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.
Acquistion: 5M Group has completed its acquisition of Cox Interior, Cox Shavings and Cox Dimensions. The three hardwood manufacturing companies produce and distribute milled building products, including moldings and trim. In a recent quote, Mark Reiter, co-founder and principal of 5M Ventures, said, "In acquiring the Cox companies, we have created a portfolio company for building construction supplies that will bring tremendous value to our relationships with real estate contractors, developers and architects across the country. As a vertically integrated US manufacturer of cabinets, interior and exterior doors, trim molding and custom millwork, the Cox companies are significant assets in the 5M mission of building next-generation real estate."
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Capital: Elve Inc. has completed its Series A round of $15 million. The company, which specializes in millimeter wave amplifier technology, will use the funding to improve manufacturing and find new customers from the space connectivity market. Investors include TomEnterprise Private AB, Green Sands Equity, Yu Galaxy, Cambium Capital, and Lockheed Martin Ventures. In a recent quote, Chris Moran, Vice President and General Manager of Lockheed Martin Ventures, said, “Lockheed Martin Ventures invests in companies that offer leading edge capabilities that can transform how we do business. Elve’s RF power amplifier technology has the potential to enable cost effective, resilient communications in both terrestrial and space domains.”
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Acquistion: Eyelit Technologies has acquired Optessa, which specializes in optimization and AI-powered advanced planning and scheduling software. Eyelit Technologies, which creates MOM, MES, QMS, and Factory Automation solutions, hopes the acquisition will help it expand into the automotive industry. In a recent quote, Joe Bellini, CEO of Eyelit Technologies, said, “The promise of smarter manufacturing is to make operational gains that create sustained value beyond the factory floor. Through our acquisition of Optessa, we take smarter manufacturing further by offering intelligent planning and scheduling, two of the most important manufacturing workflows. We will continue serving the world’s leading automotive manufacturers with the highest standards while extending Optessa’s innovation, alongside our MES products, to a growing range of industries.”
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Acquistion: Motion Industries, Inc. has agreed to purchase the operating assets of Perfetto Manufacturing and SER Hydraulic, two fluid power companies. Both companies offer engineered solutions, service and equipment for hydraulic/pneumatic cylinders, complex power units and other assets used in fluid power systems. In a recent quote, Gerald Perfetto Sr., Owner, said, “After more than 30 successful years in business, we want to thank our loyal customers and employees for contributing to our success. The Motion team is committed to continued investment in the business, which will bring great opportunities for our customers, employees, and the communities in which we work and live. We couldn’t be more pleased with the interest that Motion has taken in our business and wish everyone continued success.”
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Acquistion: HASA, Inc. has agreed to purchase Chem Eleven Products, Inc. from FSTI, Inc. HASA provides clean and safe water treatments for municipal and industrial water sanitation, while Chem Eleven operates a stand-alone salt-to-bleach manufacturing site serving municipal and commercial water treatment and manufacturing end markets in Northern Texas. In a recent quote, Chris Brink, CEO of HASA, Inc., said, “We share a like-minded approach with the Chem Eleven leadership team to ensure high performance results, and our customer service goals are deeply aligned. Furthermore, this acquisition supports our rapid growth strategy and cements our presence in the Texas market. With this partnership, and the completion of two new state-of-the-art packaging and transfer facilities in the San Antonio and Dallas metropolitan areas, HASA will be in a unique position to deliver incredible value to our existing and future customers.”
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Personnel Change: Toyota Motor North America has announced the promotion of two employees. Kevin Voelkel has been promoted to senior vice president, vehicle plants, and Susann Kazunas has been promoted to plant president, TMMTX. The company hopes these changes will increase growth and prepare Toyota for a future of EVs and mobility. Toyota also announced the retirement of Brian Krinock, senior vice president, vehicle plants, effective March 31.
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