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: Tracktile has raised $575,000 in its pre-seed financing round. The SaaS startup, which specializes in empowering manufacturers with complete visibility into their operations, received funding from BDC Capital’s Seed Venture Fund and Island Capital Partners. Tracktile will use the money to improve product development, expand its team, and scale its operations. In a recent quote, Jordan Rose, CEO and co-founder of Tracktile, said, "Securing this funding is a huge step forward for us. It means we can dive deeper into our mission of empowering manufacturers with the modern solutions they deserve. We're grateful for the trust our investors have shown and excited to bring our vision to life. It’s only the beginning!"
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Acquisition: Alcoa Corporation has completed its acquisition of Alumina Limited. This means that Alcoa fully owns and controls the Alcoa World Alumina and Chemicals (AWAC) joint venture, which consists of several affiliated entities that own, operate or have an interest in bauxite mines and alumina refineries. In a recent quote, William F. Oplinger, Alcoa’s President and CEO, said, “The acquisition of Alumina Limited strengthens Alcoa's position as one of the world’s largest bauxite and alumina producers and is expected to result in long-term value creation from greater financial and operational flexibility.”
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Divestiture: Parker Hannifin Corporation has announced plans to sell its North America Composites and Fuel Containment (CFC) Division to SK Capital Partners, a private investment firm. Over the past three years, the company has successfully divested businesses and product lines worth approximately $450 million in annual sales. In a recent quote, Parker Hannifin Chairman and CEO Jenny Parmentier said, “One element of our strategy is assessing whether we are the best owner for certain businesses or whether they could be more successful as part of another organization. The CFC Division is a solid business with strong performance and growth potential backed by a great team, whom we wish continued success under the ownership of SK Capital Partners.”
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Acquisition: ECI Software Solutions has completed its acquisition of ProfitKey International LLC. ECI, which specializes in cloud-based business management software and services, hopes acquiring the ERP platform for discrete manufacturers will enhance the company’s manufacturing software portfolio. In a recent quote, Trevor Gruenewald, CEO of ECI Software Solutions, said, “The world-class ProfitKey ERP and the expertise of the team have greatly impressed us. By joining together, we can continue to invest in the success of manufacturing businesses and their evolving industry needs. Our goal is to provide even greater value to manufacturing businesses and ensure a bright future for all our customers.”
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Acquisition: Standard Iron has plans to acquire Helgesen Industries, which produces fluid conditioning tanks and other complex fabrications. Standard Iron hopes the acquisition will complement its complex and heavy fabrications manufacturing practice. In a recent quote, Rich Demeules, Chairman of Standard Iron, said, “Helgesen has a strong reputation in the market and is a leader in engineered offerings, including fluid conditioning tanks and other complex fabrications. I am particularly excited about how the partnership will allow the combined company to serve its OEMs in an expanded way.”
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