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: Magnus Metal has raised $74 million in a Series B round of funding. The funding was led by Entrée Capital and Target Global with additional investments coming from a range of companies, including Caterpillar Ventures, Tal Ventures, Deep Insight Ventures, and many more. The company, which specializes in taking casting into the digital era, plans to use the money to continue to develop its casting technologies and expand its operations. In a recent quote, Boaz Vinogradov, CEO of Magnus Metal, said, "Magnus Metal's technology is at the forefront of the digital casting revolution in metal production, forging transformations in sustainability, flexibility of design processes and massively reducing the time spent in development. We remain faithful to the industry's 4000 years of tradition, while reimagining and refashioning how metals parts are produced for modern purposes.”
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Plant Closure: JELD-WEN Holding, Inc. has announced plans to shutter operations at its Vista, California, and Hawkins, Wisconsin, manufacturing facilities. The company, which manufactures interior and exterior doors, windows and related building products, claims that these changes will help to simplify its North America windows operations and strengthen its foundation. In a recent press release, the company said that it “expects to incur one-time costs of approximately $45 million and generate annual pre-tax income improvements of at least $11 million.”
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Capital: Oden Technologies has raised $28.5 million in a Series B round of funding. The funding was led by Nordstjernan Growth with new investments coming from Flat Capital, INX International Ink Co., and Recurring Capital Partners. The data and AI software company, which focuses on the manufacturing industry, will use the money to accelerate the development of AI products. In a recent quote, Willem Sundblad, CEO and co-founder of Oden Technologies, said, "The labor and productivity challenges facing manufacturers are existential. Operators are the most critical part of the process, but are the most underserved. With our AI applications, we're able to give the front-line the tools to be the heroes of this industrial revolution."
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Legal: Stellantis NV has filed a lawsuit against Yanfeng, one of its suppliers. The company, which supplies instrument panels, door panels and center consoles, was hit by a cyberattack in 2023, which caused Stellantis to shut down production of Ram and Jeep vehicles at three assembly plants located in Detroit and one in Mexico. In a recent Crain’s Detroit Business article, author Kurt Nagl writes: “All told, the automaker lost more than $300 million in revenue because it was unable to manufacture 6,000 vehicles without parts from Yanfeng, according to the lawsuit filed against the supplier by FCA, the former name of Stellantis, in Oakland County Circuit Court.”
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Capital: Diagon has raised $5.1 million in a seed round of funding. The funding was led by The Westley Group, with additional investment from Valia Ventures, Techstars, Foster Ventures, and more. The company, which specializes in manufacturing equipment platforms, will use the money to enhance its platform, expand its team, and broaden its customer base. In a recent quote, Jason Kalira, Partner at The Westly Group, said, "Diagon's pioneering approach to streamlining equipment procurement resonates deeply with our investment philosophy, centered on fostering resilience and dynamism in key sectors of the economy. Diagon's platform is being designed and built by an exceptional team who know first hand the many complex layers to sourcing this type of equipment at scale, and positions it as a transformative force in empowering companies of all sizes to shape the factories of the future. We look forward to partnering with Diagon on its journey to reshape the manufacturing industry.”
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HQ: General Motors has announced plans to relocate its global headquarters. Starting in 2025, GM’s headquarters will be at Bedrock’s development on the site of the former J.L. Hudson Department Store in Detroit, Michigan. The company signed a 15-year, multi-level lease which gives them access to the top office floors and showcase space on the street level for GM vehicles and community activations. In a recent quote, GM Chair and CEO Mary Barra said, “We are proud to remain in the city of Detroit in a modern office building that fits the evolving needs of our workforce, right in the heart of downtown. Our new headquarters will provide collaboration areas for our teams, executive offices and display space for our vehicles. Dan Gilbert and Bedrock have done so much to make downtown Detroit a great place to live, work and visit. We are thrilled to be a significant part of the historic Hudson’s project and also look forward to working with them to explore new ideas and opportunities for the Renaissance Center site and the riverfront.”
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