Key Insights and Signals in Industrial
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Deals
POSCO Chemical lands 40 trillion KRW cathode materials supply contract for Samsung SDI’s batteries
The company will supply high-nickel NCA cathode materials for electric vehicle batteries to Samsung SDI for ten years from this year to 2032. This contract, worth KRW 40 Tn (USD 30.8 Bn), is the largest and longest-term order POSCO Chemical has landed since its foundation. Read More>>
Hexagon Purus to continue providing fuel cylinders for Xcelsior CHARGE H2
New Flyer again selected Hexagon Purus as the Type 4 hydrogen storage cylinder supplier for its fuel cell electric transit bus, the Xcelsior CHARGE H2. The cylinders will be produced at Hexagon Purus’s newly opened facility in Westminister, Md. Delivery of the new cylinders is scheduled from Q2 2023 to Q1 2024. Read More>>
SK Nexilis signs KRW 1.4 Tn (USD 1.08 Bn) copper foil deal with Northvolt
SK Nexilis The company has inked a supply contract with Swedish battery maker Northvolt. The supply volume will cover about 80% of Northolt’s copper foil demand during the signed period, which would be enough for 1.7 million electric vehicles. Read More>>
Layoff
Owens Corning to furlough 200 employees following December incident
Texas Officials with Owens Corning announced 200 employees would be furloughed following issues stemming from a glass leak in one of its furnaces. The facility experienced a glass leak in one of its Amarillo Glass Reinforcements plant furnaces. Read More>>
Executive Movements
Rockwell Automation appoints Hussain Al Khater as the new Managing Director for the Kingdom of Saudi Arabia
The appointment of Mr. Al Khater will herald a reorganization of Rockwell Automation’s business operations in the region. The new organization, headed by Hussain, will focus on Saudi market growth. The new structure allows Rockwell Automation to align with the Kingdom Vision’s requirements and align it for future growth. Read More>>
Kennametal names Michael Pici, Vice President
In this role, Pici will be responsible for the company’s global investor relations strategy and report directly to Vice President and Chief Financial Officer Patrick Watson. Pici replaces Kelly Boyer, who is moving into a new role at Kennametal. Read More>>
Product Launch
Daikin launches CO2-ZEAS condensing units
Daikin launched a new inverter-controlled CO2-ZEAS refrigeration condensing unit for medium and low-temperature applications. As a transcritical, inverter-controlled compact compound system equipped with three Daikin double-swing compressors and intelligent capacity control, the new CO2-ZEAS is suitable for various normal and low-temperature refrigeration applications. Read More>>
Financial and Market Activity
Sulzer’s net profit tumbled on divestments
Sulzer’s net profit plummeted in 2022 after last year’s spinoff of its applicator-systems division and its exit from Russia, and it expects sales and profit to increase in 2023. Read More>>
Generac experienced a slower Q4, but a record sales year
Generac had a slow end to 2022 but still reached a sales record of USD 4.56 Bn for the year. Net sales in the fourth quarter decreased by 2% to USD 1.05 Bn during the fourth quarter of 2022 versus the previous year. In 2022, net sales increased 22% to a record USD 4.56 Bn compared to USD 3.74 Bn in 2021. Read More>>
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Latest Industry Insights from Draup Braindesk
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Startup Spotlight
Company – Apptronik
Total Funding – USD 14.82 Mn
About: Apptronik builds and designs human-centered robotics systems. It creates a platform for delivering and scaling a wide range of general-purpose robots to leverage innovative technology for the betterment of society. Read more>>
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