Nestlé to acquire Atrium Innovations for US$ 2.3 billion
Jollibee & Cargill inaugurate largest poultry processing plant in Philippines
Rezidor announces six new signings in five countries in November 2017
it & BPM i FOOD I HEALTHCARE i TEXTILES i INFRASTRUCTURE i ENGINEERING i tourism
Optum to acquire DaVita Medical Group for US$ 4.9 billion
ADB approves US$ 400 million to support Azerbaijan's Rail Sector
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04-09 December 2017
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Optum to acquire DaVita Medical Group for $4.9 billion
Optum, a leading health services company, and DaVita Medical Group, one of the nation’s leading independent medical groups and a subsidiary of DaVita Inc., are combining. The agreement, entered into on December 5, 2017, calls for Optum to acquire DaVita Medical Group for approximately $4.9 billion in cash. The transaction is expected to close in 2018 and is subject to regulatory approval and other customary closing conditions.
DaVita Medical Group will join with Optum’s physician-led primary, specialty, in-home, urgent- and surgery-care delivery services business. The combination will improve care quality, cost and patient satisfaction through integrated ambulatory care delivery systems enabled by information technology and supportive clinical services. Optum’s data, analytics, technologies and clinical expertise will help DaVita Medical Group physicians deliver even higher quality care more effectively to the patients they serve. With medical groups in California, Colorado, Florida, Nevada, New Mexico and Washington, DaVita Medical Group will expand the market reach of Optum’s strategic care delivery portfolio, including Surgical Care Affiliates, MedExpress and HouseCalls. Patients will further benefit from the sharing of best practices across both organizations.
“I am so proud of the DaVita Medical Group accomplishments, including our excellent clinical outcomes as reflected in our star ratings performance, our strong emphasis on growing physician leaders, our teammate engagement and advancing the care model,” said Kent Thiry, chairman and CEO of DaVita Inc. “The combination of DaVita Medical Group and Optum should lead to even higher levels of performance.”
DaVita Medical Group serves approximately 1.7 million patients per year through nearly 300 medical clinics featuring primary and specialist care. DaVita Medical Group also operates 35 urgent-care centers and six outpatient surgery centers.
Nestlé announced that it agreed to acquire privately-held Atrium Innovations, a global leader in nutritional health products, from a group of investors led by Permira Funds for USD 2.3 billion in cash. Atrium’s 2017 sales are expected to reach almost USD 700 million.
The move supports Nestlé’s pursuit of growth opportunities in consumer healthcare to complement the company’s focus on its high-growth food and beverage categories. The transaction is expected to close in the first quarter of 2018 following the completion of customary approvals and closing conditions.
Upon closing, Atrium, with its corporate offices in Quebec, Canada, will become part of Nestlé Health Science. Its existing management team will continue to manage the business, led by Peter Luther, Atrium Innovations President and Chief Executive Officer.
Greg Behar, Nestlé Health Science Chief Executive Officer said: “We value Atrium’s history as a highly successful company and welcome its 1,400 employees to the Nestlé family. Their brands are a natural complement to our Consumer Care portfolio, which offers nutritional solutions in the areas of Healthy Aging, Healthy Growing, Gut Health and Obesity Care. Atrium’s portfolio will extend our product range with value-added solutions such as probiotics, plant-based protein nutrition, meal replacements and an extensive multivitamin line, enabling consumers to address their health and wellness goals.”
Peter Luther said: “Since Atrium was established in 1999, we have been dedicated to providing premium-quality, science-based, professionally recognized products to consumers and healthcare practitioners. We are very pleased to be joining Nestlé Health Science as we share a common purpose of helping people lead healthier lives by providing good-for-you products made with the highest standards for quality and efficacy. Nestlé will provide Atrium with the resources to accelerate the growth of our brands and reach more people globally.”
Nestlé to acquire Atrium Innovations for USD 2.3 billion
Duke Energy, one of the largest energy companies in the country, announced it has acquired full ownership of California-based REC Solar, a provider of renewable energy solutions for commercial customers throughout the U.S. Duke Energy first acquired a majority interest in REC Solar in February of 2015.
REC Solar will continue to be a part of Duke Energy Renewables, Duke Energy's commercial renewables organization. Duke Energy Renewables' experience in offsite solar and wind energy generation, microgrid, battery storage and other emerging technologies, will supplement REC's onsite solar expertise.
"REC Solar complements our strengths in forming strategic partnerships with customers of all sizes," said Chris Fallon, vice president Duke Energy Renewables and Commercial Portfolio. "Energy solutions specifically tailored to the commercial consumer will expand renewable energy opportunities for enterprise, municipal, educational and business customers, large and small."
For example, the energy solutions deployed by Montgomery County, Maryland, partnering with Duke Energy Renewables, REC Solar and Schneider Electric, exemplify the opportunities afforded by tapping into a diversified energy portfolio. The county incorporated solar and high-efficiency heat delivered through a microgrid-as-a-service model to provide a more resilient and reliable power source that produces approximately 10.7 million kilowatt hours of solar energy per year, reducing greenhouse gas emissions by 3,629 metric tons.
"Duke Energy brings expertise in utility-scale renewables and enables us to be a one-stop-shop solution for customers in a complex marketplace," said Matthew Walz, president & CEO of REC Solar. "We can offer our customers access to more financing options and diverse energy choices, whether it be offsite or onsite, battery storage, solar power or wind generation."
Duke Energy assumes full ownership of California-based REC Solar
Spirit AeroSystems, announced plans for major expansion and growth, including the addition of 1,000 jobs and capital investments totaling $1 billion over the next five years at its Wichita, Kan., facility. The growth is fueled by a number of factors: increasing production rates on existing commercial aircraft programs, growth in Spirit's Fabrication and Defense businesses and other new business pursuits. The announcement solidifies Spirit's presence in Wichita and Kansas for decades to come.
"Wichita is our headquarters and the hub of our operations," said Spirit President and CEO Tom Gentile. "Our workforce is unparalleled, with generations of aircraft employees who have worked in our plant. And now future generations will have those same opportunities. We are proud to partner with the city, county and state to bring new jobs and investment to the community and help ensure Wichita remains the Air Capital of the World."
"For years Kansas has played a powerful role in the global aviation industry, and announcement ensures that we will continue to do so for years to come," said Kansas Lieutenant Governor Jeff Colyer. "Spirit AeroSystems' $1 billion investment marks one of the largest economic development projects in Kansas history and will result in great career opportunities for over a thousand Kansans. I am thrilled that we were able to bring this project to fruition with our incredible partners at Spirit, and I look forward to seeing the impact their investment will have both on Wichita and the state as a whole."
"These are high-paying, highly coveted aviation jobs,"said Wichita Mayor Jeff Longwell. "They will pump billions of dollars into our local economy over the next decade and beyond. Spirit is a great company, a wonderful community steward, and we worked very collaboratively to ensure they chose Wichita for this expansion."
Spirit AeroSystems Plans $1 billion Major Expansion & Job Growth in Wichita, Kan.
The Asian Development Bank’s (ADB) Board of Directors has approved two loans totaling $400 million to help strengthen Azerbaijan’s railway sector and modernize and rehabilitate the Sumgayit-Yalama rail line, a key link in the North-South Railway Corridor.
ADB will provide $250 million as a policy-based loan to improve rail service in the country through a series of reforms that will improve governance and financial management of Azerbaijan Railways. Another $150 million will be provided to rehabilitate 166 kilometers (km) of double-line main track on the North-South Railway Corridor, which connects Azerbaijan with the Russian Federation in the north and the Islamic Republic of Iran in the south.
“Modernizing Azerbaijan’s rail transport system is a critical component in the government’s efforts to diversify the economy and strengthen regional cooperation and trade,” said Sean O’Sullivan, Director General of ADB’s Central and West Asia Department. “Reforms to Azerbaijan Railways and the support to the North-South Railway Corridor will help put Azerbaijan Railways on a sustainable growth path, improve services, and attract greater traffic with the improvement of an important regional transport link.”
Upgrading and modernizing rail service in Azerbaijan will enable the country to capitalize on the country’s strategic location and provide safer, more energy-efficient, cheaper, and less road-intensive transport. Reform of the rail sector is a key component of the government’s roadmap to promote logistics and trade in the country.
Azerbaijan has received grants and loans amounting to $4.1 billion since joining ADB in 1998. ADB’s core ongoing operations in Azerbaijan include support for transport, energy, urban infrastructure, and the private sector, and technical assistance and programs in various areas, including knowledge sharing of best international practices on finance, education, governance, and economic development. ADB will continue to work with Azerbaijan and other development partners to promote cross-border links within the Central Asia Regional Economic Cooperation (CAREC) Program.
ADB approves $400 million to support Azerbaijan's
Saint-Gobainhas finalized the acquisition of 100% of the equity capital of Wattex, a business owned by the founding family Baert and manufacturing non-woven specialty products for the bitumen roof market. Founded in 1953, and located in the region of Antwerp in Belgium, this company produces non-woven carriers made from glass-fiber reinforced polyester providing excellent performance to waterproofing membranes for roofs.
After taking over the German firm Kirson finalized in October, this Wattex acquisition will enable Saint-Gobain's Adfors business to develop new solutions with its customers and extend its line of reinforcement products on the roofing market.
The acquisition will allow the Group to strengthen its positioning in high performance solutions for housing and construction.
Saint-Gobain has finalised the acquisition of Wattex
BLU and MediaTek expand collaboration, Introduce New BLU S1 Smartphone
BLU Products announced the next step in its collaboration with global fabless semiconductor leader MediaTek on a series of smartphones powered by MediaTek's US carrier-certified chipsets.
Working together, MediaTek and BLU expect to drive growth across the open market landscape, as the new BLU S1 smartphone and subsequent launches powered by MediaTek will assure quality and performance on multiple carrier platforms. The BLU S1 is the first BLU device certified to work on the Sprint network.
"This most recent collaboration with MediaTek is an illustration of the shifting market dynamics at play within the mobile industry," said Samuel Ohev-Zion, CEO of BLU Products. "Smartphone owners want premium experiences at more affordable prices and with the flexibility to choose the network that best meets their needs. MediaTek and BLU have shared goals when it comes to bringing value to market without compromising on quality. BLU's S1 product is the natural next step in enabling more choices to Sprint customers, in addition to the subscribers of other U.S. carriers."
BLU's S1, featuring MediaTek's 6750 chipset powering the 1.5GHz Octa Core processor, the new BLU S1 has the capacity needed for all multi-tasking needs. Further, the S1 ensures seamless performance and storage capacity thanks to 16GB of internal memory and 2GB of RAM paired with a vivid 5.2" HD curved glass display.
JRebel fuels dramatic Java developer productivity gains
Rogue Wave Software announces it has acquired ZeroTurnaround, the visionary company behind JRebel, XRebel, and XRebel Hub.
ZeroTurnaround solutions eliminate the time-consuming build, deploy, and run cycle, speeding Java development, and removing wait-time frustration for developers. ZeroTurnaround technology is used by more than 5,200 enterprise teams, including 36 of the Fortune 100, representing more than 65,000 active users in over 90 countries.
Speeding development cycles and improving developer productivity underpins enterprise innovation and time-to-market. And, in a competitive job market, the need to keep developers energized and happy has never been more important.
With frequent saves, Java developers spend hours waiting, as builds and redeploys connect across various development frameworks. The complexity of the developer desktop is simplified with ZeroTurnaround, as developers immediately sync across systems, turning minutes into seconds. On an average day, the flagship product JRebel saves hours of a developer’s time, and avoids frustrating context shifting between tasks.
The Java development landscape is vibrant, as RedMonk analyst James Governor explains, "Java shows strong and sustained market momentum as the language and platform continue to evolve and find new niches," said James Governor, cofounder of RedMonk. "Tools and frameworks driving velocity and quality in the age of CI/CD will continue to grow and win share."
Rogue Wave Software acquires Java developer tool provider ZeroTurnaround
Antares Vision to establish a Software Development Centre in Galway
Antares Vision, the leading Italian inspection systems, track & trace and smart data management solutions provider for the most demanding sectors including pharmaceutical, medical devices, cosmetics, food & beverage, announced it is to establish a Software Development Centre in Galway, creating 53 jobs in 5 years in Computer Vision and Artificial Intelligence.
The project is supported by the Irish Government through IDA Ireland.
Founded in 2007, the company is privately owned and headquartered in Travagliato near Brescia, Italy.
The company specialise in Computer Vision Systems where cameras and sensors capture and elaborate images at high speed to identify possible defects on products. Antares Vision designs, produces and installs inspection track and trace systems for security, traceability and regulatory requirements in the pharmaceutical sector.
The company’s new Software Development Centre in Galway will have a strategic focus on developing new software tools to enhance capability in Antares Vision system by utilising Deep Machine Learning applied to Computer Vision.
Antares Vision will establish initially at the Galway Technology Centre at Mervue Business Park (Wellpark Rd) and is expected to hire more than 50 employees in 5 years. The new operation will have a mix of roles including junior and senior software developers and researchers. For more information on the roles or to apply go to: Nicola.Mariella@antaresvision.com.
Speaking about today’s announcement, Antares Vision’s CEO Emidio Zorzellasaid: “This step confirms the design of Antares Vision in international growth. Today we are present in a direct way in Italy, Brazil, United States, France, Germany, South Korea and soon in India, furthermore the global coverage involves a network of partners in a capillary way.
In Galway, unlike in the past, Antares Vision”, continues Emidio Zorzella, “opens a centre exclusively dedicated to R&D, a further sign of progressive and solid growth. Antares Vision grows together with its resources, with respect and team spirit; it is the people that are the true value of the company, which is confirmed by a low staff turnover of just 1.6%”, concludes the CEO.
OpenText expands operations in India
OpenText™, the global leader in Enterprise Information Management (EIM), announced that it would seek to grow its employee base in India, hiring computer and software engineers in both Hyderabad and Bengaluru. OpenText has also announced the opening of a new 140,000 square foot office in Bengaluru.
With offices in Hyderabad, Bengaluru, Pune, Delhi, and Mumbai, OpenText has a total workforce in excess of 2,200 employees in India working on next generation technology across Information Management, Business Networks, IOT, Security, and AI. OpenText supports a range of customers including six of India's largest life science companies, leading banking and financial services organizations, global manufacturers, as well as telecom, utilities, and government and public sector organizations.
With a decade of experience, OpenText's India workforce are skilled software engineers and professional services experts, working on core product innovations across OpenText's EIM portfolio.
"India is hugely important to OpenText and core to the operations and success of our global business," said Mark J. Barrenechea, vice chairman, CEO and CTO, OpenText. "We are privileged to have access to such a talented workforce in Hyderabad, Bengaluru, and in other cities, helping OpenText to build software that will drive the future of digital. I am honored to be in India this week with our employees, customers, and partners."
"The world is changing at an incredible pace, and the opportunities for Indian businesses to grow, differentiate, and compete have never been more dramatic than they are today," continued Barrenechea. "By combining enterprise information with the Internet of Things, artificial intelligence, extreme automation, and hyper-connectivity, OpenText is helping our customers to drive strategic business transformation by harnessing the power of their information."
SoftBank and Inuitive to collaborate on AI and IoT
SoftBank Corp., a subsidiary of SoftBank Group Corp., and Inuitive Ltd. jointly announced that they have agreed to consider collaborating on artificial intelligence (AI) and the Internet of Things (IoT).
Inuitive has strong track record for designing and developing System on a Chip (SoC) products that utilize AI, including 3D depth sensors and image processors. SoftBank and Inuitive will consider collaboration in AI and IoT fields, including the pioneering of 3D depth sensor applications, validating the performance of Inuitive's newly developed sensor chips and tying up on solutions that combine Inuitive's AI chips and SoftBank's IoT platforms.
Major applications for Inuitive's 3D depth sensors include traffic and people flow data analytics and the detection of displacement and aging in building structures. Both companies believe it will be possible to provide state-of-the-art IoT solutions by combining these applications with SoftBank's IoT platforms, AI and big data.
Hain Celestial has acquired Clarks UK Ltd.
The Hain Celestial Group, Inc., a leading organic and natural products company with operations in North America, Europe, Asia and the Middle Eastproviding consumers with A Healthier Way of Life™, announced that one of its wholly-owned subsidiaries has acquired Clarks UK Ltd. ("Clarks"), The Natural Sweeteners Company™, the leading1 maple syrup brand, and a natural sweetener brand, in the United Kingdom. Clarks is based in Newport, South Wales, United Kingdom, and produces natural sweeteners under the Clarks brand, including maple syrup, honey and carob, date and agave syrups, which are sold in leading retailers and used by food service and industrial customers in the United Kingdom.
"We welcome Bob Clark and his team to the Hain Celestial family and look forward to working with Clarks in expanding the brand's development in the United Kingdom and continental Europe," said Irwin D. Simon, Founder, President and Chief Executive Officer of Hain Celestial. "The Clarks brand and products are a strategic fit with the Hain Daniels spreads business for various natural sweeteners applications to complement our health and wellness portfolio of brands as consumers continue to seek to reduce their sugar intake and look for better-for-you alternatives to refined sugar."
James Skidmore, Hain Daniels Chief Executive Officer, added, "I welcome our new colleagues within Clarks to the business and see significant opportunities to further develop the natural sweeteners category. The strength of the Clarks brand puts it in a strong position to capitalize on the growing consumer trends towards more natural and healthier foods."
In calendar year 2016, Clarks generated approximately £7 million in net sales and is expected to be accretive to Hain Celestial's earnings in fiscal year 2019.
CargillJoy Poultry Meats Production, Inc. (C-Joy), a joint venture between Cargill and Jollibee Foods Corporation (JFC), inaugurated its new poultry processing plant in Santo Tomas, Batangas. The plant increases income opportunities for local poultry farmers in Batangas and nearby provinces as they will supply the chickens to be processed at the JFC facility.
With a processing capacity of 45 million chickens per year, the plant is the largest in the Philippines and provides dressed and marinated chicken to meet the increased demand at JFC brands in the country. The investment, which underscores C-Joy’s commitment to deliver convenient, safe and affordable chicken products to the JFC brands in the Philippines was celebrated in the presence of the Batangas 3rd District Congresswoman Ma. Theresa Collantes, Sto. Tomas Mayor Edna Sanchez, and the United States Ambassador to the Philippines Sung Kim.
Paul Fullbright, President and CEO of C-Joy said: “We are bringing protein to family’s tables across the Philippines. Cargill and Jollibee came together to start this plant because of our common commitment to the highest standards in product quality and food safety. This is reflected in this new plant which harnesses technology and global experience to deliver tasty chicken products in an environment which is safe for our employees and is environmentally sustainable.”
C-Joy is partnering with local poultry farmers in Batangas and nearby provinces to supply chickens to the new facility. The farming community expressed their excitement at the income opportunities and highlighted their eagerness to be providing chicken to JFC brands in the country.
“We are looking forward to producing the chickens that will be supplied to the C-Joy plant to meet the poultry meat requirements of Jollibee. One thing I was impressed about is the biosecurity requirements to control food safety at every stage of production. They are surely raising the bar there,” said Mr. Vic Lao, President of Highcrest Corporation, a partner-grower of C-Joy. “We have already built a strong relationship with C-Joy and the executives from Cargill that we have met, and I am assured that this partnership will be a successful one for all parties.”
Jollibee and Cargill inaugurate largest poultry processing plant in the Philippines
LT Foods, an emerging global food Company with focus on Basmati and other specialty rice, organic foods and convenience rice based products with presence in more than 65 countries, announced an extension to their strategy for the critical European market, including UK by launching the new avatar of their leading brand “Daawat”. The occasion was graced by Indian Ambassador of Netherlands. The event was also attended by more than 100 ethnic distributors.
The Company is extensively working on expanding its geographical footprints and product portfolio in these markets and plans to invest $20 Million with increased sales from the current 5,000 tonnes to 30,000 tonnes in the branded segment over the next four years. Additionally, this move will benefit 5000 farmer families in India as the raw material would be sourced from India.
Mr. Vijay Kumar Arora, Chairman, LT Foods said, “This move is in-line with the strategic intent of the Company to make “Daawat” the most trusted and favorite household name in the European region using raw material from India. We have a well devised strategy in place to achieve this target. In the next two years we are eyeing to gain 5% market share in the branded segment of this region with distribution expansion and continuous brand investments. This will help to take the growth to the next level and achieve the aspired targets.”
Additionally, all “Daawat” rice variants including Quick Cooking Brown Rice, Original Basmati Rice and Extra Long Basmati Rice will get the refreshed look and feel which will stand-up on the shelvesfrom March 2018. This new initiative will help the brand get a new look with more information on customer benefits. Driven by an internal study to understand the international standard and customer desires, the Company decided to undertake this initiative.
LT Foods has been focusing on Europe as the next growth region and has recently opened a new plant in Europe in Rotterdam, Netherlands to cater to both Europe and United Kingdom.
LT Foods gears-up to further strengthen their brand presence in the critical European market
Romana Food Brands Corp. acquires Pizza Romana
Romana Food Brands Corp. is pleased to announce that following the acquisition of Pasta Romana, the Board of Directors have successfully concluded the acquisition of the Montreal based pizza manufacturer, a significant player in the industry, whose newly renovated facility will soon be equipped to produce in the range of 5,000 thin crust pizzas per hour and 5,000 rising crust or stuffed crust pizzas per hour.
Boasting 60,000 square feet of manufacturing space, the facility has significant potential for on site future expansion. "This is a very significant milestone in our strategy to become a leader in the industry. We anticipate, that between our plans to grow the Pizza Romana brand, and the potential represented by private labelling, these delicious premium pizza products will become fundamental in our strategy for growth." stated Morrie Fogelbaum, CEO and Chairman of the Board.
Pizza Romana currently produces pizza for Imvescor Restaurant Group Inc., under the "Mike's" private label, and has established distribution through Colabor, Costco, Loblaws, Metro, Regitan, Sobey's, and Walmart.
The Company recently announced that its Board of Directors has elected a new Chairman and CEO, who comes with well over four decades of experience to drive the Company to its next level. The Board of Directors, as part of its strategy to formulate, produce and market its authentic Italian "Pasta Romana" selections and privately branded products, will be diligently collaborating and working closely with Mr. Fogelbaum to realize the Company's short-term goal of increasing efficiencies and focusing corporate efforts on significantly increasing consolidated sales within a relatively short period of time.
AfDB supports Namibia’s Agriculture Sector
The African Development Bank Group, is supporting Namibia’s Agriculture Sector with the approval of One Billion South African Rands (*ZAR 1 billion) loan to finance the country’s Agricultural Mechanisation and Seed Improvement Project (NAMSIP).
The NAMSIP was approved by the AfDB Board, in Abidjan, and aims to enhance agricultural productivity in order to reduce annual importation of staple cereal crops/grains, facilitate job creation, and enhance household incomes which will improve the lives of rural people.
The Project’s two key components comprise Value Chain Improvement, (with agricultural mechanization and certified seed systems as sub-components), and Institutional Support through Capacity Building, and Project Management.
The Project is aligned to the Bank's High-5 priorities of Feed Africa, and Improve the quality of life for the people of Africa; Ten Year Strategy (2013-2022); Namibia Country Strategy Paper (CSP: 2014-2018), and Gender Strategy (2014-2018). The Project is also in line with Namibia’s Fifth National Development Plan 2017/2018-2021/2022); Harambee Prosperity Plan (2016/2017-2019/2020), and Growth at Home Strategy for Industrialization, which identify agriculture as a priority area with enormous potential to contribute to economic progression, social transformation and environmental sustainability.
Tate & Lyle’s expands its polydextrose fibre facility in Nantong, China
Tate & Lyle PLC, a leading global provider of speciality food ingredients and solutions, is pleased to announce that the expansion of capacity, and process upgrades, at its STA-LITE® Polydextrose facility in Nantong, Jiangsu Province, China, is now complete and on line. This expansion increases capacity at the facility in Nantong by more than three times from when it was acquired by Tate & Lyle in 2014.
As part of the expansion, manufacturing and quality processes at the facility have been significantly enhanced. Tate & Lyle has also improved the facility’s packaging capabilities, and implemented advanced environmental management infrastructure and systems to deliver on its commitment for responsible manufacturing.
STA-LITE Polydextrose is a soluble fibre with proven nutritional benefits that food producers use to provide fibre enrichment, and body and texture, in reduced sugars and calorie products. It is used in products such as cereals, drinking yoghurts, fermented beverages, biscuits and pastries.
Harry Boot, General Manager Asia Pacific, Speciality Food Ingredients at Tate & Lyle, said: “We continue to see strong demand for our soluble fibres, used in food and beverages globally to deliver solutions for sugar reduction and fibre enrichment. The three-fold capacity increase at our polydextrose facility in China will help us meet this growing demand, and provide a high quality product to customers in Asia Pacific and other regions of the world.”
Four Seasons Hotels and Resorts,the world's leading luxury hospitality company, and BRG Group, the leading private multi-sector business group in Vietnam, will open a new Four Seasons hotel in the heart of Vietnam's capital city. Located within the historic downtown, Four Seasons Hotel Hanoi at Hoan Kiem Lake will offer the latest in luxury hospitality in this important global city.
Rich with history, art and culture, Hanoi attracts visitors from across the region and internationally, and is one of Vietnam's top leisure destinations. The new hotel will offer views of Hoan Kiem Lake and the bustling streets leading to the Old and French Quarters. The Hotel will be ideally located a short walk or scooter ride from many museums and galleries, shopping, and the city's vibrant culinary scene.
Home to a number of foreign embassies, Hanoi is a busy commercial and diplomatic centre as well as a hub for those travelling onward to nearby Halong Bay and Sapa.
"As more and more visitors travel to Hanoi, we look forward to offering a hospitality experience that will redefine luxury in this great city. We are committed to showcasing Hanoi as a choice destination for new and returning visitors," says Madame Nguyen Thi Nga, Chairwoman of BRG Group. "We are proud to partner with Four Seasons on this new hotel, a name synonymous with exceptional quality and service, and are confident that together we will honour the rich culture of Vietnam, while providing the best accommodation in the city."
"Hanoi is an incredible city, with a great deal to offer international and local travellers, and we look forward to expanding in the region with first-time partners BRG Group on this exciting project. This is a fantastic opportunity to offer travellers a Four Seasons experience in Hanoi, with partners who are truly passionate about the future of this city, and this hotel in particular," says J. Allen Smith, President and CEO, Four Seasons Hotels and Resorts.
Four Seasons and BRG Group Plans to Open Luxury Hotel in Hanoi, Vietnam
The Rezidor Hotel Group is pleased to announce the recent signings of six new hotels – expanding its momentum growth in capitals and primary strategic locations in Poland, Cameroon, Georgia, Saudi Arabia and Lebanon.
Adding six hotels and more than a thousand rooms to its portfolio, Rezidor has recently announced the signing of Park Inn by Radisson Katowice in Poland, Radisson Blu Hotel & Apartments Douala in Cameroon, Radisson Blu Hotel and Resort, Gudauri in Georgia, Park Inn by Radisson Hotel & Apartments, Riyadh Olaya North, Saudi Arabia and Park Inn by Radisson Hotel & Apartments, Dammam West Avenue in Saudi Arabia, and the Radisson Blu Hotel, Beirut Verdun in Lebanon.
“We are delighted to have signed new hotels in a number of our key target regions, signaling our commitment to deliver a renewed asset-right strategy with a strategic mix of emerging and mature markets. Radisson Blu continues to rise from strength to strength, while our mid-market champion, Park Inn by Radisson is rising too to become a leader in its own segment across Europe, the Middle East & Africa,” said Elie Younes, Executive Vice President & Chief Development Officer of The Rezidor Hotel Group. “We are also proud to continue our expansion in Africa by adding a new country, Cameroon, on our map.”
Park Inn by Radisson Katowice, Poland
This new signing brings Carlson Rezidor’s Polish portfolio to 15 hotels in operation and under development. Park Inn by Radisson Katowice is located close to the center of Katowice, and will offer quick access to the International Conference Center. Park Inn by Radisson Katowice will feature 168 rooms, an all-day restaurant, a lobby bar, plus a gym and sauna. It will also offer extensive and newly built meeting facilities, including a 370m2 ballroom. Following a rebranding, Park Inn by Radisson Katowice is scheduled to open in Q1 2018.
“Poland is a focus market for our growth journey, and the new Park Inn by Radisson in Katowice will further strengthen our presence in the country,” says Younes.
Radisson Blu Hotel & Apartments Douala, Cameroon
With the signing of the Radisson Blu Hotel & Apartments Douala, Cameroon, Rezidor enters its 30th African country. Scheduled to open in 2019, the 150-room Radisson Blu property will offer a mix of standard bedrooms as well as studio, one and two-bedroom apartments. It will also feature an all-day dining restaurant, a lobby bar, a gym and wellness spa, a stylish conference room, four meeting rooms, and the signature destination Sky Bar and Restaurant.
Rezidor announces six new signings in five countries in November
Crowne Plaza Warsaw Hub will be built alongside Holiday Inn Express Warsaw Hub, IHG’s first dual-branded hotel complex in Poland
430-room dual hotel will be IHG’s largest in the market
As business and leisure travel to Eastern Europe continues to surge, IHG (InterContinental Hotels Group), one of the world’s leading hotel companies, is pleased to announce its 10th signing in the region in 2017, with partners Ghelamco.
Crowne Plaza Warsaw Hub will be the first Crowne Plaza in Poland and will be built alongside Holiday Inn Express Warsaw hub, becoming IHG’s first dual-branded complex in the market. The 430-room complex will be IHG’s biggest in Poland and both hotels will be managed by IHG.
The site is in a prime location in the heart of Warsaw’s bustling CBD, within walking distance to the National Museum, Warsaw Old Town and the Warsaw Zoo.
The 212-room Crowne Plaza Warsaw Hub will be located on floors 11 to 21 and will include a Sky Bar complete with terrace overlooking the city. With more than 2000 square meters of meeting space, a gym, spa and almost 900 square metres dedicated to dining, the hotel will be geared towards business travellers to Poland’s capital.
The 218-room Holiday Inn Express Warsaw Hub will occupy levels three to 10 of the complex and will offer guests simple and smart accommodation at an affordable price. Guest rooms will feature the Holiday Inn Express Next Generation design and a 250 square metre dining facility on level three will serve the brand’s signature Express Start breakfast, which will be included in the price.
According to the European Travel Commission’s report into 2017 tourism trends, there’s been solid growth in visitor arrivals across Eastern Europe, with inbound tourism increasing by 5.2% since the start of the year. Hotel occupancy rates grew by almost 6% with average RevPAR across the region almost 20% higher in 2017 compared to 2016. (Source: European Travel Commission).
Since the start of the year, IHG has signed a record 10 hotels across Eastern Europe – half of which have been in Warsaw, Poland. These have included Holiday Inn Warsaw Mokotow, Holiday Inn Express Warsaw Mokotow and Staybridge Suites Warsaw Ursynów – the first of IHG’s extended stay brand to enter the market.
IHG marks 10th signing in Eastern Europe in 2017 with first Crowne Plaza in Poland
Park Inn by Radisson, the colorful, dynamic hotel brand is proud to announce the opening of Park Inn by Radisson Istanbul Ataşehir. The new 127 room hotel is the sixth Park Inn by Radisson hotel to open in Turkey. The Carlson Rezidor Hotel Group now has a portfolio of 24 hotels and over 4,600 rooms in operation or under development in Turkey.
“We are delighted to open Park Inn by Radisson, Istanbul Ataşehir, our latest addition to the colorful Park Inn by Radisson brand. We continue to grow our portfolio in Istanbul, where Radisson Blu – our upper upscale hotel brand – is the leader in its segment. Park Inn by Radisson brand is designed for the mid-market segment travelers looking for an international hotel experience at great value.” said Tim Cordon, Area Senior Vice President, Middle East, Turkey & Africa, Carlson Rezidor Hotel Group.
Park Inn by Radisson, Istanbul Ataşehir is located in one of Istanbul’s new suburban districts, on the Asian side. The hotel is located close to both the city center and Sabiha Gokcen International Airport. The Ataturk International Airport is only 26 kilometers away. As a modern district of Istanbul, Ataşehir has a mix of residential and commercial buildings. The hotel is situated close to the future site of the Istanbul International Financial Center (IIFC), which is set to become a major international financial hub housing the country’s financial governing bodies, major banks and other related businesses. The hotel also offers proximity to popular shopping malls and the Ülker Sport Arena that hosts regular social events.
The hotel has a range of room types for guests and all designed with the fresh and colorful brand design. All rooms have modern facilities including individual climate control, mood lighting and Free Wireless High-speed Internet. Services like Express Check-in and Check-out and the hotel’s fitness gym provide some of the essentials for the well-travelled guests.
The hotel restaurant serves breakfast, lunch and dinner in stylish surroundings, offering a wide selection of local and international cuisine. The hotel’s meetings & event space includes four flexible meeting rooms to accommodate up to 68 guests. All rooms have audio visual technology, free Wireless High-speed Internet and offer natural daylight.
Mustafa Gultekin, Cluster General Manager of Park Inn by Radisson, Istanbul, said: “We are delighted to bring the renowned Park Inn by Radisson brand’s colorful personality to Ataşehir, one of Istanbul’s new and upcoming communities. The hotel offers an ideal location – close to the city center, city airport and part of a vibrant business district. Our passionate team are excited and ready to provide our guests with a colorful hospitality experience, with happiness guaranteed.”
Park Inn by Radisson opens in Ataşehir, Istanbul
Marriott International and YTL Hotels announced agreements for new hotels across Asia, strengthening both companies’ presence in the world’s fastest growing region. During an official ceremony held at The Ritz-Carlton, Kuala Lumpur, the two companies agreed to develop two new luxury hotels in Malaysia under the JW Marriott and EDITION brands and signed Memorandums of Understanding for two hotels in Japan, an EDITION and a W Hotel in Niseko Village, Hokkaido.
Tan Sri Dato’ (Dr) Francis Yeoh, Managing Director of YTL Group of Companies said: “We’re delighted to expand our hospitality footprint in Asia through Marriott International. Our 20-year relationship has been pivotal to the growth of YTL Hotels in Malaysia, Asia and in the UK. We currently have 11 Marriott International hotels in our portfolio of 32 hospitality assets, making us one of Marriott’s largest owning companies with one of the longest relationships in Asia. Through illustrious Marriott International brands such as The Ritz-Carlton, JW Marriott and Autograph Collection, we seek to offer our guests experiences that will make memories for a lifetime.”
Craig S. Smith, President and Managing Director for Marriott International Asia Pacific, said: “We are pleased with today’s announcement, which advances our goal of doubling our luxury presence in Asia Pacific. With the addition of these hotels to our system, our guests will have even more luxurious opportunities to explore Malaysia and Japan, two exciting and diverse travel destinations.”
In Malaysia, YTL Hotels’ second JW Marriott hotel will be strategically located near KL Sentral, an exclusive urban centre in the country’s largest transit hub, offering guests seamless connectivity and easy access to the city’s premier business and leisure destinations. The EDITION in Kuala Lumpur, Malaysia’s first, will boast a prestigious address neighbouring the Kuala Lumpur City Centre (KLCC), home to the Petronas Towers, the world’s tallest twin towers. The 350-key property will deliver distinctive rooms that ensure the finest contemporary luxury experience.
In Japan, the EDITION and W hotels will further complement the luxury hotel experience in the fully integrated Niseko Village. YTL Hotels’ prominent presence in the powder mecca of Japan – Niseko Village in Hokkaido – is growing with the upcoming development of a Ritz-Carlton Reserve. The highly lauded ski resort currently features two existing hotels with ski-in ski-out accommodation and a collection of bespoke townhouses. It is world-renowned for its dry champagne powder snow in the winter and in the summer, guests are awed by the breathtaking wildlife, fresh harvest and a wide array of outdoor recreation including golf, trekking and horse riding.
Separately, YTL Hotels celebrated the relaunch of the 578-room JW Marriott Kuala Lumpur on 5 December after having undergone a complete refurbishment. The hotel combines contemporary elegance with the convenience of being located right in the heart of the city’s Golden Triangle. The hotel is now open to guests, offering luxurious rooms and facilities.
Marriott International and YTL Hotels Sign Agreements for New Hotels Across Asia
Andaz Brand and (RED) join forces to create custom (ANDAZ)RED Cabanas
The Andaz brand, announced its latest collaboration with (RED) – the AIDS organization founded by Bono and Bobby Shriver. The Andaz brand is expanding its (RED) collaboration by creating new (ANDAZ)RED Cabanas that are available to book at five Andaz hotel locations in the U.S. and Latin America: Andaz West Hollywood, Andaz Mayakoba Resort Riviera Maya, Andaz Costa Rica Resort at Peninsula Papagayo, Andaz Scottsdale Resort & Spa and Andaz Maui at Wailea Resort. A portion of each booking will go directly to support (RED)’s fight to end AIDS. The Andaz brand is the only hotel brand to offer a collaboration of this kind.
(ANDAZ)RED Cabanas are the newest experiences offered as part of Hyatt’s World of Hyatt platform, which is built on the idea that a little understanding goes a long way. The Andaz brand’s collaboration with (RED) creates a unique opportunity for guests to have inspiring experiences at new (ANDAZ)RED Cabanas – while helping to save lives with every reservation.
“Our continued collaboration between the Andaz brand and (RED) allows our guests to not just experience the world from a new perspective, but also make a difference for those in need,” said Maryam Banikarim, global chief marketing officer for Hyatt. “We know traveling with Andaz hotels and resorts opens guests’ eyes to things they would never see otherwise, and the collaboration with (RED) enables guests to help change the world while building greater understanding."
The Andaz brand is inspired by and infuses local culture and each (ANDAZ)RED Cabana is designed to reflect the culturally rich destination. In Costa Rica, nature is the inspiration and its (ANDAZ)RED Cabana is outfitted with natural materials like sisal. Whereas in Mayakoba, the (ANDAZ)REDCabana reflects the Mayan culture with bright textiles native to Mexico. Participating hotels will donate 30 percent of each package or rental rate to (RED)’s fight to end AIDS.
Nakheel and AccorHotels to debut Raffles on world-famous Palm Jumeirah
AccorHotels, the world-leading travel and lifestyle group, signed a management agreement with leading Dubai-based master developer Nakheel for the expansion of AccorHotels’ globally-renowned luxury brand, Raffles Hotels & Resorts.
The agreement, recognised by Nakheel Chairman Ali Rashid Lootah and Sébastien Bazin, Chairman and CEO of AccorHotels at a signing ceremony at the International Luxury Travel Market (ILTM) in Cannes (France) will lead to the opening of PALM360, a spectacular two tower development on the world famous Palm Jumeirah comprising of the Raffles The Palm Dubai Hotel and Raffles Residences PALM360.
Set to open in 2021, PALM 360 will be the first beachside resort for Raffles in Dubai and the tallest structure on Palm Jumeirah. At almost 260 meters high, PALM360 will offer unobstructed views of Palm Jumeirah, the spectacular Arabian Gulf coastline and Dubai skyline. Its centrepiece will be a 155 metre long sky pool, connecting the towers 170 metres above the ground, from where guests can also enjoy these stunning, uninterrupted views from a unique vantage point.
The hotel component will offer 125 hotel rooms and suites, whilst the 359 branded residences – including 16 branded penthouses that will each have their own private infinity pool, gym and cinema – will be available for purchase. Residence owners will be able to enjoy Raffles’ legendary services, including concierge, private transportation and in-residence dining. They will also enjoy global VVIP status through an exclusive Ownership Benefits Program.
The hotel and residential complex will feature a host of high end dining outlets, including two rooftop restaurants commanding sweeping views and a waterside restaurant in a spectacular poolside and beachside setting. A speciality restaurant will provide a venue for lavish culinary presentations throughout the day and a specially-designed lobby lounge will serve top-flight fare in luxurious surroundings.
Following the signing, Nakheel Chairman Ali Rashid Lootah said: “We are committed to playing a key role in realising the Government of Dubai’s vision by continuing to deliver unique, landmark projects that reinforce Dubai’s position as a world-class destination for living, business, leisure and tourism.
“Palm Jumeirah has quickly evolved into one of the most sought-after addresses in the world, offering the ultimate in luxury living and leisure. PALM360 will further enhance the island’s global appeal, which already attracts millions of visitors each year. We are delighted to partner with AccorHotels for this awe-inspiring development that will take our rapidly-growing hospitality portfolio to new heights, and become the luxury destination of choice for discerning travellers the world over,” he added. .
Gilead Sciences, Inc., and its cell therapy subsidiary Kite announced that they have entered into a definitive agreement under which they have agreed to acquire Cell Design Labs, Inc., gaining new technology platforms that will enhance research and development efforts in cellular therapy. Under the terms of the agreement, Gilead will acquire all of the outstanding shares of Cell Design Labs, which includes the approximately 12.2 percent of shares of Cell Design Labs that are currently held by Kite, for up to approximately $567 million. The agreement includes an initial upfront payment of approximately $175 million, subject to certain adjustments, and additional payments of up to $322 million that will be paid to the shareholders of Cell Design Labs other than Kite upon the occurrence of certain events, including the achievement of development and approval milestones. The acquisition is subject to customary closing conditions, and is expected to close shortly.
Cell Design Labs is a pre-clinical stage company with significant expertise in custom cell engineering. The company is developing two propriety technology platforms: synNotch™, a synthetic gene expression system that responds to external cues which, among other applications, can be deployed to engineer chimeric antigen receptor T (CAR T) cells that require dual antigen recognition for activation, and Throttle™, an “on switch” that modulates CAR T activity using small molecules. The addition of these technologies to existing Kite research and development programs could lead to the treatment of a broader range of hematological malignancies and solid tumors, and potentially offer improved selectivity and safety of future treatments. Additionally, Cell Design Labs is developing several pre-clinical product candidates, including therapies for prostate cancer and hepatocellular carcinoma that use the synNotch technology. The company’s lead pre-clinical candidate targets multiple myeloma.
Gilead Sciences and Kite to acquire Cell Design Labs
LivaNova to acquire ImThera Medical, Inc.
LivaNova PLC a market-leading medical technology company, announced it has entered into an agreement to acquire the remaining outstanding interests in ImThera Medical, Inc.. Headquartered in San Diego, Calif., ImThera is a privately held company focused on neurostimulation for the treatment of obstructive sleep apnea (“OSA”). ImThera manufactures an implantable device that stimulates multiple tongue muscles via the hypoglossal nerve, which opens the airway while a patient is sleeping.
“The ImThera device is highly aligned with our existing Neuromodulation business, and we are extremely excited about the opportunity to optimize the technology and fold it into our universal platform. In the near term, we will focus on expanding ImThera’s current commercial presence in the European market, while advancing enrollment in a U.S. Food and Drug
Administration (FDA) pivotal trial,” said Damien McDonald, LivaNova’s Chief Executive Officer. “The OSA market is large and growing, with many unmet needs. With our strong commercial capabilities and robust manufacturing, we look forward to bringing this innovative technology to the large patient population that has been unsuccessful with other treatments, allowing them to improve their quality of life.”
Patients with OSA can experience impaired daytime functionality, along with severe comorbidities such as heart failure and stroke. ImThera’s implantable device received CE Mark in 2012 and is indicated for patients with moderate to severe OSA who are unable or unwilling to use continuous positive airway pressure (“CPAP”) therapy. For these patients, the device is designed to reduce or eliminate sleep apnea, as demonstrated through clinical studies and its initial commercial use in Europe. Enrollment in a pivotal study is currently under way with the FDA to obtain premarket approval for the OSA implant.
LivaNova has been an investor in ImThera since 2011 and has agreed to pay up to approximately $225 million to acquire the remaining outstanding interests of ImThera. Up-front costs are approximately $78 million with the balance paid on a schedule driven by regulatory and sales milestones. The deal is projected to be near-term accretive and is expected to close in early 2018 (subject to approvals and other customary closing conditions).
Walgreens Boots Alliance, Inc., announces that it has reached an agreement with China National Accord Medicines Corporation Ltd. to become an investor in its subsidiary Sinopharm Holding Guoda Drugstores Co., Ltd. (“GuoDa”), which operates and franchises retail pharmacies across China.
Following a public tender process, Walgreens Boots Alliance’s bid met all the requirements set by the seller to acquire a 40 percent minority stake in GuoDa through a capital increase worth RMB2.767 billion (around $416 million). The transaction is subject to regulatory review and approval, and other customary closing conditions. Upon completion, Walgreens Boots Alliance would account for this stake as an equity method investment.
GuoDa is a leading retail pharmacy chain in China, and has been pursuing its vision for expansion across the country in the context of the ongoing healthcare reforms and increasing importance of the pharmacy channel in the country. Walgreens Boots Alliance, as a global pharmacy-led enterprise, believes it is well positioned to provide its significant expertise to GuoDa and support its growth ambitions.
Executive Vice Chairman and CEO Stefano Pessina said, “We are very pleased to become a strategic investor in GuoDa. It is China’s leading pharmacy chain and we believe that we can positively contribute to its continued successful development with our global pharmacy expertise. We have had a presence in China for around 10 years, initially through Alliance Boots, and we are excited about the opportunity to further invest in the country’s fast growing retail pharmacy sector.”
Walgreens Boots Alliance to Invest in Chinese Pharmacy Chain GuoDa
Thermo Fisher Scientific acquires continuous emission monitoring assets from
Thermo Fisher Scientific Inc.,the world leader in serving science, announced it has completed the acquisition of certain assets from EPTEK Technology Co. LTD and several related entities with offices in Taiwan and mainland China.
The assets acquired include volatile organic compound (VOC) continuous emission monitoring systems (CEMS) used to measure and analyze air quality across a range of industrial applications. These technologies will be integrated into Thermo Fisher's Analytical Instruments segment. Terms of the transaction were not disclosed.
The VOC CEMS complement the company's extensive line of environmental and air quality monitoring solutions for detecting a variety of gaseous and aerosol pollutants. VOC CEMS is an expanding market opportunity in China as customers need advanced monitoring instrumentation and software to help them comply with new and rapidly evolving environmental standards.
The European Investment Bank (EIB)is providing ÖBB-Personenverkehr AG (ÖBB-PV) with a EUR 500 million loan to purchase new rolling stock. A first EUR 100 million tranche has already been signed with ÖBB-PV. This loan from the EU bank will be secured by a guarantee from the European Fund for Strategic Investments (EFSI). EFSI is the central plank of the Investment Plan for Europe (IPE), in which the EIB and the European Commission are strategic partners, which is designed to strengthen the competitiveness of Europe’s economy. ÖBB-PV AG will use the loan to purchase new Cityjet train sets for local and regional services.
EIB Vice-President Andrew McDowell, who is responsible for the EU bank’s activities in Austria, said in Vienna: “Our deal with ÖBB-PV is the single largest transaction under EFSI in Europe so far. For us, the EU bank, supporting sustainable and innovative transport solutions is one of our top financing priorities. The European Union means to bring practical, tangible improvement to its citizen’s quality of life; we at the EU Bank are at the forefront of using economic means to make these improvements a reality.” He went on to say that “High quality efficient services and modern reliable trains are all important to persuading travellers to switch to rail. We are therefore particularly pleased to have ÖBB-PV as a substantial new partner in realising these objectives.”
“We are delighted by the excellent cooperation with the European Investment Bank. This loan will finance the acquisition of our new Cityjet train sets – an investment that stands for sustainable state-of-the-art rail transport in Austria and represents an important pledge to our customers, which we also want to attract to rail in the future”, said ÖBB-PV board member Evelyn Palla.
Investment Plan for Europe – EIB provides US$ 588 million loan to ÖBB-Personenverkehr
New York & Company, Inc., a specialty women’s apparel chain with 459 retail stores, announced that it has entered into an asset purchase agreement to acquire certain assets of Fashion to Figure, a U.S. based retailer of trendy plus-size fashions, including intellectual property rights related to the Fashion to Figure brand, for a cash purchase price of $1.4 million plus no more than $1.0 million of fees and expenses.
The assets will be acquired by TFT Acquisition LLC, as the successful bidder at an auction run by Fashion to Figure, as part of its ongoing reorganization under Chapter 11 of the U.S. Bankruptcy Code and will be subsequently acquired by New York & Company late in the fourth quarter of fiscal 2017. The asset purchase agreement covers all intellectual property, including trademarks, tradenames, an extensive customer database, and all in-store assets, with the exception of inventory. All lease obligations are expected to remain with the seller; however, the Company anticipates contacting various landlords in an effort to negotiate satisfactory agreements regarding future lease terms to remain in certain existing Fashion to Figure locations. New York & Company is also anticipating hiring certain former employees of Fashion to Figure, including members of the design, merchandising and eCommerce teams, who are expected to join the Company during the fourth quarter of fiscal year 2017. The Company will also be negotiating with certain market vendors in an effort to secure inventory for the anticipated relaunch in early 2018.
Fashion to Figure was founded in 2004 by Michael and Nicholas Kaplan who are the great-grandsons of Lena Bryant, the founder of the plus-size clothing chain Lane Bryant. Fashion to Figure has become well known for providing on trend fashion options for women's plus-size clothing and related accessories. The store's name was derived from a quote Lena Bryant made in a 1950 interview in which she stated, "You should never ask women to conform their figures to fashion, but rather bring fashion to the figure." The closing of the transaction is expected to occur late in the fourth quarter of 2017, positioning the Company to re-introduce a revitalized Fashion to Figure brand to the marketplace in early February 2018 through an online site and select Fashion to Figure stores, thereby providing the Company an opportunity to capture a significant portion of the former Fashion to Figure’s existing profitable sales.
Gregory Scott, New York & Company’s CEO stated: “We are excited to expand into the Plus Business with the acquisition of Fashion to Figure’s intellectual property, as we believe that the business the Kaplans built has true brand potential and has a brand platform that is compatible with New York & Company. We believe Fashion to Figure has strong name recognition with the Plus-size consumer and a very loyal consumer base, with a database of approximately 500,000 customers, that we believe we can effectively leverage to grow the brand, particularly online, to drive profitable future growth. We see an opportunity to enter into an underserved and growing segment of the women’s apparel market. In fact, NPD estimated the size of the women’s plus-size apparel market was approximately $21 billion in 2016, and has grown at more than twice the rate of the overall U.S.
New York & Company, Inc. announces acquisition of Fashion to Figure
World Bank approves US$ 1.15 billion loan to Egypt to boost Economy, Create Jobs
The World Bank’s Board of Executive Directors, approved US$1.15 billion in a development policy financing loan to support Egypt’s economic reform program.
This loan is the last in the series of three annual loans—called the Fiscal Consolidation, Sustainable Energy, and Competitiveness Development Policy Financing loans - worth a total of US$3.15 billion. These loans were provided over 2015 to 2017.
“We welcome the World Bank’s continuous support to the transformational economic reform agenda of the government. This program supports Egypt’s program to help improve its attractiveness for private investment, creating jobs especially for youth and women,” said H.E. Dr. Sahar Nasr, Egypt’s Minister of International Cooperation who also represents Egypt on the World Bank’s Board of Governors.
This loan support’s Egypt’s home-grown inclusive reforms aimed to power job creation, ensure energy security, strengthen public finances, and enhance business competitiveness, especially for micro, small and medium-sized businesses.
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