It's just business: Manufacturing moves from Boeing, Integrated Power Services, Relayr, 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: Relayr will be selling its Skyler Rotate product and business to MRG Solutions, LLC, which will operate as “Skyler.” MRG Solutions is owned by Energy Management Corporation, HECO Inc., and Northwest Electric. In a recent quote, Jessica Poliner, CEO of Relayr, said, “We are fortunate to have worked closely with some of the operating partners of MRG Solutions for years prior as we developed the Rotate product. We are certain that MRG Solutions’ domain expertise and knowledge will add tremendous value to the product development and customer needs, adding to the scalability of the owners for the Rotate product: passionate about the technology, customers, and employees and well-informed on the industry.”
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Acquisition: Pursuit Aerospace, which produces aircraft engine components, has acquired Prescott Precision Die, Inc. and Merc Aerospace, Ltd. Precision Die specializes in tight tolerance turbine engine components for the aerospace and defense industry, while Merc Aerospace focuses on precision machining services for the aerospace and defense and power generation industries. In a recent quote, Doug Folsom, Chief Executive Officer of Pursuit, said, “We are thrilled to welcome the Prescott and Merc teams to Pursuit Aerospace. These acquisitions bring complementary capabilities and broaden Pursuit’s geographic presence in the Southwestern US and in the UK.”
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Capital: Mstack has raised $40 million in a Series A round of funding, which was co-led by Lightspeed and Alpha Wave. Mstack, a custom manufacturing platform in the specialty chemical space, will use the funds to expand its footprint across the world and strengthen its existing presence in the U.S. and other countries. In a recent quote, Shreyans Chopra, Founder at Mstack, said, “This new funding affirms investor confidence in our vision and technology to transform global markets. It enables us to expand geographically and intensify our R&D efforts. We'll continue innovating to meet our customers' evolving needs. Our R&D team in India is poised to commercialize multiple chemicals soon. Future plans include establishing advanced labs to drive innovation and IP creation, while offering custom formulations and process innovation through our on-demand platform.”
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Acquisition: Integrated Power Services (IPS) has officially acquired MDL Énergie, which focuses on low-, medium-, and high-voltage electrical products and services. IPS, which specializes in electrical, mechanical, and power management systems, hopes the acquisition will add depth and expertise to its power management portfolio, as well as strengthen its presence in Canada. In a recent quote, Shannon Moses, Executive Vice President of the IPS Power Management Division, said, “We are excited to partner with MDL Énergie. By working together, we can bring our combined customers improved solutions to meet their most critical power management, electromechanical and rotating equipment challenges.”
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Layoffs: Boeing has announced plans to reduce its total workforce by approximately 10%. The layoffs, which will include executives, managers, and employees, are intended to reset workforce levels to better align with the company’s new financial reality. In a recent quote, Boeing President and CEO Kelly Ortberg said, “As we move through this process, we will maintain our steadfast focus on safety, quality and delivering for our customers. We know these decisions will cause difficulty for you, your families and our team, and I sincerely wish we could avoid taking them. However, the state of our business and our future recovery require tough actions.”
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