Siemens to acquire TASS International
MAGAZINE - OCTOBER 2017
Leadership in Electrification
ABB to acquire GE Industrial Solutions for US$ 2.7 billion
Japan's Kuraray to buy Calgon Carbon for US$ 1.1 billion
Genuine Parts to acquire Europe's AAG in US$ 2 billion deal
Automotive I Machinery I Chemicals I electronics I aerospace
Mercedes-Benz US$ 1 billion investment in Alabama, USA
Renault-Nissan Alliance - Dongfeng Motor China EV JV
Tata Steel-Thyssenkrupp MOU creates leading Steel Enterprise
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Northrop Grumman Corporation, a leading global security company, and Orbital ATK, Inc., a global leader in aerospace and defense technologies, announced they have entered into a definitive agreement under which Northrop Grumman will acquire Orbital ATK for approximately $7.8 billion in cash, plus the assumption of $1.4 billion in net debt. Orbital ATK shareholders will receive all-cash consideration of $134.50 per share. The agreement has been approved unanimously by the Boards of Directors of both companies. The transaction is expected to close in the first half of 2018 and is subject to customary closing conditions, including regulatory and Orbital ATK shareholder approval.
“The acquisition of Orbital ATK is an exciting strategic step as we continue to invest for profitable growth. Through our combination, customers will benefit from expanded capabilities, accelerated innovation and greater competition in critical global security domains. Our complementary portfolios and technology-focused cultures will yield significant value creation through revenue synergies associated with new opportunities, cost savings, operational synergies, and enhanced growth. We look forward to welcoming Orbital ATK’s talented employees to Northrop Grumman, and believe our combined strength will benefit our customers and shareholders,” said Wes Bush, chairman, chief executive officer and president of Northrop Grumman.
“We are very pleased to announce this agreement with Northrop Grumman. It reflects the tremendous value Orbital ATK has generated for our customers, shareholders and employees. The unique alignment in culture and mission offered by this transaction will allow us to maintain strong operational performance on existing programs while we pursue new opportunities that require the enhanced technical and financial resources of a larger organization. Our employees will also benefit from greater development and career opportunities as members of a larger, more diverse aerospace and defense enterprise. We will remain focused on operational excellence and execution during and after the transition into Northrop Grumman,” said David Thompson, president and chief executive officer of Orbital ATK.
Northrop Grumman to acquire Orbital ATK for US$ 9.2 billion
CRH plc to buy Ash Grove Cement in US$ 3.5 billion
Ash Grove Cement Company announced that it has entered into a definitive merger agreement with CRH plc, under which CRH plc will acquire Ash Grove in a transaction valuing Ash Grove at $3.5 billion on an enterprise value basis. The transaction has been unanimously approved by the board of directors of Ash Grove and is currently expected to close in late 2017 or early 2018, subject to stockholder approval, regulatory approval and other customary conditions.
Under the terms of the merger agreement, Ash Grove stockholders will be entitled to receive cash merger consideration comprised of a pro rata share (based on the number of shares of stock outstanding) of the $3.5 billion enterprise value, minus adjustments for certain non-controlling interests and debt-like items and certain other liabilities, and further adjusted to the extent net working capital and cash on hand at closing vary from certain thresholds.
It is expected that approximately 98% of the merger consideration will be paid at the time of closing based on estimated information, and an additional amount, if any, will be paid following completion of a post-closing adjustment process intended to "true-up" the closing estimates to actual amounts as of the closing date. While the final amount of the merger consideration will not be determined until following closing of the transaction due to fluctuation of certain components thereof through closing, the Company currently estimates that the final amount of merger consideration will be in the range of approximately $449 - $454 per share based on Ash Grove’s balance sheet as of June 30, 2017.
ABB to acquire GE Industrial Solutions for US$ 2.7 billion
ABB announced the acquisition of GE Industrial Solutions, GE’s global electrification solutions business. GE Industrial Solutions has deep customer relationships in more than 100 countries and an established installed base with strong roots in North America, ABB’s biggest market.
GE Industrial Solutions is headquartered in Atlanta, Georgia, and has about 13,500 employees around the world. In 2016, GE Industrial Solutions had revenues of approximately $2.7 billion, with an operational EBITDA margin of approximately 8 percent1 and an operational EBITA margin of approximately 6 percent1. ABB will acquire GE Industrial Solutions for $2.6 billion; the transaction will be operationally accretive in year one.
ABB expects to realize approximately $200 million of annual cost synergies in year five, which will be key in bringing GE Industrial Solutions to peer performance. As part of the transaction and overall value creation, ABB and GE have agreed to establish a long-term, strategic supply relationship for GE Industrial Solutions products and ABB products that GE sources today.
He added: “Together with the GE Industrial Solutions team, we will execute our well-established plans in a disciplined way to bring this business as part of the global ABB family back to peer performance. With this next step of active portfolio management, we continue to shift ABB’s center of gravity, in line with our Next Level strategy, by strengthening competitiveness, mainly in the North American market, and lowering risk with an early-cycle business.”
“This combination brings together two global businesses with a broad complement of electrical protection and distribution assets,” said John Flannery, CEO of GE. “ABB values our people, domain expertise, and our ability to operate in the segments where we have depth and experience. GE will also benefit through an expanded strategic supply relationship with ABB as the two companies work together.”
Genuine Parts Company, and Alliance Automotive Group ("AAG"), a leading European distributor of vehicle parts, tools and workshop equipment, announced that they have entered into a definitive agreement under which Genuine Parts Company will acquire Alliance Automotive Group from private equity funds managed by Blackstone and AAG's co-founders. The acquisition is valued at a total purchase price of approximately $2 billion (US$), including the repayment of AAG's outstanding debt upon closing.
AAG is the second largest parts distribution platform in Europe, with a focus on light vehicle and commercial vehicle replacement parts. Headquartered in London, AAG has 7,500 employees and over 1,800 company-owned stores and affiliated outlets across France, the U.K. and Germany. AAG has a consistent track record of organic revenue and earnings growth supported by strategic investments based on a proven M&A strategy to gain scale, efficiencies and geographic coverage.
AAG is expected to generate gross annual billings of approximately $2.3 billion (US$) including supplier direct billings, or $1.7 billion of revenue on a U.S. GAAP basis in 2017. Additionally, the Company expects the acquisition to be immediately accretive to earnings in the first year after closing. For 2018, incremental diluted earnings per share is estimated at $0.45 to $0.50 and adjusted earnings per share is estimated at $0.65 to $0.70, which excludes the amortization of acquisition-related intangibles. The Company expects to incur one-time transaction costs in the fourth quarter of 2017.
Genuine Parts Company to acquire Europe's AAG in
US$ 2 billion Deal
Japan's Kuraray to buy Calgon Carbon for
US$ 1.1 billion
Calgon Carbon Corporation and Kuraray Co., Ltd. announced that their respective Boards of Directors have unanimously approved, and the parties have entered into, a definitive merger agreement under which Kuraray will acquire Calgon Carbon for $21.50 per share in cash, which equates to an equity value of approximately $1.1 billion, and a transaction value in excess of $1.3 billion, including Calgon Carbon’s net indebtedness.
The transaction remains subject to customary closing conditions, including regulatory approvals and approval by Calgon Carbon stockholders. The parties are targeting a closing by the end of December, 2017. The acquisition will be completed through a merger of a newly-created subsidiary of Kuraray with and into Calgon Carbon, with Calgon Carbon as the surviving corporation.
While this acquisition will enhance Kuraray’s growth strategy and global presence in activated carbon and filtration media, it intends to operate Calgon Carbon as a separate subsidiary of Kuraray. The companies will align the organization and operation for optimal customer support from Calgon Carbon’s world headquarters in Pittsburgh, Pennsylvania. Kuraray and Calgon Carbon have complementary products and services, and the combined organization will continue to focus on the highest quality activated carbon and filtration media products, equipment and services for customers around the world. The combination will strengthen Kuraray’s focus on contributing to human health, and the sustainability of the environment through innovative and high quality products around the world.
Randy Dearth, Calgon Carbon’s Chairman, President and CEO, said of the acquisition, “Not only does this transaction deliver premium value to our stockholders, it also benefits our customers and employees by making Calgon Carbon part of a much larger, stronger global company with resources to fully support our global activated carbon, filtration media and service businesses now, and well into the future.”
ABB and Northvolt have signed a Memorandum of Understanding (MOU) for a wide-ranging supply and technology partnership, including products and services for Northvolt’s state-of-the-art lithium-ion battery factory and close collaboration on development of battery solutions and R&D activities. ABB Technology Ventures (ATV) will support the initial phase of this project through an early investment.
Northvolt is going to build Europe’s largest and most advanced lithium-ion battery factory in Sweden. Supported by ABB’s industrial automation expertise, integrating robotics, machine and factory automation, electrification and ABB AbilityTM, ABB’s unified, cross-industry digital offering, into one overall solution, the factory will supply European customers in the automotive and key industries with high quality and customizable battery solutions. The factory is expected to start production in 2020. A demonstration-line will be ready by 2019 and will allow Northvolt to continuously optimize products and processes.
“We are excited to support Northvolt’s project to build the battery factory of the future here in one of our home countries”, said ABB CEO Ulrich Spiesshofer. “This uniquely integrated factory would be a true showcase for ABB’s leadership in industrial automation and smart electrification and would help to meet the ever-increasing demand for smarter, greener storage solutions.”
The Energy Revolution has spurred the use of renewable energy sources and lowered the reliance on fossil fuels. Electrification and storage are the keys to a carbon neutral society. The shift to e-mobility alone will drive the need for batteries to new heights. The ability to store energy is also crucial to free the world’s energy generation and distribution from fossil fuels in a phased manner.
“The world is moving quickly towards electrification. We want to enable this transition by building the largest, cutting-edge lithium-ion battery factory on the European continent and producing the world’s greenest batteries. ABB is at the forefront of the electrification, and we are delighted to have them on-board as strategic partner, key supplier and investor”, said Peter Carlsson, CEO of Northvolt.
ABB and Northvolt partner for Europe’s largest
APEC Launches Micro Enterprise Trading Platform
APEC has introduced a new business-to-business platform for enabling cross-border trade among underrepresented but economically vital micro, small, and medium enterprises in the Asia-Pacific.
The APEC Micro, Small and Medium Size Enterprise Marketplace showcases small firms from APEC member economies and helps to connect them with compatible production and supply chain partners. It also details tariffs and trade regulations as well as provides a portal to support services to help small businesses in the region build their trading operations.
“There are a huge range of market opportunities for micro enterprises all around the Asia-Pacific, particularly with advances in mobile technology and e-commerce,” said Philippine Trade and Industry Secretary Ramon M. Lopez, who announced the opening of the platform endorsed by APEC SME Ministers.
“The APEC Marketplace will make it easier for small businesses to trade and, in the process, boost their competitiveness and growth capacity in the region,” continued Secretary Lopez. “The benefits of wider participation in trade could be very significant for APEC economies and our people’s livelihoods.” (VIDEO: Secretary Lopez on the Value of Small Business Trade)
The platform caters to small firms that account for nearly all businesses and the majority of employment in the APEC region, and have substantial room for export growth. They range from handicraft suppliers in Luzon, to auto and machinery parts producers in Ohio, Nagoya and Ho Chi Minh City, to coffee growers and processors in the highlands of Papua New Guinea.
APEC economies aim to grow the APEC Marketplace’s directory of small businesses with export potential and, in turn, open up market opportunities for these firms in the Asia-Pacific through business matching with companies seeking value-adding goods and services suppliers.
The Global Competitiveness Report 2017-2018: WEF
Ten years on from the global financial crisis, the prospects for a sustained economic recovery remain at risk due to a widespread failure on the part of leaders and policy-makers to put in place reforms necessary to underpin competitiveness and bring about much-needed increases in productivity, according to data from the World Economic Forum’s Global Competitiveness Report 2017-2018.
For the ninth consecutive year, the report’s Global Competitiveness Index (GCI) finds Switzerland to be the world’s most competitive economy, narrowly ahead of the United States and Singapore. Other G20 economies in the top 10 are Germany (5), the United Kingdom (8) and Japan (9). China is the highest ranking among the BRICS group of large emerging markets, moving up one rank to 27.
Drawing on data going back 10 years, the report highlights in particular three areas of greatest concern. These include the financial system, where levels of “soundness” have yet to recover from the shock of 2007 and in some parts of the world are declining further. This is especially of concern given the important role the financial system will need to play in facilitating investment in innovation related to the Fourth Industrial Revolution.
Another key finding is that competitiveness is enhanced, not weakened, by combining degrees of flexibility within the labour force with adequate protection of workers’ rights. With vast numbers of jobs set to be disrupted as a result of automation and robotization, creating conditions that can withstand economic shock and support workers through transition periods will be vital.
IFC supports BMW investment in South Africa Auto Industry
IFC, a member of the World Bank Group, announced an agreement to help BMW South Africa build local capacity through a $150 million rand-equivalent loan. The IFC financing is part of ZAR 6 billion investment in a BMW plant in Rosslyn that will produce the new BMW X3.
The financing comes as South Africa seeks new sources of economic growth after a period of slowdown driven in part by sluggish mining and manufacturing sectors. The country suffers from unemployment estimated at 27 percent overall and nearly 50 percent among youth.
South Africa Minister of Trade and Industry Dr. Rob Davies said, “This partnership between IFC and BMW will help South Africa create highly skilled jobs and wages through deeper participation in the global automotive supply chain. It is aligned with the industry’s development vision of significant growth in domestic vehicle production, and increasing local content and employment across the automotive supply chain”
The auto industry—South Africa’s largest manufacturing sector—is a major employer at its assembly plants, and through suppliers of goods and services required by global vehicle manufacturers. Yet today local content accounts on average for about one-third of each vehicle produced in South Africa. IFC estimates that raising that share of local content to 45 percent could inject $4 billion into the local economy and support 80,000 more jobs over the next three years.
Investment announcement made during the Tuscaloosa based plant’s 20th anniversary celebration.
Strategic move of Mercedes-Benz to start production of electric passenger cars in the U.S. as part of its worldwide electric initiative.
Tuscaloosa plant will manufacture SUV models for the company’s EQ brand.
New battery plant to be built near the existing passenger-car plant, making it the fifth factory in the global battery production network of Mercedes-Benz Cars with sites on three continents.
Company expands logistics activities for supply of worldwide markets.
Investment expected to create more than 600 new jobs in the region.
Tuscaloosa, AL/USA – As part of its ongoing commitment to engineer and manufacture the world’s most attractive vehicles, Mercedes-Benz will set up electric vehicle production in the United States. The company plans to produce EQ-branded SUV models at MBUSI (Mercedes-Benz U.S.
“We are excited to celebrate 20 years of production in Tuscaloosa by expanding our operations in the region and by bringing our electric initiative to the United States. With this one billion dollar investment, we are significantly growing our manufacturing footprint here in Alabama, while sending a clear message to our customers across the U.S. and around the world: Mercedes-Benz will continue to be on the cutting-edge of electric vehicle development and production,” said Markus Schäfer, Member of the Divisional Board of Mercedes-Benz Cars, Production and Supply Chain.
Mercedes-Benz strengthens footprint with US$ 1 billion investment in Alabama, USA
Mahindra Farm Equipment strengthens its position in Turkey
Mahindra & Mahindra Ltd (M&M Ltd), part of the USD 19 billion Mahindra Group, headquartered in Mumbai, India, announced its second foray into Turkey through the acquisition of Erkunt Traktor Sanayii A.S. (Erkunt), the 4th largest tractor brand in Turkey.
This association with Erkunt on the back of the Hisarlar acquisition earlier in the year will help in growing Mahindra’s farm equipment business in the strategic market of Turkey. With two strong brands such as Mahindra and Erkunt coming together and with a wider combined product portfolio, this association will offer complete mechanisation solutions to the diverse needs of Turkish farmers, thereby creating a more significant presence in Turkey. The association will also build an export business especially in the neighbouring markets of the Middle East, CIS and Europe.
Commenting on the development, Dr. Pawan Goenka, Managing Director, Mahindra & Mahindra Ltd. said "At Mahindra’s Farm Equipment Sector, our strategy is to globalise aggressively and also expand our portfolio to include various new categories of tractors and farm machinery. Turkey is a very important market in our globalisation journey and we wish to participate in its entire agri mechanization landscape. The acquisition of Erkunt will enable Mahindra to expand its footprint in the world’s 4th largest tractor market”.
Rajesh Jejurikar, President, Farm Equipment Sector, Mahindra & Mahindra Ltd. said, ““Erkunt is a strong local Turkish brand that has grown very rapidly over the last decade, by expanding its product range. We look forward to collaborate with the Erkunt leadership team to bring synergy and expand our footprint in Turkey”.
Tata Steel & Thyssenkrupp sign MOU to create a leading European Steel Enterprise
thyssenkrupp and Tata Steel have signed a memorandum of understanding to combine their European steel activities in a 50/50 joint venture. Their aim is to create a leading European flat steel player to be positioned as quality and technology leader. The new entity is set to have pro-forma sales of about €15 billion and a workforce of about 48,000, currently at 34 locations. Shipments are envisioned to be about 21 million tons a year.
Dr. Heinrich Hiesinger, CEO of thyssenkrupp AG: “Under the planned joint venture, we are giving the European steel activities of thyssenkrupp and Tata a lasting future. We are tackling the structural challenges of the European steel industry and creating a strong No. 2. In Tata, we have found a partner with a very good strategic and cultural fit. Not only do we share a clear performance orientation, but also the same understanding of entrepreneurial responsibility toward workforce and society.”
To be named thyssenkrupp Tata Steel, the planned joint venture will be managed through a lean holding company based in the Netherlands. It is to have a two-tier management structure comprising a management board and a supervisory board. Both boards are to have equal representation from thyssenkrupp and Tata. The codetermination structures in Germany, the Netherlands and Great Britain will be retained.
thyssenkrupp intends to contribute its Steel Europe business to the planned joint venture. There are also plans for the joint venture to include thyssenkrupp MillServices & Systems GmbH, a steel mill services provider that is part of the Materials Services business. Tata would add all of their flat steel activities in Europe.
Daimler AG’s Trucks division is investing in the Israeli company StoreDot Ltd. as part of their financing round. A representative from Daimler will be appointed to StoreDot’s Board of Directors. The Tel Aviv-based company founded in 2012 is a nanotechnology materials pioneer and one of the leading companies for electric charging and energy-storage materials.
Complementing the investment, both partners have agreed to a strategic partnership that focuses on the field of fast battery charging. StoreDot’s FlashBattery technology enables charging any electric vehicle within minutes, as quickly as filling a tank of gas. Furthermore, FlashBattery’s high efficiency in recuperation is particularly interesting for commercial vehicles; better usage of braking energy increases the range and requires less frequent charging. This results, together with faster charging times, in higher vehicle usage. Both partners will jointly work on tailor-made, integrated technologies, with the future-generation FUSO eCanter as a possible example of application. The possibility of further joint projects, even beyond the Trucks division, is part of both companies’ future discussions.
Martin Daum, Member of Daimler’s Board of Management with responsibility for Daimler Trucks & Buses: “Electrification of trucks is of top priority at Daimler. Today’s global launch in New York City of the FUSO eCanter, the world’s first series-produced all-electric light-duty truck, provides impressive proof of our strive for bringing electric vehicles for everyday use to the market. Fast charging is an important topic especially for fleet owners of all Daimler Trucks brands. Together with StoreDot we will now jointly work on a holistic approach to fast charging.”
Dr. Doron Myersdorf, Co-Founder and CEO of StoreDot: “Having Daimler, a world leader in the automotive field, as a strategic partner is of significant value to StoreDot. It will accelerate the completion of our development process and the introduction of FlashBattery to the market. Together with Daimler teams, we create synergies that optimize the characteristics of our innovative solutions with the requirements of the electric vehicles of the future.”
Daimler AG’s Trucks division is investing in the Israeli company StoreDot Ltd
Crown Holdings, Inc. to build a new Beverage Can Plant In Valencia, Spain
Crown Holdings, Inc., a leading supplier of packaging products worldwide, announced that it will build a new plant in the Valencia region of Spain to produce aluminum beverage cans. The location of the facility, Parc Sagunt, is approximately 10 miles north of the city of Valencia, and was selected based on its close proximity to key customers as well as the excellent local infrastructure and transportation links.
The Company currently operates two steel beverage can plants in Spain, in Agoncillo and Seville, and will be constructing the new facility to meet the growing demand and preference for aluminum beverage cans in the Iberian region. The plant, which is expected to be operational during the fourth quarter of 2018, will have an initial annual capacity of approximately 900 million units in multiple sizes and will be designed to accommodate further expansion. Initially, the capacity will be utilized to facilitate customers' transitions from steel to aluminum beverage cans and subsequently to support the growing demand for both beer and non-alcoholic beverage cans in the region.
Cyient signs agreement to acquire B&F Design Inc
The acquisition of B&F Design Inc. will strengthen Cyient’s Aerospace and Defense service offerings, by adding Design, Build and Maintain capabilities centered around Tooling and Precision Engineering. This will help Cyient create a unique and differentiated value proposition for its aerospace clients.
Cyient Limited, a global provider of engineering, manufacturing, geospatial, network and operations management services to global industry leaders, through its step down subsidiary Cyient Defense Services Inc. signed a definitive agreement to acquire 100% equity ownership in B&F Design Inc. Based in New Britain, Connecticut, USA, and founded by Raymond F. Forgione in 1965 as a family business, B&F Design initially offered design services to local manufacturing companies and later expanded the business to include the manufacturing of tools, and has built a reputation for its high-quality design and tooling capability. Today, their area of expertise includes design and manufacturing of precision engine assembly equipment, repair tooling, machining of fixtures and gauges, and engine factory modernization services.
B&F Design employs a team of around 47 people, with a revenue between $8 million to $9 million, with low double-digit EBITDA margins. They also bring-in a strong team of technical and domain experts in Aerospace Tooling along with a common anchor customer, led by Mr. Darius Szczepankowski, who will join as General Manager to run the delivery operations.
With new programs going into manufacturing the demand for precision tooling is significantly increasing. This market is forecasted to increase at a faster rate than that of design. This is Cyient’s sixth acquisition in the last three years as part of its ‘Design-Build-Maintain’ strategy. Cyient holds a strong cash position of $155 million and will continue to look for acquisitions that will enable the company to realize its strategy and the goal of industry-leading growth.
H.B. Fuller to acquire Royal Adhesives & Sealants for $1.5 billion
H.B. Fuller Company, announced that it has signed an agreement to purchase Royal Adhesives & Sealants, a leading manufacturer of high-value specialty adhesives and sealants. This business consistently delivers industry-leading growth rates, EBITDA margins, and free cash flow that are expected to enhance H.B. Fuller’s position as a global leader in the adhesives industry.
“This accretive acquisition accelerates realization of our 2020 strategic objective to focus and grow in engineering adhesives and other highly specified market segments, while exceeding our targeted cash flow, EPS and EBITDA margin targets,” says H.B. Fuller President and Chief Executive Officer Jim Owens. “With Royal’s strong customer relationships and experienced team, we will add depth and breadth to our portfolio. Royal’s complementary offerings will expand our presence in North America, Europe and China, and add new technology and capabilities. We have identified $35 million in cost synergies and $15 million in growth synergies that we expect to realize over the next three years as a result of merging these two great adhesives businesses. Upon closing the transaction, H.B. Fuller will be a company with nearly $2.9 billion in revenue, focused on profitable growth in attractive engineering, durable assembly, and construction adhesives markets.”
Royal is expected to generate approximately $650 million in revenue and $138 million in adjusted EBITDA for H.B. Fuller’s fiscal year 2017. The company operates 19 manufacturing facilities in 5 countries, and employs approximately 1,500 people globally.
BASF completes acquisition of THERMOTEK
BASF has completed the acquisition of GRUPO THERMOTEK, a leading waterproofing systems supplier based in Monterrey, Mexico. Through this acquisition, BASF’s Construction Chemicals division strengthens its channels to market and builds on its portfolio of brands for construction professionals.
THERMOTEK, founded as a privately held company in 1992, is well- positioned in the waterproofing systems market in Mexico. Its products are designed to offer maximum quality on virtually every type of substrate and include resinous and dispersion-based materials as well as modified asphalt sheet membranes. The company has more than 200 distributors in the region and employs approximately 500 people.
The transaction includes the well-known THERMOTEK and CHOVATEK brands, and others, which will continue to be sold through retail channels, material houses and local hardware stores.
“The acquisition of THERMOTEK enables us to continue on our growth path by bringing a robust portfolio of construction solutions to a broader customer base,” said Michael Stumpp, Managing Director BASF Mexicana S.A. de C.V. and Central America. “This is an exciting time for our business and we welcome the THERMOTEK employees to the BASF family.”
Siemens will acquire TASS International, a global provider of simulation software, plus engineering and test services aimed primarily at the automotive industry, and focused on autonomous driving, integrated safety, advanced driver assistance systems (ADAS), and tyre modeling. Based in Helmond, Netherlands, TASS International has developed a rich family of solutions that will further strengthen Siemens' product lifecycle management (PLM) software portfolio, and add to its position as the leading supplier of systems-driven product development offerings for the global automotive industry.
"The automotive industry is a core focus for Siemens and our acquisition of TASS International is another example of our commitment to offer a complete Digital Enterprise solutions portfolio, enabling automotive companies to realize their digital transformation and fully benefit from all opportunities of digitalization," said Dr. Jan Mrosik, CEO of Siemens' Digital Factory Division. "TASS International is a proven leader in both integrated safety and autonomous driving, two fields of engineering that are increasingly important for the industry. By combining its strengths with Siemens' PLM offerings, we are able to respond even better to today's challenges in the automotive industry."
With active safety and advanced driver assistance systems features increasingly becoming the norm in the automotive industry, the compelling trends of connected and autonomous driving vehicles set new requirements for virtual and physical validation and verification of automotive vehicles.
"The Siemens PLM Software portfolio offers a significant opportunity for TASS International and its customers to accelerate the development of safety-critical applications in the field of automated and connected driving. Our engineering and test services will reach a larger audience through the extensive Siemens global footprint," said Jan van den Oetelaar, CEO of TASS International. "The integration of TASS International into the Siemens organization is expected to create a stable long-term environment and allow access to a vast knowledge base. This can help to build an integrated toolchain for verification and validation of complex automotive functions that should benefit both the automotive industry as well as government organizations worldwide."
The Middleby Corporation, announced the acquisition of QualServ Solutions, LLC, a global commercial kitchen design, manufacturing, engineering, project management and equipment solutions provider. QualServ, based in Fort Smith, Ark., has annual revenues of $100 million.
“QualServ is a respected industry leader providing a unique set of services and equipment solutions for the commercial foodservice equipment industry. This acquisition expands the Middleby product offerings to include kitchen fabrication, and will allow us to provide integrated equipment solutions with our existing portfolio of brands and products,” said Selim A. Bassoul, Chairman and CEO. “The addition of QualServ will also enable us to further expand the services we provide to our global restaurant chain customers. These customers want logistical and engineering solutions in both the back and front of the restaurant and with QualServ we have the ability to provide advanced data analytics and broader services beyond equipment sales. QualServ has grown substantially over the past few years and combined with Middleby we anticipate growth through expansion of their capabilities into international markets by leveraging Middleby’s global footprint.”
QualServ delivers “Store-in-a-Box” solutions by providing comprehensive design and turn-key solutions to customers in the foodservice, retail, and convenience store industries. Read more...
The Middleby Corporation Acquires QualServ Solutions, LLC
The Renault-Nissan Alliance and Dongfeng Motor announced JV to develop EV in China
The Renault-Nissan Alliance and Dongfeng Motor Group Co., Ltd. (Dongfeng) announced a new joint venture to co-develop and sell electric vehicles (EV) in China.
The new joint venture, eGT New Energy Automotive Co., Ltd. (eGT), will focus on the core competencies of each partner and will harness the full potential of the Renault-Nissan Alliance electric vehicle leadership, as well as the resources of Dongfeng in the new energy industry, to meet the expectations of the Chinese market.
eGT will design a new EV with intelligent interconnectivity, that will be in line with the expectations of Chinese customers. It will be jointly developed by the Alliance and Dongfeng on an A-segment SUV platform of the Renault-Nissan Alliance. It will draw on the global leadership on EV technologies and cost-effective car design experience from the Alliance, and the competitive manufacturing costs from Dongfeng.
“The establishment of the new joint venture with Dongfeng confirms our common commitment to develop competitive electric vehicles for the Chinese market,” said Carlos Ghosn, chairman and chief executive officer of the Renault-Nissan Alliance. “We are confident to meet the expectations of the Chinese customers and to strengthen our global electric vehicle leadership position.”
“This project is the result of a joint effort to develop electric vehicles for the Chinese market, by the 'Golden Triangle' formed by Dongfeng, Renault and Nissan, with an innovative business model,” said Zhu Yanfeng, Chairman of Dongfeng. “We expect to meet the transformation trend of the market in China; where cars are becoming light, electric, intelligent, interconnected and shared. This is also testimony of a deepened and strengthened strategic cooperation between the three parties.”
Renault, Dongfeng and Nissan (China) Investment Co., Ltd. (Nissan) have signed an agreement to set up the new joint venture. Renault will hold 25 percent of eGT, Nissan will hold 25 percent and Dongfeng the remaining 50 percent.
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