Dassault to invest US$ 116 mn in defence JV with Reliance
30-Oct - 04 November 2017
Fujitsu, Lenovo and DBJ form PC Joint Venture
it & BPM i FOOD I HEALTHCARE i TEXTILES i INFRASTRUCTURE i ENGINEERING i tourism
Unilever to acquire TAZO brand from Starbucks
Oracle Health Sciences collaborates with dMed in China
THE DEFINITIVE SOURCE FOR INVESTMENT PROMOTION EXECUTIVES
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The Luxury Collection, announced the signing of IRAPH SUI, a Luxury Collection Hotel in Okinawa, Japan. Owned by The Mori Trust Group and slated to open in late 2018, the new island resort will be will be located in the city of Miyakojima, in Okinawa Prefecture and will be the third Luxury Collection hotel in Japan.
“We are thrilled to welcome this island resort to our portfolio in Japan,” said Mitzi Gaskins, Global Brand Leader, The Luxury Collection. “The luxury vacation market in Japan is a well-established one, and sophisticated travelers are always looking for exciting new destinations and authentic experiences wherever they go. This latest addition to The Luxury Collection in Japan will enhance the brand’s position in the global hospitality market and provide an exceptional indigenous experience to global luxury travelers.”
The new Luxury Collection resort will be located on an elevated headland on the southwestern coastline of Irabu, a small island in the Miyako Island group, where its 57 guest rooms will enjoy stunning sea views. In addition to nine suites with private plunge pools, the resort will also feature 10 luxurious Junior suites and one Executive suite. Amenities will include a 72-foot outdoor swimming pool, a state-of-the-art fitness center and spa. IRAPH SUI will also feature an all-day restaurant, a relaxing pool bar and beach club.
“Together with the Mori Trust Group, we look forward to bringing another prestigious Luxury Collection hotel to Japan,” said Raj Menon, Chief Operating Officer, Marriott International Asia Pacific, excluding Greater China. “With over 100 hotels in 32 countries, each Marriott International Luxury Collection hotel celebrates the distinctive character of its locale with beautiful settings, exquisite décor and the impeccable service of The Luxury Collection Concierge, giving our guests a truly unforgettable travel experience.”
The Luxury Collection takes guests on journeys to the world’s most inspiring places, enriching and transforming modern global travel with authentic and timeless experiences that evoke lasting, cherished memories. There are currently 28 Luxury Collection hotels in Asia-Pacific welcoming guests to some of the most enchanting destinations in the region, where each iconic hotel serves as a portal to the indigenous charms and treasures of its particular location. The signing of IRAPH SUI in Okinawa will add another jewel to the crown of the Marriott International luxury portfolio in Japan, driving the strategic growth of the Luxury Collection brand in the Asia-Pacific region, as well as globally.
The Luxury Collection Hotels & Resorts set to open Hotel on the Stunning Beaches of Okinawa
Innergex Renewable Energy will acquire Alterra for US$ 1.1 billion
Innergex Renewable Energy Inc., and Alterra Power Corp.,are pleased to announce that they have entered into an arrangement agreement (the “Arrangement Agreement”) pursuant to which Innergex will acquire all of the issued and outstanding common shares of Alterra (the “Alterra Common Shares”) for an aggregate consideration of $1.1 billion, including the assumption of Alterra’s debt (the “Transaction”). The Transaction is subject to approval by Alterra’s shareholders and other customary closing conditions.
Pursuant to the Transaction, Alterra shareholders will receive an aggregate consideration which will consist of approximately 25% in cash and 75% in common shares of Innergex.
“This transaction is highly strategic and accretive for Innergex as we believe it significantly accelerates Innergex’s growth profile with a path to reach a net installed capacity of over 2,000 MW by 2020,” said Michel Letellier, President and Chief Executive Officer of Innergex. “The geographic and energy sources profile of Alterra’s portfolio further diversifies Innergex’s asset base by adding operating hydro and wind projects in Canada, a large number of operating, under construction and prospective wind projects in the U.S. and operating geothermal assets in Iceland. Further, we believe that the addition of Alterra’s seasoned and experienced team to Innergex’s team enhances our ability to concurrently develop multiple projects across many geographies.”
“This is an excellent transaction for Alterra shareholders,” said Ross Beaty, Executive Chairman of Alterra. “It offers a significant premium and the opportunity for Alterra shareholders to remain exposed to Alterra’s assets, including our growth pipeline. Innergex is an outstanding Canadian clean energy company with highly complementary renewable energy assets to those of Alterra and a similar corporate culture. The combined company will have a lower cost of capital, stronger balance sheet, more diversified asset base and greater capacity to grow rapidly and efficiently. I look forward to tendering my Alterra shares into Innergex and remaining a significant shareholder for many years to come.”
Vnesheconombankand the Export - Import Bank of China signed a framework line of credit agreement in Beijing. The amount to be financed under the CNY agreement will be up to three billion US dollars.
The agreement was officially signed in the presence of Dmitry Medvedev, Chairman of the Russian Government, and Li Keqiang, Premier of the State Council of the People's Republic of China.
The Agreement provides for long-term lending to finance Russian projects in the area of infrastructure and high technology as well as knowledge intensive and innovative projects being launched in Russia, including the projects creating synergies in the context of the EAEU integration initiatives and China's The Belt and Road Initiative.
"VEB and China Exim Bank have been working together over a large span of time, and we have achieved great outcomes. With the new agreement, we will be able to expand Russia-China cooperation commercially and economically and to boost interaction across the high technology sectors," Sergey Gorkov commented after the agreement was officially signed.
The Export-Import Bank of China (China Exim Bank) was founded in 1994. It is a state bank solely owned by the Chinese government and under the direct leadership of the State Council. China Exim Bank headquarters are based in Beijing.
VEB & China Exim Bank Co-invest up to US$ 3 billion to finance Russian Projects
Vistra Energy and Dynegy To combine to create leading Integrated Power Company
Vistra Energy, the parent company for TXU Energy and Luminant, and Dynegy Inc., announced that their Boards of Directors have approved, and the companies have executed, a definitive merger agreement pursuant to which Dynegy will merge with and into Vistra Energy in a tax-free, all-stock transaction, creating the leading integrated power company across the key competitive power markets in the United States. The resulting company is projected to have a combined market capitalization in excess of $10 billion and a combined enterprise value greater than $20 billion.
The combination of Dynegy's generation capacity and existing retail footprint with Vistra Energy's integrated ERCOT model is expected to create the lowest-cost integrated power company in the industry and to position the combined company as the leading integrated retail and generation platform throughout key competitive power markets in the U.S. Together with Dynegy, Vistra Energy will serve approximately 240,000 commercial and industrial (C&I) customers and 2.7 million residential customers in five top retail states, with estimated retail sales of 75 terawatt (TWh) hours in 2018. The combined company will also own approximately 40 GW of installed generation capacity. Of that capacity, more than 60 percent is natural gas-fueled, and 84 percent is in the ERCOT, PJM, and ISO-NE competitive power markets.
ExxonMobil to acquire Interest in Block containing Brazil’s Carcara Oil Field from Statoil
ExxonMobil announced that it has completed an agreement to purchase half of Statoil’s interest in the BM-S-8 block offshore Brazil, which contains part of the pre-salt Carcara oil field. The Carcara field contains an estimated recoverable resource of 2 billion barrels of high-quality oil. The block is located approximately 200 miles offshore Rio de Janeiro.
Statoil currently holds a 66 percent interest in the block, which contains about half the Carcara field. The other part of the field is in the adjacent North Carcara block, where ExxonMobil, Statoil and Petrogal Brasil were high bidders in a bid round held today. Statoil will continue to operate the Carcara development and hold 33 percent interest.
“These agreements and recent bid round results mark ExxonMobil’s entry into a world-class resource and prospective exploration acreage in Brazil,” said Darren Woods, chairman and chief executive officer of ExxonMobil. “ExxonMobil has a long history in the country and we’re confident our deepwater technology and project expertise can help to further grow the value of Brazil’s energy resources. We look forward to working with Petrobras and all our partners to begin to explore and develop this high quality acreage.”
Separately, ExxonMobil recently added highly prospective acreage to the company’s portfolio after completing a farm-in agreement with Queiroz Galvão Exploração e Produção (QGEP).
Eric Trappier, Chairman ofDassault Aviation and Anil D. Ambani, Chairman of the Reliance Group laid the Foundation Stone for the Dassault Reliance Aerospace Limited manufacturing facility in Mihan, Nagpur located in India’s western state of Maharashtra.
The Foundation Stone was laid in the presence of Ms. Florence Parly, Minister of Armed Forces of the French Republic; Shri. Nitin Gadkari, Union Minister for Road Transport and Highways of India, who is also the Member of Parliament of the city of Nagpur; and Shri. Devendra Fadnavis, Chief Minister of the State of Maharashtra; and H.E. Mr. Alexandre Ziegler, Ambassador of France to India. Also present were over 200 dignitaries from the State and City administration and local industry.
The Dassault-Reliance manufacturing facility Dhirubhai Ambani Technology Park is located in the Mihan SEZ adjoining Nagpur International Airport. Under this Joint Venture (51% Reliance Infrastructure and 49% Dassault Aviation) the facility will manufacture several components of the offset obligation connected to the purchase of 36 Rafale Fighters from France, signed between the two Governments in September 2016.
DRAL will manufacture components for the Legacy Falcon 2000 Series of Civil Jets manufactured by Dassault Aviation and thus will become part of its Global Supply Chain. These first steps are expected to achieve in the coming yearsthe possible setting up of final assembly of Rafale and Falcon Aircraft.
The Joint Venture also represents a unequalled Foreign Direct Investment (FDI) by Dassault Aviation of over 100 Million Euros, the largest such Defence FDI in one location in India.
The DRAL facility will train thousands of skilled workers in aviation assembly and integration, and lead to huge employment generation in Nagpur and its surrounding areas. It will also attract and house an organic ecosystem of over 200 MSME’s to secure the component and avionics manufacturing needs of Rafale and Falcon Jets.
Dassault Aviation Chairman, Mr. Eric Trappier, declared that “this Foundation Stone laying demonstrates Dassault’s firm commitment to implementing Prime Minister Modi’s “Make in India” program. It gives the 65 year-long strong association of Dassault-Aviation in India a new momentum and the will of future manufacturing developments.”
Fujitsu and the Advanced Remanufacturing and Technology Centre (ARTC) announced a strategic partnership to accelerate the pace of digital transformation for the Factory of the Future. The collaboration seeks to allow businesses of all sizes to tap the potential of smart manufacturing solutions. A Memorandum of Understanding (MoU) signing ceremony between Fujitsu and the ARTC was held at the Fujitsu World Tour - Asia Conference Singapore event today.
ARTC is a public-private collaboration between A*STAR, NTU and over 50 industry partners working together to bridge technological gaps in the adoption of advanced manufacturing and remanufacturing capabilities.The three-year partnership will leverage the expertise of Fujitsu, and ARTC's research and development expertise and state-of-the-art facilities to develop strategic capabilities that address key challenges faced by the manufacturing sector, and prepare for a future ecosystem of intelligent manufacturing. Through the partnership, Fujitsu and ARTC will jointly identify and develop solutions to comprehensively realize the digital transformation of a wide range of enterprises involved in the manufacturing supply chain, including small and medium companies (SMEs), offering potential productivity and efficiency gains, minimize security risks and enhance workplace safety.
Fujitsu and ARTC will collaborate to apply technologies in the areas of artificial intelligence (AI) and robotics, Head Mounted Display and Industrial Augmented Reality, Cybersecurity, Wearable technology, Human and Robotics Harmonization to the manufacturing industry. In light of Fujitsu's initial experience in Japan, the partnership will see the roll-out of Fujitsu's integrated design environment for product development to businesses to better integrate processes such as design development within the manufacturing environment.
Fujitsu Signs MoU with ARTC to develop smart manufacturing solutions for future factories
ICL, a leading global specialty minerals and specialty chemicals company, by its subsidiary Dead Sea Works (DSW) signed an agreement for the first stage of the salt harvesting project at Pond #5, to preserve the pond's water level. The agreement was signed with Holland Shallow Seas Dredging Limited who was selected to lead the project.
Under the contract arrangement, the selected company will commence building a special dredger dedicated to the harvesting project, in the amount of US$ 280 million. The dredger is expected to be 24 x 120 meters and will be operated continuously by tens of employees who will be recruited by the contracting company.
The dredger will remove approximately 5.5 million cubic meters of salt per year from the southern basin of the Dead Sea.
The salt harvesting project is considered one of the most complex and expensive infrastructure projects in Israel and will cost approximately US$ 2 billion. According to the agreement signed with the State of Israel, ICL will finance 80% of the cost of the project.
The agreement will enable the salt harvesting operations to begin in the first half of 2019, with the completion of the dredger's construction and all the project's engineering and operational preparations, including the extensive infrastructure works that have been carried out in the past few years.
ICL signs agreement to establish Salt Harvesting Operation
Owens & Minor, announced that it has signed a definitive agreement to acquire the surgical and infection prevention ("S&IP") business of Halyard Health, Inc. for approximately $710 million in cash. The highly complementary business will increase scale and profitability across Owens & Minor's global business, while also enhancing the company's owned-brand product portfolio and expanding the company's global network into new markets and channels.
Halyard's S&IP business is a leading global provider of medical supplies and solutions for the prevention of healthcare-associated infections across acute care and non-acute care markets. S&IP's focused portfolio of surgical and infection prevention offerings, which includes sterilization wraps, surgical drapes and gowns, facial protection, protective apparel and medical exam gloves, is highly regarded in the industry. Recognized S&IP brands include surgical drape products such as AEROBLUE and AEROCHROME; exam gloves including PURPLE, LAVENDER and STERLING; and sterilization wrap such as ONE-STEP, QUICK CHECK and SMART-FOLD.
As a market leader with a differentiated product portfolio and strong brand recognition, S&IP brings an experienced global sales force with direct channel access to both acute care and non-acute care markets throughout the world.
Additionally, S&IP brings a world-class manufacturing network, a strong pipeline of new products, and a successful track record of bringing products to the global market.
"Halyard's S&IP business is a market leader in the prevention of healthcare-associated infections, and its portfolio of products and services is highly complementary to the innovative solutions we currently provide to our customers," said P. Cody Phipps, Chairman, President & Chief Executive Officer of Owens & Minor. "In today's rapidly changing healthcare industry, Owens & Minor is taking aggressive steps to strengthen and diversify our business model, and this transaction supports and enhances our ability to execute our strategy and provides significant opportunities for growth."
"This transaction is both strategically and financially compelling,"
said Richard Meier, EVP, Chief Financial Officer and President-International. "It will allow us to enhance our product offerings to our acute care and non-acute care customers in a wider range of global markets and—combined with our recent acquisition of Byram Healthcare—will position us to achieve sustainable, profitable growth."
Owens & Minor to acquire Halyard Health, Inc.'s Surgical & Infection Prevention business for US$ 710 Mn
Oracle announced that is collaborating with dMed in China as rapidly emerging local Chinese biopharma companies look to meet growing regulatory compliance and safety management requirements but do not have the resources, systems and skills in-house to do so.
There is an increase in clinical trials in China, deepening regulatory reform at CFDA, and China’s new membership at ICH. All of these changes have heightened the importance of global alignment on clinical development and post approval responsibilities. One of the areas lagging is drug safety and pharmacovigilance. This has resulted in the strong need for a reliable drug safety database that helps meet international safety standards.
“This is why dMed decided to work with Oracle Health Sciences,” said Dr. Lingshi Tan, Chairman and CEO, dMed Biopharmaceutical Co., Ltd. “The Oracle Argus Safety system enables our Pharmacovigilance experts to provide comprehensive case management and safety reporting services. The ability of accessing a reliable drug safety database helps customers meet international safety standards and make better safety decisions.”
“We are pleased to announce our collaboration with dMed Biopharmaceutical Co., Ltd as an Argus Safety customer in China. dMed has right drug safety surveillance and pharmacovigilance professionals who can make best use of our system to support product safety monitoring in compliance with local and global regulatory requirements,” said Mr. Steve Rosenberg, senior vice president and general manager of Oracle Health Sciences. “We believe there will be fantastic synergy between dMed’s in-depth knowledge in pharmacovigilance and Oracle’s comprehensive pharmacovigilance platform.”
Oracle Health Sciences Collaborates with dMed in China
Mallinckrodt plc, a leading global specialty pharmaceutical company, and Ocera Therapeutics, Inc., announced that they have entered into an agreement under which Mallinckrodt will acquire Ocera, a clinical stage biopharmaceutical company focused on the development and commercialization of novel therapeutics for orphan and other serious liver diseases with high unmet medical need. Ocera's developmental product OCR-002, an ammonia scavenger, is being studied for treatment of hepatic encephalopathy, a neuropsychiatric syndrome associated with hyperammonemia, a complication of acute or chronic liver disease.
OCR-002 is a Phase 2 asset with both intravenous (IV) and oral formulations. Despite inability to meet statistical significance in its primary endpoint, Ocera's Phase 2 STOP-HE trial1 achieved secondary endpoints that revealed differentiated clinical impact, including demonstrated effect on lowering serum ammonia levels.
Mallinckrodt believes that trial design elements, in part, drove the primary outcome and, on acquisition, will invest to establish the optimal dosing regimen prior to initiating a Phase 3 program. Mallinckrodt will have continued engagement with the U.S. Food and Drug Administration (FDA) to confirm the regulatory pathway to gain FDA approval and subsequently launch the IV formulation, expected by 2022, and the oral formulation, expected by 2024.
The FDA granted OCR-002 its Orphan Drug Designation, and the resulting seven years' exclusivity would be applied upon first approval of the drug. The FDA also granted its Fast Track designation, a process designed to facilitate development and expedite the review of drugs to treat serious conditions and fill an unmet medical need2. The European Medicines Agency (EMA) also granted Orphan Drug status to OCR-002. If approved, the drug will have substantial durability through its Orphan Drug status and additionally through intellectual property that extends to at least 20303.
Mallinckrodt to acquire Ocera Therapeutics
for US$ 117Mn
Quest Diagnostics, the world's leading provider of diagnostic information services, announced it has acquired certain assets of California Laboratory Associates (CLA), a clinical lab network serving patients and providers in the Greater Los Angeles Area.
CLA's operations and patients were previously supported by caregivers and the laboratory at Providence Saint Joseph Medical Center in Burbank. More physicians and patients can now benefit from access to Quest's advanced and general diagnostic test services, and an expanded network of conveniently located patient service centers.
"We look forward to bringing Quest's insights and innovations to more individuals and providers in Southern California," said Steve Rusckowski, Chairman, President and CEO, Quest Diagnostics. "This acquisition will deepen our presence and ability to serve the region, while advancing our strategy to accelerate growth and drive operational excellence through strategically aligned, accretive acquisitions."
Quest will add several CLA patient service centers to its network in the San Fernando Valley and neighboring communities. Providence Saint Joseph will continue to operate its lab for hospital patients and certain outside physician services.
Quest Diagnostics acquires California Laboratory Associates
Fujitsu Limited, Lenovo Group Limited, and Development Bank of Japan Inc. ("DBJ") announced a strategic collaboration that creates a joint venture between the three companies. The joint venture will focus on the research, development, design, manufacturing and sales of Client Computing Devices (CCD) for the global PC market.
Fujitsu will sell a 51% stake in its wholly owned subsidiary Fujitsu Client Computing Limited ("FCCL") to Lenovo and a 5% stake to DBJ. After the transaction, FCCL will become a joint venture company ("JV") owned by Fujitsu, Lenovo and DBJ and will continue to be known as Fujitsu Client Computing Limited.
1. Overview of the Strategic PC Cooperation
The transaction is expected to be closed in 1Q FY2018. The aggregate consideration received by Fujitsu will be JPY 28.0 billion (approximately HKD1.9 billion) that includes JPY 25.5 billion from Lenovo and JPY 2.5 billion from DBJ(※). After the transaction, Kuniaki Saito, the current representative director and president of FCCL, will assume the role of Representative Director and President of FCCL.
After the JV is established, FCCL products will continue to be distributed and sold under the Fujitsu brand name. Fujitsu will continue to serve corporate customers worldwide directly or indirectly through its valued channel partner network and provide the related after-sales support and services. FCCL will serve the consumer market in Japan either directly or indirectly through mass retailers and provide product support and services.
Through this strategic collaboration, Fujitsu and Lenovo aim to drive further growth, scale and competitiveness in the PC businesses both in Japan and worldwide. The JV will leverage Fujitsu's capabilities in global sales, customer support, R&D, highly-automated and efficient manufacturing and systems integration that meet customers' demand. Furthermore, it will benefit from Lenovo's global scale and presence.
Webgility,the leader in ecommerce automation software in the small and medium business market, announced that it has expanded its presence in India to support the company's rapid growth. The company, which has had a presence in India since 2007, has opened a new, high-tech campus at NRK Business Park in Indore.
Webgility expects to double its India team in the next nine months, including leadership roles in engineering, ops, infrastructure, and customer success under the supervision of Manoj Chhablani, head of operations, Webgility. The new 16,000 square foot space has state-of-the-art tech infrastructure as well as a gym, cafeteria, game room, and spacious work stations. Already a leader in technology in Indore, Webgility will continue to attract the best in the industry via highly attractive and best-in-class salary packages.
Webgility expands India presence, opens new
Wicresoft expands into Australia with the acquisition of The Digital Project
Wicresoft, a strategic Microsoft Partner and leader in Global Business Productivity solutions and services, announced the acquisition of The Digital Project (TDP), a leading provider of Project and Business Productivity Management solutions built on the Microsoft Cloud. With Headquarters in Melbourne, Australia, TDP will expand Wicresoft’s footprint and will strengthen its ability to provide unmatched end-to-end services and technology to its Australian and APAC region customers.
TDP, with their innovative client-focused portfolio of Project and Portfolio Management (PPM) products and solutions, including Project Business Intelligence (BI) and an outstanding team of certified delivery professionals, expands Wicresoft’s capabilities and offerings in the Microsoft cloud productivity suite, positioning Wicresoft as a stand out leader for Microsoft productivity customers across the globe.
“Wicresoft’s vision to providing world-class solutions and services while growing our global footprint is what makes the addition of TDP a key acquisition to our long-term strategy. TDP has rapidly built its reputation on building impactful and innovative solutions for customers in Australia and throughout Asia Pacific, leveraging leading-edge architecture,
implementation, and integration of Microsoft solutions specifically focused on Project Online, SharePoint Online, Power BI and Azure. We are thrilled to welcome Nikki Scott and her team at TDP to the Wicresoft family.” - Joe Zarrehparvar – CEO of Wicresoft International
BICS, a global provider of international wholesale connectivity and interoperability services, announced it has closed the acquisition of TeleSign, following the April 25th announcement of entering a definitive agreement to acquire the US-based CPaaS company for $230M. The closing of the acquisition creates the world’s first end-to-end CPaaS provider, bridging the market leading TeleSign cloud communications platform with one of the largest global carriers in the world.
TeleSign will continue to operate independently as a wholly-owned subsidiary of BICS with the brand name TeleSign. The company also continues under the leadership of CEO Aled Miles, and adds Daniel Kurgan, CEO of BICS, as the Chairman of the Board.
“We are pleased to have brought the TeleSign acquisition to completion and enthusiastic to add TeleSign’s deep pool of talent and expertise to the BICS family. This complementary combination accelerates several of our strategies for growth, including expanding our customer base, regional reach and product innovation. We have also broadened our expertise within the cloud communications development life-cycle, and will build and grow TeleSign’s established strong position in the fast-growing CPaaS and cloud security markets”, stated Daniel Kurgan, CEO of BICS and Chairman of TeleSign.
TeleSign has built a strong business in mobile identity, account security and cloud communication solutions and has been the trusted partner to the world’s top internet brands or mobile applications looking to engage and secure end-users. The acquisition strengthens TeleSign’s push into the high-growth communications platform as a service market. In a recent report, IDC forecasts the worldwide voice and text messaging communications platform-as-a-service market to grow from $867 million in 2016 to $8.2 billion in 20211.
BICS completes acquisition of TeleSign
Wyndham’s Trademark Hotel Collection spans U.S. with Six New Additions
Bolstering its portfolio of distinctive destinations across the U.S., hospitality powerhouse Wyndham Hotel Group is raising its Trademark Hotel Collection flag at six independent hotels in the U.S., introducing the soft brand to travelers in Southern California, upstate New York, Florida and North Dakota. With these newest additions, Trademark’s global footprint expands to nearly 60 locations across four countries.
Launched earlier this year, Trademark is a collection of upper-midscale-and-above hotels with fiercely independent spirit and individuality. It’s the first soft brand geared to independent hoteliers with landmark three- and four-star hotels designed for everyday travelers seeking unique accommodations.
“Independent hotel entrepreneurs are making their mark, over-delivering on our offer to join forces with the world’s largest hotel company, capitalizing on Wyndham’s size and scale while preserving their hard-earned hotel individuality and character,” said Chip Ohlsson, executive vice president and Chief Development Officer, North America. “Our newest additions here in the U.S. will deliver sought-after boutique experiences in growing markets at price points everyday travelers can afford – with Trademark, both owners and guests can really have it all.”
A New Tide of Trademarks
Trademark is widening its global footprint, adding more than 50 upper-midscale hotels in Europe and the U.S. in the past four months, totaling more than 9,000 guestrooms. Joining award-winning hotels like The INFINITY Hotel & Conference Center in Munich, Germany and the HYPERION Hotel Basel in Basel, Switzerland, notable additions in the U.S. announced today include:
The Bricks, A Trademark Collection Hotel, Los Angeles:
Securing more than 125,000 square feet of corner real estate in downtown Los Angeles, a new-construction hotel, The Bricks, A Trademark Collection Hotel will be two blocks from the vibrant STAPLES Center sports arena and adjacent L.A. Live entertainment complex. Owned by John Rhee, the space is undergoing a multi-million dollar readaptation from an office building to a six-storied hotel featuring a dramatically-up-lit vertical exterior and an equally striking interior. Its approximately 200 contemporarily - designed guestrooms will highlight crisp and clean angles, structured bedding and seating, bulbous lighting and a signature red-brick accent wall. Adding to the hotel’s flair will be a street-level restaurant, a pool, a fitness center, 10,000 square feet of meeting space and a whimsical rooftop bar lounge adorned in lush greens and flowers overlooking the City of Angels.
The Ascend Hotel Collection has been on an impressive growth trajectory with 13 new hotels joining the collection in October. As the world's first and largest soft brand and part of the Choice Hotels International, Inc. (NYSE: CHH) portfolio of brands, the Ascend Hotel Collection is expected to have one of its best growth years. There are now more than 190 hotels worldwide, with an additional 10 properties anticipated to open before the end of 2017.
"The Ascend Hotel Collection has great appeal because it offers travelers unique and local experiences, while providing hoteliers with smart business solutions," said Janis Cannon, senior vice president of upscale brands for Choice Hotels. "Ascend is a proven leader in the soft brand concept which resonates with both consumers and owners alike because hotels keep their vibrant individuality as they gain access to Choice's industry-leading technology and tools as well as the award-winning loyalty program Choice Privileges."
Recent openings include:
Breakwater South Beach (Miami, Fla.) –This iconic Art Deco boutique hotel is located in the heart of Miami Beach and guaranteed to give all visitors sun-kissed memories with local flavor.
Casa Victoria Orchid (Miami, Fla.)– Get swept up in the charm and romance of Casa Victoria Orchid with its European-inspired neighborhood escape from the hustle and bustle of South Beach Miami.
Hotel Ocean (Miami, Fla.)– Situated near South Beach Miami, The Hotel Ocean is the true beach destination. Located within minutes from the beach, the hotel is immersed in local flavor that gives an eclectic, edgy neighborhood vibe.
LuMINN Hotel (Minneapolis, Minn.)– The LuMINN Hotel is located in downtown Minneapolis near U.S. Bank Stadium and University of Minnesota. The 55-room boutique hotel was converted from the century-old Federal Plaza building.
Gallus Stadium Park Inn (Columbia, S.C.)– Explore South Carolina's state capital while staying at the Gallus Stadium Park Inn. Located minutes to the University of South Carolina and the Williams-Brice Stadium, fans will be immersed in school spirit.
Hotel Frederica (Little Rock, Ark.)– The local flavor of downtown Little Rock comes alive at the Hotel Frederica. The boutique hotel is located near Verizon Arena, Statehouse Convention Center and the State Capitol Building.
Bluegreen Blue Ridge Village (Banner Elk, N.C.)– Nestled in the woods of Banner Elk, N.C., Blue Ridge Village is the ideal destination for outdoor lovers.
Bluegreen Carolina Grande (Myrtle Beach, S.C.)– Carolina Grande is the ideal beach resort located in the heart of Myrtle Beach.
Bluegreen Horizon at 77th (Myrtle Beach, S.C.)– Embrace comfort and relaxation at Horizon at 77th resort located in the heart of Myrtle Beach.
Bluegreen Laurel Crest (Pigeon Forge, Tenn.)– Laurel Crest is a cozy country haven offering breathtaking views of the Smoky Mountains.
Bluegreen The Breakers Resort (Dennis Port, Mass.)– This boutique hotel is located within easy access to Nantucket Sound and offers a peaceful beachfront vacation.
Bluegreen The Falls Village (Branson, Mo.)– Located in the hills and valleys of the Ozark Mountains in Branson, Mo., The Falls Village greets guests with a warm, cozy welcome in a property that provides a relaxing stay.
Bluegreen Odyssey Dells (Wisconsin Dells, Wis.)– Get caught up in the lush beauty and local flavor of Wisconsin Dells at Odyssey Dells, a year-round vacation destination.
HTL 587 (San Francisco, Calif.)– HTL 587 is located minutes from downtown San Francisco and Union Square's world-renowned restaurants and tourist attractions, like the Transamerica Pyramid and Fisherman's Wharf. HTL 587 is an urban sanctuary against the backdrop of the San Francisco skyline with impeccably designed guest rooms and special amenities.
The Vue Hotel (Long Island City, N.Y.)– Located in Long Island City, the Vue Hotel is an excellent option for visitors looking to explore New York City in a whole new way.
Unity Village Hotel & Conference Center (Lees Summit, Mo.)– Located 20 minutes from downtown Kansas City, the Unity Village Hotel & Conference Centeroffers a variety of accommodations for guests, the Unity Village Hotel & Conference Center is perfect to host a retreat, workshop, wedding or any other special occasion.
Ascend Hotel Collection adds 13 Hotels in October
Ascott propels growth of Citadines brand in Singapore with two new properties
CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited (Ascott), has stepped up its presence in Singapore by securing contracts to manage two properties strategically located in the Central Business District (CBD) and near the Ophir-Rochor Corridor, the city’s new growth area and extension of the CBD. Both properties will operate under the Citadines brand, Ascott’s fastest growing brand in Singapore and globally. The Citadines serviced residence in Raffles Place and Citadines Rochor Singapore, which will offer a total of over 600 units, are Ascott’s two largest properties in the country.
Mr Ervin Yeo, Ascott’s Regional General Manager for Singapore and Malaysia, said: “We see strong potential for Ascott to expand in Singapore as the government is ramping up efforts to attract multinational companies and innovative startups as part of its drive to shape Singapore’s future economy. Our quality Citadines property in Raffles Place is part of a future landmark integrated development, which will also comprise a premium Grade A office tower that is on par with the tallest buildings in Raffles Place. It will be designed to appeal to the professionals working in the heart of Singapore’s financial hub, that is home to top multinational corporations and a wide array of entertainment and dining outlets.”
Ascott’s premier serviced residence in the CBD, Ascott Raffles Place Singapore, has been achieving strong average occupancy rate of 80%, which is better than the 77%1 average occupancy of other serviced residences in the district. Meanwhile, Citadines Mount Sophia Singapore and Somerset Bencoolen Singapore that are in the vicinity of Citadines Rochor Singapore have been performing well at an average occupancy rate of about 85%, which beats the industry performance of 77%1.
Carlson Rezidor Hotel Group, one of the world’s largest and most dynamic hotel groups, announced the entry of its upscale hotel brand Radisson in Mumbai, Maharashtra with the signing of a 112-key hotel located in the Andheri suburb of the city. The signing of Radisson Mumbai Andheri MIDC, in the key, strategic city of Mumbai is set to accelerate Carlson Rezidor Hotel Group’s overall growth and expansion plans in the country. The hotel is being developed in partnership with GHV Hospitality India Private Limited, and will be managed by Carlson Rezidor Hotel Group.
“We are delighted to sign the management agreement for Radisson Mumbai Andheri MIDC which is significant to us in many ways. Radisson is a firmly established global brand with over 200 hotels in operation and development throughout the world. The brand inspires service standards of the highest level and is very well positioned to serve the bustling market of Mumbai. I thank GHV Hospitality India Private Limited for partnering with us in this unique opportunity to introduce the brand to Mumbai,” said Raj Rana, chief executive officer, South Asia, Carlson Rezidor Hotel Group.
“Radisson is a strong and well-established brand in India and we feel proud to be associated with it. We are happy with the professionalism and market expertise demonstrated by the brand and confident of the operational competence that Carlson Rezidor brings to the table. We are looking forward to successful returns on our investment overtime,” said Mehttab Siddiqui, chief operating officer, GHV Hospitality India Private Limited.
Radisson has become one of the best-recognized hotel brands, offering an upscale hotel experience for business and leisure guests. The World of Radisson features solutions that are empathetic to the challenges of modern travel, including the 100% Guest Satisfaction Guarantee. Radisson hotels are located in major urban and suburban settings, leisure destinations, airports, and business districts throughout the Americas, Asia Pacific and the Caribbean. Every staff member has a passion for Yes I Can!SM hospitality, the signature service philosophy of Radisson, which ensures the total well-being and satisfaction of each guest.
Carlson Rezidor Hotel Group signs first Radisson Hotel In Mumbai, India
Mr. Ori Yehudai, President and CEO of Frutarom Group, said: "We are delighted at having signed a definitive agreement for the acquisition of Enzymotec and its merger with Frutarom. This acquisition will provide additional reinforcement to our growing activity in natural specialty fine ingredients based on innovation which is expanding at a rapid pace.
Following our announcement of the acquisition of Enzymotec shares and our intention to make a tender offer, we conducted friendly and professional negotiations with Enzymotec’s board of directors and reached an agreement on acquiring 100% ownership. This amicable transaction offers significant advantages to both parties, including a further boost in value for our shareholders along with providing a quick and efficient implementation of a growth strategy and profitability for Enzymotec’s operations as well as a rapid and effective realization of the significant synergies between the companies.
The merger will enable full integration of the companies’ activities in the fields of R&D, sales, marketing, production, supply chain and logistics while accelerating our joint growth through many cross-selling opportunities inherent in the acquisition and the expansion of the product portfolio to both Enzymotec’s and Frutarom’s existing customer bases.
Upon completion of the transaction we will examine together with Enzymotec management strategic plans suitable for accelerating profitable growth and enhancing its activity while implementing the combination of Enzymotec’s activity and Frutarom’s global activity, along with attaining maximum operational and business efficiencies, improving the cost structure and using Frutarom’s global platform to exploit the great potential concealed in the large investments made in Enzymotec in recent years in the areas of R&D, marketing and production. We particularly see Enzymotec’s nutrition segment as playing an important part in our future profitable growth strategy that will contribute to the expansion of the portfolio of comprehensive solutions for customers of both companies in the fields of pharmaceuticals, dietary supplements, designated foods for infants in the field of infant formula (where Frutarom has almost no activity currently) and elderly clinical nutrition in which Frutarom is active.
Mr. Steve Dubin, Chairman of Enzymotec, said: “We are pleased that we have reached an amicable agreement with Frutarom in a manner that benefits our shareholders. We believe that our customers will also benefit from the merger through Frutarom’s global presence and our employees will have the opportunity to thrive under Frutarom’s leadership as one of the world’s top companies in its field.”
Frutarom will acquire the specialty nutrition company Enzymotec for US$ 210 Mn
Hearthside Foods to acquire Standard Functional Foods Group
Hearthside Food Solutions announces the signing of a definitive agreement to purchase Standard Functional Foods Group (“SFFG”), a unit of privately held Standard Candy Company, subject to regulatory approval and customary closing conditions. SFFG is a contract manufacturer of nutritional and functional bars located in Nashville, Tennessee.
Hearthside Foods signs agreement to purchase nutrition and energy bar manufacturer Standard Functional Foods Group
The planned acquisition of SFFG will further enhance Hearthside’s entry into the functional bar category, enabling the company to meet the growing demand for a widening array of bars in the US. The addition of SFFG will bring the Hearthside network to a total of 24 production facilities. Terms were not disclosed.
“In addition to new network capacity, geographic reach and production capabilities, SFFG brings leadership in R&D with their ability to design, formulate and commercialize the increasingly complex nutrition and energy bars customers are demanding,” said Rich Scalise, Hearthside Chairman and CEO.
Standard Candy began as a regional confectioner in 1901, and expanded into functional bars in 1999 through SFFG, which currently serves as a contract manufacturer to many of the largest food companies and brands.
Hormel Foods enhances its position in Deli Meats with the acquisition of Columbus Manufacturing, Inc.
Hormel Foods Corporation announced it has entered into a definitive agreement to acquire Columbus Manufacturing, Inc., an authentic, premium deli meat and salami company, from Chicago-based Arbor Investments.
This strategic acquisition positions Hormel Foods as a total deli solutions provider and enhances its other strong deli brands such as Hormel®, Jennie-O®, Applegate®, and Di Lusso®.
“We are pleased to add Columbus to the Hormel Foods family. Columbus has an outstanding reputation in the food industry and is well-positioned in the advantaged retail deli category,” said Jim Snee, president and chief executive officer at Hormel Foods. “Columbus is capitalizing on one of the fastest-growing areas in the retail grocery store with premium, authentic products that are on-trend with today’s consumers who are looking for unique experiences, flavors, and products.”
“The acquisition of Columbus will serve as a catalyst for uniting all our deli businesses into one customer-facing organization,” Snee said. “This acquisition significantly enhances our scale in the deli by broadening our portfolio of products, customers, and consumers. The synergies we can unlock with this acquisition are clear and I’m excited for the next evolution of our company.”
The purchase price is approximately $850 million. Total annual sales are approximately $300 million with an expected growth rate in excess of 5 percent. Hormel Foods expects this acquisition to be modestly accretive to earnings per share in fiscal 2018. Full-year accretion in fiscal 2019 is expected to be between 6 to 8 cents per share.
The company will continue to operate from California and will report into the Refrigerated Foods segment. The transaction is subject to customary closing conditions, including the receipt of regulatory approvals in the United States. Hormel Foods was advised by Barclays and Faegre Baker Daniels LLP. Columbus Manufacturing was advised by BofA Merrill Lynch and DLA Piper LLP (US). In addition, Rothschild provided financial advice to Columbus Manufacturing.
Unilever, announced an agreement to acquire the TAZO brand from Starbucks. TAZO is a leading brand in the fast-growing specialty tea category
Under the asset purchase agreement, Unilever will acquire the TAZO brand and all related intellectual property, signature recipes and inventory for US$384 million. The transaction represents a multiple of 10 times pro forma EBIT. TAZO had sales of US$112.5 million over the past year*.
Founded in 1994, TAZO® has a strong position in Specialty Black, Green and Herbal teas, as well as liquid concentrates focused in the Chai Latte segment. The fast-growing specialty tea segment makes up 48% of the total US$1.6 billion (FY 2016) at-home tea category and trends suggest it will become more prominent in the future**. TAZO® is sold primarily in grocery, mass and convenience channels in the US and Canada, and is offered in formats including packaged teas, K-Cup® pods and bottled ready-to-drink teas.
“With its strong appeal to millennials, TAZO® is a perfect strategic fit for our US portfolio that includes exciting new brands such as Seventh Generation, Dollar Shave Club and Sir Kensington’s,” said Kees Kruythoff, President, Unilever North America. “TAZO®’s solid position in the fast-growing specialty tea segment, coupled with Unilever’s tea expertise, presents a fantastic growth opportunity.
AfDB launches pilot programme to cultivate the Savannah in eight
The savannahs of Africa cover a mind-boggling 600 million hectares, of which 400 million hectares are cultivable, the President of the African Development Bank, Akinwumi Adesina, has said.
But just 10% of this is cultivated, a mere 40 million hectares, Adesina said, while speaking at a session titled “Transformation of the African Savannah Initiative” at the 2017 World Food Prize-Borlaug Dialogue symposium in Des Moines, Iowa.
According to the AfDB President, so huge is the potential of African savannahs that the World Bank called the Guinea savanna zone “one of the major underutilised resources in Africa.”
He noted that Africa’s savannahs were better than the savannahs of Brazil, a country notable for turning its savannahs into agricultural wealth, saying Africa’s soils were not acidic and therefore did not need liming which had to be done at massive scales in Brazil.
“The initiative will start by bringing approximately two million hectares of savannah in eight African countries — Ghana, Guinea, Democratic Republic of Congo, Central African Republic, Uganda, Kenya, Zambia, and Mozambique — under the cultivation of maize, soybean, and livestock production in optimum conditions.” The goal: to double production in those eight countries.
“Africa must learn from the experiences that have worked elsewhere, while tailoring the interventions to the specific realities of Africa. We must ensure that small, medium-scale and large-scale commercial farmers co-exist in a way that allows opportunities for all,” Adesina said.
The 2017 World Food Prize Laureate explained that partnerships in research and development would be crucial, saying that was why the AfDB had engaged to work with the strongest possible organisations with proven track records in tropical agriculture from South America.
Some of them, he said, included the Brazilian Research Corporation (EMBRAPA), the Agricultural Corporation of Brazil (CAMPO), as well as others with long experience in conservation agriculture, including the Argentine Association of Zero-tillage (AAPRESID), and the Argentine Agricultural Research Institute.
The global market in drone-powered solutions for the power and utilities industries is worth as much as US$9.46 billion a year, PwC estimates in a new report that illustrates how creative uses of unmanned aerial vehicles are disrupting the way companies build, operate and maintain their networks.
A flamethrowing drone used to clear rubbish from power lines is one of the more dramatic examples of innovative uses for unmanned aerial vehicles found in ‘Clarity from above: Leveraging drone technologies to secure utilities systems’, from PwC’s global Drone Powered Solutions team. More prosaic applications range from geospatial surveys in pre-investment planning, through monitoring of the construction process and managing assets, to proactively dealing with threats such as overgrown vegetation.
Global power transmission networks are forecast to increase to 6.8 million circuit kilometres in 2020, up 15% from the 2016 level, as energy production is reshaped by the rise of renewables, and demand grows in emerging markets such as China and India. Regulators are increasingly concerned about reliability, offering incentives to reduce outages and penalties for downtime. Every year the sector loses US$169 billion due to energy network failures and forced shutdowns.
“The power and utilities sector faces numerous new challenges as it stands on the threshold of a digital revolution,” said Drone Powered Solutions Partner Michał Mazur. “Pressure to shift to renewables from fossil fuels, while reducing prices, is forcing companies to look for new ways to stay profitable. As companies reinvent their business models, drones are helping increase the reliability of energy production, transmission and distribution.”
PwC sees US$ 9.4 billion Drone Solutions Market for Power, Utilities Industries
India for the first time moved into the top 100 in the World Bank’s Ease of Doing Business global rankings on the back of sustained business reforms over the past several years. This was announced by the World Bank Group’s latest Doing Business 2018: Reforming to Create Jobs report. Last year the report had ranked India at 130.
The report also recognizes India as one of the top 10 improvers in this year’s assessment, having implemented reforms in 8 out of 10 Doing Business indicators. India is the only large country this year to have achieved such a significant shift. On the “distance to frontier metric,” one of the key indicators in the survey, India’s score went from 56.05 in Doing Business 2017 to 60.76 in Doing Business 2018. This means last year India improved its business regulations in absolute terms – indicating that the country is continuing its steady shift towards best practice in business regulation.
Marking its 15th anniversary, the report notes that India has adopted 37 reforms since 2003. Nearly half of these reforms have been implemented in the last four years. The report captures reforms implemented in 190 countries in the period June 2, 2016 to June 1, 2017.
“Having embarked on a strong reform agenda to improve the business environment, the significant jump this year is a result of the Indian government’s consistent efforts over the past few years. It indicates India’s endeavor to further strengthen its position as a preferred place to do business globally,” said Annette Dixon, Vice President, South Asia region.
This year, the eight indicators on which reforms were implemented in Delhi and Mumbai, the two cities covered by the report are: starting a business, dealing with construction permits, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency (see the factsheet). Last year the Doing Business report recognized India for reforms in the areas of getting electricity, paying taxes, trading across borders and enforcing contracts.
India performs well in the areas of Protecting Minority Investors, Getting Credit, and Getting Electricity. The country’s corporate law and securities regulations have been recognized as highly advanced, placing India in 4thplace in the global ranking on Protecting Minority Investors. And the time to obtain an electricity connection in Delhi has dropped from 138 days four years ago to 45 days now, almost 20 days less than the 78 days average in OECD high-income economies. India places in 29th place in the global ranking on the Getting Electricity indicator.
India jumps 30 Doing Business Ranks with sustained reform focus
The Global Competitiveness Report 2017-2018 : World Economic Forum
Ten years on from the global financial crisis, the prospects for a sustained economic recovery remain at risk due to a widespread failure on the part of leaders and policy-makers to put in place reforms necessary to underpin competitiveness and bring about much-needed increases in productivity, according to data from the World Economic Forum’sGlobal Competitiveness Report 2017-2018, published today.
For the ninth consecutive year, the report’s Global Competitiveness Index (GCI) finds Switzerland to be the world’s most competitive economy, narrowly ahead of the United States and Singapore. Other G20 economies in the top 10 are Germany (5), the United Kingdom (8) and Japan (9). China is the highest ranking among the BRICS group of large emerging markets, moving up one rank to 27.
Drawing on data going back 10 years, the report highlights in particular three areas of greatest concern. These include the financial system, where levels of “soundness” have yet to recover from the shock of 2007 and in some parts of the world are declining further. This is especially of concern given the important role the financial system will need to play in facilitating investment in innovation related to the Fourth Industrial Revolution.
Another key finding is that competitiveness is enhanced, not weakened, by combining degrees of flexibility within the labour force with adequate protection of workers’ rights. With vast numbers of jobs set to be disrupted as a result of automation and robotization, creating conditions that can withstand economic shock and support workers through transition periods will be vital.
GCI data also suggests that the reason innovation often fails to ignite productivity is due to an imbalance between investments in technology and efforts to promote its adoption throughout the wider economy.
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