It's just business: Manufacturing moves from Hitachi, Purple Innovation, PrecisionX Group, and more
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.
Acquisition: Wipro Hydraulics has announced its acquisition of Columbus Hydraulics, a company that specializes in producing hydraulic cylinders. Wipro hopes the acquisition will improve its manufacturing efforts in North America. In a recent quote, Sitaram Ganeshan, President of Wipro Hydraulics, said, "The acquisition of Columbus Hydraulics, following our recently acquired Mailhot Industries, is a strategic move to accelerate growth in North America. This acquisition complements our product and customer portfolio, allowing us to offer a broader range of hydraulic solutions for varied applications. Our combined skilled workforce will enable us to innovate for the current and future needs of our customers."
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Branding: Knox Machinery has announced plans to rebrand its business using Knox Manufacturing Solutions as its new name. The company hopes this change will reinforce its commitment to providing comprehensive manufacturing solutions. In a recent quote, Greg Knox, CEO of Knox Manufacturing Solutions, said, “We invite our valued customers and partners to join us in celebrating this exciting milestone, and together, we will continue to set new standards of excellence in the manufacturing industry.”
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Acquisition: Hitachi Global Air Power US, LLC has announced its acquisition of Air Power Sales and Service, a Sullair distributor. Air Power focuses on the sale and service of air compressors, air treatment products, accessories, and related equipment. In a recent quote, John Randall, President and CEO of Hitachi Global Air Power, said, “Air Power Sales and Service’s customer-first approach and strong presence in the market expands and secures our sales and service capabilities to our current and future customers in this important region. It’s also another step forward in our strategy for growth as a total seamless solutions provider.”
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Plant Closure: Purple Innovation, Inc., which specializes in mattress manufacturing, has announced the closure of two production plants in Salt Lake City and Grantsville, Utah. The closures will be complete in Q1 of 2025. In a recent quote, Rob DeMartini, CEO of Purple Innovation said, "This decision was not made lightly. Over the past year, we have driven savings through manufacturing efficiency and supply chain initiatives, and we are confident that the consolidation of our manufacturing footprint is an important step to advance our Grid innovation and build momentum with our 'Path to Premium Sleep' strategy, which will set Purple up for positive operating cash flow and market share growth over the long-term."
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Acquisition: PrecisionX Group will acquire MSK Precision Products, Inc., which specializes in precision machining and assembly services. PrecisionX is a portfolio company of CORE Industrial Partners, a private equity firm that focuses on manufacturing, industrial technology, industrial services, and consumer products. In a recent quote, Matthew Puglisi, Partner at CORE, said, “We believe the acquisition of MSK is highly strategic for several reasons, including enhanced capacity and expertise in specialty Swiss precision machining, deepened presence in the desirable medical and aerospace & defense end markets, and expanded geographic reach on the East Coast, from New York, New Jersey and Connecticut to now Florida.”
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