, M&A Updates
IT Shades
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Grainger (USA) Reports Results for the Fourth Quarter and Full Year
2020
• Sales of $11.8 billion increased 2.7%, up 3.5% on an organic, daily, constant currency basis compared to the prior
year. Sales of $2.9 billion in the fourth quarter 2020 increased 3.3%, up 5.6% on an organic, daily, constant currency
basis versus the fourth quarter 2019.
• Total company sales increased 2.7% versus the full year 2019. Excluding revenues from the divested Fabory and
China businesses from the prior year results, and removing the impact from foreign currency translation, daily sales
increased 3.5% versus the prior year.
• Total company sales increased 3.3% versus the prior year. Daily sales increased 5.6% on an organic, constant
currency basis reflecting the adjustments noted above. Sales increases were fueled by share gains in the U.S.
• Reported and adjusted gross profit margin was 35.9%, down 235 basis points, versus the full year 2019 gross profit
margin of 38.3%. The lower gross profit margin was primarily driven by pandemic-related headwinds and tariff-fueled
cost inflation in the U.S. Segment.
• Reported operating earnings of $1.0 billion were down 19% versus $1.3 billion in 2019, due primarily to charges
in the first half 2020 related to the divested Fabory business. These Fabory charges also impacted reported operating
margin which decreased 235 basis points to 8.6% and reported earnings per share of $12.82, down 16% versus $15.32
in 2019.
• operating earnings for 2020 were $1.3 billion, down 4% versus $1.4 billion in 2019. Adjusted operating margin of
11.2% decreased 80 basis points versus the prior year reflecting gross profit headwinds due to pandemic-related impacts
and cost inflation in the U.S. Segment, as well as business unit mix.
• Reported operating earnings for the fourth quarter 2020 of $275 million were up 52% versus $181 million in 2019
as the company lapped a prior year write-down of intangible assets at the Cromwell business. Reported operating
margin of 9.4% was up 300 basis points versus the prior year with reported earnings per share of $3.12 in the fourth
quarter up 66% versus the fourth quarter 2019.
Executive Commentary
"2020 was a year filled with challenges and uncertainty. I'm proud of how the Grainger team made quick, prudent
decisions to best serve our customers, keep our employees safe, and remain in a strong financial position. In both
the full-year and fourth quarter 2020, despite the challenges of the pandemic, we delivered solid top-line growth
by gaining significant share in the U.S. and delivering impressive growth in our endless assortment businesses. In
addition, we managed SG&A spending below the prior year while continuing to generate significant operating
cash flow," Chairman and Chief Executive Officer
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Key Financial Highlights
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Manufacturing Industry
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New 3M™ (USA) Polisher™ ST reduces the number of biopharma
manufacturing process steps
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21
Solution Description
3M Health Care launched 3M™ Polisher™ ST,* an advanced, single-use AEX solution designed to replace reusable AEX polishing column for biologic drug
manufacturing. Polisher ST improves the biopharma manufacturing workflow by reducing the number of processing steps thereby helping to improve
process economics. The new product was developed by 3M scientists who passionately create solutions to manufacture biologic drugs more efficiently. 3M
Polisher ST is a synthetic, fully encapsulated, single-use membrane chromatography solution containing two complementary AEX-functional media: a
quaternary ammonium ("Q") functional nonwoven and a guanidinium-functional membrane. The Q-functional nonwoven provides reduction of turbidity
(when present), DNA, and endotoxin, as well as a portion of the product's AEX capacity for HCP and virus reduction. The novel guanidinium functionality
in the guanidinium-functional membrane of 3M Polisher ST provides HCP and virus reduction in a salt tolerant (ST) manner. The new product can be used
in continuous bioprocessing which can enable facilities to reduce both their size and cycle times. It is a single-use technology designed as a cost-efficient
option to increase biomass production in therapeutic recombinant protein processes in all operating conditions; and to replace downstream AEX polishing
column in fed batch and/or continuous manufacturing. The new product is a compact, small footprint, higher capacity solution for delivering higher purity
and yield in the downstream polishing unit operation in a connected continuous downstream operation for the flexible facility of the future. 3M Separation
and Purification Sciences Division utilizes cutting edge 3M material science that pushes the boundaries of purification, filtration, and separation to support
production, processes that change lives, and deliver quality water where it matters most.
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Food testing labs gain productivity boost with new 3M™ (USA) Petrifilm™
Plate Reader Advanced
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Solution Description
3M Food Safety introduces the 3M™ Petrifilm™ Plate Reader Advanced, a new automation technology that gives food safety professionals new options to
rapidly and accurately image, count and document microbiological colonies on 3M™ Petrifilm™ Plates indicator tests. By rapidly automating the
colony-counting step of 3M Petrifilm Plates, the 3M Petrifilm Plate Reader Advanced saves food safety labs time and increases productivity. The new 3M
Petrifilm Plate Reader Advanced is a small, peripheral device containing a five-megapixel camera and versatile bar code reader. The device utilizes fixed
artificial intelligence networks to enumerate 3M Petrifilm Plates. 3M Petrifilm Plates are inserted into the device, with imaging and information
automatically displaying on a USB-connected computer in less than six seconds, processing up to 900 plates per hour. The device can enumerate 10 3M
Petrifilm Plates and the Staph Express Disk and includes software that allows technicians to edit results and add other relevant sample information. A study
conducted found up to 94% reduced time to enumerate 3M Petrifilm Plates when using the 3M Petrifilm Plate Reader Advanced. This introduction of the 3M
Petrifilm Plate Reader Advanced is 3M Food Safety's second automation offering within the last two years for food-and-beverage manufacturers looking to
streamline their operations and modernize their laboratories. In 2019, 3M announced it had partnered with Hamilton Company to offer food testing
laboratories interoperability between the Hamilton® foodInspect™ NIMBUS® automated multichannel pipetting technology and the award-winning 3M
Molecular Detection System. 3M Food Safety is a leader of innovative solutions that help organizations in the food-and-beverage industries to optimize the
quality and safety of their products, enabling consumer protection and improving bottom lines.
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ABB (Switzerland) software can help ships improve efficiency and cut fuel
consumption
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Solution Description
Digital technologies, including AI, data integration and analytics solutions, are expected to transform international shipping in the coming decades as
shipowners are seeking solutions that allow them to increase operational efficiency and sustainability and help to comply with environmental regulations. A
persistent challenge has been the tendency to gather and process data on a system-by-system basis, rather than analyzing interdependent operations. Feeding
datasets into disconnected ‘silos’ limits meaningful analytics capability, burying potential efficiency gains in an ocean of data. The ABB Ability™ Genix
Industrial Analytics and AI Suite, now available for shipping companies, unleashes the power of advanced analytics and Artificial Intelligence to drive better
decisions and significant efficiency gains. ABB estimates that deeper insights into a vessel’s operational data, amplified by AI and analytics enabled by ABB
Ability™ Genix, can result in up to 10 percent fuel reduction, cutting costs and emissions as a result. Additionally, maintenance savings utilizing
condition-based monitoring and early identification of potential malfunctions improve vessel uptime and reduce essential service visits to vessels by as much
as 30 percent. Sustainable transportation, including marine vessels, plays an important role in ushering in a low-carbon future. With shipping accounting for
up to 3 percent of the world’s total greenhouse gas emissions, the marine industry is under regulatory pressure to halve its carbon footprint by 2050. With
ABB Ability™ Genix, marine customers can subscribe to a variety of analytics on demand. This makes the solution suited both to shipowners taking their
first digital steps as well as those already well advanced in digitalization and looking to develop a more holistic approach to vessel management.
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Air Products Brings New Plant On-stream in Malaysia’s Bayan Lepas Free
Industrial Zone
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Solution Description
Air Products a world leading industrial gases company serving Malaysia for more than 45 years, announced it has brought on-stream its first cryogenic
nitrogen plant in the Bayan Lepas Free Industrial Zone, Penang, Northern Malaysia. The new facility further expands the company’s capacity and
reinforces its leading supply position in Penang to serve the fast-growing customer demand from the electrical and electronics (E&E) and other
manufacturing industries. The Bayan Lepas Free Industrial Zone, located in Penang which is one of Malaysia’s most vital economic powerhouses, is a
high-tech industrial zone and home to many multinational E&E companies. Air Products has established a leading position in Northern Malaysia. In
Penang, the company’s two advanced air separation units in the Prai Industrial Park, together with an extensive pipeline network that expands into the
Bukit Minyak Industrial Park and the Batu Kawan Industrial Park, provide a strong and highly reliable gases supply to its customers. The E&E industry
is at the forefront of Industry 4.0 adoption that drives the technological transformation of Malaysia’s manufacturing sector by leveraging the latest smart
technologies such as Internet of Things and artificial intelligence. Serving the global electronics industry for over 40 years, Air Products’total solutions,
including gas supply, application solutions and equipment help electronics packaging and assembly manufacturers meet the increasing demand for the
newest generation of semiconductors. The company’s electronic packaging, assembly and testing laboratory at its state-of-the-art Asia Technology
Center develops advanced application solutions to support the fast-paced growth of the Asia markets.
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Covestro (Germany): Cost-effective holographic display solutions for
mobility
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Solution Description
Scottish technology provider Ceres Holographics announces a strategic partnership with Covestro to commercialize Bayfol® HX photopolymer
films for transparent automotive display applications. Ceres Holographics uses them to create specialty solutions with customized holographic
optical elements (HOEs) designed to enable a new generation of transparent display applications for automobiles and commercial vehicles. The
new partnership represents the next stage in what has already been a long-standing cooperation between the two companies. Bayfol® HX film
from Covestro is a transparent and thin film featuring a light-sensitive, self-developing photopolymer. It is ideal for the reproducible production
of highly efficient volume holograms. Throughout their collaboration to date, the two partners have customized the film to meet the specific
requirements of this application. This transparent display solution enables new line-of-sight applications in automobiles and commercial vehicles
that provides drivers, passengers and pedestrians with a safer and more pleasant experience on the road than before while still achieving the quality,
price levels and production volumes demanded by automotive OEMs. Ceres holographic transparent display technology has already been
successfully demonstrated in OEM prototypes, enabling full-color display of information on front, side and rear car windows. Ceres is currently
involved in go-to-market programs with several global commercial vehicle and automotive OEMs targeting production dates between 2022 and
2025.
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Bombardier (Canada) Expands Service Centre Offerings for Challenger
and Learjet customers in Biggin Hill, Berlin Facilities
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Solution Description
Bombardier announced it is bolstering its maintenance capabilities at its service facilities in Europe following a new agreement with StandardAero.
The partnership will enhance the customer experience for Learjet and Challenger aircraft customers by providing enhanced engine and APU repair
and overhaul capabilities at the Biggin Hill and Berlin service centres in addition to Bombardier’s line maintenance stations in Europe. Dedicated
StandardAero technicians will now be available on site at these locations to create a one-stop-shop for all Bombardier aircraft operators’ engine,
APU and airframe service needs. Learjet and Challenger aircraft operators will now have added peace of mind by reducing downtime and costs,
while leveraging Bombardier’s OEM knowledge, bundling engine and APU maintenance with other Bombardier services in-house, including
major airframe work. This advantage provides customers with the flexibility to have one single proposal and project management of airframe,
engine and APU requirements, as well as all-inclusive pricing options. Skilled StandardAero technicians available at Bombardier’s service
locations in Europe will provide additional capabilities ranging from engine borescope inspections to on-condition engine disassembly and repair.
This includes troubleshooting and repair of any recorded engine squawks. The agreement with StandardAero builds on Bombardier’s
comprehensive global customer service commitment to provide the best customer service experience in business aviation today. Bombardier’s
increased investment in infrastructure, new technologies, resources and capabilities continues to drive value for customers and their aircraft.
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Braskem (Brazil) resumes safe operation at the Chlor-Soda unit in Maceió,
with salt from outside Alagoas
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Solution Description
Braskem started producing chlorine-soda and dichlorethane at its unit in Maceió (AL), which had been paralyzed since May 2019. Thus, the company returns to producing PVC
and caustic soda in an integrated manner in the state. For the return of the plant, Braskem completed the project for the production of brine as a raw material from the acquisition
of imported salt. The resumption of activities will allow the company to continue contributing to the local economy, including the preservation of more than 2,500 qualified
jobs. The integrated production of PVC and caustic soda helps to move the chemical and plastic production chain, which covers about 40 other important industries, such as
hospital and civil construction, and generates approximately 12 thousand jobs, between Maceió and Marechal Deodoro. The new operational process will be carried out with
imported dry salt, since Braskem has permanently stopped, since May 2019, the extraction of salt in Maceió. Braskem invested R $ 60 million in technological and infrastructure
adjustments in the industrial plant and in road and port logistics to integrate the salt transport process, following the best practices in health, safety and the environment. The
salt arrives at the Port of Maceió, where it is stored, and then it is transported to the industrial unit by means of carts, which circulate during business hours. The salt is then
dissolved in tanks to produce the raw material brine. The old saltwater pipeline, which recently underwent maintenance, now serves to transport water. In parallel, the company
remains dedicated to giving priority support to relocating residents and financial compensation for residents affected by the 2018 geological event in Maceió, according to
agreements signed with authorities. The company reaffirms its commitment to the State and responsible business activities and reiterates its priority with the safety and
well-being of people. The entire team uses the necessary protective equipment, adopting all health measures recommended by health authorities to prevent coronavirus. The
industrial facilities were adapted, with intensification in the hygiene and sanitization of the environments, air conditioning with adaptations validated by infectologists,
workstations and transport demarcated for use with adequate social distance, in addition to the delivery of an individual kit with fabric masks and alcohol gel.
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Braskem (Brazil) develops exclusive methodology for creating more
sustainable packaging
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Solution Description
To assist clients, brand owners and design professionals from all sectors to solve the challenges in relation to plastic packaging, Braskem launches its own development methodology to help companies
achieve their 2025 and 2030 sustainability commitments. The exclusive tool was developed to be an open service to support the entire value chain, expanding the delivery of packaging for circular
economy. The methodology is based on the concept of design for environment (DfE), which aims to improve the environmental impact of packaging, creating a new way of thinking about these
projects, from choosing the format and composition of the material to defining circularity routes, engagement consumer and end-of-life product solution. The objective is to make these packages follow
the circular economy model and contribute to boost solutions for reuse, refills and the recycling process, reducing environmental impact and generating value for the chain as a whole. The differential
of the proposal created by the company is the use of a systemic and multidisciplinary process focused on the challenge of each client, which goes through pre-established and well-defined stages: map
of impacts, such as the use of the Life Cycle Analysis tool ( LCA) and evaluation of the product journey, including circularity routes; research to understand consumer trends and social behavior;
conceptualization of general application; design ; manufacture ; and finally, the product launch. Added to this new methodology is Braskem's expertise in circular economy and thermoplastic resins,
accumulated over years of serving the market with a focus on innovation and sustainability. The company has a team dedicated to identifying and solving the application challenges of the most varied
customers, meeting the needs of different segments with high performance. Braskem's exclusive practices for developing circular packaging are the result of more than a year of research and
applications of the Design for Environment (DfE) concept on different fronts. One of them is the Braskem Design Challenge, a program in which company partners are invited to present a real
challenge so that designers, whether students or recent professionals, develop an idea that solves this challenge using concepts such as Circular Economy, Design for Environment and Life Cycle
Analysis. The mentoring and guidance of those selected is carried out by Braskem and the invited partner. In addition to this initiative, there is also a second model for applying this methodology, called
Packaging Day. During this meeting, Braskem and a partner interested in the methodology discuss and develop a more circular packaging. For this, the company is the one who leads the process,
through a multidisciplinary team - specialist in circular economy, in Life Cycle Analysis, application engineers, designers and illustrators - professionals necessary to generate the best result and apply
the methodology in its completeness.
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Braskem (Brazil) expands portfolio of resins for packaging
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Solution Description
With one of the most complete portfolios on the market, Braskem expands its range of solutions for the packaging segment, one of the main consumers of the company's
thermoplastic resins in South America. The Braskem Flexus family, the company's high performance film brand, now has the Flexus 9213S, which features low blockage,
low migration of additives and greater stability of the pre-press treatment, in addition to performance gains and excellent impact resistance and drilling, characteristics
already known in this family of resins. Among the main applications for the Flexus 9213S are Form Fill Seal (FFS) packaging, pet food, stand-up pouches and multilayer
food films. The Braskem Proxess family, a film brand with excellent processability, also gains the reinforcement of Proxess 3310, a medium density polyethylene
produced with metallocene catalyst, which has excellent processability, with low gels. Specific for the production of special films and laminates, the grade offers greater
rigidity and low impact on optical properties when encapsulated. Its great differential is the reduction in the thickness of the final product, which can be used in
applications, such as toothpaste tubes, pet food, stand-up pouches and multilayer films. The flexible packaging segment also gains three new solutions. The HD2000F
grade, high density polyethylene produced with bimodal technology, which offers better processability to the final product, due to the wide distribution of molar mass.
The film that is produced from this resin has high toughness and impact resistance, even at low thicknesses. This new grade was developed, mainly, for the plastic bags
and perforated reels segment. Specially designed to serve the mono or coextrusion tubular film market, the HD5000N grade, high density polyethylene, has excellent
mechanical properties and processability, in addition to expanding the performance of flexible packaging that requires high rigidity, good optical properties and,
especially, better barrier against water vapor. The main applications of this product are food products, such as special films that are in contact with food and packaging
for cereals and other products that require specific barrier against water vapor.
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Chemours (USA) Announces Two New Segments - Thermal & Specialized Solutions
and Advanced Performance Materials - from Division of Fluoroproducts Segment
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Solution Description
The Chemours Company a global chemistry company, announced that, during the fourth quarter of 2020, the Company divided its
former Fluoroproducts segment into two new reportable segments: Thermal & Specialized Solutions and Advanced Performance
Materials. This change will enable an enhanced customer centered approach, management focus and decision-making, strengthened
resource allocation, and increased transparency and accountability. Each business will be empowered to maximize its full potential
through continued investments in innovation and technology that build on Chemours' unmatched expertise across both unique
product portfolios, leading to strong long-term customer and shareholder value. Accordingly, new leadership has been appointed to
lead the TSS and APM segments and unlock the value in these businesses. Alisha Bellezza, current Vice President, Fluorochemicals,
has been appointed President of TSS. Denise Dignam, current Vice President, Fluoropolymers, has been appointed President of APM.
Edwin (Ed) Sparks, currently President of Fluoroproducts, will become President of the Titanium Technologies business upon the
retirement of Bryan Snell. Each of these appointments will be effective March 1, 2021.
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Hamee Corporation and BASF (Germany) reinvent mobile phone cases
with Elastollan TPU
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Solution Description
Hamee Corporation, a leading Japanese brand for mobile device accessories, has unveiled a new line of custom-designed protective
cases made with BASF’s Elastollan® thermoplastic polyurethane (TPU) for the new iPhone 12 and iPhone 12 Pro. Thanks to its high
durability, anti-yellowing, and excellent transparency, Elastollan is a preferred material for protective cases that enable extreme
clarity and enhanced aesthetics. The multi-material hybrid structure using Elastollan provides Hamee’s range of mobile phone cases
with ultimate protection against bumps and scratches. The sleek, abrasion-resistant finishing enables iPhone 12 and 12 Pro users to
match their devices with the most protective yet stylish phone cases offering a highly transparent and crystal clear design. Elastollan
is selected for Hamee’s new line of protective cases, HIGHER, to safeguard their mobile phone without compromising on clarity and
aesthetics over time. Elastollan’s UV resistance, optimized in the new formulation, helps to ensure its anti-yellowing properties. This
innovative TPU used in the multi-material hybrid structure prevents discoloration or yellowing for the lifetime of their mobile phone
cover, resulting in a right balance between form and function while guaranteeing premium quality in Hamee’s products.
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Fluor (USA) Unveils New Strategic Priorities and Goals to Support
Building a Better Future
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32
Solution Description
Fluor Corporation unveiled its new strategy to become the preeminent leader of professional and technical solutions at its 2021 Strategy Day called
“Building a Better Future.” At the Strategy Day event, Fluor’s leadership team outlined the four strategic priorities for driving value creation: Drive
growth across Fluor’s portfolio – By 2023, Fluor expects 70 percent of revenue will come from non-traditional oil and gas segments. Pursue contracts
with fair and balanced terms – Fluor will improve the quality of its backlog by only pursuing and executing work with fair and balanced terms. Fluor’s
backlog will be more than 75 percent reimbursable by 2024, which is similar to historical norms. Reinforce financial discipline – By 2024, Fluor plans
to lower and maintain a debt to capitalization ratio corridor between 20 to 40 percent, generate return on invested capital in excess of 20 percent, secure
investment grade credit ratings and deliver top quartile shareholder returns. Fluor is targeting a 2024 earnings per share range of $3.00 to $3.50. Foster
a high-performance culture with purpose – Fluor is committed to increasing women and diversity in leadership roles and creating a positive and
inclusive culture that can drive strong individual and collective performance. In addition, the company has committed to achieve Net Zero for scopes 1
and 2 CO2 equivalent emissions by the end of 2023. Fluor’s new strategic priorities build upon the previously announced realigning of its operations
into three new business segments: Urban Solutions, Mission Solutions and Energy Solutions. The updated organizational and reporting structure aligns
Fluor’s business with identified growth markets, and will be implemented in the first quarter of 2021.
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Hexagon (Sweden) launches R-evolution, a new business venture focused
on a sustainable future
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33
Solution Description
Hexagon AB, a global leader in sensor, software and autonomous solutions, announced the launch of a new business venture focused on reinventing how
industry addresses complex environmental challenges: R-evolution. R-evolution is founded to accelerate the transition to a sustainable economy, running
profit-driven investments in green-tech projects where Hexagon's technology can be applied. The move to form R-evolution comes on the heels of Hexagon's
recent announcements to further develop its sustainability agenda, including climate goals to significantly reduce its own carbon footprint. Targets to
positively impact the environment now include supporting the world's sustainability journey through R-evolution. The first set of investments, centered
around renewable energy, will involve the construction and operation of a portfolio of cutting-edge solar farms, targeted at producing energy with 50,000
tonnes less CO2 equivalents per annum than the grid's residual mix. Solar farms are just the beginning. R-evolution will leverage the returns generated from
Hexagon's equity investments to fund further carbon reduction projects. The strategy is to expand focus to areas of sustainable agriculture, saving our oceans,
protecting our forests, and more. In the future, R-evolution's ambitions also include inviting others to join the revolution - from companies to pension funds
to individuals - providing all the opportunity to make a huge difference and profit in return. Previously, Josefsson was Head of Advanced Industries at
Ericsson, where he led the delivery of global Industrial IoT and 5G solutions for the manufacturing and process industries. He has a passion for global tech,
has worked and studied in Sweden, Malaysia, China, and the USA, and has experience driving many smart initiatives like 5G factories, Connected Cars and
Smart Sustainable Cities.
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Doosan (South Korea) Heavy Industries & Construction bags order for
KRW 780 billion RO desalination plant in Saudi Arabia
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34
Solution Description
Doosan Heavy Industries & Construction succeeded in bagging an order for an KRW 780 billion seawater desalination
plant in Saudi Arabia. Doosan announced on January 25 that it had signed a contract to construct the Yanbu4 seawater
desalination plant with a consortium, consisting of the French energy company Engie as the project developer and Saudi
Arabian companies Mowah and Nesma. The Yanbu4 seawater desalination plant will be applying the reverse osmosis
(RO) process. It will be constructed in Ar Rayyis, located about 260 km north of Jeddah. The RO process is a water
purification process that removes salt from seawater by using pressure to force water molecules through a semipermeable
membrane. Doosan plans to construct the Yanbu4 seawater desalination plant on an EPC basis, taking on the
responsibilities of engineering, procurement and construction. Once constructed, the plant will supply 450,000 tons of
potable water daily, enough for 1.5 million people in the Ar Rayyis region in the western part of Saudi Arabia.
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Dover (USA) Fueling Solutions Launches Groundbreaking Connected
Solutions Platform
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35
Solution Description
Dover Fueling Solutions (“DFS”), part of Dover and a leading global provider of advanced customer-focused technologies,
services and solutions in the fuel and convenience retail industries, announced the launch of the DFS DX™ connected
solutions platform. DFS DX helps reduce operational costs, increase sales and enhance the customer experience through a
combination of intelligent connected cloud solutions to enable digital transformation for the global fueling and retail industry.
DFS DX is the industry’s first open, global and common cloud platform that harnesses advanced analytics and IoT to deliver
five core innovative solutions focused on customer experience and asset optimization. These five core solutions are wetstock
management, remote asset monitoring, targeted advertising and media at the dispenser, fleet fueling site management and
point of sale management. This platform empowers fuel retailers to identify fuel loss in real-time, optimize dispenser uptime
and increase sales through targeted advertising at the fuel dispenser. In addition, by using this platform, fuel retailers can
centrally manage their point-of-sale solutions and control their entire fleet from a single interface.
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Dover (USA): Markem-Imaje Introduces New Low Odor, Alcohol-Based
Ink, Enhancing The User And Product Experience
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36
Solution Description
Markem-Imaje, part of Dover is launching its FB655 continuous inkjet ink, a new ink product aimed at the food industry, as well as
fast-moving consumer goods like cosmetics. The low odor, alcohol-based ink improves user experience, convenience and cost control,
while delivering excellent code quality. The FB655 ink is virtually odor-free and is financially and environmentally advantageous
compared to other ink products. The associated additive consumption is 50% lower than that of more traditionally used inks. Additionally,
unlike the previous generation of alcohol-based inks, the FB655 does not require the installation of a pressurization kit or the use of
compressed air. This means no investment in an accessory is required and no extra energy is consumed in terms of compressed air. Like
all Markem-Imaje inks, the FB655 ink provides excellent code definition with very clear contours and no smudging, irrespective of the
printed material. It can be used to print easy-to-read Datamatrix or QR codes and works with all of Markem-Imaje’s continuous inkjet
printers. Consistent with Markem-Imaje’s policies regarding the responsible production and use of its inks, this consumable meets
existing regulations and directives governing packaging, whether required or recommended, including REACH, GMP, HACCP, EuPIA,
Swiss Ordinance and Nestlé Guidance Note.
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Dover (USA): Markem-Imaje Supports Higher Safety Standards for
Packaged Food With Launch Of Thermochromic Ink
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37
Solution Description
Markem-Imaje, part of Dover announced the launch of its MS596 thermochromic ink, designed to change color at high temperatures to indicate correct sterilization of
packaged food products. With an increase in regulatory requirements for proper coding and marking on cooked food products, there is a growing need for product
authentication and quality assurance. This is particularly important in the food industry, where heat-treated ready meals are becoming more popular, including plastic
pouches used for baby food and pet food.
Markem-Imaje’s MS596 thermochromic ink can be used for printing on both metal cans and plastic film. With excellent adhesion to polyolefin pouches, no pre- or
post-treatment of the packaging material is required. The ink changes color from black to blue at retort temperature, creating a clear contrast on the dedicated white
printing area. It has an operating temperature of 5oC to 40oC, ensuring it can work effectively in a wide range of environmental conditions. Used in the company’s 9450
continuous inkjet printer, the ink also increases printing reliability. Unlike earlier generations of thermochromic ink, Markem-Imaje’s innovative ink will not change
color prematurely due to temperature effects from the printer instead of from the sterilization process. This thermochromic ink also aids maximum production throughput
with a drying time of only one second on almost all materials. MS596 also improves upon previous generations through smear resistance to maintain high coding
legibility, and it is not affected by oil and grease residues or water during the retort process. The ink is formulated and manufactured in accordance with the EuPIA
(European Printing Ink Association) guidelines on printing inks applied to the non-food contact surface of food packaging materials and articles and complies fully with
the EuPIA Exclusion Policy. Given this ink can come into contact with food, all raw materials used to create it have been closely chosen in line with the Swiss Ordinance,
which helps ensure inks are safe to use in such situations.
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Dover (USA) Fueling Solutions Releases New Maglink Lx 4 Console
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38
Solution Description
Dover Fueling Solutions, a part of Dover and a leading global provider of advanced customer-focused technologies, services and
solutions in the fuel and convenience retail industries, announced the launch of its next-generation console, the ProGauge MagLink
LX 4. The new tank gauge console features several impressive upgrades and enhancements from the previous MagLink LX model,
including state-of-the-art “touch and swipe” technology that results in a truly immersive and interactive experience for the user.
Coupled with enhanced graphics, including realistic three-dimensional storage tank renderings that give accurate visualizations of the
fuel stored in underground tanks, this intelligent technology enables fuel retailers to seamlessly toggle between screens, zoom in and
activate buttons to view all tank data instantly and quickly make informed decisions over their wetstock. The combination of these
features, as well as a brighter screen and a faster processor, make the MagLink LX 4 the most advanced tank gauge console on the
market today, superseding the prior DFS model. The MagLink LX 4 console integrates seamlessly with many products and services
across DFS’ vast portfolio, including wetstock applications such as the Fairbanks expert monitoring service and the new DMP
magnetostrictive probe, which combined give site owners a complete fuel management solution for their network.
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Emerson’s (USA) New Embedded Software Aids Automation and Digitalization
of Oil and Gas Multiphase Flow Measurement
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39
Solution Description
Emerson introduces new software to boost process automation and the application of the Roxar 2600 Multiphase Flow Meter (MPFM) for the oil
and gas industry. The Rapid Adaptive Measurement™ software architecture enables the Roxar 2600 MPFM to do parallel computations at 10Hz
and autonomously select the optimal configuration for a particular time period. This leads to more automation in operational processes, reducing
the need for what previously were manual configuration changes. As oil and gas operators adjust production methodologies to develop more
complex reservoirs, the flow profile of wells is becoming more varied. Producers therefore need multiphase flow metering technology to be robust
and reliable in very demanding conditions. Rising to this challenge, Emerson has responded to customer needs with Roxar Rapid Adaptive
Measurement. This embedded software supports operators with enhanced meter performance, increased robustness and confidence while enabling
cost efficient operations. In addition, it ensures ease and agility for evolving technology advancements within their existing install base. The
modularity of Rapid Adaptive Measurement allows for individual calculation modules to be improved and tested independently, and new modules
can easily be plugged into the framework. This enables the embedded calculation software and, by extension, the Roxar 2600 MPFM performance
to evolve with new modules as they become available, providing continuously updated support for the life of an oilfield.
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Emerson’s (USA) New Ultrasonic Metal Spot Welder Delivers Repeatable,
High-Quality Welds
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40
Solution Description
Emerson announces its new Branson™ GMX-20MA ultrasonic metal spot welder, an advanced spot welder that bonds nonferrous metals, including bus bars, foils, switches,
and wire terminations in automotive electrical systems, electric vehicles, batteries and battery packs, power storage systems and related applications. The GMX-20MA metal
spot welder is built around an all-new, rigid pneumatic actuator with dual linear bearings and a digital load cell to ensure smoother vertical motion and more precise downforce
control for maximum weld quality and repeatability. Actuator travel and tool positioning relative to the welded parts are tracked and measured using a linear encoder. Once
tooling/part contact is made, a digital load cell measures and maintains a precise level of actuator downforce on the parts, ensuring that weld energy is accurately delivered and
consistent weld quality is assured from one weld to the next. The programmable controls of the GMX-20MA enable operators to manage the welding process in multiple modes:
time, energy, peak power and distance. These versatile weld modes, together with the welder’s advanced digital controls, ensure the added precision required to maintain tight
weld process control despite occasional variations in part surface quality or cleanliness. In most cases, the high-frequency, lateral scrubbing action of the ultrasonic tooling
eliminates the need to pre-clean parts. The GMX-20MA is programmed through a user-friendly, touchscreen human-machine interface (HMI) housed in the unit’s Branson
2000Xd power supply/controller. The touchscreen makes creating, editing and recalling stored production recipes fast and simple. The touchscreen HMI also opens up access
to the unit’s multiple welding control modes and enables users to configure production- and quality-monitoring solutions. Throughout the production process, the GMX-20MA
power supply/controller continuously compiles and stores extensive weld quality and traceability data. It also conducts amplitude stepping for optimization of weld strength
and appearance, with built-in cycle counters to track production. Total cycle time can be displayed in the weld results screen, which allows user to monitor key operating
parameters. The unit’s Visual Quality Screen (VQS) monitors and displays real-time quality data so that even small variations can be identified and corrected immediately.
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JG Summit Holdings (Philippines): It’s a Green Light for Robinsons Place
Manila’s ETRIKES saKamaynilaan
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41
Solution Description
Robinsons Place Manila and the Local Government of Manila City recently launched the “ETRIKES saKamaynilaan” service, providing the
mall’s customers and commuters in the heart of Manila with another viable and affordable mode of transportation. Ten e-trikes will be
deployed daily from 10 A.M. to 9 P.M. at terminals located near the mall's Adriatico, Sta. Monica, and Midtown Wing entrances. The e-trikes,
which carry a maximum of six people per trip, ply various routes in the city, including Ermita, Malate, Binondo, Tondo, Divisoria, Otis, Paco,
Sta. Ana, San Andres, Sta. Mesa, and Vito Cruz. For everyone’s health and safety, the wearing of face shields and face masks, and physical
distancing inside the e-trikes as well as areas around the mall are strictly observed.Robinsons Place Manila is the only private company that
has been allowed by the city government to offer the e-trikes service. The initiative is also aligned with the mall’s chosen beneficiary over the
Christmas season, the city’s displaced jeepney drivers. Since many jeepney drivers have been affected by the pandemic, they have now been
re-deployed to ply the roads of Manila as e-trike drivers.Apart from benefiting the commuting public and transport sector workers whose
livelihoods were affected by the pandemic, the launch of E-TRIKES saKamaynilaan is a big step towards promoting a more
environment-friendly mode of transport, in sync with Robinsons Land’s vision for greater sustainability in the country.
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JG Summit Holdings (Philippines): Cebu Pacific Lifts Passenger
Confidence with COVID Insurance Add-on
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42
Solution Description
Cebu Pacific, the Philippines’ leading carrier, recently launched COVID Protect, a new travel insurance add-on, to give travelers peace of mind when flying amidst the
pandemic. This upgrade to the CEB TravelSure travel insurance plan will cover COVID-related hospitalization and treatment. With this new add-on, the carrier further expands
its suite of available passenger options as it prioritizes everyJuan’s health and safety. With COVID Protect, passengers who test positive for COVID-19 during their travel may
receive up to PHP 1 million coverage for their hospitalization and medical expenses. The COVID Protect add-on may be availed of by all passengers flying to and from all of
CEB’s domestic destinations, as well as to its international destinations, for as low as PHP 270. Coverage begins on the date of departure and ends two hours upon return to the
point of origin, with a maximum travel duration of 30 consecutive days.Passengers can easily avail themselves of this offer when booking flights on the Cebu Pacific website,
while existing CEB TravelSure insured passengers can simply purchase the COVID Protect add-on up to two hours prior their flight through the website’s ‘Manage Booking’
portal.CEB TravelSure COVID Protect is underwritten by Insurance Company of North America (a Chubb Company). Chubb is the world’s largest publicly traded property and
casualty insurance company. CEB TravelSure, the airline’s comprehensive travel insurance plan, provides extensive trip protection with coverage of costs related to injuries,
illnesses, loss of personal belongings, trip cancellations, emergency assistance, and other unforeseen travel circumstances.CEB has been rated 7/7 stars by Airline Ratings for
its COVID-19 compliance as it continues to implement a multi-layered approach to safety in accordance with global aviation standards so everyJuan can travel safely and
responsibly. These measures include contactless procedures, thorough cleaning and disinfection protocols for all aircraft and facilities, mandatory wearing of masks and face
shields for both passengers and crew, as well as antigen testing for CEB frontliners before duty. On top of these, its jet aircraft are also equipped with hospital-grade HEPA filters
with 99.99% efficacy, keeping viruses at bay.
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Motorola Solutions (USA) Enables Police Transparency with Access to
Body-Worn Camera Technology
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43
Solution Description
Motorola Solutions announced a new Video-as-a-Service offering, which combines body-worn cameras, digital evidence management software and
cloud-based support in a bundle for law enforcement agencies. With no upfront capital investment, this service plays a vital role in helping law enforcement
promote transparency and accountability within their agencies while also helping to keep officers and communities safe.Motorola Solutions believes that
transparency in public safety starts with every police officer being outfitted with a body-worn camera, and that it should be as commonplace as the badge that
they wear. The body-worn camera as-a-service package includes a V300 body-worn camera, spare battery, mounting device and access to digital evidence
management. This package also includes valuable records management and community engagement applications from Command Central to help agencies
better integrate video into their workflows. Digital evidence migration services are also available to agencies that need them.CommandCentral unifies
information and data so it is accessible and streamlines the public safety workflow, providing a better chain of custody for evidence and bringing greater
efficiency to operations. For example, if an officer wearing a body-worn camera is present at the scene of an assault, the video can be uploaded to be made
immediately searchable for law enforcement, prosecutors and related public safety officials in the records management system along with other evidence
related to the incident. The significant efficiency gains mean officers and investigators spend less time on administration and more time protecting their
communities. Beyond body-worn cameras, Motorola Solutions has also launched two additional mobile Video-as-a-Service offerings, one bundle for in-car
cameras with license plate recognition and a second bundle for an integrated system of body-worn and in-car cameras together.
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Motorola Solutions (USA) Combines AI Capabilities with a Network Video
Recorder to Present an All-in-One Solution
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Solution Description
Motorola Solutions announced the newest addition to its video security and analytics portfolio, the Artificial Intelligence
Network Video Recorder (AI NVR). The AI NVR combines the traditional Avigilon NVR with the capabilities of the
Avigilon AI Appliance to provide enterprises with a solution that fulfills their analytic, storage and cyber security needs.
The solution is cloud-connected, enabling remote management through Avigilon Cloud Services so that users can easily
perform software upgrades and download new applications. Rather than replacing an entire video security set up, users can
now connect their existing camera system with the AI NVR to gain access to the Avigilon advanced analytics. This
includes Avigilon Appearance Search™ Technology and Object Detection and Classification, as well as No Face Mask
Detection and Occupancy Counting from the COVID-19 insights suite. The AI NVR is a comprehensive solution,
enabling users to adopt the power of Avigilon’s neural network-based analytics while running on a hardened operating
system that can be managed remotely. The AI NVR is now available for order.
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Businesses Gain Unparalleled Collaboration and Productivity with
Motorola Solutions’ (USA) New Smart Radio
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45
Solution Description
The global pandemic has driven businesses to shift and adapt operations to meet changing demands and new challenges. For many, this has meant a greater focus
on collaboration and productivity, bringing to the forefront the need for simple and reliable voice, video and data communications, as well as applications that make
individuals and teams more efficient. Motorola Solutions announced the launch of a next generation business-ready smart radio with voice, broadband data and
multimedia capabilities to connect teams, inform operations and keep businesses running smoothly. The MOTOTRBO Ion smart radio brings real-time intelligent
data to existing business workflows. Its fully open Android application ecosystem allows for seamless integration of the mobile data applications that commercial
industries depend on, such as those used for enterprise-grade barcode scanning, as well as team communication platforms used for messaging, meetings and shared
content. A 13-megapixel camera and 4-inch, high-resolution touchscreen lets workers attach photos to work tickets, use video chat for remote diagnostics and view
detailed images, schematics, diagrams, photos and videos. This simplifies device management and security, allowing businesses to move toward the use of a single
device that offers the simplicity and reliability of push-to-talk radio with the additional capabilities of a smartphone, scanner and tablet.The MOTOTRBO Ion
smart radio works on the digital mobile radio (DMR) standard, Wi-Fi, public LTE and private broadband networks. It is built to support searching, tracking,
ticketing, scanning and collaboration to boost productivity, especially within industries such as manufacturing, transportation, logistics and hospitality that rely on
mobile workers. It enables airport workers to coordinate the safe and timely flow of passenger services, truck drivers to receive vital route information via digital
job tickets and security personnel to stream high-definition video from across stadiums or theme parks.
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Lonza (Switzerland) Announces High-Quality Cryopreserved Leukopaks
for More Flexibility in Immunology and Cell Therapy Research
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46
Solution Description
Lonza has expanded its renowned human primary cell offerings with the launch of fully customizable, high-quality cryopreserved Leukopaks. The frozen Leukopaks will
enable long-distance shipping of leukapheresis products without the concern of reduced cell viability encountered with fresh Leukopaks. Being suitable for long-term
storage in research labs, the cryopreserved Leukopaks will also allow immediate access to viable cells for greater convenience and workflow flexibility. The
cryopreserved Leukopaks come in a range of sizes, and multiple donor characteristics and testing options are available through a unique costing structure that allows
customers to only pay for the customization that they need.A Leukopak is an enriched leukapheresis-derived product containing high concentrations of peripheral blood
mononuclear cells like T cells, B cells and monocytes. Such cells are a critical raw material in immunotherapy research and for optimizing cell therapy process
development before progressing to full clinical manufacture. However, fresh Leukopaks can be hard to access and must be used rapidly to avoid cell degradation.
International transportation options are thus severely limited, and logistical delays or donor cancellations can have catastrophic impacts on research costs and quality.
Cryopreserved Leukopaks allow reliable global shipping while maintaining cell viability and functionality, and the ability to thaw cryopreserved Leukopaks when needed
means researchers are better able to plan ahead for more cost-efficient therapy development. Lonza’s cryopreserved Leukopaks are available in a range of sizes, including
packs of 2.5, 5 and 9.5 billion cells, which can be subdivided into separate smaller bags for greater convenience. Specific donor characteristics like age, gender and
Human Leukocyte Antigen (HLA) type are also available, with a wide range of recallable donors and several product testing options. Customization follows a unique,
tailored pricing structure, where customers only pay for the customization they require. Customers will also have access to Lonza’s globally renowned technical support
services to facilitate optimized product usage and greater research success.