LECO acquires Fori to boost automation development and increase automation portfolio

Key Insights and Signals in Industrial

Product Launch
TCL announces the NXTPAPER 12 Pro 
TCL announced a new Android tablet that will likely be available on the global market. The NXTPAPER 12 Pro has a 12.2-inch IPS LCD screen with a resolution of 2160×1440 pixels and a default refresh rate of 60Hz. It is equipped with 8 GB of RAM and 256 GB of internal storage, which can be expanded using a MicroSD card of up to 512 GB. Read More>>
Centre Setup and Expansion
Japanese Fujitsu in Israel to R&D on IA & cybersecurity 
Fujitsu opened a new research and development (R&D) center in Israel to expand its activities in the field of data security and systems based on artificial intelligence. It plans to recruit employees in Israel for the Tel Aviv center, which is scheduled to open in April 2023, as well as Japanese and European researchers. Read More>>
Mergers and Acquisition
Cognex acquires German lighting technology provider SAC 
Cognex acquired SAC Sirius Advanced Cybernetics GmbH, a German leader in lighting technology. The acquisition expands Cognex’s footprint across industries that manufacture at high speed with minimal tolerance for safety-critical failures, such as automotive and consumer electronics. Read More>>
Lincoln Electric buys Fori to boost automation growth 
Lincoln Electric closed the deal to acquire Fori Automation Inc. The purchase of Fori will help LECO speed up its automation growth strategy by increasing annualized automation portfolio revenues to more than USD 850 Mn and get a head start to achieve the USD 1 Bn target under the Higher Standard 2025 Strategy. Read More>>
WestRock acquires Grupo Gondi, expands in Latin America 
The acquisition will enhance the company’s geographic and end market diversification and help it grow in the promising Latin American containerboard, paperboard, and consumer and corrugated packaging markets. The acquisition adds Grupo Gondi’s four paper mills, nine corrugated packaging plants, and six high graphic plants in Mexico to WestRock’s operations. Read More>>
Babcock & Wilcox and Chart Industries to collaborate on hydrogen innovation utilizing B&Ws Brightloop technology
The company agreed with Chart Industries, Inc. to collaborate on the further deployment of B&Ws BrightLoopTM hydrogen generation technology, utilizing Chart’s integrated hydrogen liquefaction and cryogenic carbon capture equipment and expertise. Read More>>
Executive Movements
Zebra Technologies appoints new CEO and executive board chair
Zebra named Chief Product and Solutions Officer Bill Burns as its next CEO and board member, effective March 1, 2023. Current CEO Anders Gustafsson has been named Executive Chair of the Zebra Board of Directors. Before his work with Zebra, Burns served as CEO of network services company Embrane, which Cisco acquired in 2015. Read More>>
Ecolab appoints Eric Green to the Board of Directors 
Erin Green will serve as an independent director and a member of the Compensation and Human Capital Management Committee and the Governance Committee. He currently serves on the Boards of West Pharmaceutical Services and the Board of Trustees at Bethel University. Read More>>
Daktronics, Inc. expands Board of Directors to eight members and appoints new director 
The company expanded its Board of Directors to eight members and appointed Howard I. Atkins as the eighth director. The addition of Mr. Atkins is part of the Board’s ongoing refreshment process. In addition, Mr. Atkins served as a Director for Occidental Petroleum Corporation from 2010-2019 and for Ingram Micro from 2004-2017. Read More>>
Financial and Market Activity
Daktronics registers 14% sales growth in Q2; margins shrink due to inflation, supply chain headwinds  
The company reported second-quarter FY23 net sales growth of 14% year-over-year to USD 187.4 Mn, beating the consensus of USD 184.2 Mn. The gross margin contracted 270 bps to 16.9% was caused by inflation in materials, freight, and personnel-related costs and supply chain disruptions. Read More>>
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Latest Industry Insights from Draup Braindesk

  1. Metso Outotec provides end-to-end solutions and services for the aggregates, mineral processing, and metal refining industries to improve industrial energy, water efficiency, and productivity. 
  2. By leveraging Direct Blister Furnace, Metso Outotec helps partnered industries expand their copper mining complex function that improves productivity. 
  3. With the opening of a pump assembly plant, Metso Outotec increased market demand for larger pumps used in mining. 
  4. Metso Outotec provides a Metrics monitoring system portfolio that allows access to monitoring customers’ stationary screening equipment. 
  5. Helsinki Area, Finland, serves as the critical location for Metso Outotec, focusing on IT Consulting and Business Intelligence & Analytics related engagements. 
  6. Consulting & System Integration, the highly outsourced segment, holds approximately 54% of the total outsourcing headcount. TCS is the critical strategic outsourcing partner for Metso Outote.

Funding Alert

FREYR raises USD 265 Mn and forms Nidec JV 
FREYR completed the previously announced JV with Nidec Corporation to develop energy storage solutions. The company is building gigafactories using semi-solid electrode technology developed by US company 24M and is targeting 50GWh annual production by 2024 and 200GWh by 2030. Read more>>

Startup Spotlight

Company – AMFG
Total Funding  USD 8.5 Mn
About: AMFG provides an end-to-end production management system, software that enables customers to access integrated, scalable AM processes throughout their companies and supply chains, allowing clients to coordinate their operations. Read more>>

Latest Reports Published in Draup

Ingersoll Rand Inc Account Intelligence Report 
Ingersoll Rand is a diversified, global provider of mission-critical flow creation products and industrial solutions. The company enhances industrial and precision services by leveraging advanced digital technologies and services. Read More>>
Wartsila Corp Account Intelligence Report 
Wartsila leverages its manufacturing through material handling robots, monitoring equipment, and 3D-printed products. It is a pioneer in electric drivetrains, carbon capture solutions, and digital offerings related to marine optimization. Read More>>
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