Samsung and ASML shook hands over a semiconductor manufacturing deal this month. Meanwhile, GE Aerospace put $11.75 billion down on an Ohio-based commercial aerospace and defense company. In this edition of It's Just Business, we've rounded up recent deals and commitments.  

Partnership: Samsung Electronics and ASML plan to expand their strategic partnership around High NA EUV lithography and advanced semiconductor manufacturing, including Samsung's participation in an initiative to develop a next-generation 12-inch photomask platform. Samsung also plans to introduce ASML's High NA EUV lithography into future high-volume DRAM manufacturing by 2028. The technology is expected to improve resolution, simplify processes and increase efficiency. 

“By further strengthening our collaboration with ASML, we are helping lay the foundation for the next generation of AI and semiconductor innovation,” said Young Hyun Jun, vice chairman and CEO of Samsung Electronics, in a September press release.

Acquisition: GE Aerospace has agreed to acquire Consolidated Precision Products (CPP), an Ohio-based manufacturer, for $11.75 billion. CPP produces engineered castings and sub-assemblies, primarily serving the commercial aerospace and defense markets. It employs about 6,600 workers across more than 20 facilities. 

 “Investing in mission-critical casting capacity is needed to support the strong simultaneous demand across commercial engines, aftermarket and defense,” said GE Aerospace chairman and CEO H. Lawrence Culp, Jr., in a September press release. “By combining GE Aerospace’s technology capabilities and FLIGHT DECK with CPP’s manufacturing experience, we expect to expand capacity, improve performance and accelerate new engine technologies for the current fleet and next-generation platforms.” 

Acquisition: Truelink Capital has completed its acquisition of JT Thorpe Group, a provider of specialty industrial maintenance and thermal management services. JT Thorpe has more than 30 locations across North America. The Utah-based company will continue to be led by CEO Kevin Howard, who will retain a significant ownership stake. 

"We see a long runway for JT Thorpe, both organically and through strategic M&A," said Luke Myers, co-founder and managing partner at Truelink Capital, in a September press release. "Kevin Howard and his team have built a business that is incredibly durable and hard to replicate, and we're excited to officially kick off our partnership with them and together drive the next phase of growth."

Acquisition: Franklin Electric has completed its acquisition of Cat Pumps, a manufacturer of high-pressure plunger and piston pumps for commercial and industrial applications. The deal closed as a $350 million transaction with a potential earnout of up to $50 million in Franklin Electric stock. Cat Pumps serves markets including energy, hydro excavation, industrial cleaning, reverse osmosis and water treatment, vehicle cleaning and water misting. 

“This acquisition accelerates our strategy to build a broader, more resilient flow control company,” said Joe Ruzynski, CEO of Franklin Electric, in a September press release. “Cat Pumps brings a premium brand with exceptional customer loyalty, proprietary technology, and deep expertise in demanding commercial and industrial applications. Combined with Franklin’s commercial capabilities, global footprint, and systems expertise, we see meaningful opportunities to expand the business and better serve customers across our combined markets.” 

Acquisition: Belgium-based metal recycling equipment manufacturer Lefort has acquired Aljon, an Iowa-based manufacturer of balers and crushers for the scrap metal and end-of-life vehicle recycling industry. Aljon also makes landfill compactors for the waste industry and assembles Vammas snow removal equipment. Aljon brings more than $40 million in annual revenue, nearly 50 employees, an expanded product range and additional manufacturing capacity to Lefort. 

“This acquisition marks another important milestone in our growth in North America and the implementation of our strategic plan,” said Alexandre Henkens, CEO of Lefort, in a September press release.