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: Loar Holdings Inc has agreed to acquire Applied Avionics, Inc., which specializes in designing, developing, and manufacturing highly engineered avionics interface solutions. Loar, a manufacturer and supplier of niche aerospace and defense components, will pay $385 million in cash to acquire Applied Avionics. In a recent quote, Dirkson Charles, CEO and Executive Co-Chairman of the Board of Directors of Loar, said, "We are excited about the addition of Applied Avionics to the Loar family. Applied Avionics fits our strategic initiative of adding niche capabilities and proprietary products to our suite of customer solutions. Additionally, over 75% of Applied Avionics' sales are derived from the aftermarket, further strengthening this attribute and strategic focus of Loar."
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Acquisition: ADDMAN has added Keselowski Advanced Manufacturing (KAM) to its portfolio of businesses, cementing the company’s position in the metal additive manufacturing industry. According to ADDMAN, this acquisition will provide customers with access to fully integrated metal additive manufacturing processes, from design to serial production. In a recent quote, Brad Keselowski, Founder of KAM, said, "ADDMAN's integration marks a pivotal moment for the additive industry. Combining these companies brings a powerful combination with KAM's world-class processes and systems, and ADDMAN's abundant resources and R&D. Together, we set a new standard for innovation and excellence in the additive manufacturing industry."
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Personnel: Sanjeev Sharma has been appointed President and General Manager of Atlas Copco Compressors LLC. Sharma’s new job responsibilities will include overseeing Atlas Copco Compressors’ customer center in the United States and being responsible for all Atlas Copco Compressors sales, marketing, and service operations. In a recent quote, Philippe Ernens, President of the Compressor Technique Business Area, said, “Sanjeev has experience in the compressor industry and brings over 28 years of experience in various management positions with Atlas Copco. We’re excited to have his expertise, experience, and leadership as he transitions into the role of President and General Manager of the US Customer Center.”
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Acquisition: Integrated Power Services (IPS) has officially acquired ABB’s Industrial Services business, which specializes in repair and field service capabilities for electric motors and low- and medium-voltage switchgear equipment. In 2022, IPS also acquired ABB’s hydrogenerator and transformer repair business. In a recent quote, John Zuleger, IPS President and CEO, said, “This acquisition will permit IPS to add locations where customers have urged us to offer services. These five locations will enhance our capabilities in renewables, copper mining, and power management aftermarket industrial services. Additionally, IPS now will be the home of 115 additional talented employees, and the legacy technology and expertise from the General Electric and ABB heritage of these newly acquired sites.”
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Personnel: Steven Wu has been appointed chief operating officer (COO) of American Battery Technology Company (ABTC). According to the battery materials company, Wu will use his extensive background to help ABTC ramp up efforts to onshore and build out a resilient battery metals supply chain for its North American customers. In a recent quote, ABTC CEO Ryan Melsert said, "We are thrilled to welcome Steven to the team at this exciting and critical stage of growth of our commercialization efforts. As we move beyond the first-of-kind design and commissioning phases, Steven brings the exact skillset and experiences needed in scaling commercial operations, building engaged and high-productivity teams, and innovating and implementing ground-up, high-volume, product manufacturing operations to meet the needs that our domestic strategic partners are demanding as we scale-up our domestic critical battery material solutions."
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