As manufacturers strive to optimize and improve profitability, they often use various business strategies to stay competitive. These actions include mergers, acquisitions, promotions, layoffs, funding, and much more. Below are just a few of the companies that are making moves and making headlines in the industrial sector.
Acquistion: CORE Industrial Partners’ portfolio company PrecisionX Group has acquired National Manufacturing Co. CORE is a private equity firm that focuses on manufacturing, industrial technology, and industrial services, while National specializes in deep and shallow drawn stamping. PrecisionX was formed after CORE acquired GEM Manufacturing in February 2023 and Coining in June 2023. In a recent quote, Matthew Puglisi, Partner at CORE, said, “We believe National is well-positioned at the forefront of the deep and shallow drawn specialty stamping space following decades of providing differentiated technical capabilities and outstanding customer service. We will continue to work to expand our presence in high-growth, technically demanding end markets, including medical and aerospace & defense, through execution of both organic and inorganic growth initiatives.”
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Capital: During its most recent round of fundraising, ARRIS raised $34 million from both new and returning investors. The advanced manufacturer received investments from ST Engineering, Zebra Technologies, Youngone, Standard Industries, and many more. The funding will be used to help ARRIS scale its global operations and expand its fiber-reinforced composites production. In a recent quote, Jeffrey Lam, President of Commercial Aerospace at ST Engineering, said, "The use of composite structures in aerospace applications offers a compelling combination of weight savings, strength, durability, and environmental sustainability. Through our investment in ARRIS, we will jointly develop innovative composite products that elevate ST Engineering's aerospace solutions, providing more value add and benefits to our customers."
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Acquisition: Scanco Software, LLC has announced the acquisition of Appolis, LLC, which does business as WithoutWire Inventory. Scanco specializes in software solutions for the manufacturing and distribution industries, while WithoutWire focuses on software built for complex inventory management. Scanco hopes the acquisition will meld both companies' expertise in warehouse and manufacturing automation solutions and hasten the development of autonomous supply chain management. In a recent quote, Travis Smith, Founder of WithoutWire, said, “This merger with Scanco unlocks significant opportunities to expand our partner network and ecosystem. Our core mission has always been to deliver outstanding software. By merging our deep expertise and robust delivery capabilities with Scanco's impressive sales and partner community, we can significantly enhance our market presence.”
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Acquisition: Nucor Corporation has agreed to acquire Rytec Corporation, which specializes in the production of commercial doors. Nuror, a manufacturer of steel and steel products, will pay $565 million in the transaction, which is about 12.5 times Rytec’s estimated 2024 earnings. In a recent quote, Leon Topalian, Chair, President and Chief Executive Officer of Nucor, said, "Rytec is a leader in high-performance commercial doors and serves several growing end-user markets. This acquisition further executes our strategy to expand beyond our core steelmaking businesses into related downstream businesses. Adding high-performance doors will create cross-selling opportunities with other Nucor businesses and greatly expand Nucor's product portfolio serving the commercial arena. Rytec has a strong cultural fit with Nucor, and we are excited to welcome the Rytec teammates to the Nucor family."
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Acquisition: nVent Electric plc has agreed to acquire the parent of Trachte, LLC, which produces custom control building solutions that protect critical infrastructure assets. NVent, which specializes in electrical connection and protection solutions, will pay $695 million for Trachte, whose 2024 revenues are expected to be $250 million. In a recent quote, nVent Chair and CEO Beth Wozniak said, “Trachte will expand our enclosures portfolio in new applications and enhance our system protection capability. It further strengthens our solutions in high-growth verticals, including power utilities, data centers and renewables. With the macro trends of modernizing and upgrading electrical infrastructure as well as the expansion of data centers, Trachte provides us with a platform to accelerate our growth and provide broader solutions for customers. We look forward to welcoming the Trachte team to nVent, and together helping to build a more sustainable and electrified world.”
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