It's just business: Manufacturing moves from Honeywell, Baker Manufacturing, MetOx, 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.
Capital: MetOx International, Inc. has raised $15 million in its Series B round of funding. The company, which specializes in High Temperature Superconducting (HTS) technology, received investments from Duquesne Family Office, LLC, Piedmont Capital, Crosscut Ventures, New System Ventures, John Doerr’s Family Office, and Ryan Panchadsaram. The funding will be used to help MetOx build additional HTS manufacturing facilities in the U.S. In a recent quote, Arthur (Bud) Vos, President and CEO of MetOx, said, "We are thrilled by the confidence our strategic investors have placed in MetOx, particularly as we accelerate our efforts to scale HTS manufacturing capacity here in the U.S.. This critical new funding allows us to continue building a robust supply chain for HTS technology, ensuring the U.S. becomes a global leader in advanced superconducting solutions."
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Divestment: Honeywell will sell its personal protective equipment (PPE) business to Protective Industrial Products, Inc. for $1.325 billion. Honeywell decided to sell its PPE business to simplify its portfolio and focus on automation, the future of aviation, and energy transition. In a recent quote, Vimal Kapur, Chairman and CEO of Honeywell, said, "Over the last five years, our PPE business has experienced significant wins as a result of its operational improvement initiatives, footprint rationalization and quick adaptation to global needs following the pandemic. Now with this transaction, the business will be positioned to accelerate its growth trajectory as it benefits from Odyssey's historic investing in the PPE sector and scaling similar businesses to expand into new products, geographies and end markets.”
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Acquisition: Ulbrich Stainless Steels & Special Metals has officially acquired ATI’s precision rolled strip operations in New Bedford, MA and Remscheid, Germany. Ulbrich hopes the acquisition will enhance its precision re-rolling capabilities, particularly in light-gauge, wide-width nickel alloys, titanium, and specialty stainless steel. In a recent quote, Chris Ulbrich, CEO and Chairman of Ulbrich’s board, said, "We are thrilled to welcome Ulbrich Precision Alloys and Ulbrich Europe Metals to the family. These acquisitions are a transformative step in our journey, and we believe that all roads lead to Ulbrich as we continue to expand our product offerings for an ever-growing precision strip market.”
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Capital: Keychain has raised $15 million in new funding. The company, which specializes in manufacturing platforms for the packaged goods industry, received funding from BoxGroup, General Mills, Schreiber, and more. This brings Keychain's total funding to $33 million. In a recent quote, Oisin Hanrahan, Co-founder and CEO of Keychain, said, "Keychain's first product, our search and discovery platform, is now working at scale for US-based food and beverage brands, retailers, and manufacturers. This has happened much faster than we expected. From here we're excited to build a deep set of AI-powered workflow tools to help our brand and retail partners bring products to market faster. In addition, you can expect an announcement on new verticals and geographies soon."
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Capital: BOSTON MATERIALS, INC. has raised $13.5 million in new funding. The company, which manufactures advanced materials key to the next generation of semiconductors and aircraft platforms, received funding from AccelR8 and Diamond Edge Ventures. BOSTON MATERIALS plans to use the funding to expand into the semiconductor market, building from its existing footprint in the aerospace market. In a recent quote, Anvesh Gurijala, CEO of BOSTON MATERIALS, said, "There is an urgent and quickly ramping need for advanced energy transfer materials. This new class of materials maximize performance and efficiency across data centers, airplanes, electrified vehicles, and beyond. BOSTON MATERIALS is aggressively expanding its existing manufacturing capabilities and accelerating global product deployment to meet this demand."
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Acquisition: Baker Manufacturing Company, LLC has announced its acquisition of the Pump Division of A.Y. McDonald Mfg. Co. Baker, a portfolio company of Blue Sage Capital, will acquire A.Y. McDonald’s full pump product line, which includes its comprehensive portfolio of submersible pumps, booster pumps, jets, sump pumps, and pressure tanks for the residential and agricultural markets. In a recent quote, Don Wesdell, CEO and President of Baker, said, "We are thrilled to bring A.Y. McDonald’s Pump Division into the Baker family. A.Y. McDonald’s rich history and strong reputation in the industry will be a cornerstone of this transition, and we are committed to maximizing the legacy of their pump products while continuing to meet the needs of our valued customers.”
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