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14 - 19 January 2019
Volkswagen to build new generation electric cars in Chattanooga
Boeing invests in Isotropic Systems Ltd.
BASF is investing in Mexico and China to increase Production
WESCO International acquires OSRAM's Sylvania Lighting
Nestlé and Danimer Scientific to develop Biodegradable Water Bottle
Infrastructure
MineHub Technologies Collaborates with IBM
Machinery
Newmont and Goldcorp Combine to Create World’s Leading Gold Company
Bechtel to expand Teck's Quebrada Blanca copper mine in Chile
Convergint Technologies expands in Ireland with the acquisition of MTS Security
Boeing Invests in Isotropic Systems Ltd.
Andersen Corporation to construct a manufacturing campus in Goodyear, Arizona
IT-BPM
ACT Acquires Parker Hannifin's Precision Cooling Business
ASSA ABLOY Acquires KEYper Systems in the US
WESCO International, Inc. Acquires OSRAM's Sylvania Lighting Solutions
eWBM collaborates with Microsoft
Nautilus Solar Energy acquires 3 MW Community Solar Portfolio in Rhode Island
Dubai Investments contract with Millennium Hotels & Resorts MEA to build a Hotel
Abbott to acquire Cephea Valve Technologies, Inc.
ProKidney announces the Acquisition of inRegen
Aurobindo Pharma to acquire 7 oncology products from Spectrum
Radisson set to make first landing on France’s Northern Coast
Healthcare
Tourism
Fazer invests US$ 45 million in Finland
Arsenal Capital Partners acquires Accumen
IHG opens the fourth Holiday Inn Express in Singapore
Food
Orkla acquires well-known brand in Danmark
Yofumo agreement with Agrointec SL, to develop a high-quality Seeds
Automotive
Terra Drone Japan and Plimsoll UAV sign JV agreement in Brazil
The L'OCCITANE Group to acquire ELEMIS for US$ 900 million
Volkswagen to build new generation of electric cars in Chattanooga
Retail
Flotek Industries to sell Florida Chemical to ADM for $175 Million
Dover agreement to acquire the Belanger
Volvo Group Venture Capital invests in Wireless Electric Charging
Chemical
Volkswagen to build electric cars in Chattanooga, USA
The Volkswagen brand is forging ahead consistently with its electric offensive and has now announced the first production location in North America. In future, the Chattanooga plant in Tennessee is to produce vehicles based on the modular electric toolkit MEB, a new generation of electric cars. For this purpose, Volkswagen is investing about €700 million ($800 million) in the plant. The expansion of the plant will create up to 1,000 new jobs plus additional jobs at suppliers. The first electric car from Chattanooga is to roll off the production line in 2022. Over the next few years, eight MEB plants are to be developed in Europe, North America and China. Volkswagen is building up the production capacity needed to sell more than 1 million electric cars per year by 2025. “The US is one of the most important locations for us and producing electric cars in Chattanooga is a key part of our growth strategy in North America,” said Dr. Herbert Diess, CEO of Volkswagen AG. "The management team lead by Scott Keogh is committed to continuing to increase our market share in the coming years. Together with our ongoing investments and this increase in local production, we are strengthening the foundation for sustainable growth of the Volkswagen brand in the US." The first electric car to roll off the production line in Chattanooga will be the ID. CROZZ1 SUV model. Volkswagen will also offer the ID. BUZZ1 in North America, the reinterpretation of the legendary VW bus. Both cars are part of Volkswagen’s new ID. family, which will make optimum use of the possibilities of e-mobility. Among other features, the vehicles will offer long ranges, a spacious interior, dynamic driving behavior and a new level of digital connectivity.
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Volvo Group Venture Capital AB, a subsidiary of the Volvo Group, announced an investment in Momentum Dynamics Inc – a leading company in high power wireless charging of electric vehicles. Momentum Dynamics is a Philadelphia-based company developing and commercializing high power inductive charging for the automotive and transportation industries, especially suitable for commercial electric, autonomous and connected vehicles. “Momentum Dynamics’ technology and competence within inductive bi-directional transmission of electrical energy and information safely through air, water and ice will fit the harsh conditions under which our customers operate. High capacity charging up to 300 kW for trucks, buses, construction equipment, industrial and marine applications will support the electrified transition” according to Per Adamsson, Vice President at Volvo Group Venture Capital. Wireless electric charging allows any type of vehicle to automatically and without supervision connect to the electrical power grid without the use of wires or cables. Without the need for a driver to plug in their vehicle to a charging station, automatic and bi-directional “electric fueling” may occur frequently and opportunistically – resulting in efficient use of battery capacity, longer driving ranges and improved uptime. Momentum Dynamics is conducting pilots in Europe and North America with both fleets and vehicle manufacturers of cars, buses, trucks and trains.
Volvo Group Venture Capital invests in wireless electric charging
Terra Drone Japan and Plimsoll UAV announce the creation of the Terra Drone Brazil Joint Venture. Terra Drone Ltd, a UAV-based company in Japan, offers its customers safety inspections and surveys more safely and efficiently from the development and use of state-of-the-art UAV technology. Plimsoll UAV, a company specializing in FPSO inspections in the O & G market and leader in this type of inspection in Brazil, had 50% of its shares acquired by Terra Drone . Brazil has the largest FPSO fleet in the world. With this agreement, we will be able to provide the know-how in 3D surveys and hardware & software technology in addition to the vast network and achievements of Plimsoll UAV. In this way, this new partnership will bring the most modern technology to its clients, bringing great benefits to their needs, and being able to deliver a world-class service in Brazil. With this new Joint Venture, Terra Drone Brazil will be able to increase the number of solutions for the O & G market, and expand its portfolio for transmission line inspections, telecommunication towers, and offer high accuracy in the Geographic Information System ) for Mining. Terra Drone will continue to make air innovations that have great impact on society.
Flotek Industries, Inc. announced it has entered into a definitive agreement to sell Florida Chemical Company, LLC its Consumer and Industrial Chemistry Technologies segment, to Archer Daniels Midland Company for total consideration of $175 million in cash, subject to post-closing working capital and other adjustments. With this transaction, Flotek has established itself as a leading specialty chemistry provider of custom, full-fluid solutions to the upstream oil and gas industry. Flotek will retain all of its patents. In connection with the sale of FCC, Flotek and ADM have entered into long-term reciprocal supply agreements. The first will secure Flotek’s long-term supply of d-limonene. Additionally, Flotek will manufacture differentiated chemistries for Florida Chemical’s industrial customers. Finally, the companies will explore opportunities to jointly develop next-generation chemistry technologies for the oil and gas and agricultural industries. The closing of the transaction is expected during the first quarter of 2019 and is subject to customary closing conditions, including obtaining necessary approval related to the Hart-Scott-Rodino Act. Flotek anticipates that the transaction will have a negligible cash tax effect, as the gain on this sale should be substantially offset by the Company’s outstanding net operating losses. John Chisholm, Flotek’s Chairman, President and Chief Executive Officer, commented, “We believe the benefits of this transaction are extremely compelling on multiple fronts and in the best interest of our stakeholders. This transaction unlocks significant value for our stakeholders, while maintaining our access to key raw materials for our Energy Chemistry Technologies ("ECT") business. The transaction also enhances our flexibility to evaluate and pursue the long-term strategy for our core ECT business. Additionally, we are very excited about our long-term relationship with ADM to develop unique opportunities to more fully leverage their vast, high-performing portfolio of to better serve the oil and gas market for many years to come. This transaction has created a synergistic relationship that brings strategic benefits to each company and our stakeholders.”
BASF is investing in Mexico and China to increase production of Antioxidants
BASF’s global business unit Fuel and Lubricant Solutions is investing in Mexico and China to increase production of antioxidants for lubricants. The capacity expansions address growing demand for antioxidants from the increasing number of vehicles in Asia and the increasing global demand for long-life lubricant additives. In Mexico, BASF expanded the production capabilities of its site in Puebla. In China, the expansion is through a technology licensing and manufacturing agreement with Feiya Chemical Co. Feiya has recently built a new site in Rudong, Jiangsu Province, which is fully operational and producing on-spec products. “We continue to address the regional and global needs of our customers through investments and product innovation,” said Marius Vaarkamp, Global Marketing Director, Lubricant Oil Additives, BASF. “Expanding our global production capacity of antioxidants for lubricants shows our commitment to meeting the increasing needs of an evolving market.” “We value BASF as our partner, and we are committed to meeting the expectations of BASF and its customers,” said Hong Seng Cao, Chairman and General Manager, Feiya Chemical Co.
Andersen Corporation, America's premier window and door manufacturer, broke ground on its new manufacturing campus in Goodyear, Arizona. The company plans to invest more than $105 million in a 500,000 square foot manufacturing and distribution facility and create more than 415 jobs during the first phase of this expansion. Business, government and community leaders including Andersen Chairman and CEO Jay Lund, Goodyear Mayor Georgia Lord, Arizona Commerce Authority Senior Vice President of Economic and Rural Development Keith Watkins, and Greater Phoenix Economic Council President and CEO Chris Camacho commemorated the occasion with a ceremonial groundbreaking. "Our vision is to make the world a better place by living up to the promise that everyone benefits from their association with Andersen – our employees, customers, distribution partners, suppliers, shareholders and the communities in which we live and work, which now includes Goodyear, Arizona," said Jay Lund. "We are grateful for the many allies who are working alongside us as we embark on this important expansion of our business." Andersen's Goodyear facility will manufacture Andersen® 100 Series products. Delivering beauty, performance and value, the 100 Series product line is one of Andersen's most popular product lines and a key driver of the unprecedented company growth in recent years. This expansion is part of the company's strategy to increase capacity to support demand and expand its presence in the western United States. "Andersen's selection of Goodyear for its new facility will create hundreds of jobs and significant capital investment in the region,"
Nautilus Solar Energy, LLC a leading national solar project acquisition, development and asset management company, announced the acquisition of a 3 MW community solar development from ISM Solar Development, LLC, a developer of large commercial and utility-scale solar projects. The project is qualified under Rhode Island's emerging community solar program. Construction is targeted for completion during the first half of 2019. Nautilus will be responsible for the project management, customer subscription, and long-term asset management and maintenance services for this project. The project will be owned by an affiliate of Virgo Investment Group, which is also a minority shareholder of Nautilus. The energy generated by the projects will directly benefit qualified residential off-takers situated within National Grid's service territory by providing energy cost savings while also advancing Rhode Island's overall renewable energy goals. "We're proud that this project will be one of the first community solar projects in Rhode Island. We're particularly pleased that the site requires minimal tree clearing, avoids wetland areas, and is generally not visible from roads or homes," said Greg Lucini, CEO of ISM Solar. "The Nautilus team was great to work with and adapted quickly to our development requirements," he added.
Advanced Cooling Technologies, Inc. ("ACT"), a premier thermal management solutions company, announced that it has completed the acquisition of Parker Hannifin Corporation's Precision Cooling Business ("PCB"), a leading supplier of Pumped Two Phase Cooling products for power electronics applications. "Pumped Two Phase Cooling is a growing technology area for ACT," said Dr. Jon Zuo, President and Chief Technical Officer of ACT. "Combining PCB's position in the power electronics industry and ACT's strength in the defense and aerospace markets will offer our customers more design options and enhanced product reliability." Following the completion of the acquisition, all the PCB assets were transferred to ACT's Lancaster, Pennsylvania facility and integrated into its Industrial Products Group. About Pumped Two Phase Cooling Technology: Pumped Two Phase Cooling, also known as Pumped Evaporative Cooling, is an active cooling technology that utilizes the latent energy associated with the boiling of a working fluid to efficiently remove large amounts of waste heat. Compared with single phase cooling, Pumped Two Phase Cooling enables lower flow rate, reduction in system size, reduction in pumping power, higher heat flux (a measure of heat density) removal capability, more uniform temperature across the heat source surface, and practical use of dielectric working fluids such as refrigerants.
ACT acquires Parker Hannifin's Precision Cooling Business
Newmont Mining Corporation and Goldcorp Inc. announced they have entered into a definitive agreement in which Newmont will acquire all of the outstanding common shares of Goldcorp in a stock-for-stock transaction valued at $10 billion. The agreement will combine two gold industry leaders into Newmont Goldcorp, to create an unmatched portfolio of operations, projects, exploration opportunities, reserves and people in the gold mining sector. Newmont Goldcorp’s world-class portfolio will feature operating assets in favorable jurisdictions, an unparalleled project pipeline, and exploration potential in the most prospective gold districts around the globe. In addition to providing shareholders the largest gold Reserves per share, Newmont Goldcorp will offer the highest annual dividend among senior gold producers. “This combination will create the world’s leading gold business with the best assets, people, prospects and value-creation opportunities,” said Gary Goldberg, Newmont’s Chief Executive Officer. “We have a proven strategy and disciplined implementation plan to realize the full value of the combination, including an exceptional pool of talented mining professionals, stable and profitable gold production of six to seven million ounces over a decades-long time horizon, the sector’s largest gold Reserve and Resource base, and a leading project and exploration pipeline. Our cultures are well aligned, with strong commitments to zero harm, inclusion and diversity, and industry-leading environmental, social and governance performance. We expect to generate up to $100 million in annual pre-tax synergies, with additional cost and efficiency opportunities that will be pursued through our proven Full Potential continuous improvement program. The combination is expected to be immediately accretive to Newmont’s net asset value and cash flow per share. We constantly review opportunities to raise our performance, and this combination represents the most promising path to deliver superior and sustainable value for our shareholders, employees, host countries and communities.”
Newmont will acquire Goldcorp for US$ 10 billion
Bechtel, a global leader in engineering, procurement and construction, has received approval from Teck to proceed with the expansion of the Quebrada Blanca copper mine in Chile, comprising a143,000 tonnes-per-day copper concentrator, a high-capacity desalination plant, and a 165-kilometer water supply pipeline. The Quebrada Blanca Phase 2 project (QB2) is located in the northern Chilean Andes, 4,300 meters above sea level and approximately 145 kilometers from the Pacific Ocean. Bechtel will be responsible for the engineering, procurement and construction management (EPCM). First production is targeted for the second half of 2021 and QB2 is expected to generate 316,000 tonnes of copper-equivalent production per year for the first five full years of mine life. "We are very proud to be working with Teck to develop the Quebrada Blanca Phase 2 Project. Working together with Teck we have developed a capital efficient design and, in the field, we will be applying innovative productivity methodologies to deliver the lowest possible construction costs in Chile. The project offers a great opportunity for Bechtel and Teck to deliver industry best results building the largest copper project in Latin America," said Paige Wilson, president of Bechtel's Mining & Metals Global Business Unit. Bechtel's global experience includes delivering more than 40 major copper projects, as well as other major projects in the mining and metals industry, and a 60 percent increase in copper production capacity in Latin America over the last three decades.
MineHub Technologies, Inc. and IBM announced a collaboration to use blockchain technology to help improve operational efficiencies, logistics and financing and reduce costs in the high-value mineral concentrates supply chain -- from mine to end buyer. The $1.8 trillion* global mining and metals market has traditionally suffered from inefficiencies due to manual, paper-based processes and a lack of transparency between supply chain participants. Blockchain technology helps address this by providing a shared ledger to create a single, real time view of transactions and data across the supply chain that can be seen by all permissioned participants. Each of the participating companies represent key areas of the supply chain from mining, streaming, trade and finance. "We are delighted to be working with some of the most forward thinking and innovative companies from each area of the mining and metals industry. By digitizing the supply chain, we can increase the level of automation, reduce reliance on intermediaries and increase the speed at which goods are transferred from miners to end buyers. This creates the opportunity for transformative efficiencies and cost reductions throughout all aspects of operations," said Vince Sorace, Founder and CEO of MineHub. "This is a significant advancement for an industry looking to integrate and use data in ways not previously possible." The first use case will be built on the MineHub platform and will manage concentrate from Goldcorp's Penasquito Mine in Mexico throughout its path to market. When ore is mined, the mining company will upload data, including sustainability and ethical practices, allowing independent verification from regulators to end users as required. When materials are loaded for transport, the MineHub platform can record each transaction and allow permissioned parties to view and reconcile information throughout its journey. Smart contracts for supply chain processes such as trade finance, streaming and royalty contracts will be used by companies such as Wheaton Precious Metals and other institutions who provide credit facilities such as ING Bank in connection with the Penasquito Mine.
eWBM Co., Ltd. announced it has joined Microsoft Azure Certified for Internet of Things (IoT), ensuring customers get IoT solutions up and running quickly with hardware and software that has been pre-tested and verified to work with Microsoft Azure IoT services. Microsoft Azure Certified for IoT allows businesses to reach customers where they are, working with an ecosystem of devices and platforms, allowing for faster time to production. eWBM, a fabless system on chip (SoC) solution company, specializes in providing hardware-based low power security chips and related solutions optimized for IoT applications. The company's MCU, MS500, provides security features such a variety of crypto engines, real-time TRNG, secure boot, secure storage, and digital key management. Powered by MS500, the company produces a variety of secure IoT products including the Microsoft Azure Certified secure Sensor to Ethernet module (sS2E). The module comes with built-in transport layer security (TLS) protocols and direct connection to Microsoft Azure IoT Cloud Servers where customers will enjoy developing a wide diversity of secure IoT sensor systems on the Azure platforms. "Microsoft Azure Certified for IoT validates our ability to jumpstart customers' IoT projects with pre-tested device and operating system combinations," said Stephen Oh, CEO of eWBM. "Decreasing the usual customization and work required for compatibility ensures eWBM helps customers get started quickly on their IoT solution."
Boeing announced its investment in Isotropic Systems Ltd., a London-based startup pioneering next-generation solutions to better connect people and enterprises around the globe. By taking advantage of optical beam steering, Isotropic's innovative user terminals can simultaneously connect with several different satellites without increasing cost or complexity. This capability will help enable low-cost, mass-market broadband connectivity for consumers and help companies meet growing demand for satellite data, mobility and broadband services even in the most remote places. "Isotropic's solution allows for increased capabilities at reduced costs for satellite service providers," said Brian Schettler, managing director of Boeing HorizonX Ventures. "This investment accelerates the expansion of space-based connectivity services to the mass market and continues Boeing's leadership in space innovation." Founded in 2013 by chief executive officer John Finney, a former founding member of O3b Networks, Isotropic has redefined the approach to mass distribution of satellite broadband through affordable infrastructure. "With Boeing, we aim to connect individuals and enterprises on a scale that has never been seen before," said Finney. "That legacy of true global connection will define our generation." Isotropic joins Boeing subsidiary Millennium Space Systems and Boeing HorizonX Ventures portfolio startups Myriota, BridgeSat Inc. and Accion Systems in advancing the company's satellite and space-based capabilities. Isotropic is the second UK-based startup to join the HorizonX portfolio, following Reaction Enginesin April 2018.
L'Occitane International S.A., the leading manufacturer and retailer of natural cosmetics with a portfolio of premium beauty brands, announced that it has entered into a definitive agreement to acquire ELEMIS, the number one luxury British skincare brand, for $900 million in cash. ELEMIS is being sold by Steiner Leisure Limited ("Steiner"), a portfolio company of L Catterton, the largest and most global consumer-focused private equity firm. Founder-led since 1990, ELEMIS is a world leader in prestige skincare and is the number one independent British skincare brand. ELEMIS' products garner strong cross-generational consumer appeal, with a proven ability to attract Millennials while maintaining loyal Gen X and Baby Boomer consumers. ELEMIS offers four award-winning skincare franchises that mirror the consumer journey and harness the power of the most efficacious natural ingredients and latest in scientific innovation. ELEMIS capitalizes on its five strategic distribution channels – digital, retail distribution1, QVC, professional spa and maritime – to drive awareness, trial, conversion and retention across the omni-channel. Marc Magliacano, Managing Partner of L Catterton's Flagship Buyout Fund, said, "Over decades, ELEMIS has built an enduring and truly unique brand with powerful consumer appeal across generations, a relentless focus on innovation and an unwavering commitment to high quality sourced ingredients. Since partnering with Steiner Leisure in 2015, we have worked alongside ELEMIS' talented management team to invest in its innovation capabilities, expand its product assortment and evolve its go-to-market strategy with the ultimate goal of appealing to a wider consumer audience.
The L'OCCITANE Group to acquire ELEMIS for US$ 900mn
ProKidney announces the acquisition of inRegen and its affiliate, Twin City Bio, LLC. ProKidney, LLC, was founded by a group of investors led by Pablo Legorreta, the Founder and CEO of Royalty Pharma. ProKidney has been initially capitalized with $75 million to finance the purchase of inRegen and Twin City Bio and to fund the clinical development of inRegen's Renal Advanced Cell Therapy (ReACT). ReACT is an autologous cell therapy in which a small amount of the patient's own kidney cells is extracted via a conventional biopsy, these cells (including a high proportion of the SIX2 progenitor cell population) are expanded in the lab over 4 to 6 weeks and then re-implanted into the patient's diseased kidney. The goal of ReACT is to harnesses the body's intrinsic ability to repair damaged kidney tissues and restore them to native-like organs and tissues. If successful, ReACT has the potential to stabilize or improve renal function in patients with chronic kidney disease (CKD) and delay or eliminate the need for dialysis and organ transplantation. "We are pleased to announce the acquisition of inRegen," said Legorreta. "ReACT is one of the most exciting cell therapies currently in development. It holds the great potential to transform standard-of-care for the treatment of renal failure, addressing a large unmet medical need."
ProKidney announces the acquisition of inRegen
Abbott announced that it has exercised its option to purchase Cephea Valve Technologies, Inc., a privately held medical device company developing a less-invasive heart valve replacement technology for people with mitral valve disease. Financial terms were not disclosed. Abbott provided capital and secured an option to purchase Cephea in 2015. Cephea's technology is being developed to provide an option for people whose diseased mitral valves need to be replaced. The artificial valve is designed to be delivered through a vein in the leg, forgoing the need for open-heart surgery. Replacement of the diseased mitral valve restores normal blood flow through the heart. "The acquisition of Cephea builds on Abbott's strong position in structural heart therapies and is consistent with our strategy to develop comprehensive treatments for people with mitral valve disease," said Michael Dale, vice president of Abbott's structural heart business. "Cephea's novel approach to replace the mitral valve adds to our other catheter-based technologies and is being developed to provide an additional option for patients who suffer from this difficult-to-treat disease." Mitral valve disease is the most common heart valve problem, affecting more than 4 million people in the U.S. alone. It comes in two forms: regurgitation, a condition where blood leaks backward into the heart, or, less commonly, stenosis, a narrowing of the valve. The condition puts people at risk for health complications such as irregular heartbeats, high blood pressure, blood clots or heart failure.
Arsenal Capital Partners, a leading private equity firm that invests in middle-market healthcare and specialty industrials companies, announced the acquisition of Accumen Inc. ("Accumen"), a leading technology-enabled provider of health system performance optimization solutions, from Accretive, LLC, a specialized investment firm based in New York. The terms of the acquisition were not disclosed. Founded in 2011, Accumen provides end-to-end strategy and services to drive value and long-term sustainability for healthcare providers' clinical laboratories, outreach services, patient blood management systems, and imaging services. BG Porter, an Industry & Operations Partner of Arsenal and recently named Chair of Accumen's board, added, "Arsenal and its portfolio companies are committed to improving the quality and cost effectiveness of healthcare providers. We are excited to work with Jeff and his team to expand Accumen's innovative, technology-enabled solutions and support the company through its next phase of growth."
Aurobindo Pharma to acquire seven oncology injectable products from Spectrum
Aurobindo Pharma Limited, announces the signing of a definitive agreement to acquire a portfolio of seven branded oncology injectable products from Spectrum pharmaceuticals Inc. The acquisition also brings-in an experienced branded commercial infrastructure in the US. Acrotech Biopharma LLC (“Acrotech”), a wholly-owned subsidiary of Aurobindo Pharma USA Inc., which in turn a wholly-owned subsidiary of Aurobindo Pharma Limited, will be acquiring the portfolio on a debt free and cash free basis. This acquisition is in line with our strategy to commercialize innovative proprietary medications. The acquisition will help Aurobindo Group to enter the branded oncology market with a range of products which are well recognized by the oncology community. Aurobindo Group will also acquire a well-established and experienced branded commercial infrastructure to continue commercializing these brands. Commenting on the transaction, Dr. Ashish Anvekar, President of Acrotech, said: “We are excited to jump-start our mission of helping cancer patients across the globe by delivering clinically differentiated medications and leveraging strategic partnerships. We look forward to welcome an experienced team of employees from Spectrum who are essential to our mission.” Commenting on the transaction, Mr. N. Govindarajan, Managing Director of Aurobindo, said: “The acquisition announced today creates an ideal launch pad for Acrotech, and establishes our presence in the branded market, which is in line with our strategy to grow and diversify our business in the US.” Mr. Govindarajan added, “We look forward to deliver the benefits of this transaction to all our stakeholders including employees, patients, customers and healthcare providers across the US. “ The transaction is expected to close within 90 days of signing following the completion of customary as well as regulatory conditions, including FTC clearance. This announcement does not constitute a recommendation to shareholders or potential investors.
ASSA ABLOY acquires KEYper Systems
ASSA ABLOY has signed an agreement to acquire KEYper Systems, a leading supplier of electronic and mechanical key management systems in the US with a strong presence in the automotive segment. "I am very pleased to welcome KEYper Systems into the ASSA ABLOY Group. The acquisition of KEYper Systems enhances our global product offering in this area and will provide synergy opportunities in North America and other markets," says Nico Delvaux, President and CEO of ASSA ABLOY. "KEYper Systems will complement our products within intelligent key and asset management solutions offered by Traka, which is part of the business unit ASSA ABLOY Global Solutions (previously Hospitality) as of 1 January 2019. The acquisition will also strengthen our position and installed based in the US as well as provide an attractive opportunity to accelerate our global growth," says Christophe Sut, Executive Vice President and Head of Global Technologies business unit ASSA ABLOY Global Solutions. KEYper Systems was established in 1993 and has approximately 25 employees. The head office is located in Harrisburg, North Carolina.
Dover announced that it has entered into an agreement to acquire the Belanger, Inc. business, a leading full-line car wash equipment manufacturer. Following the close of the transaction, Belanger will become part of the OPW business unit, a global leader in fluid handling solutions, in Dover's Fluids segment. Headquartered in Northville, Michigan, and employing more than 150 people in the U.S., Belanger has served the car wash industry for nearly 50 years. Belanger, known for its strong engineering, reliability and innovative solutions, generated approximately $55 million in sales in 2018. The addition of Belanger strengthens OPW's position as one of the largest car wash equipment and systems suppliers with strong brands in both conveyor tunnel and in-bay automatic segments, as well as large vehicle wash solutions. Dover expects the acquisition to be accretive to margins and Adjusted EPS in Year 1 and to achieve double-digit return on capital in three years, consistent with Dover's M&A criteria. The transaction price implies a multiple of 2018 EBITDA below 10x, prior to synergies but after the benefit of asset value step-up. The demand for professional vehicle wash systems is growing due to a secular shift from manual washing to automated high-throughput professional systems. Robust long-term expansion in consumer demand for car wash services is supported by the convenience of professional washes, as well as increased adoption of loyalty programs by car wash operators. "With the increasing popularity of commercial car washes, the vehicle wash solutions market is an attractive space where we intend to grow OPW," said Richard J. Tobin, Dover's President and Chief Executive Officer. "We look forward to welcoming the talented team from Belanger. When combined with our PDQ business, one of our OPW brands, we will be able to offer customers a full breadth of products in this attractive market. This transaction reflects Dover's commitment to deploying capital strategically in close-to-core markets that offer potential for sustainable, profitable growth, and where our team can create value for shareholders."
WESCO International, Inc. a leading provider of electrical, industrial, and communications MRO and OEM products, construction materials, and advanced supply chain management and logistics services, announced that its WESCO Services, LLC subsidiary has entered into a definitive agreement to acquire certain assets of Sylvania Lighting Solutions ("SLS") from OSRAM Sylvania. The transaction is expected to close in March 2019. SLS offers a full spectrum of energy-efficient lighting upgrade, retrofit, and renovation solutions with annual sales of more than $100 million and approximately 220 employees across the U.S. and Canada. It is headquartered in Wilmington, Massachusetts. "We are strengthening our lighting solutions and services with the acquisition of SLS. SLS's customer base, geographic footprint, and extensive project management capabilities complement our existing turn-key lighting renovation and retrofit offerings," said John J. Engel, WESCO Chairman, President, and Chief Executive Officer, "We are very pleased to welcome the SLS team to WESCO and look forward to accelerating our results in the lighting marketplace." Under the terms of the agreement, WESCO will acquire SLS's business operations in the United States and Canada. Todd Myers, SLS's current Chief Executive Officer, will continue to lead the organization.
Convergint Technologies, a global leader in service-based systems integration, announced the acquisition of MTS Security in Dublin, Ireland. MTS is Ireland’s largest independently owned security systems company, supplying a single-source solution to clients in the U.K. and Europe. MTS Security brings Convergint 87 experienced colleagues, all of whom will be joining the Convergint organization. With a focus on complex enterprise solutions, MTS has built strong relationships with many global customers throughout Europe, including those in the technology, retail, pharmaceutical, and industrial markets. “Convergint continues to expand our capabilities across the globe, and MTS Security enables us to deepen our service offerings within the European market,” said Ken Lochiatto, CEO of Convergint Technologies. “We look forward to having Mark Tuohy and the rest of the MTS team bring their expertise to our rapidly growing team in Europe.” “I have admired Convergint’s growth and development in the global security market in recent years,” said Mark Tuohy, founder of MTS Security. “To team up with Convergint and combine our resources will undoubtedly project our business to the next level and allow us to provide our customers with unrivaled service.”
Through its wholly-owned subsidiary Orkla Foods Danmark A/S, Orkla has signed and completed an agreement purchasing the Pama brand, which is market leader in Denmark for porridge rice. Orkla Foods Danmark is currently distributor of Pama products on behalf of PepsiCo. "Orkla holds a leading position in the Danish grocery sector, in an extensive range of food products categories. With the purchase of Pama, we have strengthened our portfolio with an iconic brand that has a strong position with Danish consumers," says Carsten Hänel, CEO of Orkla Foods Danmark. Pama is a local brand offering consumers porridge rice in Denmark and Sweden. It has been a part of PepsiCo since the acquisition of The Quaker Oats Company in 2001. The deal includes the transfer of the trademark. There will be no transfer of employees or production facilities. The parties have agreed not to disclose the purchase price.
Yofumo Technologies and Agrointec signed an agreement to develop a high-quality cleaning process to pack clean seeds, free of bacteria and fungus, avoiding the use of chemicals and other non-natural solvents that can harm seed quality. It represents the first of multiple new agreements to be announced shortly, expanding Yofumo's penetration well beyond cannabis and across multiple other application formats. As part of its strategy to transform all areas of agriculture post-processing with natural, non-residual capabilities, Yofumo will adapt its technology to address industrial packaging and manufacturing lines in both batch and continuous processing as part of the agreement. Agrointec's R&D division will ensure all research and trials comply with both UE and FDA requirements, and follow the most critical health, safety and quality regulations free of feedstock or chemical processing. "Yofumo's agreement with Agrointec is a first-of-its-kind collaboration to deliver on our strategic commitment to implement and develop natural and organic processes and technologies for the global food industry," said Yofumo CEO Alfonso Campalans. "We started with Cannabis and will continue to serve this growing industry for medical and recreational use. However, Yofumo is focused on all agricultural applications, and we are delighted to be working with market leaders such as Agrointec as we deliver on the promise of our technology." "We are thrilled to be the first mover leveraging Yofumo's technology for non-residual, organic, post-harvest processes within the seed industry," said Agrointec CEO, Angel Leo-Revilla.
Nestlé and Danimer Scientific, a leading developer and manufacturer of biodegradable plastic products, announced a global partnership to develop biodegradable bottles. Nestlé and Danimer Scientific will collaborate to design and manufacture bio-based resins for Nestlé’s water business using Danimer Scientific’s PHA polymer Nodax™. In 2018, the University of Georgia (U.S.A.) confirmed in a study that Nodax™ is an effective biodegradable alternative to petrochemical plastics. PepsiCo, an existing partner of Danimer, may also gain access to the resins developed under this collaboration. "Researchers have shown that PHA biodegrades in a wide range of environments, including industrial and home compost, soil, fresh and sea water," said Stephen Croskrey, CEO of Danimer Scientific. "As a material that is reliably biodegradable across both aerobic and anaerobic conditions, our Nodax™ PHA is an ideal fit to drive the creation of eco-friendly packaging for Nestlé’s products. Nodax™ PHA is suitable feedstock for industrial compost, home compost, and anaerobic digester facilities as well as reuse through recycling. We look forward to supporting Nestlé in the years to come.” In 2018, Nestlé announced its commitment to make 100% of its packaging recyclable or reusable by 2025. To achieve this goal, the company has already undertaken several initiatives including the creation of the Nestlé Institute of Packaging Sciences. This institute is dedicated to the discovery and development of functional, safe and environmentally friendly packaging solutions including functional paper and biodegradable materials. Stefan Palzer, Chief Technology Officer for Nestlé said, "Strategic innovation partnerships play a key role for Nestlé as we make progress in improving the sustainability of our packaging. In order to effectively address the plastic issue in various markets, we need a wide range of technological solutions, including new paper materials and biodegradable polymers which can also be recycled."
Fazer invests $45 million in Finland
Fazer continues to develop its business and invests 40 million euros into a new production facility in Lahti, Finland. The investment will strengthen Fazer’s position as a forerunner in value added grain-based products. It will create 30 new jobs in Lahti. Christoph Vitzthum, President and CEO of Fazer, said: “Plant-based products and solutions are strategic growth areas for Fazer. We want to be a forerunner in value added grain-based products and we are investing in the development of new production technologies and solutions. We now have at hand an innovation which we believe will create interest also outside Finland and the Nordic countries, even globally. This investment contains several new and interesting initiatives which we will publish in March.” Consumers are increasingly interested in plant-based solutions, and sustainability is a constantly growing trend. Fazer develops its business and product portfolio with special focus on growth and consumer demand. Fazer’s aim is to transform into a modern sustainable food company. In line with company strategy, Fazer targets further expansion in Northern Europe and selected international markets. The investment in Lahti supports this direction. This major investment will take place in 2019-2020. It will create 30 new jobs at Fazer in Lahti, and will also indirectly employ people. Works at the Fazer site in Lahti will start as soon as possible.
IHG® (InterContinental Hotels Group), one of the world’s leading hotel companies, has signed a management agreement with Arab International Tourism Investment Company to debut the voco™ brand in Egypt, with the development of voco™ Giza Pyramids. Part of a mixed-use development, which will include a high-end mall, the 17,000sqm hotel is scheduled to open in 2022. Launched in June 2018, and debuting in the Middle East in December 2018, the voco™ brand combines the informality and charm of an individual hotel, with the quality and reassurance of a global and respected brand. Strategically located to cater for both business and leisure travellers, the 230-room voco™ Giza Pyramids will be situated in the prime locale of Pyramids Gardens in Giza, beside the Grand Egyptian Museum and the main entrance of the Pyramids. A15-minute drive from the newly opened Sphinx International Airport, the hotel is conveniently located 30-minutes from the city centre, with easy access to the ring road connection to the New Administrative Capital, that is expected to become the new administrative and financial capital of Egypt. The new-build hotel will offer all the features that guests will expect from the upscale brand, including an outdoor pool, a health club and spa, as well as 861 sqm of meeting space. There will also be multiple dining options available for guests to enjoy, from the pool bar to the hotel’s specialty restaurant. Pascal Gauvin, Managing Director, India, Middle East & Africa, IHG: “said of the signing: “We are excited to be adding our newly launched brand to our Egypt portfolio, debuting the voco™ brand, in partnership with Arab International Tourism Investment Company. Cairo has always been a primary market for us, and we have maintained a strong presence in the city, with over 2000 rooms across three brands, and a strong pipeline. We look forward to further catering to our guests, providing them with the freshness of a unique hotel with the guarantee of an upscale experience.”
Dubai Investments PJSC has signed a partnership with Millennium Hotels & Resorts MEA to commence work on the Copthorne Creek Hotel, a 138-room hotel located in Al Hamriya and the second hospitality real estate project between the two partners who are also working together on a four-star hotel in the Mirdif Hills project. The facility will be wholly owned by Dubai Investments Real Estate Company (DIRC), and managed by Millennium Hotels & Resorts MEA under an agreement that was signed by Dubai Investments CEO Khalid Bin Kalban and Mr Ali Hamad Lakhraim Alzaabi, President Millennium Hotels & Resorts, in the presence of Obaid Mohammed Al Salami, General Manager Dubai Investments Real Estate Company. Khalid Bin Kalban said: “This project is a further demonstration of the capabilities we have at Dubai Investments in both construction and real estate, and in parallel it also highlights our diversification strategy as we invest in the hospitality sector, part of our strategy which has seen investment in education, healthcare and more in recent times. “We are proud to work with Millennium Hotels and Resorts MEA on this, a second project which follows the hotel in Mirdif Hills, and we welcome the opportunity to bring our expertise at Dubai Investments to a new audience – that of the tourist sector who will benefit from the latest significant additions to our real estate portfolio in the hospitality sector.” Ali Hamad Alzaabi said: “It is an honour to once again enter an agreement with Dubai Investments, through Dubai Investments Real Estate Company. We know that a partnership with a renowned developer of this stature will ensure that this latest addition to our regional portfolio which currently stands at 38 hotels in the MEA region, is of the highest standards offering our guests nothing but the best in terms of service and quality.” The four-star hotel in Mirdif Hills which Dubai Investments and Millennium Hotels & Resorts are working on offers 116 rooms and 128 serviced apartments as well as creative restaurant concepts, swimming pool, fitness area and meeting spaces.
Dubai Investments signs contract with Millennium Hotels & Resorts to build Copthorne Creek Hotel
Radisson set to make first landing on France’s northern coast
Radisson Hospitality AB, publicly listed on Nasdaq Stockholm, Sweden and part of the Radisson Hotel Group, is delighted to announce the signing of the Radisson Resort Sangatte Blériot-Plage in France. It marks the Radisson brand’s debut in the country, where it will become part of a portfolio that boasts 16 hotels and more than 2,800 rooms in operation or under development. Situated on the Opal coast in the Pas-de-Calais area, Sangatte Blériot-Plage is a small and charming seaside destination that’s increasingly popular with travelers – both for its golden beach facing out onto the Channel and its easy access to the Eurotunnel, linking it to Western Europe’s major capital cities. The entire region enjoys a healthy flow of tourist arrivals, with international visitors making up more than a quarter of those journeying to a destination that’s quickly growing in demand. As well as attracting visitors looking to explore its sweeping natural coastline and the impressive cliffs of Cap Blanc-Nez and Cap Gris Nez, Sangatte is becoming a major destination for nautical travelers taking to the sea rather than relaxing on the beach. Elie Younes, Executive Vice President & Chief Development Officer, Radisson Hotel Group, said: “We’re delighted to be bringing the first Radisson branded property to France. Calais and the surrounding areas are undergoing a major transformation to attract more tourists (including international visitors), and – with few international operators already in Sangatte – we’re looking to be first movers in what will be a strong growth market.” Due to open in 2021, the new-build Radisson Resort Sangatte Blériot-Plage will feature 115 rooms, including six suites. Guests will be able to enjoy quality dishes or sup cocktails at the resort’s restaurant & bar – which will also feature an amazing panoramic terrace that’s sure to draw a crowd in the summer months. Other leisure facilities will include a spa, a fitness center and an indoor swimming pool, with business travelers catered for by two meeting rooms.
InterContinental Hotels Group (IHG®) has announced the latest addition in Singapore, the fourth Holiday Inn Express hotel in this country, Holiday Inn Express Singapore Serangoon. Located within walking distance of Little India heritage area, this contemporary hotel offers comfort, convenience, and the best value for smart travellers for both leisure and business purposes. Within a 20-minute drive of Changi Airport, Holiday Inn Express Singapore Serangoon offers convenient access to Farrer Park and Jalan Besar MRT stations where travellers can connect to Asia’s leading leisure destination including Sentosa, Botanic Garden, Marina Bay Sands, Merlion Park and Orchard Road. The hotel is also only a few minutes’ walk from the famous 24-hour Mustafa Shopping Centre, and City Square Mall. With the hotel situated between two important MRT stations, business travelers can easily access Kallang, MacPherson, Bugis, and Central Business District. The hotel is surrounded by hip and innovative cafés, local and international restaurants, colourful shophouses, and a rich cultural heritage that offers unique sights and experiences only found in this part of Singapore. The area is famous for its Heritage Trails that explore Serangoon in the 1900s including the Indian Heritage Centre, the Former House of Tan Teng Niah, Sri Veeramakaliamman Temple, Foochaw Methodist Church, Tekka Centre, and many more delights.
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