THE DEFINITIVE SOURCE FOR INVESTMENT PROMOTION EXECUTIVES
05-10 FEBRUAY 2018
BEARPAW expansion in Europe and China
Singtel to invest US$ 413mn in Bharti Telecom
ARRIS to sell Taiwan manufacturing facility to Pegatron
176 MoUs worth more than US$ 9.7 billion signed at Advantage Assam: Global Investors' Summit, India
it & BPM i FOOD I HEALTHCARE i TEXTILES i INFRASTRUCTURE i ENGINEERING i tourism
DiDi partners with 12 top automakers
unveils state-of-the-art Technical Center in Singapore
US$ 2 billion investment in Canadian Business Over Five Years
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176 MoUs worth more than $9.7 billion signed at Advantage Assam: Global Investors' Summit, India
Advantage Assam: Global Investors' Summit got off to a rollicking start with signing of 176 MoUs worth more than $9.7billion. Chief Minister Sarbananda Sonowal was present on the occasion along with his cabinet colleagues on a day when industry bigwigs visited the event to make the day fruitful for the state's economy.
Some major MoUs that were signed included key players of the industrial sector of the country and the world. Out of these, Oil India will be investing Rs. 10,000 crore, Indo-UK Institute of Health will be investing Rs 2,700 crore, Century Ply has shared plans of investing 2,100 crore, Spicejet outlined plans of Rs 1,250 crores worth of investment for Assam through seaplanes boosting the tourism sector besides connecting Lakhimpur and Jorhat under the Udaan Scheme. Infinity Group will be investing Rs. 1,000 crore in an IT Park and Real Estate in Guwahati. Medanta Group shared its proposal of Rs. 500 crore investment in the Healthcare sector. Essel Infra group will be investing in Road Infra, Power and Water Resources. Dalmia Bharat Cement announced an investment attuned to Rs. 1,100 crore. Tourism sector which is one of the key focus areas of the Govt. of Assam saw an investment proposal in concurrence of around Rs. 736 crore. Infrastructure sector a prime determinant of progress which saw a total investment proposal worth Rs. 2,347 crore. An MoU was also signed between Tata Trusts and Govt of Assam for setting up a cancer hospital grid in the state.
Salesforce to invest $2 billion in its Canadian Business Over Five Years
Salesforce, the global leader in CRM, plans to invest $2 billion over the next five years to fuel the growth of its Canadian business, the company announced.
Salesforce plans to increase its headcount, real estate footprint and data center capacity to support its rapidly-growing customer base in the country.
"Canada is one of the most exciting investment opportunities for Salesforce and we are thrilled to commit $2B over the next five years to fuel future growth," said Marc Benioff, Chairman and CEO, Salesforce. "As the world's fastest growing top 5 software company, we look forward to a great partnership and to expanding our employees, customers and innovation in Canada."
Salesforce is the #1 CRM provider in Canada, with more than 1,300 local employees. The company is also the fastest growing among the three largest enterprise software vendors in the region according to Gartner Inc.’s latest worldwide All Software Markets market share report, based on 2016 total software revenue.
More than 6,000 Canadian companies—including Air Canada, Husky Energy, Loblaws, Manulife, Roots, TD Bank and TELUS —are using Salesforce to connect with their customers in new ways across sales, service, marketing, commerce and more.
Salesforce Ecosystem Fueling Canadian Economic Growth
Salesforce and its ecosystem of customers and partners in Canada will create more than 28,000 new direct jobs and $17 billion USD in new business revenue in Canada by 2022, according to research by IDC. Additionally, Canadians have earned more than 87,000 badges on Trailhead—Salesforce’s free, gamified online learning platform—acquiring the skills needed to succeed in today’s technology-driven economy and be a part of Salesforce’s flourishing ecosystem.
Ply Gem Holdings, to be acquired by Clayton, Dubilier & Rice for $2.4 Billion
Ply Gem Holdings, Inc., a leading North American building products manufacturer, and Clayton, Dubilier & Rice (CD&R) announced a definitive agreement under which CD&R funds will acquire all of the outstanding shares of Ply Gem common stock in a go-private transaction valued at approximately $2.4 billion. Ply Gem’s board of directors unanimously approved the agreement, which provides for the payment of $21.64 per share in cash to all holders of Ply Gem common stock. The cash purchase price represents a premium of approximately 20% over Ply Gem’s closing stock price on January 30, 2018. Promptly following entry into the agreement, stockholders holding greater than 50% of the outstanding shares of Ply Gem common stock executed a written consent to approve the transaction, thereby providing the required stockholder approval.
CD&R has also entered into a definitive agreement to acquire Atrium Windows & Doors and combine the company with Ply Gem to create an exterior building products company with total revenue of more than $2.4 billion in 2017. The transactions are expected to close simultaneously in the second quarter of 2018 and are subject to the receipt of customary closing conditions, including regulatory approvals. Closing of the acquisition of Ply Gem is not subject to the closing of the acquisition of Atrium. However, assuming both transactions close simultaneously, CD&R funds will own approximately 70% of the new privately-held company, and Atrium shareholders, which include funds managed by Golden Gate Capital, will hold approximately 30%.
The new Ply Gem will continue to be headquartered in Cary, NC, and Gary E. Robinette, currently Chairman and CEO of Ply Gem, will continue as Chairman and CEO. John Krenicki, a CD&R Operating Partner and former Vice Chairman of General Electric Company, will become Lead Director of the Board.
Robinette, Chairman and CEO of Ply Gem. “The strategic and operational excellence of CD&R and Golden Gate will help strengthen the long-term growth of the company. This support, along with the expanded business and product portfolio of the new combined company, will establish a stronger window platform with manufacturing scale and channel distribution advantages for customers. Together with the talented Atrium team, we look forward to providing exceptional value and service to all of our customers and rewarding career opportunities for our associates.”
ARRIS International plc, announced an agreement with long-time partner Pegatron Corporation for the sale of ARRIS's manufacturing facility in New Taipei City, Taiwan. Production of ARRIS customer premises equipment will transition to Pegatron's Suzhou site in China by the end of 2018. ARRIS will continue to maintain technology development and business operations in Taiwan, including its newly acquired Ruckus operations. ARRIS's Taiwan Technology Center will be a major tech hub for the company.
This agreement enables ARRIS to leverage Pegatron's scale and investments in emerging technologies to further accelerate innovation and time to market. This flexibility will enable ARRIS to continue meeting a diverse set of global customer needs as market conditions rapidly evolve. This sale is part of ARRIS's supply chain strategy to leverage key partners to simplify its manufacturing footprint.
"ARRIS's global vision is to leverage scale across a key number of global partners that allow us to concentrate on R&D, as well as anticipate the needs and expectations of our customers and their subscribers. Pegatron is a long-term, trusted manufacturing partner of ARRIS, with a proven track-record of quality and performance, and we expect the transition to be seamless for our customers," said Jim Brennan, ARRIS SVP, Supply Chain, Quality & Operations.
"This transaction builds on a successful 15-year relationship with ARRIS, during which we have helped them to deliver a range of major innovations to the global marketplace. Pegatron is proud to produce cost-effective, high-quality products; we look forward to continuing our joint success with ARRIS long into the future," said Syh-Jang Liao, President and CEO, Pegatron.
Global Infrastructure Partners (GIP), a leading global, independent infrastructure investor, announced that its third equity fund, Global Infrastructure Partners III, has agreed to acquire NRG Energy, Inc.’s integrated U.S. renewable energy platform, including its controlling stake and 46% economic interest in NRG Yield, Inc. (NYSE: NYLD; market capitalization: $3.2 billion) as well as NRG’s renewable energy operations and maintenance (“O&M”) and development businesses. GIP is acquiring the business for $1.375 billion in cash, subject to certain adjustments. In addition, GIP has agreed to provide backstop support for NYLD’s agreed purchase of the Carlsbad Energy Center project.
NYLD has the largest project portfolio (by installed capacity) among U.S. power “yieldcos” and is the second largest by enterprise value and market capitalization. NYLD’s operating power plant capacity totals 5.1 gigawatts (“GW”, or thousands of megawatts “MW”) and is diversified across wind, solar, and natural gas technologies. The company also owns thermal infrastructure assets with an aggregate steam and chilled water capacity of 1,319 net MWt and electric generation capacity of 123 net MW, servicing commercial businesses, universities, hospitals and government customers. A substantial portion of NYLD’s project portfolio benefits from long-term contracts with a weighted average remaining contract life of 16 years.
In addition to NRG’s interests in NYLD, GIP will acquire NRG’s renewable O&M and development businesses. NRG’s renewable O&M platform operates 2.4 GW of renewable power generation in 17 states. NRG’s renewable development platform includes 630 MW of identified “dropdown” assets, which are subject to a right of first offer from NYLD, and it has a total project pipeline of over 6.4 GW of renewable generation opportunities across the U.S. (as last disclosed publicly by NRG)
GIP has a demonstrated track record of investment and value creation in the renewable energy sector, and this investment fits squarely into GIP’s global renewables investment strategy. GIP has invested or committed approximately $9 billion of equity in the sector, including 8 GW of operating renewable assets and over 14 GW of renewable assets under construction or in development.
Global Infrastructure Partners III, to acquire NRG Energy, Inc for $1.37 bn
Yingli Signs 146MW EPC Contract with Jenner Renewables for 12 PV Plants in Chile
Yingli Green Energy Holding Company Limited, one of the world's leading solar panel manufacturers, announced that its wholly owned subsidiary, Yingli Green Energy Europe, S.L. ("Yingli Europe") has signed an agreement with Jenner Renewables, to provide Engineering, Procurement and Construction (EPC) services for 12 ground-mounted PV plants in Chile, with the total capacity of 146MW.
According to the agreement, the project is divided in 2 phases: Cluster 1 includes 4 PV plants and the construction will begin in February 2018 with expected operation by June 2018; Cluster 2, including 8 PV plants, will begin by the completion of Cluster 1. As the EPC contractor and exclusive solar panel supplier for the project, Yingli will supply its multicrystalline modules type YL325P-35B. Upon completion, each PV plant is anticipated to avoid 20.8 tons of CO2 per year.
"As an independent power producer operating throughout Latin America, we are very excited to contribute in such a significant way to the development of renewable energy in Chile. This country is at the forefront of implementing a carbon free electricity system by 2040 and our projects definitely support this strategy," said Jorge Calvet, Founder and CEO of Jenner Renewables. "This is part of our renewable energy pipeline of 1,500 MW, which we intend to develop over the next 3-4 years in Chile, Mexico, Colombia, Argentina and other countries in the region."
"We are proud to partner with Jenner Renewables on such a significant project, which is the largest EPC project that Yingli undertook independently. In addition to focusing on our historical customers, such as EPC contractors and project developers, we are also seeking opportunities in some specific countries or cooperation with some specific partners to provide EPC services, which we believe could bring higher added value to our high quality products and therefore increase our service level," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli.
GE Renewable Energy and ENGIE gear up for 360MW wind farm in Brazil
GE Renewable Energy, announced it has signed an agreement with ENGIE to supply 144 of its 2.5-116 turbines for the Umburanas Wind Farm Complex in upstate Bahia, Brazil. This 360MW wind installment will add to the 326.7MW under commissioning by GE Renewable Energy at the neighboring Campo Largo I wind farm, also owned by ENGIE.
Vikas Anand, General Manager, GE’s Onshore Wind Business, Americas said “Together, these two wind farms represent our largest volume of turbines in a single cluster in Brazil. It’s a great honor to be working with ENGIE and to continue to grow the wind capacity together and increase the wind energy footprint in Brazil. This newly announced project also demonstrates our continued commitment to Brazil’s Wind industry.”
GE Renewable Energy will also be providing 10 years of Operations and Maintenance at the Umburanas Wind Farm.
ENGIE’s potential in the region of Umburanas and Sento Sé exceeds 1,300 MW. The 326.7 MW Campo Largo 1 site is currently under construction and will begin commercial operations in January 2019. It will create enough energy to power a population of up to 600,000 inhabitants. The newly announced 360MW Umburanas project has also begun construction, and the first turbines are set to be delivered in 2018.
GE, and Arenko Group are delighted to announce a strategic alliance to build grid scale energy storage systems in the UK.
The companies will seek to leverage the advantages of combining GE’s battery technology solution, power electronics and advanced controls with Arenko’s leadership in operating batteries in the UK market and proprietary energy trading software platform.
Arenko has invested in a 41MW battery energy storage system supplied by GE, who is providing a fully integrated battery storage solution. The project is one of the largest in the UK and globally with the ability to provide affordable, on-demand power to the equivalent of approximately 100,000 UK homes.
This battery storage system is sited at a key strategic location in the Midlands and will commence operations in 2018. Once operational it will integrate GE and Arenko’s advanced control technologies and will be commercially operated though Arenko’s software to digitally deploy energy and access multiple services and system needs. The battery system’s reliability and performance will be underpinned and protected by GE’s long-term support.
The project will relieve pressure on the UK energy system and provide flexibility at times when it is most needed to deliver a more balanced, secure energy system and contribute to reducing the cost of energy to the UK consumer. The focus is on building long term commercial sustainable battery storage systems, which are not reliant on subsidies and incentives.
Changing consumer demands, increasing adoption of renewable energy and security of supply are driving the need for innovative energy networks to deliver a more efficient power system. As traditional centralised generation comes under increasing pressure, energy storage projects such as those announced by Arenko and GE today, will be crucial to maximise generation capacity, ensure efficient energy utilisation and improve the operational efficiency of the grid.
Mirko Molinari, Global Commercial & Marketing Executive, Energy Storage at GE Power commented:
“Energy storage will help balance supply and demand close to real time, avoiding frequency drifts and supporting the mid-term response to grid imbalances. The flexibility it offers smooths the fluctuating nature of renewable energy, provides quick reserves when needed, stores excess energy generation and much more. Energy storage will enable a more efficient system for a more reliable supply of electricity to consumers.
“Arenko are pioneers in the commercialisation of energy storage systems: this collaboration cements two years of working together towards the shared vision of creating a battery storage solution which addresses the ever-changing needs of a modern energy system.”
GE and Arenko to build one of the world’s largest energy Storage Facilities in UK
Singtel to invest $413mn in Bharti Telecom
Singtel, announced that its wholly-owned subsidiary Singtel International Investments will subscribe to new shares in Bharti Telecom under a proposed preferential allotment. The preferential allotment of equity shares to Singtel International Investments is subject to approval by Bharti Telecom’s shareholders, with completion expected by March 2018. Bharti Telecom is the holding company of Bharti Airtel (Airtel) and holds approximately 50.1% of the share capital of Airtel.
Singtel International Investments will be allotted up to 85,450,000 new equity shares in Bharti Telecom at an issue price of INR310 per equity share. This will increase Singtel’s stake in Bharti Telecom by up to 1.7% for an aggregate consideration of approximately INR26.5 billion or S$555.6 million. Through this allotment, Singtel’s economic interest in Airtel will increase by 0.9 percentage point to 39.5%.
On Assignment, Inc., one of the foremost providers of IT and professional services in the technology, creative/digital, engineering and life sciences sectors, announced that it has signed a definitive agreement to acquire ECS Federal, LLC from Roy Kapani, the company’s majority owner and founder, and Lindsay Goldberg, a private investment firm, for $775 million in cash. The transaction is subject to various regulatory approvals and customary closing conditions and is expected to close on April 2, 2018.
ECS, one of the largest privately-held government services contractors, delivers cyber security, cloud, DevOps, IT modernization and advanced science and engineering solutions to government enterprises. Combined, On Assignment and ECS will be one of the largest and fastest growing IT and professional services firms in North America.
Commenting on the acquisition, Peter Dameris, CEO of On Assignment, said: “ECS’ government services solutions will complement and elevate our offerings and strengthen our position as a premium IT and professional services provider. Our addressable end market is now $279 billion by virtue of our entering the $129 billion Government Services space. ECS’ long-term contracts, which average 5 years in length, and robust backlog ($1.6 billion) provide strong revenue visibility and mitigate volatility from permanent placement revenue and a more challenging economic environment.”
Dameris concluded: “All companies struggle with identifying and attracting highly qualified technical personnel in today’s economy. Our combined 24,000+ billable consultants, of which 2,900 maintain security clearances, and our recruiting prowess will strengthen ECS’ fulfillment capabilities, credentials and qualifications as it competes for future awards.”
ECS has well established positions on critical IT systems of national importance which provide unmatched customer access and unique visibility into future technology transformation initiatives. For example, ECS’ domain expertise in cyber security for the defense industry will be immensely valuable to On Assignment’s customers given the increased frequency and complexity of cyber-attacks for customers everywhere.
On Assignment, Inc. to acquire ECS Federal, LLC
Proofpoint to acquire Wombat Security Technologies for $225 million
Proofpoint, Inc., a leading cybersecurity company, has entered into a definitive agreement to acquire Wombat Security Technologies, Inc. Founded based on pioneering research into phishing attacks, Wombat is recognized by Gartner in the Leaders Quadrant of the Magic Quadrant for Security Awareness Computer-Based Training. The agreement is subject to customary closing conditions and is expected to close in the first quarter of 2018.
“Because threat actors target employees as the weakest link, companies need to continuously train employees and arm them with real-time threat data,” said Gary Steele, Proofpoint CEO. “The acquisition of Wombat gives us greater ability to help protect our customers from today’s people-centric cyberattacks, as cybercriminals look for new ways to exploit the human factor. We are thrilled to welcome Wombat’s employees to the Proofpoint team.”
As cyber criminals increasingly target companies through their employees, enterprises need to ensure they have the most effective security in place to enable employees to identify and avoid attacks that blend in with the way people work today. Proofpoint is committed to helping customers stay protected from the ever-growing proliferation of phishing attacks by providing the industry’s most comprehensive protection for corporate email, personal email, SaaS applications, and other forms of communication. With this acquisition, our customers will be able to use data from the most current phishing campaigns for simulations, and cyber security education for end users, an industry-first integration between market-leading protection and awareness solutions. The integrated solution will become part of the advanced email solution suite, and will be available in the first half of 2018.
By combining Wombat’s market-leading technology with Proofpoint’s industry leading threat detection and intelligence, enterprises will have the most accurate insights into their employees’ vulnerability to the real phishing attacks that target them every day. In addition, by collecting user-reported phishing threat data from Wombat’s PhishAlarm solution, Proofpoint intelligence will amplify to include data on phishing campaigns as seen by non-Proofpoint customers, providing broader visibility and intelligence to the Proofpoint Nexus platform.
Siemens announced it has entered into an agreement to acquire Oulu, Finland-based Sarokal Test Systems Oy, a provider of innovative test solutions for fronthaul networks that are comprised of links between the centralized radio controllers and the radio heads (or masts) at the "edge" of a cellular network. Sarokal products are used by chipset vendors, fronthaul equipment manufacturers, and telecom operators to develop, test and verify their 4G and 5G network devices from the early design stages through implementation and field-testing.
Sarokal's products are used to test transmission specifications across multiple domains. Its tester product family addresses the entire development and maintenance flow for cellular and wired transmission system testing. The technology is especially designed to detect radio frequency (RF) problems. With Sarokal's foresight into the requirements of 5G testing, their testing models were created from the beginning for both the virtual (digitalization) environment as well as the physical testing environment.
"Sarokal has been on the forefront of the development of the 5G specification and its requirements for fronthaul networks since its inception. The 5G specification aims to greatly enhance performance for mobile broadband, network operation and Internet of Things (IoT) communication, and this requires new test methodologies," said Harri Valasma, CEO at Sarokal. "Becoming part of Siemens and integrating our technology into the Veloce emulation platform will give us greater visibility into early customer adoption of 5G, which can help us maintain our leadership as this segment is forecasted to grow rapidly."
"The addition of Sarokal's one-of-a-kind fronthaul testing expertise is expected to provide our Veloce emulator customers with a unique advantage," said Eric Selosse, vice president and general manager, Mentor Emulation Division, a Siemens business. "Sarokal's tester technology in conjunction with Mentor's Veloce emulation platform will enable customers to "shift left" the validation of 4G and 5G designs for accurate and timely pre- and post-silicon testing."
The transaction is expected to close during the first quarter of calendar 2018, subject to receipt of regulatory approvals and other customary closing conditions. The terms of the transaction were not disclosed.
Siemens agreement to acquire Oulu, Finland-based Sarokal Test Systems Oy
Descartes Systems Group, the global leader in uniting logistics-intensive businesses in commerce, announced that it has acquired Aljex Software, Inc., a cloud-based provider of back-office transportation management solutions for freight brokers and transportation providers.
Serving freight brokers and transportation providers for over 20 years, Aljex has built a robust platform backed by deep domain expertise. Used by nearly 400 customers in North America to plan and execute nearly 3 million freight moves per year, the Aljex solutions help customers automate business processes and create electronic documents critical for executing transportation moves. Customers can manage the lifecycle of a shipment from order creation through execution, including real-time tracking with connectivity to the Descartes MacroPoint network.
“Managing the capacity on trucks profitably while meeting increasingly high customer delivery expectations is a complex task,” said Tom Heine, CEO of Aljex. “Aljex helps solve the unique problems faced by freight brokers and transportation providers in this demanding environment. These solutions can also be utilized by large fleet operators looking to broker their own excess capacity and improve truck utilization.”
“Descartes has worked with Aljex for a number of years to provide end-to-end solutions for the freight broker community in North America,” said Edward J. Ryan, Descartes’ CEO. “We now have an opportunity to fully integrate Aljex into the Global Logistics Network. In doing so, we can provide customers with improved access to track shipments and the ability to better utilize increasingly scarce carrier capacity.”
Descartes Systems Group acquires Aljex Software, Inc
The Kroger Co. and EG Group, a privately-held petrol forecourt convenience store retailer based in Blackburn, Lancashire, United Kingdom, announced a definitive agreement for the sale of Kroger's convenience store business unit to EG Group for $2.15 billion. The companies expect to close the transaction during the first quarter of Kroger's fiscal year.
As part of the agreement, EG Group will establish their North American headquarters in Cincinnati, Ohio and continue to operate stores under their established banner names.
Kroger announced in October 2017 its intention to explore strategic alternatives for its convenience store business, including a potential sale, in conjunction with Restock Kroger.
"Our convenience store business has been a part of our company for many years. We want to thank our management team and associates for their enduring commitment to our customers, and for the contributions they have made to build our supermarket fuel business," said Mike Schlotman, Kroger's executive vice president and chief financial officer. "As part of our regular review of assets, it has become clear that our strong convenience store business unit will better meet its full potential outside of our business."
"One of the most important considerations in our decision-making process was continued operations to ensure minimal disruption to our associates. We are very pleased the EG Group plans to establish their North American headquarters in Cincinnati. EG Group is also a recognized international petrol forecourt convenience operator and they have a commercial model which clearly looks to enhance the consumer offer by working with leading retail brands customers know and trust," said Mr. Schlotman. "This is good for our associates across the country and for our headquarter city of Cincinnati. Throughout the process we were impressed with the EG Group's professionalism, investment commitment and more importantly their understanding of the US convenience retail market. We now look forward to working with them closely to ensure a smooth transition for associates."
Mohsin Issa, EG Group Founder and co-CEO expressed "This is an exciting time for EG Group, the entry into the US market presents a fantastic opportunity to deliver a successful retail offer to consumers across the various states. We have had much success across Europe and we firmly believe the Kroger assets present a fantastic foundation to overlay our retail experience and know-how in the US. We are committed to investing in the Kroger network, partnering with leading retail brands and working with the exceptional management team and associates transferring across to deliver a comprehensive retail offer."
Kroger to sell convenience stores to UK's EG Group
for US$ 2.2 billion
Didi Chuxing, launched its car-sharing platform, partnering with automakers, new energy transportation infrastructure operators and after-sales service providers, to build an open new energy car-sharing system for the future. The network of strategic partners now includes 12 top automakers including BAIC BJEV, BYD, Chang'an Automobile Group, Chery Automobile Group, Dongfeng Passenger Vehicle, First Auto Works, Geely Auto, Hawtai Motor, JAC Motors, KIA Motors, Renault- Nissan-Mitsubishi, and Zotye Auto.
App-based on-demand car-sharing is increasingly an important complement to car ownership. According to a study by GM Insights, the global car-sharing market is expected to grow 34% annually from 2017 to 2024, while the annual growth rate in China will exceed 40%. The first generation of large-scale, new energy car-sharing platforms are expected to materialize in core emerging countries such as China.
DiDi hopes to leverage on its AI strengths and national network to empower the entire automotive industry chain. The company’s world-leading data analytics capabilities enable smarter network management based on dynamic understanding of user distribution and attributes. Under the partnership, DiDi will open its platform to automakers' own sharing services. The platform will introduce to individuals and corporate partners not only diversified models from automakers, but also auto-related finance and insurance services.
DiDi launches open car-sharing platform, partners with 12 top automakers
Varian, announced it has acquired privately-held Mobius Medical Systems, a leader in radiation oncology Quality Assurance (QA) software. This acquisition expands Varian's leadership in radiation medicine, by increasing its portfolio of patient treatment plan QA and machine QA technologies, and enables the company to potentially impact more patients around the globe with software solutions designed to assure the quality of treatments.
The acquisition of Mobius is consistent with Varian's long-term growth and value creation strategy and broadens its cancer care portfolio. The integration of additional QA tools into the Varian ecosystem will allow advanced QA processes to be more seamlessly combined into treatment workflows. Additionally, Varian also can ensure that QA methods advance at the same time as Varian introduces new treatment techniques.
"Varian has a long history of providing high-quality QA for its products and the treatments they deliver," said Kolleen Kennedy, president of Varian's Oncology Systems business. "Varian places high value on the market-leading Mobius QA products, including Mobius3D and DoseLab, and is dedicated to expanding their global reach. The two companies have similar cultures with deep commitments to enabling quality cancer care for patients around the globe."
The Mobius QA software is in use at over 1000 sites worldwide to ensure patients receive high-quality care. Mobius3D® is a 3D dose verification and IMRT/VMAT treatment delivery QA system. Mobius3D performs 3D dose verification for patient plans, supports verification checks throughout the entire clinical process for IMRT and VMAT, and includes modular staged testing to reinforce the confidence of the medical physicist in the patient plan and treatment delivery. DoseLab® is fast, simple and powerful software for quality assurance of medical linear accelerators.
Varian acquires Mobius Medical Systems
Total Produce to acquire 45% equity stake in
Dole Food Company
Total Produce, Europe's leading fresh produce company, is pleased to announce that it has entered into a binding agreement to acquire a 45% equity stake in Dole Food Company from Mr. David H. Murdock for a cash consideration of $300 million (the "Transaction").
Dole is one of the world's largest fresh produce companies and a producer and marketer of high quality fresh fruit and vegetables. For the twelve months ended October 7, 2017, Dole generated revenue and Adjusted EBITDA of $4,455 million and $237 million2, respectively. The transaction consideration for the 45% interest implies a Dole enterprise value of approx. $2 billion and approx. 9x Dole Adjusted EBITDA3.
The Transaction brings together two of the world's leading fresh produce companies, with complementary market positions in various product segments and geographies, and represents a very significant step in the history of Total Produce and a continuation of its successful expansion strategy.
The very highly regarded Dole management team will continue to operate the business as before, and Dole will continue to service its customers with high quality products as it has done in the past.
Total Produce has fully committed acquisition financing in place to secure funding of the Transaction. The Transaction is expected to generate low double digit adjusted earnings per share accretion for Total Produce in the first full fiscal year post closing.
Attractive industry backdrop: Fresh fruits & vegetables sector is expected to outperform vis a vis packaged food driven by a structural trend towards healthy eating and snacking
Dole is an iconic brand with leading market positions and scale: Dole has #1 and #3 positions in bananas in North America and Europe, and #2 and #3 positions in pineapples in North America and Europe4 and #2 position in fresh-cut salads in North America
Bringing together two highly complementary businesses: The transaction creates the world's leading fruit & vegetables group with potential to realize synergies
Balanced transaction structure and terms: Provides Total Produce with significant governance rights and flexibility on path forward
Total Produce has a proven track record: The investment is a continuation of Total Produce's successful acquisition strategy with approx. 325%5 total shareholder return delivered to shareholders over the last 5 years
Mondelēz International has unveiled its newest global Technical Center in Jurong, Singapore. This advanced facility focuses on innovation, developing new products and technologies for some of the company's iconic brands like Clorets, Halls and The Natural Confectionery
Company candy; Stride, Trident and Dentyne gum; Cadbury Dairy Milk chocolate and Oreobiscuits.
The Singapore Technical Center is part of the company's previously announced $65 million investment in nine fully equipped and technologically advanced Research, Development, Quality and Innovation (RDQI) hubs, strategically positioned around the globe. These centers enable Mondelēz International to better recruit, retain and develop talent across a range of science and technical disciplines, while streamlining processes and accelerating the company's growth and innovation.
"Our purpose and vision at Mondelēz International are simple — to create more moments of joy for our consumers with our much-loved brands by building the best snacking company in the world," said Maurizio Brusadelli, EVP & President AMEA (Asia Pacific, Middle East and Africa). "Singapore's fantastic infrastructure, thriving RDQI ecosystem and the collaborative approach of government organizations makes it a perfect place for innovation. This is one of the many reasons why we have made Singapore the home of our AMEA region."
The Singapore Technical Center will be home to up to 75 scientists, developers, engineers, analytical chemists and other specialists from all over the world. The site is equipped with multiple technical capabilities, such as a pilot facility, a packaging creative studio and a range of labs for technical research. The team will closely collaborate on innovations with more than 35 sites in the Mondelēz International manufacturing network across AMEA.
Mondelēz International unveils state-of-the-art Technical Center in Singapore
Fresh Del Monte Produce Inc., announces that its North America subsidiary, Del Monte Fresh Produce N.A., Inc. (“Del Monte”) entered into a definitive agreement to acquire Mann Packing Co., Inc. (“Mann Packing”), an award-winning innovator and leading grower, processor and supplier of a broad variety of fresh and value-added vegetable products in North America. Mann Packing’s annual sales were approximately $535 million in 2017.
Del Monte will acquire Mann Packing for an aggregate consideration of approximately $361 million in cash financed with cash on hand and the Company’s existing credit facility. The Company expects the acquisition to be accretive to earnings in the first year. The transaction is subject to regulatory approvals and other conditions that are customary for transactions of this type and is expected to close during the first quarter of 2018.
“We are extremely pleased about our acquisition of Mann Packing, a leader in the fresh and value-added vegetable category,” said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer of Fresh Del Monte. “Mann Packing’s strength in the vegetable category, one of the fastest growing fresh food segments, will allow us to diversify our business, leverage our distribution network and infrastructure and increase our market reach. In addition, this transaction will provide us with synergies, enhancing our ability to better serve our combined customers and address consumers’ needs for healthier products. This acquisition is a significant step toward our goal to be the world’s leading supplier of healthful, wholesome and nutritious fresh and prepared food and beverages for consumers.”
Fresh Del Monte Produce Inc. agreement to acquire Mann Packing Co. for $361 million
As the world’s largest producer of organic dairy products, Arla Foods is looking to significantly step up its ambitions for organic dairy business in the UK as the farmer-owned company announces new partnership with Britain’s leading organic dairy brand.
Arla Foods Limited, a subsidiary of Arla Foods amba, will acquire Yeo Valley Dairies Limited, a subsidiary of the Yeo Valley Group Limited. The transaction will give Arla Foods the rights to use the Yeo Valley brand on the UK market for milk, butter, spreads and cheese under an intellectual property license with Yeo Valley.
The Yeo Valley yogurt, ice cream, cream and desserts business will continue to be run independently through Yeo Valley Group, which remains under the ownership of the Mead family.
Commenting on the deal, Peter Giørtz-Carlsen, Executive Vice President and Head of Europe in Arla Foods, said: "The potential for organic dairy products in the UK is significant, and our investment in range through this licensing agreement with Yeo Valley provides a significant opportunity to offer a greater choice to consumers at attractive prices. Our ambition is to encourage customers in the UK to trade up from standard to organic milk, butter and cheese, driving overall growth for organic across dairy categories.”
Bringing organic dairy to more European consumers
Currently in the UK, only four per cent of milk sold in the UK fresh milk market is organic, which compares with far greater shares of organic in the milk market in Germany (10 per cent), Sweden (16 per cent) and Denmark (29 per cent).
In the UK, the Arla Organic Free Range milk has driven 60 per cent of all the growth within the organic milk category in the last 12 months, with 70 per cent of all Arla Organic Free Range milk sales attributable to customers who would have not previously purchased organic milk.
With one in four households now purchasing organic products, there is opportunity for the UK dairy sector to convert more of its customers from standard to organic dairy. To fuel this growth and meet the growing needs of consumers requires investment in innovation and range under both the Yeo Valley and Arla®brand.
Arla Foods Limited, will acquire Yeo Valley Dairies Ltd.
Hyatt plans for a grand hyatt hotel and residences in grand Cayman
Hyatt Hotels Corporation, announced that a Hyatt affiliate has entered into a franchise and related agreements with Pageant Beach Hotel Ltd. for the 351-room Grand Hyatt Grand Cayman Hotel & Residences. The hotel will be managed by an affiliate of Aimbridge Hospitality, one of the largest independent hotel investment and management firms in North America and the Caribbean.
“We are delighted that the Grand Hyatt brand is expanding in the Caribbean, and especially in Grand Cayman where the hospitality and tourism sector is primarily aimed at the luxury market,” said David Tarr, senior vice president of development for Hyatt. “The opening of this hotel will be a great addition to this popular destination, and marks the welcome return of the Hyatt brand to the Cayman Islands. Guests will experience welcoming luxury and best-in-class restaurants at Grand Hyatt Grand Cayman Hotel & Residences, while also creating memorable experiences in this breathtaking destination.”
Grand Hyatt Grand Cayman Hotel & Residences will be located on a premium 7.1-acre site on Seven Mile Beach, an award-winning destination that is recognized as the focal point for tourists and local community activities. Situated along the southern end of West Bay Road, the hotel and residences will be located less than one mile away from George Town’s city center and only 10 minutes from Owen Roberts International Airport.
Rove Hotels, a joint venture of Meraas and Emaar Properties PJSC, has announced its expansion to Saudi Arabia with Rove King Abdullah Economic City, located centrally in the Bay La Sun waterfront district of King Abdullah Economic City (KAEC) in the vicinity of the Prince Mohammad Bin Salman College of Business & Entrepreneurship (MBSC) and a newly established entrepreneurship hub.
Marking the debut of Rove Hotels in Saudi Arabia, Rove King Abdullah Economic City is the first hotel under the contemporary midscale lifestyle hotel brand outside the UAE. It will feature 240 rooms, fitness centres for ladies and gentlemen, and a wide range of lifestyle amenities that underpin the brand values of Rove Hotels to deliver reliable, modern and super-efficient hospitality services that appeal to all. The construction work is anticipated to start in the second quarter of 2018 with the soft opening scheduled for the fourth quarter of 2019.
Designed for the highly mobile and socially connected generation of travellers and entrepreneurs, Rove Hotels offers value-driven lifestyle choices and uplifting experiences. It has four operational hotels and four upcoming properties in Dubai. The operational hotels - Rove Downtown, Rove City Centre, Rove Healthcare City and Rove Trade Centre - are popular among Saudi visitors to Dubai for their convenient location and easy access to the city’s attractions.
Like all Rove Hotels, Rove King Abdullah Economic City also takes its contemporary design cues from its surroundings. All rooms will have 48-inch interactive TV screens with smart media hubs and free Wi-Fi. Comfortable mattresses, sofa beds for extra guests, mini-fridges, safety lockers and modern bathrooms with power rain showers are standard for all rooms. Several rooms will be interconnected, ensuring the hotel is suitable for groups and families with children.
Other amenities include a 24-hour gym, food & beverage outlets, lobby areas, outdoor pool and deck, kids pool, parking spaces, spacious meeting rooms, 24-hour self-service laundromat, convenience store, luggage store rooms and safety deposit boxes. Guests have the convenience of a late check-out time of 2pm and a range of smart services including Wi-Fi connectivity.
“KAEC is fast establishing a reputation as the domestic destination of choice for leisure visitors and business events & conferences. Our expanding range of entertainment & leisure offerings are having a tremendous impact on the city’s appeal and ability to deliver a standout experience for visitors,” said Ramzi Solh, CEO, Real Estate Operation and Management Company. “We have an aggressive development plan to expand our hotel and resort portfolio. Rove King Abdullah Economic City will be a valuable addition to our existing offer and will further expand our appeal to Saudi millennials seeking a quality hotel experience.”
Paul Bridger, Corporate Director of Operations, Rove Hotels, said: “With five star hotels accounting for the majority of hotel rooms1 , the need for high quality midscale hotels is significant in the Kingdom. Rove Hotels is addressing the industry ‘white space’ through a new hotel concept that not only helps address the gap in midscale hotel rooms but also creates vibrant social spaces for the young tech-savvy Saudis. The philosophy of Rove Hotels is to deliver culturally inspiring and fuss-free service in central locations. Bay La Sun in KAEC is an ideal destination for the first Rove hotel in Saudi Arabia.”
Rove Hotels expands to Saudi Arabia
Swissôtel opens its doors in Dubai
Al Ghurair Properties, the property development arm of Al Ghurair, has partnered with the world renowned Swissôtel to announce the inauguration of Swissôtel Al Ghurair and Swissôtel Living, embedded within Al Ghurair Centre, Deira. This follows from the formal partnership agreement between Al Ghurair Properties and AccorHotels in July 2017, to open the first Swissôtel in the United Arab Emirates.
Consisting of 428 rooms and 192 apartments, the luxury property is located within the Al Ghurair Centre Complex, one of the region’s first and most prominent shopping destinations. Geared towards both business and leisure travellers, Swissôtel Al Ghurair & Swissôtel Living is situated in the heart of old Dubai. Guests to Swissôtel Al Ghurair and Swissôtel Living will be able to enjoy easy access to famous landmarks and culturally-significant locations alongside Dubai Creek, Al Fahidi and other historical districts. The property is also located in close proximity to government, consulate and corporate districts in addition to Downtown Dubai, Dubai International Airport and Dubai Union Station.
Sultan Al Ghurair, CEO of Al Ghurair Properties commented: “In partnership with AccorHotels, we are delighted to introduce Swissôtel in the UAE. With the opening of Swissôtel Al Ghurair & Swissôtel Living, we are confident that this luxury international brand with its unique service offering will contribute to the property’s success.”
“The Swissôtel brand values of sustainability, vitality and quality resonate strongly with Al Ghurair. The partnership with Swissôtel is just one part of our many initiatives to reposition and enhance our real estate portfolio; the Al Ghurair Centre has many exciting new brands coming as well as the 58 projects currently under development”, Al Ghurair concluded.
Al Ghurair are delighted to welcome seasoned Swissôtel stalwart, Emiel Van Dijk, to head the property. Emiel spent over 15 years in numerous leadership roles within Swissôtel Hotels & Resorts and joins Swissôtel Al Ghurair after 4 years in Swissôtel The Bosphorus, where he was instrumental in ensuring the successful operation of the 566 room hotel situated in the center of Istanbul.
The newly appointed General Manager, Van Dijk, said: “With the opening of Swissôtel Al Ghurair and Swissôtel Living, the first phase of an extensive refurbishment process to launch our award-winning brand in the UAE is complete. Swissôtel shares a clear commitment towards physical and mental wellbeing, which can be found through our unparalleled levels of service, amenities and culinary offerings. With this, guests in the UAE will be able to experience genuine Swiss hospitality with locally-inspired design and dining elements. We are confident that Swissôtel Al Ghurair and Swissôtel Living will set new benchmarks in luxury travel in the Middle East.”
At the hotel, guests are invited to relish in an immersive dining experience, as well as refresh and unwind at The Spa, a 20,000sqft luxurious facility or energise in the state-of-the-art fitness centre, swimming pool and tennis courts.
BEARPAW makes major expansion moves in Europe and China
BEARPAW, a leader in fashion footwear for men, women, and children, has taken another big step towards expanding their presence in Europe and China with the establishment of two new entities.
The company is forming Zhenjiang Boom Trading Company, Inc. (ZBT), to increase their territory in China and BEARPAW Europe, BV to further extend their reach in the European market. Both organizations will fall under the Romeo & Juliette, Inc. umbrella within BEARPAW holdings.
"After our recent partnerships with Bleckmann Fashion & Lifestyle Logistics and Rust-Oleum, now is the perfect time to expand upon our existing presence in the European markets and to establish our footing in China.
Creating Zhenjiang Boom Trading Company, Inc. (ZBT) and BEARPAW Europe, BV will enable us to roll out global expansion plans in a manner that allows us to stay consistent with our established business in the U.S.," says John Pierce, President of BEARPAW.
BEARPAW will continue to increase company's efforts with existing partners across Scandinavia, Baltics, and throughout Central, Eastern and Western Europe. With the new developments taking place, the company has hired John Richey as their new General Counsel.
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