09-14 APRIL 2018
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Novartis agreement to acquire AveXis for US$ 8.7 bn
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Rolls-Royce agreement to sell L’Orange to Woodward Inc
Analogic to be acquired by an affiliate of Altaris Capital Partners for US$ 1.1 bn
J. M. Smucker to acquire Ainsworth Pet Nutrition for US$ 1.7 bn
Microsoft will invest US$ 5 bn in IoT over the next 4 years globally
HNA's Tianhai Investment plans to acquire Dangdang for US$ 1 bn
Microsoft has announced that the company will invest US$5 billion in the Internet of Things (IoT) globally over the next 4 years. This increased investment will support continued research and innovation in IoT and what is ultimately evolving to be the new intelligent edge. With Microsoft’s IoT platform spanning cloud, operating system and devices, Microsoft is simplifying the IoT journey so any customer—regardless of size, technical expertise, budget, industry or other factors—can create trusted, connected solutions that improve business and customer experiences, as well as the daily lives of people all over the world. This will support Microsoft’s technology platform, as well as supporting programs thereby enabling continued research and development in key areas, including securing IoT, creating development tools and intelligent services for IoT and the edge, and investments to grow our partner ecosystem. Customers and partners can expect new products and services, offerings, resources and programs. IoT gathers momentum in India with Microsoft and its partners
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Boeing, and American Airlines announced the world's largest airline will more than double its 787 Dreamliner fleet with a new order for 47 of the super-efficient airplane plus 28 options. The 47 787s are valued at more than $12 billion at list prices and makes American Airlines the largest 787 customer in the Western Hemisphere. American originally ordered 42 787 Dreamliners and has been using the airplanes' tremendous fuel efficiency and superior passenger amenities to open new routes around the world, including Asia Pacific and Europe, and boost its network efficiency. While American still has more airplanes on the way from its initial order, the airline is buying the additional Dreamliners – 22 787-8s and 25 787-9s – to further modernize and expand its fleet. American becomes the latest airline to place a repeat order for the 787 Dreamliner. More than half of the program's 71 customers have done so, which has helped the 787 program achieve more than 1,350 orders to date.
Boeing, American Airlines sign major order for 47 - 787 Dreamliners
Qatar Airways announces investment in JetSuite, Inc.
Qatar Airways, the national airline of the State of Qatar and one of the world’s fastest-growing airlines, and JetSuite, Inc., a leading U.S. private aviation company, announced in the presence of the Qatari Minister of Finance and Chairman of Qatar Airways, His Excellency Mr. Ali Sharif Al Emadi, that Qatar Airways has taken a minority stake in JetSuite, Inc. and indirectly in JetSuiteX, Inc. Qatar Airways joins JetBlue Airways, which will be increasing its investment, and a number of private investors as stakeholders in both JetSuite and JetSuiteX. With this investment in JetSuite, Inc., Qatar Airways will help fuel the growth of JetSuite’s private aviation business, which currently focuses on light and very light jets. The investment extends to JetSuiteX, the sibling company to JetSuite, further accelerating the expansion of its acclaimed semi-private air service on the U.S. West Coast and beyond. JetSuiteX fills a niche in underserved short haul markets and small airports, and enjoys a Net Promoter Score over 90, higher than the major U.S. airlines. JetSuiteX operates its fleet of Embraer 135 aircraft from private terminals in California and Nevada, with no lines, no waiting and no stress, at a price competitive with commercial travel. The Qatar Airways investment will enable faster expansion of this fleet and the ability to reach new destinations, including the potential to bring the semi-private model to additional U.S. regions. Qatar Airways Group Chief Executive, His Excellency Mr. Akbar Al Baker, said: “We are delighted to have the opportunity to invest in such unique business as JetSuite and JetSuiteX; we believe that both businesses are complementary to Qatar Airways’ business and maintain the core values and customer focus of our own business. We believe that JetSuite and JetSuiteX deliver a truly class-leading service to the U.S. market with a huge potential for development, and we are very excited to invest in this opportunity alongside JetBlue and the other investors.”
Cyient and BlueBird sign JV to offer UAV Systems to Indian Defence Industry
Cyient, a provider of engineering design, manufacturing, geospatial, networks, and operations management services to global industry leaders and Israel-based BlueBird Aero Systems, a leader in design, development, and production of micro, mini, and small tactical Unmanned Aerial Systems (UAS) announced they have entered into a joint venture to offer field-proven UAV systems to Indian defence, paramilitary, security, and police forces. The joint venture, named Cyient Solutions & Systems Private Limited, has 51% and 49% shareholding by Cyient and BlueBird respectively. Cyient and BlueBird signed the JV agreement today at DefExpo 2018. In attendance were stakeholders from both companies and distinguished industry representatives from India and Israel. Cyient Solutions & Systems will indigenize, manufacture, assemble, integrate, and test advanced UAV systems at its production facilities in Hyderabad by leveraging BlueBird's technology and manufacturing know-how. Cyient Solutions & Systems, supported by BlueBird, will also provide comprehensive aftermarket services, including spares, repairs, maintenance, and support to end users across India.
During the official visit to Paris by Crown Prince of Saudi Arabia, HRH Mohammed bin Salman, Saudi Aramco and Total signed a memorandum of understanding to build a giant petrochemical complex in Jubail, Saudi Arabia. The complex will be integrated downstream of the SATORP refinery, a joint venture between Saudi Aramco (62.5%) and Total (37.5%) in Jubail, in a move designed to fully exploit operational synergies. This world-class refinery, whose capacity increased from 400,000-barrel-per-day at its start-up in 2014 to 440,000-barrel-per-day today, is recognized as being one of the most efficient in the world. Located next to the SATORP refinery in the same industrial area, the complex will comprise a world-size mixed-feed steam cracker (50% ethane and refinery off-gas) with a capacity of 1.5 million tons per year of ethylene and related high added value petrochemical units. The project will represent an investment of around $5 billion. The two partners are planning to start the front-end engineering and design (FEED) in the third quarter of 2018. In total, $9 billion will be invested, creating 8,000 local direct and indirect jobs. The project will produce more than 2.7 million metric tons of high value chemicals.
Saudi Aramco and Total sign a MoU to build a giant Petrochemical Complex
GE Renewable Energy, announced that it will provide its latest generation of 3.6-137 wind turbines to Mass Energy Group Holding, a subsidiary of Mass Global, to develop a 100 MW Mass Wind project in the country. This clean energy project will meet the power requirements of over 150,000 homes and reduce carbon emissions by 233,800 metric tons annually. This will be the first windfarm in Jordan for both GE and Mass Global and builds on their longstanding business relationship. GE Renewable Energy and their consortium partner Elecnor signed a contract for the engineering, procurement and construction of the project. Set to be operational by the end of 2019, the Mass Wind project supports Kingdom of Jordan’s commitment to meeting its renewable energy targets, outlined in its Vision 2025, to increase the share of renewable energy in the total energy mix to 11% and drive domestic energy production to 39%.
GE Renewable Energy to develop with Mass Energy Group its first wind farm project in Jordan
Digital Colony, a global investment firm focused on enabling the next generation of mobile and internet infrastructure, announced that a Digital Colony affiliate has entered into a binding agreement to acquire 100 percent of the capital in Digita Oy ("Digita") from First State Investments ("First State"). Digita is the owner and operator of the premier nationwide digital terrestrial television ("DTT") and radio broadcasting tower infrastructure network in Finland. Founded in 1999 as a spin-off from national broadcaster Yle, Digita is Finland'sleading TV and radio broadcasting network and the only platform with the ability to reach nearly 100 percent of the Finnish population. The company is also Finland's largest independent tower network owner, providing infrastructure solutions to the country's largest mobile network operators. Digita will continue to be led by CEO Juha-Pekka Weckström and the existing management team. "I am grateful for the support First State has provided to Digita over the years," said Weckström. "Together with First State, we have invested more than €40 million into Digita to upgrade our network and to start new business lines including data centers and internet of things ("IoT") services. Partnering with Digital Colony will help Digita continue to enhance its network and facilitate a first class customer experience."
Digital Colony to acquire Digita Oy
The government of Bangladesh signed two financing agreements totaling $515 million with the World Bank to help expand electricity transmission network and improve insurance coverage. The $450 million Enhancement and Strengthening of Power Transmission Network in Eastern Region Project will improve the reliability of electricity supply and reduce load shedding in the eastern region, covering greater Cumilla and Noakhali and part of greater Chittagong. In addition, about 275,000 households and 16,000 agricultural consumers will get new electricity connection. The project will build 13 new substations and rehabilitate an existing one in the country’s eastern part. These will also help integrate renewable energy and new generations into the grid. The project will build one 230 kV transmission line through greater Cumilla and four short distance 132 kV lines in Cumilla and Noakhali areas. The $65 million Insurance Sector Development Project, also signed today, will help strengthen the regulatory and supervisory capacity of the Insurance Development and Regulatory Authority (IDRA), and the country’s two state-owned insurance corporations — Shadharan Bima Corporation and Jiban Bima Corporation — through modernizing their systems and business practices. It will also help enhance the capacity of the Bangladesh Insurance Academy to become a reliable resource for training and research, and thereby address the severe lack of insurance professionals.
Bangladesh: World Bank helps improve electricity transmission
Novartis agreement to acquire AveXis for USD 8.7 billion
Novartis announced that it has entered into an agreement and plan of merger with AveXis, Inc. to acquire the US-based Nasdaq-listed clinical stage gene therapy company for 8.7 billion in cash. The transaction was unanimously approved by the Boards of both companies. AveXis has several ongoing clinical studies for the treatment of SMA, an inherited neurodegenerative disease caused by a defect in a single gene, the survival motor neuron (SMN1). The lead AveXis gene therapy candidate, AVXS-101, has highly compelling clinical data in treating SMA Type 1, which is the number one genetic cause of death in infants, where 9 out of 10 infants do not live to their second birthday or are permanently ventilator dependent. It is estimated that one out of every 6,000-10,000 children born is affected by some form of SMA. The US Food and Drug Administration (FDA) has granted AVXS-101 Orphan Drug designation for the treatment of SMA as well as Breakthrough Therapy designation for SMA Type 1. A BLA filing with the FDA for AVXS-101 is expected in the second half of 2018 and approval and launch in the US is expected in 2019. PRIME and Sakigake designations have been secured in Europe and Japan, respectively.
Lonza opens World’s Largest Cell-and-Gene-Therapy manufacturing facility in Pearland, USA
Lonza is opening the world’s largest dedicated cell- and- gene -therapy facility, which was built in anticipation of the rising demand from developers of cell and gene therapies – the next era in medicine – and with the mission of enabling them to deliver these types of treatments to patients around the world more quickly and efficiently. During a grand opening ceremony in Pearland, TX (USA), Lonza executives and industry leaders will unveil the 300,000-square-foot (27,870 square -meter) facility and its offerings – highlighting its state-of-the-art, fully integrated, everything-under-one-roof access to some of the world's most innovative cell-and-gene-therapy manufacturing technologies. "Lonza Houston will serve as a center of excellence for cell-and-gene-therapy process development from concept through pre-clinical, clinical and commercialization, all the way to the patient," says Andreas Weiler, Business Unit head for Emerging Technologies at Lonza Pharma & Biotech. "This facility has the potential toproduce treatment for thousands of patients suffering from rare genetic disorders or life-threatening diseases, under one roof. It will set a new standard in biopharmaceutical manufacturing and stand as one of four centers of excellence in cell and gene therapy in the only global network spanning three continents."
Analogic to be acquired by an affiliate of Altaris Capital Partners for $1.1 Billion
Analogic Corporation, a provider of leading-edge healthcare and security solutions, and Altaris Capital Partners, LLC, a leading private investment firm with expertise in Analogic’s end markets, announced that the Company and an affiliate of Altaris Capital Partners (together with certain affiliated entities, “Altaris”) have entered into a merger agreement under which Analogic will be acquired by Altaris for approximately $1.1 billion on a fully diluted basis. The transaction and the merger agreement were unanimously approved by Analogic’s Board of Directors, and the Board unanimously recommends that Analogic’s stockholders vote in favor of the transaction. “The Board has always sought to maximize stockholder value,” said Bernard Bailey, chairman of the Analogic Board of Directors. “Given the increasingly competitive markets that we serve, we have been focused on the need to achieve greater scale in order to generate sustained profitable growth. As a result, the Board initiated a review of strategic alternatives available to Analogic. This 10-month, comprehensive process resulted in today’s transaction with Altaris that provides stockholders with immediate, substantial, and certain cash value. The Board strongly believes that a transaction with a buyer with strategic assets like Altaris provides maximum value for and is in the best interest of Analogic stockholders.” The Strategic Alternatives Committee and Board considered a comprehensive range of alternatives, including the sale of the entire company, separating the Company’s three business units, and the continued short- and long-term operation of the Company on a stand-alone basis. The process culminated with the Board’s determination that the Altaris transaction presents the best combination of certainty and value for stockholders.
Alexion to acquire Wilson Therapeutics
Alexion Pharmaceuticals, Inc., and Wilson Therapeutics AB (publ) announced that Alexion has made a recommended public cash offer to the shareholders in Wilson Therapeutics to acquire all outstanding shares in Wilson Therapeutics by way of a tender offer, through a wholly-owned subsidiary. Wilson Therapeutics is a biopharmaceutical company, based in Stockholm, Sweden, that develops novel therapies for patients with rare copper-mediated disorders. Wilson Therapeutics’ product, WTX101, is in Phase 3 development as a treatment for Wilson disease, a rare genetic disorder with devastating hepatic and neurological consequences for patients. WTX101 is a first-in-class oral copper-binding agent with a unique mechanism of action and ability to access and bind copper from serum and promote its removal from the liver. WTX101 has received Fast Track designation in the U.S. and Orphan Drug Designation for the treatment of Wilson disease in the U.S. and EU. “Wilson disease is a rare disorder that can lead to severe liver disease, including cirrhosis and acute liver failure, as well as debilitating neurological morbidities such as impaired movement, gait, speech, swallowing, and psychiatric disorders. WTX101 is an innovative product that addresses the underlying cause of the disease and has the potential to define a new standard of care in treating Wilson disease, an area that has not had a new treatment in over two decades,” said Ludwig Hantson, Chief Executive Officer of Alexion. “The acquisition of Wilson Therapeutics is a strong strategic fit for Alexion given the overlap with our current clinical and commercial focus on metabolic and neurologic disorders, and is an important first step in rebuilding our clinical pipeline.” The Transaction Alexion will acquire Wilson Therapeutics through a tender offer that was launched this morning at 7:00 a.m. CET/1:00 a.m. EDT whereby Alexion, through a wholly owned subsidiary, has offered SEK 232 in cash for each outstanding share of Wilson Therapeutics. The total equity value of the transaction amounts to SEK 7,100 million, based on outstanding shares on a fully diluted basis, or approximately $855 million. The Independent Committee of the Board of Directors of Wilson Therapeutics has unanimously recommended Wilson Therapeutics shareholders accept the offer and Alexion’s Board of Directors also unanimously approved the offer.
Sanofi is investing €350 million (CAD $500 million) for the construction of a new state-of-the-art vaccine manufacturing facility at the Sanofi Pasteur Canadian headquarters in Toronto, Ontario. The investment bolsters the company’s Canadian operations and its commitment to advancing public health around the world. The announcement will be made during an event at Sanofi Pasteur’s Toronto facility. Attendees will include the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, Government of Canada, the Honourable Steven Del Duca, Minister of Economic Development and Growth, Government of Ontario, and members of Sanofi’s executive leadership. “Canada has a strong legacy in the research and development of vaccines. With this investment, Sanofi is renewing our longstanding commitment to making Canada central in our effort to protect and improve human health across the globe,” said David Loew, Executive Vice President and Head of Sanofi Pasteur. “Vaccines save three million lives every year and this new facility will take us one step closer to a world where no one suffers or dies from a vaccine-preventable disease.” The new facility will allow Sanofi Pasteur, the vaccines global business unit of Sanofi, to meet the growing demand of five-component acellular pertussis (5-acP) antigen. Upon completion in 2021, the new building will also be equipped to produce the antigens used in the diphtheria and tetanus vaccines.
Sanofi to invest $431 million in Canadian vaccine facility
Tianhai Investment, a subsidiary of HNA Technology, driven by high-tech innovation through AI, big data and cloud has announced that it plans to acquire Dangdang for a tentative US$ 1 billion through the issuance of shares and cash payment. The completion of the transaction will not involve cash of Tianhai Investment, rather, the issuance of shares to investors. The controller of Tianhai Investment will not have changed with HNA Technology Group remaining the largest shareholder. The acquisition cost is seen as reasonable in comparison to similar e-commerce platform procurements of PetSmart's acquisition of Chewy.com and Walmart's acquisition of JET.com with respective acquisitions exceeding US$ 3 billion. The valuation of the transaction also being lower than the market's previously estimated RMB 80-100 billion. Tianjin Port Free Trade Zone Investment Holdings Co., Ltd, the sole shareholder of Tianjin T&B Holding Co., Ltd. will take the lead in the investment, with a maximum investment of RMB 1 billion. The participation of local governments in the capital deployment of HNA will undoubtedly bring new vision to Tianhai Investment's future development. The company's current cooperation partners include Dingfeng Asset, Shiling Capital, Cinda Securities and the Chengdu Municipal Government based on the 'Digital Belt and Road Technology and Innovation Industrial Fund'.
HNA's Tianhai Investment plans to acquire Dangdang for USD 1 billion
Optimal Payments Plc, a global provider of online and mobile payment processing services, has entered into an agreement to acquire Skrill Group from CVC Funds and other shareholders, for an enterprise value of approximately US$ 1.2 billion. The Skrill Group is one of Europe's leading digital payments businesses providing digital wallet solutions and online payment processing capabilities and is one of the largest prepaid online voucher providers in Europe with its paysafecard brand. The acquisition is subject to the satisfaction of a number of conditions including Optimal Payments’ shareholder and regulatory approvals. The Directors of Optimal Payments believe that the acquisition will be transformational and value-enhancing for Optimal Payments and will create a leading payment and digital wallet provider with significant international scale and reach that is well positioned to capitalize on the substantial and growing payment processing and digital wallet markets, particularly within the rapidly expanding online gambling sector.
Optimal Payments Plc to acquire Skrill Group from CVC Funds for USD 1.2 billion
The J. M. Smucker Company, announced the signing of a definitive agreement to acquire Ainsworth Pet Nutrition, LLC("Ainsworth") in a transaction valued at approximately $1.7 billion, after an estimated tax benefit of $200 million. Ainsworth is a leading producer, distributor, and marketer of premium pet food and pet snacks, predominately within the United States. Approximately two-thirds of Ainsworth's sales are generated by its Rachael Ray™ Nutrish® brand ("Nutrish"), which is driving significant growth in the premium pet food category. Ainsworth also sells pet food and pet snacks under several additional branded and private label trademarks. Strategic Rationale Benefits of the transaction are expected to include the following: Pet food and pet snacks has become the largest center-of-the-store category in the U.S. Food and Beverage market, generating over $30 billion in annual retail sales across all channels, and remains one of the fastest-growing categories. This acquisition and the addition of the high-growth Nutrish brand will increase the scale and further accelerate the growth profile of the Company's pet food business. Nutrish holds a leading position and is one of the fastest-growing brands in the premium dry dog food segment within the grocery and mass channels, a key growth driver for the overall category. The addition of Nutrish to the Company's portfolio will significantly expand the Company's presence in this area, complementing the Company's Nature's Recipe® brand.
J. M. Smucker Company to acquire Ainsworth Pet Nutrition for $1.7 billion
Greenyard Fresh has acquired 49% stake in Mor International
Greenyard announces that Greenyard Fresh has acquired a 49% stake in Mor International, whereby it has the option to become majority owner in the future, for an undisclosed amount. Mor International is a well-known Israeli fruit sourcing and exporting company strongly focused on sourcing high quality exotics (mangos, avocados, kakis, pomegranates, fresh dates and bell peppers). The company realised around € 50m sales in 2017. Mor has long-term relationships with important growers, both within and outside Israel. As such, the company is ideally positioned to reinforce Greenyard’s strategy to build a direct connection with the grower via programmed growing, ensuring a high quality and freshness for the consumer. Furthermore, Mor enables Greenyard to enlarge the geographical spread and sourcing capabilities. Hein Deprez, CEO of Greenyard: ‘ Greenyard sources more than 3 million tons of fruit and vegetables per annum, from fork to field, to fill our vertical funnel towards food retailers and foodservice. With Mor International, Greenyard further strengthens its leading position and enhances the availability, quality and variety of the product offering. Moreover, Mor International will further help Greenyard in its goal to increase consumption of fruit and vegetables. Hence, the transaction implies an increased focus on our strategy and priorities to continue generating profitable growth and strengthening our global leadership position in fruit and vegetables.’
Soylent expands Retail Footprint in deal with Walmart
Rosa Foods, the makers of Soylent, announced that their products will be sold at Walmart, the leading grocer in the United States. The move marks a significant step in expanding Soylent's retail footprint and providing access to quality nutrition across 450 local stores around the country. "Our expansion to retail and now with Walmart is a great opportunity for Soylent to continue our focus on making unhealthy and unsustainable food voids obsolete for consumers everywhere," said Soylent CEO Bryan Crowley, "Our team is excited to see Soylent on local Walmart shelves, marking a significant step in providing more ways for consumers to get access to our brand." This latest move comes on the heels of Soylent's successful launch in over 2,500 7-Eleven locations and a retail partnership deal with Big Geyser, the largest independent non-alcoholic beverage distributor in the metro New Yorkarea. In January, Soylent was the #1 Grocery product on Amazon and continues to expand its subscription base on its own ecommerce site, soylent.com. Soylent was launched online in 2014, made its retail debut in July 2017 and as of April 2018, the brand will be available across fourteen states, illustrating the hunger for Soylent both on and offline.
Marfrig Global Foods, one of the world’s largest animal protein producers, announces that it reached an agreement for the acquisition of 51% of the membership interests in National Beef Packing Company, LLC, the fourth-largest beef processor in the United States. Marfrig has agreed to pay US$ 969 million for the equity interest and, once the transaction is concluded, will become the world’s second-largest beef processor, with consolidated sales of US$ 13 billion. Founded in 1992, National Beef reported sales of US$ 7.3 billion (R$ 24.3 billion) in 2017 and, since 2011, has been controlled by Leucadia National Corporation, which currently holds a 79% interest. National Beef has a slaughtering capacity of 12,000 heads of cattle per day and is headquartered in Kansas City. It has 2 slaughterhouses located in Dodge City and Liberal, Kansas and accounts for approximately 13% of total U.S. cattle slaughtering capacity. National Beef is one of the most profitable beef companies in the United States. Once the transaction closes, Leucadia will transfer control to Marfrig and remain a minority shareholder in National Beef, with a 31% interest. The US Premium Beef, an association of American producers, will hold 15% and other shareholders with the remaining 3%.
Marfrig Global Foods acquires control of U.S.-based National Beef in $969 million deal
Axalta inaugurates new Coating Manufacturing Facility in India
Axalta, a leading global supplier of liquid and powder coatings, inaugurated its new coating manufacturing plant at Savli, Vadodara in Gujarat, India. Approximately 70 guests, including local government officials, customers, university representatives, media, and employees attended the opening ceremony, which Axalta Chairman and CEO Charlie Shaver presided. The 5,200 square meter plant is part of Axalta’s Savli manufacturing site that produces Axalta coatings for refinish, automotive parts, and commercial vehicle customers. The new plant will double Axalta’s coating manufacturing capacity to meet the growing demand for coatings in light vehicles, commercial vehicles, and industrial segments. Axalta continues to make significant investment in India in line with its India growth strategy. Since 2016, Axalta has opened a new and expanded Technology Center in Savli dedicated to the Indian automotive segment. Its new Axalta India headquarters in Gurugram, within the National Capital Region, also hosts Axalta’s global IT and other back office functions. Axalta has continued to further invest and upgrade its refinish training centers throughout India to better serve customers in the growing market.
Rolls-Royce announced that it has signed an agreement to sell L’Orange, a wholly owned subsidiary of Rolls-Royce Power Systems, to Woodward Inc., for an enterprise value of €700 million. Woodward (headquartered in Fort Collins, Colorado, US) is an independent designer, manufacturer and service provider of control system solutions and components for the aerospace and industrial markets. L’Orange will be renamed Woodward L’Orange and will be integrated into Woodward’s Industrial segment. L’Orange supplies fuel injection technology for engines that power a wide range of industrial applications including marine power and propulsion systems, special-application vehicles, oil and gas processing, and power generation. L’Orange serves some of the world’s best known specialist diesel engine manufacturers, including Rolls-Royce Power Systems’ leading subsidiaries, MTU Friedrichshafen and Bergen Engines, and other low to high speed engine builders. L’Orange will remain an important partner and supplier for Rolls-Royce Power Systems in the future through a long-term supply agreement, with an initial term of 15 years. L’Orange is based in Stuttgart, Germany and has approximately 1,000 employees based mostly in Germany, but also in the US and China. In 2017, L’Orange reported pro forma sales of €244 million, pro forma underlying EBITDA of €74 million, pro forma underlying operating profit of €64 million and pro forma post-tax free cash flow of €51 million. All of these figures were consolidated within the results of the Rolls-Royce Power Systems business.
Rolls-Royce agreement to sell L’Orange to Woodward Inc.
AccorHotels announces that it has completed the acquisition of table reservation system, ResDiary. Established in Glasgow in 2004, the company now has over 100 staff based in 6 countries. ResDiary is notably well established in the Asia Pacific region as well as in the UK, and has a footprint in 60 countries globally, seating 166m diners a year in over 8,600 venues. The Company has generated profits for 6 years. ResDiary provides venues with a high-end table management solution, using technology that optimizes their food and beverage revenues and helps control operational costs. Its yield and channel management tools help restaurateurs maximize revenues, while limiting booking fees by controlling availability displayed on third-party channels. AccorHotels is a world-leading travel & lifestyle group and digital innovator offering unique experiences in more than 4,300 hotels, resorts and residences, as well as in over 10,000 of the finest private homes around the globe. Benefiting from dual expertise as an investor and operator, AccorHotels operates in 100 countries. Its portfolio includes internationally renowned luxury brands such as Raffles, Sofitel Legend, SO Sofitel, Sofitel, Fairmont, onefinestay, MGallery by Sofitel, Pullman, and Swissôtel; the mid-range boutique hotel brands 25hours, Novotel, Mercure, Mama Shelter and Adagio; and very popular budget brands such as JO&JOE, ibis, ibis Styles and ibis budget, as well as the regional brands Grand Mercure, The Sebel and hotelF1. AccorHotels provides innovative end-to-end services across the entire traveler experience, notably through the acquisition of John Paul, world leader in concierge services.
AccorHotels acquires ResDiary
The party is just getting started in paradise. W Hotels Worldwide, part of Marriott International, announced plans to debut its newest hotel in Spain with the opening of W Ibiza in Summer 2019. Owned by Inversions Hoteleres Ebza S.L., W Ibiza will be located in Santa Eulalia del Río, a buzzing beachside neighborhood centrally located to Ibiza's famous beaches, nightclubs and rural-chic inland attractions. Scheduled to open in 2019, the hotel's beachfront location will provide guests with direct access to the sparkling Mediterranean Sea. "With its playful energy and bohemian spirit, Ibiza is an ideal destination and perfect match for W Hotels," said Anthony Ingham, Global Brand Leader, W Hotels Worldwide. "We have been present in Ibiza since 2010 with a variety of W music events and partnerships, so we're thrilled to be finally opening a W Hotel on the island that we know our guests love. Following the success of W Barcelona and the forthcoming debuts of W Madrid (2019) and W Marbella (2021), W Ibiza will remix the expected and provide a new take on the (in)famous island." Destined to be the new entertainment hub in the Santa Eulalia neighborhood, W Ibiza will embrace the destination's eclectic roots through bold and innovative design, capturing the free spirit of Ibiza whilst elevating the experience to a new level. Three distinct concepts designed for dining, drinking and relaxing will be complemented by a lively rooftop sunset bar and adults only WET Deck (the brand's signature take on the poolside scene). A second WET Deck will have direct access to the beachfront promenade and the white sands of Santa Eulalia beach, which guests will be able to enjoy from W Ibiza's very own 'Chiringuito', the brands elevated take on the quintessential beach bars of Ibiza.
W Hotels to open newest W Escape on the White Isle in 2019
Radisson Blu reconfirms its place as Europe's leader in upper-upscale hospitality with 186 hotels and almost 45,000 rooms in operation – according to the latest ranking by MKG Hospitality-ON. Radisson Blu has maintained this leading position since 2010. Radisson Blu brand leads the European hotel industry in size and scale, with properties located in capital cities, airport gateways and major leisure destinations. The brand is globally recognized for its unique heritage of design, innovation and service. The latest ranking reconfirms Radisson Blu’s compelling value proposition to investors, owners and developers. "We are humble and proud to maintain our leading position in Europe's upper-upscale segment, and continue building on Radisson Blu as the brand of choice for both guests and investors,’’ commented Elie Younes, Executive Vice President and Chief Development Officer, Radisson Hotel Group.
Radisson Blu is Europe's largest upper-upscale hotel brand
Hampton by Hilton expands in China and Germany
Hampton by Hilton, Hilton's upper-midscale brand, showed no signs of slowing down its expansion with five new hotel openings in the past month, including Hampton Inn & Suites by Hilton Detroit/Warren in Michigan, Hampton Inn & Suites by Hilton St. George in Utah and Hampton by Hilton Dortmund Phoenix See in Germany. Additionally, the opening of two new properties - Hampton by Hilton Shunde Longjiang, Foshan and Hampton by Hilton Suzhou Xiangcheng District - solidify Hampton's position as having as the fastest- growing international hospitality brand pipeline in China. "Hampton has established its presence both domestically and abroad in popular destinations where our signature service and value-added amenities are highly regarded," said Shruti Gandhi Buckley, global head, Hampton by Hilton. "No matter where their wanderlust takes them, travelers know there will be a Hampton nearby to welcome them." Spotlight Property Openings: This past month, the brand welcomed several new properties, including: Hampton Inn & Suites by Hilton Detroit/Warren in Michigan: Modern amenities, great value and easy access to major attractions make this hotel ideal for travel to the newly-revitalized Detroit area. The hotel is near many popular sites such as the Detroit Zoo, Hitsville USA Museum, casinos, and all major Detroit sporting venues: Comerica Park, Ford Field and the new Little Caesars Arena. Hampton Inn & Suites by Hilton St. George in Utah: The beautiful weather and scenery make St. George a popular spot for biking, golfing, bird-watching, hiking, rock climbing and boating. The property is also along the route to Zion National Park, Lake Powell, Snow Canyon State Park and other wonders of Southwest Utah. Hampton by Hilton Dortmund Phoenix See in Germany: Centrally located, guests can watch football at Signal Iduna Park or visit the Ruhr District and cities like Bochum, Essen and Duisburg with ease. Guests will enjoy the signature offerings of the Hampton brand, including complimentary breakfast every morning, a fitness center, and business center with free WiFi and natural lighting.
EIB agrees USD 7 billion investment in energy efficiency, social infrastructure and local businesses
Meeting in Luxembourg earlier the Board of the European Investment Bank (EIB) approved a total of EUR 5.8 billion of new financing for 29 projects in the European Union, Africa, and Latin America. The EIB expects to finalise financing for new investment in energy, telecommunications, transport, urban development projects and business lending programmes. This includes EUR 1.4 billion for the metro extension in Stockholm and the acquisition of trains in the Italian Lombardy region. The Board of Directors also held preparatory discussions for the annual meeting of its Board of Governors, which will take place in June in Luxembourg. “Projects approved will strengthen the EU Bank’s action in the fields of energy efficiency, social infrastructure and the support for SMEs. Initiatives backed by the EU Budget guarantee under the Investment Plan for Europe and approved today have taken us closer to the Plan’s original EUR 315 billion investment target. The use of EU resources to back loans and guarantees is working: we are getting investment back on track in the European Union”, said Werner Hoyer, President of the European Investment Bank. Improving transport by upgrading airport accessibility, roads and railway capacity The EIB Board approved EUR 1.7 billion of new transport investment to improve mobility and accessibility in Europe. It agreed to EUR 788 million support for the construction of three extensions of the Stockholm metro with a total length of 19.6 km and 11 underground stations. The Bank will also support the acquisition of 161 new trains to reinforce the rolling stock of the Italian Lombardy Regions. EUR 350 million will go to the upgrade of Dublin airport’s infrastructure including the construction of a parallel taxiway and the improvement of aircraft parking stands.
Serta Simmons Bedding opens new manufacturing plant in Windsor Locks, Conn.
Serta Simmons Bedding, LLC ("SSB"), the largest manufacturer and distributor of mattresses in North America, has announced the opening of its new plant in Windsor Locks, Conn. The new plant is home to more than 240 employees, many of whom transferred from its former plant in Springfield, Mass. The move comes as part of SSB's plans to expand its manufacturing footprint and support increased consumer demand for its two best-selling brands in the U.S., Serta and Beautyrest. "We're excited to have opened a new, larger facility in Windsor Locks, which is an important step in our strategy to increase manufacturing capacity," said Michael Traub, CEO of Serta Simmons Bedding. "By introducing new technology, adding headcount and moving to larger facilities, we're better positioned to support our retail partners' great consumer demand in the Northeast region." The plant, which is 268,000 square feet and double the size of the former plant in Springfield, is the second of four new manufacturing facilities SSB intends to open by the end of this year. Products assembled in the Windsor Locks facility are shipped throughout the Northeast region, fulfilling orders generally in less than 72 hours.
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