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.
Capital: Mantle has raised $20 million in a Series C round of funding. The company, which focuses on metal 3D printing technology for precision tooling, will use the money to expand within the market, scale its manufacturing operations, and develop new capabilities and materials. This round of funding was led by Schooner Capital and includes investments from Fine Structure Ventures, Foundation Capital, Corazon Capital, 11.2 Capital, Fine Structure Ventures, Foundation Capital, Corazon Capital, 11.2 Capital, and Build Collective. In a recent quote, Alexandra Manick, Principal of Schooner Capital, said, “The company’s advanced manufacturing platform, TrueShape, is proven to deliver significant cost savings and, more importantly, unprecedented speed for its customers. This paradigm-shifting solution is readily adoptable and sorely needed to address persistent skilled labor shortages and accelerate product development timelines for industrial toolmakers and OEMs worldwide.”
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Acquisition: Harvey Performance Company has announced the acquisition of ATA, an Ireland-based precision engineering company. Harvey Performance, which specializes in cutting tools for precision machining applications, features an array of brands under its umbrella, including Harvey Tool, Helical Solutions, Micro 100, Titan USA, CoreHog, and Valor Holemaking. In a recent quote, Brian Lavelle, Chief Executive Officer of Harvey Performance Company, said, “We were immediately impressed by ATA, its global team and tremendous collection of brands. Like all Harvey Performance brands, ATA brands have an established reputation for providing outstanding customer service and a dedication to manufacturing the industry’s highest quality products.”
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Acquisition: ABB has announced the completion of its acquisition of SEAM Group, which will join ABB’s Electrification Service division. SEAM Group, which specializes in energized asset management and advisory services, will help ABB customers reach critical sustainability targets by securing asset availability, energy optimization and improved productivity. In a recent quote, Stuart Thompson, Division President, ABB Electrification Service, said, “SEAM Group’s expertise in low-voltage asset management and their digital capabilities in predictive and preventive maintenance complement and strengthen our service offering, particularly in the US, and expand our capacity to support customers as they optimize and decarbonize their operations.”
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Acquisition: Honeywell will be acquiring Air Products' liquefied natural gas (LNG) process technology and equipment business. The $1.81 billion all-cash transaction will allow Honeywell to provide its customers with solutions to manage their energy transformation journey. In a recent quote, Vimal Kapur, Chairman and CEO of Honeywell, said, "While the world continues to build the renewables-based energy infrastructure of the future, natural gas is a critical lower-emission and affordable transition fuel that will help meet ever-increasing and dynamic global energy demands."
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Acquisition: IDEX Corporation has agreed to acquire Mott Corporation and its subsidiaries. IDEX, which designs and builds engineered products, will pay $1 billion for Mott, which specializes in the design and manufacture of sintered porous material structures and flow control solutions. In a recent quote, Eric D. Ashleman, CEO and President of IDEX, said, “Mott’s business fits the IDEX sweet spot of highly engineered, configurable mission-critical components focused on scalable select applications. The addition of Mott represents an important step in our evolution, as we continue building our differentiated capabilities in applied materials technologies. Mott brings advanced technical and application expertise that will expand our capabilities in high-value end markets and open new organic growth opportunities.”
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