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: EVOLOH, Inc. has raised $20 million in a Series A round of investments. The company, which manufactures electrolyzer stacks for hydrogen production, received investments from Engine Ventures, NextEra Energy Resources and 3M Ventures. In a recent quote, Dr. Jimmy Rojas, founder and CEO of EVOLOH, said, “This round of funding positions EVOLOH to lead the electrolyzer manufacturing market by transforming electrolyzer stacks into affordable, efficient hardware commodities made with 100% local supply chains.”
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Acquistion: CertainTeed Canada, a subsidiary of Saint-Gobain, has expressed its intent to acquire The Bailey Group of Companies. Bailey specializes in the production of commercial metal framing and building systems, and will help Saint-Gobain improve its position as a leader in light and sustainable construction. In a recent quote, Mark Rayfield, President and CEO of Saint-Gobain North America, said, “As a strategic partner in The Grid Company joint venture for over a decade, we have first-hand knowledge of the Bailey team’s expertise in producing high quality light construction solutions. Their employee-centric culture and unwavering commitment to customers is what makes them an excellent partner for Saint-Gobain, and I look forward to the Bailey team’s continued contributions to fulfilling our global purpose – ‘Making the World a Better Home.”’
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Capital: Varda Space Industries, Inc. has completed a $90 million Series B funding round. The company, which focuses on in-space manufacturing and hypersonic Earth re-entry logistics, received funding from Caffeinated Capital, Lux Capital, General Catalyst, and more. In a recent quote, Varda President Delian Asparouhov, said, "Over the past 15 years, many of the largest biopharma companies in the world, through research on the ISS, have shown the huge potential of microgravity. Varda is their first pathway to commercialize this work, and we're pleased to see our investors recognize that potential."
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Acquistion: Greene Group Industries, Inc. (GGI) has acquired the assets of Holo, Inc. GGI specializes in the production of complex components via metal injection molding, while Holo’s additive manufacturing technology enables rapid prototyping and scaled production of complex metal parts. In a recent quote, Alexis Willingham, GGI's CEO, said, "Holo's technology is a great addition to our comprehensive offering of metal injection molding, stamping and precision machining. This transaction enables GGI to deliver prototype metal parts, with a surface finish and feature resolution comparable to metal injection molding, in a best-in-class lead time of less than two weeks."
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Acquistion: Hitachi Global Air Power US, LLC has purchased Mountain Air Compressor Incorporated, a Sullair distributor. Mountain Compressed Air specializes in the sale and service of compressed air systems, as well as the fabrication of air packages. In a recent quote, John Randall, Hitachi Global Air Power President and CEO, said, “We continue to look for strategic opportunities to better serve our customers. Mountain Air Compressor has been a strong distribution partner for many years and is a well-known and well-loved compressed air solutions provider in the Tennessee valley and beyond. Establishing our company’s presence in this important region will help us to continue to deliver reliable Sullair products and great service to our mining, lumber, pharmaceutical and chemical industry customers in the region.”
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