India Marks the Latest Addition as APM Terminals Continues Global Rollout of N4 Across its Terminal Network as Part of Technology Upgrade
OAKLAND, Calif.--(BUSINESS WIRE)--#Logistics--Navis, the provider of operational technologies and services that unlock greater performance and efficiency for leading organizations throughout the global shipping industry, announced that APM Terminals successfully completed the latest implementation of N4 within its network of terminals – at the APMT Mumbai location. Also known as Gateway Terminals India (GTI), the facility joins the more than 30 other APMT sites leveraging N4 as the standard TOS and with the system in place, GTI is better equipped to provide significant enhancements in the interactive tools available to its customers while simultaneously driving efficiencies.
“The implementation of Navis N4 3.8 at GTI Mumbai was long overdue and a welcome milestone. The partnership between APM Terminals and Navis resulted in a virtually trouble-free implementation that will elevate our Mumbai terminal,” said Patrick Heilig, Head of Terminal Operations Systems at APMT. “By adopting our standard TOS GTI will gain numerous long-term advantages. It enables the sharing of best practices for improved efficiency; a foundation for deploying Navis’ advanced modules such as PrimeRoute; the development of in-house expertise that understands our customers and our business; centralized monitoring and support; and faster, cost-effective global development of front-end applications for customers.”
Located in the Nhava Sheva's Jawaharlal Nehru Port, across the bay of Mumbai, GTI Mumbai is India's busiest container terminal, handling more than 2 million TEUs annually. The implementation of N4 opens the door to new benefits including:
● Better Visibility and Data Exchange: The implementation of N4 will enable a host of improved interfaces to help customers better engage with the terminal – including greater visibility into container tracking as well as truck turn times to enable better planning for container pick-up/drop-off. GTI Mumbai will also have the ability to share its data at the container level, via its API products, providing live information feeds to customers to support improved, real-time decision making.
● Advanced Global Monitoring: N4 will also be integrated as part of an advanced, global application monitoring solution that is being rolled out across all of APMT’s locations. Capable of monitoring end-to-end performance, the solution can spot issues with performance before they start to negatively impact operations. This ensures business continuity, improves terminal efficiency, and safeguards consistency (peak moves per hour) by ensuring that applications consistently operate at the speed they’re supposed to. It will also prevent minor problems from combining to cause a major outage.
“Despite limitations brought on by the pandemic, APMT has not wavered in its commitment to roll out N4 to all of its terminals globally, with the goal of having one standardized TOS by the end of 2021,” said Charles Gerard, General Manager, APAC, at Navis. “We’re proud that N4 was selected as the critical technology component that will enable all APMT sites to meet their business objectives and deliver first-rate customer service and by taking advantage of the N4 toolbox, GTI Mumbai is now well equipped to deliver on the goals it has set for 2021 and beyond.”
To learn more, visit www.navis.com.
About Navis, LLC
Navis, a part of Cargotec Corporation, is a provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the cargo supply chain. Navis combines industry best practices with innovative technology and world-class services, to enable our customers, regardless of cargo type, to maximize performance and reduce risk. Through its holistic approach to operational optimization, Navis customers benefit from improved visibility, velocity and measurable business results. Whether tracking cargo through a terminal, improving vessel safety and cargo capacity, optimizing rail network planning and asset utilization, automating equipment operations, or managing multiple terminals through an integrated, centralized solution, Navis helps all customers streamline operations. www.navis.com
About Cargotec Corporation
Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec's business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimise global cargo flows and create sustainable customer value. Cargotec has signed United Nations Global Compact’s Business Ambition for 1.5°C. The company’s sales in 2020 totaled approximately EUR 3.3 billion and it employs around 11,500 people. www.cargotec.com
Jennifer Grinold
Navis, LLC
T+1 510 499 7621
This email address is being protected from spambots. You need JavaScript enabled to view it.
Geena Pickering
Affect
T+1 212 398 9680
This email address is being protected from spambots. You need JavaScript enabled to view it.
Includes Tokyo’s First LEED ND Platinum Precertified Property and World’s Largest WELL Precertified Property
TOKYO--(BUSINESS WIRE)--Mori Building Co., Ltd., Japan’s leading urban landscape developer, announced today that major redevelopments the company is undertaking in Tokyo have been precertified under the prestigious LEED (Leadership in Energy and Environmental Design) and WELL (WELL Building Standard) rating systems that respectively certify environmentally friendly and efficient green buildings and people’s wellbeing.
The Toranomon-Azabudai Project and Toranomon Hills Area Project both received top Platinum-level LEED ND (Neighborhood Development, v.4) precertifications. The Toranomon-Azabudai and Toranomon Hills Area projects are respectively the first and second projects in Tokyo to be precertified Platinum in the ND category. LEED is the most widely used green-building rating system that evaluates and certifies buildings and cities worldwide for environmental performance in terms of water and energy efficiency, indoor environments and sustainable materials. LEED is managed by the U.S. Green Building Council (USGBC).
The A District of the Toranomon-Azabudai Project and the A-1 District of Toranomon Hills Station Tower (tentative name) received WELL (Core,v.2 Pilot) precertifications; the former is the world’s largest precertified property and the latter is Japan’s second largest precertified property. WELL is the world’s first performance-based system for measuring, certifying and monitoring features of the built environment that impact human health and wellbeing through air, water, nourishment, light, fitness, comfort and mind. WELL is also managed by the USGBC. Once completed, both projects are expected to obtain WELL Platinum certifications.
Mahesh Ramanujam, president and CEO of USGBC and also Green Business Certification Inc., which provides third-party credentialing and verification under the LEED, WELL and GRESB systems, said:
“Mori Building’s sustainability efforts and its LEED Platinum achievement are fine examples of how organizations can transform their communities by lowering carbon emissions, creating healthier environments and work towards a zero-carbon future. Through awarding advanced examples such as Mori building, we aspire to demonstrate how better buildings, better communities and better cities can help raise the living standard for all.”
Mori Building, based on its philosophy of “Create cities, nurture cities,” is committed to realizing a sustainable global society through the harmonious coexistence of cities and nature, low-carbon cities and truly enhanced health.
LEED ND Platinum Precertifications
The Toranomon-Azabudai Project was highly evaluated as a complex with diverse urban functions, a walkable urban center built with a central square, and also for its renewable-energy power supply. Toranomon Hills Station Tower was favorably assessed for its integration of public transportation, including the new subway station, and high-level energy efficiency.
In both projects, Mori Building’s emphasis on urban development in partnership with local landowners earned high marks in the ND category. Toranomon-Azabudai Project became Tokyo’s first project to earn a Platinum level in the ND category and Toranomon Hills Area Project quickly followed as the second such project. It is globally rare for complexes in urban business areas to receive Platinum-level precertification.
WELL Platinum Precertifications
The Toranomon-Azabudai Project’s A District and Toranomon Hills Station Tower (tentative name)’s A-1 District were highly evaluated as advanced urban redevelopments following the concept of each project, offering central squares with substantial greenery, indoor environments with excellent air quality through use of air conditioners equipped with high-performance filters, cafes serving healthful meals and layouts featuring central squares and elevated decks to promote exercise. Once completed, both projects are expected to obtain Platinum certifications.
The A District of the Toranomon-Azabudai Project is the world’s largest precertified property and the A-1 District of Toranomon Hills Station Tower (tentative name) is Japan’s second largest precertified property.
Reference: Toranomon-Azabudai Project
https://www.mori.co.jp/en/img/article/210524_2.pdf
About Toranomon-Azabudai Project
https://www.mori.co.jp/en/projects/toranomon_azabudai/
Toranomon-Azabudai Project Image Movie
https://www.youtube.com/watch?v=5akVE7tWOto&feature=emb_logo
Reference: Toranomon Hills Area project
https://www.mori.co.jp/en/img/article/210524_3.pdf
About Toranomon Hills Area project
https://www.mori.co.jp/en/projects/toranomonhills_area/
Press releases:
https://www.mori.co.jp/en/img/article/190822.pdf
https://www.mori.co.jp/en/img/article/200610_1.pdf
https://www.mori.co.jp/en/img/article/210218_1.pdf
About Mori Building
Mori Building is an innovative urban developer based in Tokyo. The company is committed to maximizing the magnetic power of cities by creating and nurturing safe, sustainable and cosmopolitan urban centers based on its unique Vertical Garden City concept of high-rise centers for business, education, leisure and residence. The concept is applied in the company’s many leading-edge projects, including ARK Hills, Roppongi Hills and Toranomon Hills in Tokyo and the Shanghai World Financial Center. Mori Building is also engaged in real estate leasing, project management and consultation. Please visit www.mori.co.jp/en
International Media Inquiries
Saori Asano
Public Relations, Mori Building Co., Ltd.
Tel +81 (0)3 6406 6606
Fax +81 (0)3 6406 9306
E-mail This email address is being protected from spambots. You need JavaScript enabled to view it.
Weber Shandwick Japan
Reina Matsushita (tel: +81 (0)80 2375 0295)
Mayuko Harada (tel: +81 (0)90 9006 4968)
Masashi Nonaka (tel: +81 (0)80 1037 7879)
E-mail This email address is being protected from spambots. You need JavaScript enabled to view it.
PG&E Has Requested CPUC Permission to Return Net Gain Realized on the Sale to Customers
Relocation to Oakland is Expected to Result in Substantial Long-Term Cost Savings
SAN FRANCISCO--(BUSINESS WIRE)--PG&E Corporation and Pacific Gas and Electric Company (together, “PG&E” or the “company”) today announced an agreement to sell the company’s San Francisco headquarters complex, which includes 77 Beale Street and 245 Market Street, to Hines Atlas US LP, a Delaware limited partnership, for $800 million. In keeping with commitments PG&E made last year, the company is seeking California Public Utilities Commission (“CPUC”) approval to return the net gain realized on the sale to PG&E customers.
CBRE’s San Francisco Capital Markets team served as PG&E’s exclusive listing broker.
PG&E remains on track for a phased move into its new headquarters at 300 Lakeside Drive in Oakland, beginning in the first half of 2022. The move is part of PG&E's broader commitment to implement changes for the long-term benefit of its customers and communities. PG&E expects the move to Oakland to result in substantially lower headquarters costs over a long-term period.
“We are working hard every day to make fundamental changes at PG&E and become the utility our customers expect and deserve,” said PG&E Corporation Chief Executive Officer Patti Poppe. “We’ve made a commitment to keep customer costs as low as possible, and one way we’re following through on that is by selling non-core assets including real estate. This sale and relocation will achieve cost savings that directly help reduce customer bills. At the same time, it will give us an efficient and effective Bay Area workspace as we focus on delivering for all of the communities we serve.”
Under the terms of the sale agreement, the transaction closing is contingent on CPUC approval of the sale. PG&E will be proposing to the CPUC to distribute approximately $390 million to $420 million to customers resulting from the gain on sale over a five-year period to offset future customer rates. This offset would help moderate rate growth as the company continues to make significant safety and operational investments.
The new Oakland headquarters uses space more efficiently for PG&E's workforce and provides greater flexibility in its layout and density. Its design can both promote workplace health and safety and accommodate potential new working arrangements in a post-COVID-19 environment. In addition, commutes for most PG&E headquarters-based coworkers should be shorter and less impactful, with a majority living in the East Bay and with multiple transportation options serving the Lakeside Drive location.
“We’re so excited to deepen our ties to the wonderful Oakland community. As an economic and innovation hub for California, Oakland is the perfect place for PG&E to call our hometown,” continued Ms. Poppe.
PG&E also plans to consolidate two other East Bay satellite office locations—3401 Crow Canyon Road in San Ramon and 1850 Gateway Boulevard in Concord—into the new Oakland headquarters. This overall plan simplifies PG&E's Bay Area real estate footprint and further lowers its real estate costs for the benefit of customers.
This sale is consistent with PG&E’s focus on financial health and customer affordability and is not anticipated to have an impact on its 2021 equity needs. In addition, PG&E announced another strategic sale of non-core assets earlier this year: the $973 million sale of transmission tower wireless licenses to SBA Communications Corporation.
About PG&E Corporation
PG&E Corporation (NYSE: PCG) is a holding company headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. For more information, visit http://www.pgecorp.com. In this press release, they are together referred to as “PG&E.”
Forward-Looking Statements
This news release contains forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans and strategies of PG&E Corporation and Pacific Gas and Electric Company, including but not limited to the sale of the San Francisco headquarters complex. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in PG&E Corporation and Pacific Gas and Electric Company’s joint annual report on Form 10-K for the year ended December 31, 2020, their most recent quarterly report on Form 10-Q for the quarter ended March 31, 2021, and other reports filed with the SEC, which are available on PG&E Corporation's website at www.pgecorp.com and on the SEC website at www.sec.gov. PG&E Corporation and Pacific Gas and Electric Company undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.
Media Relations
415.973.5930
HOUSTON--(BUSINESS WIRE)--Tidewater Inc. (NYSE: TDW) (“Tidewater” or the “Company”) announced today that Quintin V. Kneen, President, CEO and Director, will participate in a virtual fireside chat at the UBS Global Energy Virtual Conference on Tuesday, May 25, 2021, at 11:00 a.m. Central Time (12:00 p.m. Eastern Time). Supplemental corporate materials for the conference will be posted to the Company’s website the morning of Tuesday, May 25, 2021, and a link to the live webcast of the fireside chat will be available in the Investor Relations section of the Company’s website at investor.tdw.com.
Tidewater owns and operates one of the largest fleets of offshore support vessels in the industry, with over 65 years of experience supporting offshore energy exploration and production activities worldwide. To learn more, visit www.tdw.com.
Jason Stanley
Vice President ESG & Investor Relations
+1.713.470.5292
This email address is being protected from spambots. You need JavaScript enabled to view it.
The launch of the electric fleet was welcomed by the Councillor for Mobility and Transport of the Emilia-Romagna Region, Andrea Corsini, and the Mayor of Rimini, Andrea Gnassi
RIMINI, Italy--(BUSINESS WIRE)--Helbiz, a global leader in micro-mobility that is the business combination target of GreenVision Acquisition Corp. (Nasdaq: GRNV), announced a partnership with Be Charge, a Be Power S.p.A. Group company dedicated to the deployment of charging infrastructures for electric mobility, to bring electric mobility to Rimini, Italy. Helbiz, which recently acquired MiMoto Smart Mobility S.r.l, the Italian leader in the scooter sharing market, will offer its innovative scooter sharing service across the city accompanied by Be Charge’s extensive charging network.
This initiative is part of a wide-ranging project that aims to develop and spread electric mobility in Emilia-Romagna, a region in which there are already over 1,200 Helbiz vehicles, including electric bikes and electric scooters. Fifty MiMoto electric scooters will be initially available to residents and visitors in the resort of Romagna across the city center and along the coast. Be Charge currently operates more than 370 recharging stations in Emilia-Romagna, of which 84 points are being activated in Rimini.
The city of Rimini is paving the way as an innovator and pioneer of electric mobility with MiMoto's electric scooters and Be Charge's charging stations. To underscore the technological spirit of Emilia-Romagna and the city of Rimini, the launch ceremony of this initiative was presided by the Councillor for Mobility and Transport, Infrastructure, Tourism and Commerce of the Emilia-Romagna Region, Andrea Corsini, accompanied by the Mayor of Rimini, Andrea Gnassi.
Both MiMoto and Be Charge share the core values of environmental sustainability and improving people’s lives through smart mobility and the sharing economy. Additionally, the two companies partnered with the Emilia-Romagna region and the city of Rimini, an area rich with the spirit of innovation that understood the importance of environmental sustainability and its global impact.
The partnership with Be Charge will also make it easier to rent vehicles throughout the territory and to offer value-added services. Among these services, there will be a seamless way to share during car recharging time, which takes the concept of intermodality to a new level in terms of efficiency and sustainability.
"Rimini was one of the first cities in Italy to invest in electric micro-mobility, serving as a point of reference in the country for the experimentation of new forms of sustainable mobility,” said the mayor of Rimini Andrea Gnassi. “Shared scooters are now a reality, and we will soon start with the experimentation of electric car sharing. Today, the launch of Mimoto and Be Charge services project Rimini to be among the most advanced Italian tourist destinations, with a wide range of transportation offerings for citizens and tourists. These services are part of a path that Rimini has been following for years, which sees prioritizing the environment and reclaiming urban spaces as strategic factors for the city’s economic development. Cities must emerge from the pandemic with less smog and fewer cars, more well-being and more space. Thanks to the courage of its choices, Rimini is already on this path."
"Our development plan is ambitious,” said Roberto Colicchio, Head of Business Development of Be Charge. “We plan to install about 30,000 charging points throughout Italy in the next 3-5 years that will provide 100% energy from renewable sources, for a total investment of over 150 million euros. We are already well on our way with over 3,500 charging points already installed and the same number already authorized. The role of municipalities remains central to enabling this development because, only with the collaboration of local authorities, can we build the charging infrastructure for electric vehicles needed in our country. Rimini is the perfect example of a city that has enabled the involvement and collaboration of different operators such as Helbiz and Be Charge to meet the mobility needs of citizens and tourists."
"We are extremely proud to arrive in Rimini for the summer of 2021,” said the three founders of MiMoto Alessandro Vincenti, Gianluca Lorio and Vittorio Muratore. "We are excited to bring our services to Romagna given our philosophy, which is characterized by sharing and sustainability that has an even stronger meaning in a seaside city like Rimini. Today, the MiMoto scooter sharing service has become strategic for moving around the city, contributing to the community and the municipal administration by acting as a support for both public and private transport."
The service is accessible to anyone who downloads the MiMoto app, available for iOS and Android. On the app, users can search for the nearest e-scooter and book the ride at a cost of 0.35 euros per minute, 14.90 euros per hour or 59 euros for the entire day. Each MiMoto scooter is approved for two passengers and comes with two helmets of different sizes in the top box, equipped with hygienic perfumers, disposable hygienic caps and a self-drying helmet foam for the safety of users.
To recharge at Be Charge recharging stations, users can download and register on the Be Charge app on iOS and Android. The app also enables users to view the map of all Be Charge charging stations in the area, check availability in real time and the type of socket of the various charging points, as well as the price in €/kWh delivered. The cost of the recharge will be directly charged to the credit card associated with the user's account. If the device is equipped with a navigator (Google Maps or Apple Maps), driving instructions are offered to reach the individual charging stations. Once the recharge is activated, it is possible to monitor its progress directly from the App. The call center is always available 24/7.
ABOUT HELBIZ
Helbiz is a global leader in micro-mobility services. Launched in 2016 and headquartered in New York City, the company operates e-scooters, e-bicycles and e-mopeds in over 30 cities around the world including Washington, D.C., Alexandria, Arlington, Atlanta, Jacksonville, Miami, Milan, Richmond and Rome. Helbiz utilizes a customized, proprietary fleet management platform, artificial intelligence and environmental mapping to optimize operations and business sustainability. Helbiz announced on February 8, 2021 it has entered into a merger agreement with GreenVision Acquisition Corp. (Nasdaq: GRNV) ("GreenVision") a SPAC, which, upon closing, will result in Helbiz becoming the first micro-mobility company listed on Nasdaq.
ABOUT GREENVISION
GreenVision Acquisition Corp. is a special purpose acquisition company formed under the laws of the State of Delaware for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
ABOUT BE CHARGE
Be Charge is a company of Be Power S.p.A. Group dedicated to the diffusion of charging infrastructures for electric mobility. Be Charge is developing one of the largest and most capillary networks of public charging infrastructures for electric vehicles in Italy to make a decisive contribution to the development of a sustainable mobility system. Thanks to an internally developed and technologically advanced platform, Be Charge is able to offer an efficient recharging service to all owners of electric vehicles, and to recharge throughout the national territory. Within the sector supply chain, Be Charge plays both the role of manager and owner of the charging infrastructure network (CPO - Charge Point Operator) and that of charging and electric mobility service provider that interfaces with electric vehicle users (EMSP - Electric Mobility Service Provider). Be Charge's charging stations are in alternating current from 22 kW, and in direct current up to 300 kW. The industrial plan of Be Charge foresees the installation in the next years of about 30 thousand charging points that will supply 100% green energy, coming from renewable sources.
Forward-Looking Statements
Certain statements made in this press release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, actual results may differ materially from the Company’s or GreenVision’s expectations or projections. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement; (ii) the ability of the Company to meet Nasdaq listing standards following the transaction and in connection with the consummation thereof; (iii) the inability to complete the transactions contemplated by the Merger Agreement due to the failure to obtain approval of the stockholders of the Company or the stockholders of GreenVision or other reasons; (iv) the failure to meet the minimum cash requirements of the Merger Agreement due to GreenVision stockholder redemptions and the failure to obtain replacement financing; (v) the failure to meet projected development and production targets; (vi) costs related to the proposed transaction; (vii) changes in applicable laws or regulations; (viii) the ability of the combined company to meet its financial and strategic goals, due to, among other things, competition, the ability of the combined company to pursue a growth strategy and manage growth profitability; (ix) the possibility that the combined company may be adversely affected by other economic, business, and/or competitive factors; (x) the effect of the COVID-19 pandemic on the Company and GreenVision and their ability to consummate the transaction; and (xi) other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission (the “SEC”) by the Company. Additional information concerning these and other factors that may impact the Company’s expectations and projections can be found in GreenVision’s periodic filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2019. GreenVision's SEC filings are available publicly on the SEC's website at www.sec.gov. Any forward-looking statement made by us in this press release is based only on information currently available to GreenVision and Helbiz and speaks only as of the date on which it is made. GreenVision and Helbiz undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by law.
Additional Information about the Transaction and Where to Find It
In connection with the proposed business combination, GreenVision filed a preliminary proxy statement with the SEC. Additionally, GreenVision will file other relevant materials with the SEC in connection with the business combination. Copies may be obtained free of charge at the SEC’s web site at www.sec.gov. Security holders of GreenVision are urged to read the definitive proxy statement and the other relevant materials when they become available before making any voting decision with respect to the proposed business combination because they will contain important information about the business combination and the parties to the business combination. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release. GreenVision’s stockholders may also obtain a copy of the preliminary or definitive proxy statement, once available as well as other documents filed with the SEC by GreenVision, without charge, at the SEC’s website located at www.sec.gov or by directing a request to: GreenVision Acquisition Corp., One Penn Plaza, 36th Floor, New York, New York 10019.
Participants in Solicitation
GreenVision and its directors and officers may be deemed participants in the solicitation of proxies of GreenVision’s shareholders in connection with the proposed business combination. Helbiz and its officers and directors may also be deemed participants in such solicitation. Security holders may obtain more detailed information regarding the names, affiliations and interests of certain of GreenVision’s executive officers and directors in the solicitation by reading GreenVision’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and the definitive proxy statement and other relevant materials filed with the SEC in connection with the business combination when they become available. Information concerning the interests of GreenVision’s participants in the solicitation, which may, in some cases, be different than those of their stockholders generally, will be set forth in the definitive proxy statement relating to the business combination when it becomes available.
Non-Solicitation
This press release does not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction. This press release also does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
For investor and media inquiries, contact:
COMMUNICATION & MEDIA RELATIONSHIP
Davide D’Amico - tel. +39 335 7715011 email: This email address is being protected from spambots. You need JavaScript enabled to view it.
USA
The Blueshirt Group
Gary Dvorchak, CFA
Phone: +1 (323) 240-5796
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Agent of Change
Marcy Simon
Phone: +1 (917) 833-3392
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
ITALY
MY PR
tel. 0039 02 54123452
Giorgio Cattaneo - tel. +39 335 7053742 email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Arianna Bonfioli - tel. +39 335 6111390 email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Marcella Vezzoli - tel. +39 337 1313471 email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Helbiz Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
COMUNICAZIONE & PR BE CHARGE
Alice Colombo - This email address is being protected from spambots. You need JavaScript enabled to view it. +39.349.3943044
SG-Company
Antonella Marautti - This email address is being protected from spambots. You need JavaScript enabled to view it. +39.339.7497551
Alfonso Rizzo - This email address is being protected from spambots. You need JavaScript enabled to view it. +39.348.2213296
Information:
Helbiz: http://www.helbiz.com
Be charge: https://www.bec.energy/
NEW YORK--(BUSINESS WIRE)--#exploration--Hess Corporation (NYSE: HES) announced today that John Hess, Chief Executive Officer, will participate in a fireside chat at the UBS Global Energy Virtual Conference on Wednesday, May 26, 2021, at 8:00 a.m. Eastern Time.
A presentation will be posted and a replay of the audio webcast will be accessible via Hess Corporation’s website.
Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at https://www.hess.com/.
Cautionary Statements
This presentation will contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain risk factors. A discussion of these risk factors is included in the company’s periodic reports filed with the Securities and Exchange Commission.
Investor contact:
Jay Wilson
(212) 536-8940
This email address is being protected from spambots. You need JavaScript enabled to view it.
Media contact:
Lorrie Hecker
(212) 536-8250
This email address is being protected from spambots. You need JavaScript enabled to view it.
Kevin Willis, formerly Vice President of Kiva Systems (now Amazon Robotics), joins American Robotics to oversee and build out the company’s sales team and accelerate revenue growth.
MARLBOROUGH, Mass.--(BUSINESS WIRE)--#Robotics--American Robotics, a leading commercial developer of fully-automated drone systems, today announced the appointment of Kevin Willis, former VP of Sales of Kiva Systems (now Amazon Robotics), as its Vice President of Sales. With over 30 years of leadership and sales experience, Willis is well suited to scale, develop, and manage American Robotics’ sales operations across industrial sectors such as energy, infrastructure, and agriculture. Willis has a strong track record of building and leading successful sales teams at early-stage technology companies. Willis will report directly to American Robotics’ CEO, Reese Mozer.
“I’m thrilled to join American Robotics and take on the opportunity to expand the sales team at such an important point in time for both the company and drone industry as a whole,” said Willis. “American Robotics’ success to date, including the industry's first and only FAA approvals that enable the operation of automated drones without human operators on-site, will unlock the capabilities and viability of drones in the commercial sector, and I am excited to come aboard during a period of rapid growth and success.”
Willis comes to American Robotics after a successful career scaling and optimizing sales teams at a number of enterprise technology companies. Willis was previously the Vice President of Sales at Austin-based Trilogy Software, where he played an instrumental role in driving the company to over $300 million in annual revenue.
Willis then joined Kiva Systems in North Reading, Massachusetts as the Vice President of Sales in the nascent robotics sector of warehouse automation. Willis was responsible for driving customer adoption, building a team, and revenue growth. Kiva was ultimately acquired by Amazon for $800 million. Willis also served as Vice President of Sales at Tamr, a Cambridge, Massachusetts-based big data startup, where he played a key leadership role in building a global sales team and delivering 2x year-over-year revenue growth.
“Kevin’s record of success and proven leadership skills will make him a true asset to the American Robotics team,” said Reese Mozer, CEO and co-founder of American Robotics. “We look forward to working with Kevin to bring the next generation of drone technology to market.”
In May 2021, American Robotics announced it had entered into a definitive agreement to merge with Ondas Holdings Inc. (NASDAQ: ONDS). With this acquisition American Robotics’ Scout System™ will be integrated into the Ondas FullMAX platform, a next-generation networking solution designed to enable enhanced data communications for mission critical operations. With Ondas FullMAX wireless technology integrated into an AR Scout System™, users in industrial markets can more widely deploy industrial drones for next-generation data requirements. Willis will play an integral role in bringing this combined technology to customers in the energy, infrastructure, and agriculture sectors.
To learn more about American Robotics and its Scout System drone, click here. For media assets, click here.
About American Robotics
Headquartered in Marlborough, MA, American Robotics is a commercial developer of the first FAA-approved fully-automated drone systems, providing ultra high resolution aerial data to enterprise customers. Through innovations in robot autonomy, machine vision, edge computing and AI, American Robotics has created the next generation of drone technology: a fully-automated robotic data platform capable of continuous, unattended operation. Using this technology, American Robotics provides enterprise customers with the ability to continuously monitor, digitize and analyze their assets in real-time. American Robotics was founded by Carnegie Mellon and Stanford roboticists with a shared vision for bringing robotic technology out of the lab and into the real-world to solve the world’s biggest business challenges. On May 17, 2021, American Robotics announced it had entered into a definitive agreement to merge with Ondas Holdings Inc. (NASDAQ: ONDS). To learn more about American Robotics, visit www.american-robotics.com and connect on Twitter and LinkedIn.
Chelsea Higgins
BIGfish Communications for American Robotics
This email address is being protected from spambots. You need JavaScript enabled to view it.
617.713.3800
VALLEY FORGE, Pa.--(BUSINESS WIRE)--#June2021--UGI Corporation (NYSE: UGI) announced today that it will be hosting a Virtual Investor Day on June 21, 2021 from 1:00 p.m. to 3:00 p.m. ET. The day will feature presentations from UGI’s President and CEO - Elect, Roger Perreault, and other members of the senior management team, on the company’s strategic plan, investments in sustainable energy solutions and progress on its ESG goals.
Those interested in participating are invited to pre-register at https://ugiinvestorday.gcs-web.com/investor-day. A replay of the webcast and the slide presentation will be available after the meeting on UGI’s corporate website at https://www.ugicorp.com/investors/financial-reports/events-and-presentations.
INVESTOR DAY WEBCAST AND DIAL-IN DETAILS
Webcast Link:
https://onlinexperiences.com/Launch/QReg/ShowUUID=254DFE94-6DA4-4951-AFAA-E231ECBE6BC1
Toll-Free Attendee Dial-In: (833) 353-0413
International/Toll Attendee Dial-In: (720) 405-3208
Event Plus Passcode: 3736148
About UGI Corporation
UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio, and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing, including renewable natural gas, in twelve states and the District of Columbia and internationally in France, Belgium, the Netherlands and the UK.
Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.
Investor Relations
Tameka Morris, 610-456-6297
Arnab Mukherjee, 610-768-7498
Shelly Oates, 610-992-3202
ROCKVILLE, Md.--(BUSINESS WIRE)--Argan, Inc. (NYSE: AGX) (“Argan” or the “Company”) announced today that its wholly owned subsidiary, Gemma Power Systems (”Gemma”), recently entered into an engineering, procurement and construction (“EPC”) services contract with CPV Maple Hill Solar, LLC, an affiliate of Competitive Power Ventures, Inc. (“CPV”), to construct the Maple Hill Solar facility, which will be among the largest solar-powered energy plants in Pennsylvania. Gemma also received Notice to Proceed with project activities immediately. Project completion is scheduled to occur during the second half of 2022.
“CPV is a valued customer, and we are pleased with the opportunity to continue our relationship by providing a turn-key solution in the alternative energy space.” said Colin Trebilcock, President of Gemma Power Systems. “This large, utility scale, electrical power generating facility will be erected on a 480-acre site and will provide Gemma with another opportunity to utilize the skills and experience of Pennsylvania craft labor which has successfully supported Gemma on past projects.”
The unique Maple Hill Solar project will be constructed using over 235,000 photovoltaic modules to generate approximately 100 megawatts of electrical power. Located in Cambria County on previously cleared timber property, the Maple Hill facility will avoid the release of over 100,000 tons of CO2 into the atmosphere per year by displacing older, less efficient generation and will add to the clean energy mix in the Commonwealth. The project will employ 250-400 workers at peak construction and will bring significant local tax benefits to the area.
“The Maple Hill Solar project will be our first renewable generation project with Gemma Power Systems who we have enjoyed a strong working relationship with for more than a decade,” said Gary Lambert, CPV CEO. “CPV values Gemma’s construction execution expertise in the power industry. We are confident that working together we can successfully complete this project as we look to fulfill our mission of reducing the carbon emissions of our energy supply during the ongoing energy transition without compromising reliability.”
“This project is a demonstration of our real commitment to provide EPC services to customers in the renewable energy space. We are particularly pleased that the owner of this project is CPV, a long-time customer of our core gas-fired power plant construction business, with whom we share several recent and significant power plant project successes like the CPV Towantic Energy Center,” said Rainer Bosselmann, Argan’s CEO. “As the U.S. electricity grid continues to evolve with the goals of reducing emissions while maintaining its reliability, our teams continue to focus on providing our customers with proven EPC services today for the construction of power plants that will contribute to a better tomorrow.”
About Argan, Inc.
Argan’s primary business is providing a full range of services to the power industry, including the renewable energy sector. Argan’s service offerings have focused on the engineering, procurement and construction of natural gas-fired power plants, along with related commissioning, operations management, maintenance, project development and consulting services, through its Gemma Power Systems and Atlantic Projects Company operations. Argan also owns The Roberts Company, which is a fully integrated fabrication, construction and industrial plant services company, and SMC Infrastructure Solutions, which provides telecommunications infrastructure services.
Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws and the Company’s future financial performance is subject to risks and uncertainties including but not limited to the successful addition of new contracts for gas-fired as well as renewable energy projects to backlog, the receipt of corresponding notices to proceed with contract activities, the Company’s ability to successfully complete the projects that it obtains, and the Company’s success in minimizing the adverse impacts of the COVID-19 pandemic on the Company’s businesses. The Company has several signed EPC contracts that have not started and may not start as forecasted due to market and other circumstances beyond its control. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to the number of factors described from time to time in the Company’s SEC filings. In addition, reference is hereby made to the cautionary statements made by the Company with respect to risk factors set forth in its most recent reports on Form 10-K, Forms 10-Q and other SEC filings.
Company:
Rainer Bosselmann
301.315.0027
Investor Relations:
David Watson
301.315.0027
MIAMI--(BUSINESS WIRE)--World Fuel Services Corporation (NYSE:INT) announced today that its board of directors has declared a quarterly cash dividend of $0.12 per share payable on July 1, 2021 to shareholders of record on June 4, 2021.
About World Fuel Services Corporation
Headquartered in Miami, Florida, World Fuel Services is a global energy management company involved in providing supply fulfillment, energy procurement advisory services, and transaction and payment management solutions to commercial and industrial customers, principally in the aviation, marine and land transportation industries. World Fuel Services sells fuel and delivers services to its clients at more than 8,000 locations in more than 200 countries and territories worldwide.
For more information, call 305-428-8000 or visit www.wfscorp.com.
Ira M. Birns
Executive Vice President & Chief Financial Officer
or
Glenn Klevitz, Vice President, Treasurer and Investor Relations
305-428-8000
Vanderbilt University, DRW, and TPG Among First Supporters to Help Climate Vault Remove More Than 200,000 Metric Tons of CO2 at the Start
Founded at The University of Chicago by Prof. Michael Greenstone and Team of Leaders, Ernest Moniz Chairs Climate Vault’s ‘Technology Experts Chamber’
CHICAGO--(BUSINESS WIRE)--#climatevault--Amid mounting evidence that climate change threatens current and future generations, Climate Vault, a non-profit founded at the University of Chicago by a team led by economist Prof. Michael Greenstone, today unveiled a new solution for carbon reduction using government-regulated markets. Climate Vault’s innovative solution will shorten the timeline for individuals and organizations seeking to reduce their emissions. Climate Vault’s mission is to significantly reduce CO2, one of the leading causes of climate change, while supporting the innovation in carbon removal technologies designed to eliminate historical CO2.
Climate Vault is an antidote to the frequent credibility problems and opacity of voluntary offset programs. The approach leverages the power of government regulated compliance markets by purchasing and ‘vaulting’ carbon permits, preventing polluters from using them. In addition, Climate Vault will help create the world’s first ecosystem for carbon dioxide removal (CDR) technologies by providing grants that spur innovation in those technologies to help make them viable and cost effective.
“Our response to the climate challenge will define our generation. Climate Vault provides a unique way for supporters, both individuals and organizations, to achieve verifiable and measurable carbon reduction whether it be through reducing their own footprint or truly making their investment portfolios ESG forward. And in so doing, supporters can jumpstart the innovation that our children and the planet need,” said Michael Greenstone, Co-founder of Climate Vault and Milton Friedman Distinguished Service Professor in Economics at the University of Chicago. “It is very much part of the University of Chicago’s long tradition of identifying ways that can be used to solve critical social problems.” Greenstone previously served as the Chief Economist for President Obama’s Council of Economic Advisers, where he co-led the original development of the United States Government’s social cost of carbon.
“UChicago recently increased its greenhouse gas reduction goals for the current decade, focused on areas where we can demonstrate a positive financial return on investment, while simultaneously reducing our campus emissions. Climate Vault will help us create a low cost off-campus benchmark to evaluate initiatives that may further reduce our greenhouse gas emissions and is an important piece of our overall emission reduction efforts,” said Ivan Samstein, Vice President and Chief Financial Officer at the University of Chicago. “We are proud to partner with Climate Vault as a means within our broader portfolio to continue our efforts to dramatically reduce our carbon footprint.”
Greenstone and a team of leaders developed the vision and model for Climate Vault, with foundational support from the University of Chicago, as part of the university’s path to carbon neutrality. The founders include:
“It’s been incredibly rewarding to develop market-driven approaches to spur innovation to mitigate one of today’s most pressing problems: climate change,” said Don Wilson, Founder and CEO of DRW. “Climate Vault enables entities to become carbon neutral TODAY in a regulated, transparent manner. As we vault credits, we also support innovators to develop carbon capture technologies with grants. This full cycle approach is a differentiator and is something I am particularly enthusiastic about.”
Climate Vault First-Movers
Climate Vault’s early supporters are industry leaders that view the Climate Vault solution as a key part of a verifiable, transparent and impactful carbon reduction strategy.
These supporters have enabled Climate Vault to initially reduce more than 200,000 metric tons of carbon at the non-profit’s official launch, surpassing more than five percent of the total CO2 saved by all Tesla vehicles to date in the US.
Climate Vault has worked closely with supporters, including academic and business leaders like Vanderbilt University and DRW to help them achieve carbon neutrality today, and collaborating with global financial firm, TPG, as well:
“We’re strengthening our commitment to sustainability through support of Climate Vault’s new, innovative solution. Through our collaboration, Vanderbilt is the first member of the Association of American Universities (AAU) to achieve carbon neutrality now, decades ahead of our initial goal,” said Daniel Diermeier, Chancellor, Vanderbilt University.
“We greatly admire Climate Vault’s innovative and transparent approach and are leveraging this solution as part of our toolkit to offset our firm’s carbon footprint,” said Maryanne Hancock, CEO of TPG’s Y Analytics. “We see this type of innovation, as well as Climate Vault’s support for carbon removal technologies, as an important part of the evolution toward the quality, credible, and impactful solutions that our planet needs.”
Additional Climate Vault supporters include the University of Chicago, Swarthmore College, Verger Capital, Rhodium Group, Newmarket Capital, Rootstock, Pluribus Labs, EJM Associates, and Adkindred. Cleary Gottlieb also provided continued pro bono legal support to launch Climate Vault and serve its mission.
Climate Vault Technology Experts Chamber
To foster new and tangible carbon removal technologies, Climate Vault convened a Technology Experts Chamber to assess, evaluate, and measure impact. The Chamber is chaired by Former U.S. Secretary of Energy, Ernest Moniz, with the industry’s top minds in CO2 removal, energy, and policy. The members include:
“We are seeing a major shift in climate policy with the Biden Administration and in the political realities as well. Climate was a winning issue in the recent Presidential campaign, the U.S. public is ready for and wants change, and we need to innovate now for accelerated decarbonization,” said Ernest Moniz, Former Secretary of Energy and CEO of Energy Futures Initiative. “Getting to the Biden administration goal of net zero emissions by 2050 will be tough. Climate Vault offers an important way to facilitate greenhouse gas emissions reduction and innovation for legacy carbon dioxide removal from the atmosphere.”
Climate Vault Calculator
Climate Vault enables everyone to reduce carbon emissions from daily life, travel and even investments. Climate Vault offers an ‘Easy’ button to reach carbon neutrality today. The Climate Vault Calculator is here: https://climatevault.org/get-started/#/general-about-you.
About Climate Vault
Founded at the University of Chicago, Climate Vault is a non-profit that uses the power of compliance markets to reduce and eliminate carbon pollution. Its two-pronged approach 1) purchases and vaults pollution permits on cap-and-trade markets to prevent carbon pollution and 2) supports carbon dioxide removal (CDR) technologies to eliminate historical pollution to-date. Climate Vault works with climate-conscious individuals and organizations to help protect current and future generations from the harmful effects of climate change by providing an innovative solution to reduce carbon emissions today. Please visit www.ClimateVault.org to learn more about our approach, calculate your individual footprint, and help your organization or financial portfolio reach net zero. Join the climate conversation by following us on Facebook, Twitter, and LinkedIn.
Trademarks
All trademarks, service marks, and company names are the property of their respective owners.
Press:
TJ Snyder
917.447.6120 m
This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--The Port Commission of the Port of Houston Authority will conduct its regular monthly meeting virtually on Tuesday, May 25 at 9:15 a.m., via WebEx webinar.
The agenda and the instructions to access this virtual meeting are available at https://porthouston.com/leadership/public-meetings/.
Sign up for public comment is available up to an hour before the Port Commission Regular Monthly, Committee and Advisory Council meetings by contacting Erik Eriksson at This email address is being protected from spambots. You need JavaScript enabled to view it. or Liana Christian at This email address is being protected from spambots. You need JavaScript enabled to view it..
Currently, the Port Authority Executive Office Building is closed to the general public at this time. Texas Governor Abbott’s action of March 16, 2020 allows virtual and telephonic open meetings to maintain government transparency.
About Port Houston
For more than 100 years, Port Houston has owned and operated the public wharves and terminals along the Houston Ship Channel – the nation’s largest port for waterborne tonnage and an essential economic engine for the Houston region, the state of Texas, and the U.S. nation. The more than 200 private and eight public terminals along the federal waterway supports the creation of nearly 1.35 million jobs in Texas and 3.2 million jobs nationwide, and economic activity totaling $339 billion in Texas – 20.6% of Texas’ total gross domestic product (GDP) – and a total of $801.9 billion in economic impact across the nation. For more information, visit the website: https://porthouston.com/
Lisa Ashley, Director, Media Relations, Port Houston
Office: 713-670-2644; Mobile: 832-247-8179; E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Pyrolysis Gas Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The pyrolysis gas market is expected to grow at a CAGR of over 3% during the forecast period.
Companies Mentioned
Key Market Trends
Growing Demand of Pyrolysis Gas from Benzene Processing
Asia Pacific Region to Dominate the Market
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Demand of Pyrolysis Gas from Benzene Processing
4.1.2 Other Drivers
4.2 Restraints
4.2.1 Volatility in Price of Hydrocarbons
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Type
5.1.1 Raw Pyrolysis Gasoline
5.1.2 Hydrogenated Pyrolysis Gasoline
5.2 Application
5.2.1 Benzene Processing
5.2.2 Aromatic Extraction
5.2.3 Feedstock of BTX Plant
5.2.4 Motor Fuels
5.2.5 Others
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 France
5.3.3.4 Italy
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Sale of Automotive and Growing Utilization of Pygas in Motor Fuels
7.2 Other Opportunities
For more information about this report visit https://www.researchandmarkets.com/r/jqadkp
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
DUBLIN--(BUSINESS WIRE)--The "Autonomous Construction Equipment Global Market Report 2021: COVID-19 Growth and Change to 2030" report has been added to ResearchAndMarkets.com's offering.
Autonomous Construction Equipment Global Market Report 2021: COVID-19 Growth and Change to 2030 provides the strategists, marketers and senior management with the critical information they need to assess the global autonomous construction equipment market.
Major players in the autonomous construction equipment market are Komatsu Ltd, Caterpillar Inc., Hitachi Construction Machinery Co., Ltd., Volvo Construction Equipment, Built Robotics, Inc., Cyngn, Royal Truck & Equipment, Case Construction Equipment, Deere and Company.
The global autonomous construction equipment market is expected to grow from $9.47 billion in 2020 to $10.52 billion in 2021 at a compound annual growth rate (CAGR) of 11.1%.
The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $15.13 billion in 2025 at a CAGR of 10%.
Most of the construction companies are facing heavy equipment operator shortage throughout the world. Manufacturers are more focused towards technology such as robotics and automation primarily to combat labour shortages along with finishing up their tasks faster, reduce wastage and provide high yields with improved quality.
Experts believed that, one of the best solutions to combat labour shortage is to automate construction equipment, especially in remote areas, for repetitive tasks and in locations with significant labour shortages. Therefore, shortage in labour or skilled workforce is driving the Autonomous construction equipment market.
Safety and cyber security issues have always been a major challenge in the autonomous construction equipment market. To automate construction equipment, regardless of the control system used, cybersecurity always remains a key concern as it is challenging to control the potential damage that could be caused by hacking of heavy equipment.
It presents remote access for hackers to exploit system vulnerabilities of communication systems between vehicles and infrastructure. Threats associated with the protection and safety of the personal information is always being a major concern, limiting the growth of the Autonomous construction equipment market.
The market covered in this report is segmented by autonomy into partial/semi-autonomous. It is also segmented by product type into earth moving equipment; construction vehicles; material handling equipment; concrete & road construction equipment and by application into road construction; building construction; others.
Making existing equipment autonomous is the growing trend in Autonomous construction equipment market. Companies are interested in automation but implementation cost for deployment of technology is high. Therefore, construction companies are planning to rent autonomous machines to stay competitive by using new technology without the potential barriers of high investments. This is mainly avoiding costs associated with purchasing a construction equipment.
For instance, cost of owning a commercial truck may add up to roughly $8,500 annually according to the statistics. To reduce the overall expenses, they are working on solutions to make their existing equipment autonomous. Built Robotics, is providing a manufacturer-agnostic solution to clients that wants to automate their machine by which customer could make their machinery autonomous without sacrificing manual operating capabilities. With more machines to be likely become autonomous in the future, promising developments are on the horizon.
In June 2019, Mortenson, a U.S.-based, top-20 builder, developer and leading renewable energy contractor, has announced a strategic partnership with a San Francisco-based developer of autonomous robotic equipment technology, Built Robotics.
Built Robotics builds robotic upgrade kits for common construction equipment such as bulldozers, excavators and skid steers. Combined with its proprietary software, it designs autonomous equipment with multilayer safety systems to ensure 100 percent safe operation. The deal will focus on heavy civil earthmoving activities on renewable energy projects that Mortenson is building in North America.
Key Topics Covered:
1. Executive Summary
2. Autonomous Construction Equipment Market Characteristics
3. Autonomous Construction Equipment Market Trends and Strategies
4. Impact of COVID-19 on Autonomous Construction Equipment
5. Autonomous Construction Equipment Market Size and Growth
5.1. Global Autonomous Construction Equipment Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on The Market
5.2. Global Autonomous Construction Equipment Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market
6. Autonomous Construction Equipment Market Segmentation
6.1. Global Autonomous Construction Equipment Market, Segmentation By Autonomy, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.2. Global Autonomous Construction Equipment Market, Segmentation By product type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.3. Global Autonomous Construction Equipment Market, Segmentation By application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7. Autonomous Construction Equipment Market Regional and Country Analysis
7.1. Global Autonomous Construction Equipment Market, Split By Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Autonomous Construction Equipment Market, Split By Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/58u7zn
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
DUBLIN--(BUSINESS WIRE)--The "Crude Oil Flow Improvers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The market for crude oil flow improvers is expected to grow at a CAGR of about 5% globally during the forecast period.
Companies Mentioned
Key Market Trends
Growing Demand for Paraffin & Asphaltene Inhibitors
Middle-East Region to Dominate the Market
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Demand For Paraffin & Asphaltene Inhibitors
4.1.2 Increasing Demand for Petroleum Based Products
4.2 Restraints
4.2.1 Stringent Environmental Regulations
4.2.2 Unfavourable Conditions Arising Due to the COVID-19 Outbreak
4.3 Industry Value Chain Analysis
4.4 Porters Five Forces Analysis
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Demand from Emerging Economies
For more information about this report visit https://www.researchandmarkets.com/r/gjllsb
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
NEW YORK--(BUSINESS WIRE)--Blackstone (NYSE:BX) today announced the appointment of Alasdair Cathcart as a Senior Advisor to Blackstone Energy Partners. Previously, Cathcart was a senior executive at Bechtel, a leading global engineering and construction firm, where he led several divisions, including Power and LNG. Bechtel has a long history of helping its customers plan and develop projects that improve resiliency and increase access to sustainable, cost-efficient energy.
David Foley, Global Head of Blackstone Energy Partners said: “Alasdair will be a great advisor to our team as we seek out new opportunities to support the ongoing transition to cleaner, more efficient and affordable energy. Our entire global team and broad platform will benefit from Alasdair’s depth of experience and expertise in many different segments of the energy and power market.”
Bilal Khan, Senior Managing Director at Blackstone, said: “We are actively continuing our strategy of investing in the development and construction of new capacity to help generate and deliver energy efficiently, which is essential to support economic growth and improvement in living conditions around the world. Alasdair’s decades of hands-on experience supervising the construction of large and complex energy assets worldwide will be an invaluable resource to our team.”
Alasdair Cathcart said: “I look forward to advising the team at Blackstone and adding value as they seek out new ways to support the ongoing global energy transition. Blackstone has been a pioneer in the development and construction of energy projects around the world and is well positioned to help accelerate the move to cleaner and more efficient energy use globally.”
Alasdair has over 30 years of experience in the energy and infrastructure sectors, most recently as President of Bechtel’s global Oil, Gas & Chemicals business headquartered in Houston, Texas, where he was responsible for 8,000 professional staff and 40,000 craft professionals and managed seven business lines. Prior to that role, he served as General Manager of the LNG business line, responsible for strategy, business development and project execution. From 2010 to 2013 he was President of Bechtel’s global Power business. He joined Bechtel in 1989 and served the company in a variety of leadership positions in corporate and project roles in nine countries.
Blackstone Energy Partners
Blackstone Energy Partners is Blackstone’s energy-focused private equity business and a leading energy investor with a successful long-term record. The Blackstone Energy Partners team has invested over $18 billion of equity globally across a broad range of sectors within the energy industry. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering cleaner, more reliable and affordable energy to meet the needs of the global community. In the process, we build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders.
Kate Holderness
This email address is being protected from spambots. You need JavaScript enabled to view it.
917 318 6818
Anker selects zero voltage switching InnoSwitch4-CZ ICs with PowiGaN technology for new ultra-compact 30, 45 & 65 W USB-C Nano II charger series
SAN JOSE, Calif.--(BUSINESS WIRE)--Power Integrations (Nasdaq: POWI), the leader in high-voltage integrated circuits for energy-efficient power conversion, today announced the InnoSwitch™4-CZ family of high frequency, zero voltage switching (ZVS) flyback switcher ICs. InnoSwitch4-CZ devices incorporate a robust 750 V primary switch using Power Integrations’ PowiGaN™ technology and a novel high frequency active clamp flyback controller to facilitate a new class of ultra-compact chargers suitable for phones, tablets, and laptops. The first consumer devices based on InnoSwitch4-CZ devices were introduced earlier today by Anker, the global charging experts for mobile devices, through a YouTube Live event which can be accessed here.
Balu Balakrishnan, CEO of Power Integrations said: “The introduction of the InnoSwitch4-CZ family of ICs marks a significant milestone for GaN technology. PowiGaN switches, in conjunction with our active clamp solution – ClampZero™, enable a highly efficient design and an extremely compact form-factor. We’re pleased to have worked closely with the Anker team to bring this new class of mobile charger to market.”
Steven Yang, CEO at Anker added: "We are excited to work with Power Integrations as their exclusive launch partners for their InnoSwitch4 chipsets. The InnoSwitch4-CZ was a natural choice for Anker's new Nano II series of USB-C chargers. Its outstanding levels of integration and efficiency are key to the Nano II series’ extremely compact design.”
Note to editors: View a short video on the InnoSwitch4-CZ here.
The InnoSwitch4-CZ family incorporates 750 V switch, primary and secondary controllers, ClampZero interface, synchronous rectification, and safety-rated feedback in a single, compact InSOP-24D package. A steady state switching frequency of up to 140 kHz minimizes transformer size, further increasing power density. In contrast with older active clamp flyback approaches, the InnoSwitch4-CZ and ClampZero combination provides up to 95% efficiency and maintains very high efficiency across variations in line voltage, system load and output voltage. This is achieved with variable frequency asymmetrical control of the active clamp with intelligent zero-voltage switching, enabling both discontinuous and continuous conduction modes of operation, greatly enhancing design flexibility and maximizing efficiency across the entire operating envelope. The new flyback switcher ICs enable exceptional CV/CC accuracy, independent of external components, and consume less than 30 mW no-load including line-sensing safety and protection features.
Targeting high efficiency compact USB PD adapters, high-density flyback designs up to 110 W and high-efficiency CV/CC power supplies, InnoSwitch4-CZ ICs provide variable output voltage and constant current profiles. Devices are fully protected featuring auto-restart or latching fault response for output over-voltage and under-voltage protection, multiple output under-voltage fault thresholds and latching or hysteretic primary over-temperature protection.
Availability & Resources
A technical overview video of the InnoSwitch4-CZ and ClampZero devices is available here. The new InnoSwitch4-CZ ICs are priced at $3.85 per unit in 10,000-unit quantities. For further inquiries contact a Power Integrations sales representative.
About Power Integrations
Power Integrations, Inc. is a leading innovator in semiconductor technologies for high-voltage power conversion. The company’s products are key building blocks in the clean-power ecosystem, enabling the generation of renewable energy as well as the efficient transmission and consumption of power in applications ranging from milliwatts to megawatts. For more information, please visit www.power.com.
Power Integrations, InnoSwitch, PowiGaN, ClampZero, and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc. All other trademarks are the property of their respective owner.
Media Contact
Diane Vanasse
Power Integrations
(408) 242-0027
This email address is being protected from spambots. You need JavaScript enabled to view it. ';document.getElementById('cloak848b673a0c04e6279259ac6273b34521').innerHTML += ''+addy_text848b673a0c04e6279259ac6273b34521+'<\/a>';
Press Agency Contact
Nick Foot
BWW Communications
+44-1491-636 393
This email address is being protected from spambots. You need JavaScript enabled to view it.
--(BUSINESS WIRE)--Cummins Inc.
WHAT: Iberdrola and Cummins will announce their joint work to accelerate the growth of business opportunities in the hydrogen sector and Iberian electrolyzer market to position Spain as the technology and industry leader in Europe.
WHO:
Chairman and CEO of Cummins, Tom Linebarger
Chairman and CEO of Iberdrola, Ignacio Galán
Fourth Vice-President of the Government of Spain and Minister for Ecological Transition and Demographic Challenge, Teresa Ribera
Minister for Industry, Trade and Tourism, Reyes Maroto
President of the Castilla-La Mancha Regional Government, Emiliano García-Page.
WHEN: 24, May, at 12:00 pm GMT+2 (6 a.m. EST)
WHERE: Fuensalida Palace - Plaza del Conde, 5, 45002 Toledo
Please confirm by e-mail This email address is being protected from spambots. You need JavaScript enabled to view it., indicating the media, name and surname of the reporter and ID card number before Friday, May 21, at 13:00 pm GMT+2.
Transportation is available for the transfer Madrid-Toledo-Madrid.
LIVE BROADCAST LINK: The Regional Government will share the event live stream on their Facebook page https://www.facebook.com/juntadecastillalamancha/
Jon Mills
Cummins Inc.
Phone: 317-658-454
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Debt and tax equity financing closed for Aquamarine
Silicon Valley Power signs power purchase agreement with Aquamarine
LOS ANGELES--(BUSINESS WIRE)--CIM Group announced today that its Aquamarine, 250-megawatt solar photovoltaic project, part of the first phase of its Westlands Solar Park (WSP), will be fully operational by fall 2021 and is on track to meet its contracted delivery of 50-megawatts of capacity to Valley Clean Energy Alliance. Valley Clean Energy Alliance, which executed a contract with WSP in early 2020, is a locally-governed electricity provider for the California cities of Davis, Woodland, Winters and unincorporated portions of Yolo County.
“We believe Westlands Solar Park is ideally positioned to be a leader in California’s program to reduce the state’s carbon footprint and meet its Renewable Portfolio Standards targets. With Aquamarine advancing to full operation before year-end, we are realizing our vision for Westlands Solar Park to become a major clean energy provider as well as meeting a significant commitment in our company’s ongoing sustainability program,” said Avi Shemesh, Co-Founder and Principal, CIM Group. “With Aquamarine, and the future phases of Westlands Solar Park, we also are bringing clean energy jobs to the region and generating revenue for the local government and area businesses.”
CIM Group recently marked a significant milestone for the Aquamarine project, closing on debt and tax equity financing. Deutsche Bank was the lead arranger of the debt financing. “Deutsche Bank is excited to support CIM Group in its construction and operation of this first phase of the Westlands Solar Park. This is an important step towards our institutions’ shared goal to invest in sustainable and socially responsible projects. We look forward to continue working alongside CIM as they develop WSP and other projects beneficial to the energy transition,” says Jeremy Eisman, Head of Infrastructure & Energy Financing for Deutsche Bank in the Americas.
WSP has the opportunity to contribute to economic development in Central Valley communities by diversifying the region beyond agriculture and creating over 400 clean energy jobs, for both construction and operations, under a union labor agreement governing the entire project. WSP is also poised to generate direct and indirect revenue such as local taxes, purchasing and ancillary spending.
“Recently, we completed a new power purchase agreement with Silicon Valley Power which serves the City of Santa Clara. With the imminent completion of Aquamarine, we are in active discussions with numerous entities to supply the clean energy that is critical to meeting the short- and long-term goals for renewable energy – vital to improving communities,” noted Shemesh.
Aquamarine recently entered into a power purchase agreement (PPA) with the City of Santa Clara, CA (Silicon Valley Power) to sell renewable energy credits (REC) associated with 75 megawatts of capacity, joining other off-takers at WSP including Anaheim Public Utility, and is currently negotiating additional PPAs with other potential counterparties. Silicon Valley Power is the not-for-profit electric municipal utility of the City of Santa Clara.
WSP – scale and capacity
WSP is one of the largest permitted solar parks in the world, with the capacity to grow to more than 2,700-megawatts (2.7 gigawatts) of renewable energy at full buildout and with the potential to provide clean energy to more than 1,200,000 homes. The master-planned energy park encompasses more than 20,000 acres in California’s San Joaquin Valley in western Fresno and Kings Counties and is designed to open in phases to meet the needs of public and private utilities and other energy consumers. WSP has a completed and certified programmatic environmental impact report for the entire project and WSP is one of the few renewable energy zones identified as a Competitive Renewable Energy Zone (CREZ) thru the Renewable Energy Transmission Initiative (RETI) process.
WSP and environmental sustainability
CIM Group actively looks for opportunities to apply sustainable principles across its real asset portfolios, and at WSP, CIM is repurposing selenium-contaminated and drainage impaired farmland for the development of clean energy. In addition, WSP seeks to improve air quality in the San Joaquin Valley as the solar park doesn’t generate fine particular pollution which is a major contributor to the area’s historic poor air quality. WSP has garnered strong support from environmental communities including the Sierra Club, NRDC, Defenders of Wildlife, and the Center for Biological Diversity. The goal of CIM’s clean energy projects is to provide solutions to multiple policy objectives for the state of California’s renewable energy mandate including greenhouse gas reduction and carbon free energy.
CIM Group infrastructure and sustainable investment
Since its inception in 1994, CIM has focused on investing in real estate and infrastructure projects located in or serving densely-populated communities throughout the Americas. WSP, located in a designated Opportunity Zone as defined under the 2017 Tax Cuts and Jobs Act, is an example of CIM’s commitment to investing in sustainable assets across communities as well as investing in Opportunity Zones. CIM is a UNPRI signatory and its infrastructure projects have been recognized for sustainability by the California Organized Investment Network (COIN), a division of the California Department of Insurance.
About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com.
Karen Diehl
Diehl Communications
(310) 741-9097
This email address is being protected from spambots. You need JavaScript enabled to view it.
OXFORD, Conn.--(BUSINESS WIRE)--RBC Bearings Incorporated (Nasdaq: ROLL), a leading international manufacturer of highly engineered precision bearings and components for the industrial, defense and aerospace industries, today reported results for the fourth quarter of fiscal year 2021.
Fourth Quarter Financial Highlights
($ in millions) |
Fiscal 2021 |
|
Fiscal 2020 |
|
Change |
|||||||
GAAP |
Adjusted (1) |
GAAP |
Adjusted (1) |
GAAP |
Adjusted (1) |
|||||||
Net sales |
$160.3 |
|
|
$185.8 |
|
|
-13.7% |
|
|
|||
Gross margin |
$62.5 |
|
$62.7 |
$76.6 |
|
$76.7 |
-18.4% |
|
-18.2% |
|||
Gross margin % |
39.0% |
|
39.1% |
41.2% |
|
41.3% |
|
|
|
|||
Operating income |
$29.7 |
|
$32.5 |
$43.5 |
|
$43.0 |
-31.7% |
|
-24.3% |
|||
Operating income % |
18.6% |
|
20.3% |
23.4% |
|
23.1% |
|
|
|
|||
Net income |
$25.0 |
|
$27.4 |
$33.8 |
|
$33.1 |
-26.1% |
|
-17.4% |
|||
Diluted EPS |
$0.99 |
|
$1.08 |
$1.35 |
|
$1.33 |
-26.7% |
|
-18.8% |
|||
(1) Results exclude items in reconciliation below. |
||||||||||||
Twelve Month Financial Highlights
($ in millions) |
Fiscal 2021 |
|
Fiscal 2020 |
|
Change |
|||||||
GAAP |
Adjusted (1) |
GAAP |
Adjusted (1) |
GAAP |
Adjusted (1) |
|||||||
Net sales |
$609.0 |
|
|
$727.5 |
|
|
-16.3% |
|
|
|||
Gross margin |
$234.1 |
|
$237.2 |
$289.1 |
|
$289.5 |
-19.0% |
|
-18.1% |
|||
Gross margin % |
38.4% |
|
38.9% |
39.7% |
|
39.8% |
|
|
|
|||
Operating income |
$111.5 |
|
$120.2 |
$156.8 |
|
$157.7 |
-28.9% |
|
-23.7% |
|||
Operating income % |
18.3% |
|
19.7% |
21.6% |
|
21.7% |
|
|
|
|||
Net income |
$89.6 |
|
$96.9 |
$126.0 |
|
$126.4 |
-28.9% |
|
-23.3% |
|||
Diluted EPS |
$3.58 |
|
$3.87 |
$5.06 |
|
$5.07 |
-29.2% |
|
-23.7% |
|||
(1) Results exclude items in reconciliation below. |
||||||||||||
Dr. Michael J. Hartnett, Chairman and Chief Executive Officer, said, “I am pleased with our team’s performance during a fiscal year challenged by the global pandemic. Sequential sales improvements, combined with outstanding expense control and execution drove our highest level of cash flow in the fourth quarter. We are encouraged by the expansion of demand for our industrial products and opportunities within our robust platforms in aerospace. We enter fiscal 2022 with a healthy backlog and we remain well-positioned to continue executing at a high level as we benefit from a prolonged recovery.”
Fourth Quarter Results
Net sales for the fourth quarter of fiscal 2021 were $160.3 million, a decrease of 13.7% from $185.8 million in the fourth quarter of fiscal 2020. Net sales for the aerospace markets decreased 28.6% while industrial market net sales increased 12.9%. Gross margin for the fourth quarter of fiscal 2021 was $62.5 million compared to $76.6 million for the same period last year. On an adjusted basis, gross margin for the fourth quarter of fiscal 2021 was $62.7 million compared to $76.7 million for the same period last year.
SG&A for the fourth quarter of fiscal 2021 was $27.4 million, a decrease of $3.6 million from $31.0 million for the same period last year. The decrease was primarily due to a reduction in personnel-related costs of $3.4 million and other costs of $0.5 million offset by $0.3 million of additional share-based stock compensation costs. As a percentage of net sales, SG&A was 17.1% for the fourth quarter of fiscal 2021 compared to 16.7% for the same period last year.
Other operating expenses for the fourth quarter of fiscal 2021 totaled $5.3 million compared to $2.1 million for the same period last year. For the fourth quarter of fiscal 2021, other operating expenses consisted primarily of $2.5 million of amortization of intangible assets, $1.5 million of costs associated with a cyber event, $1.0 million of restructuring and consolidation costs, and $0.3 million of other charges. For the fourth quarter of fiscal 2020, other operating expenses consisted primarily of $2.6 million of amortization of intangible assets, $0.8 million of restructuring costs and $0.1 million of other items offset by a $1.4 million gain on the sale of a surplus building.
Operating income for the fourth quarter of fiscal 2021 was $29.7 million compared to $43.5 million for the same period last year. Adjusted operating income for the fourth quarter of fiscal 2021 was $32.5 million compared to adjusted operating income of $43.0 million for the same period last year. Adjusted operating income as a percentage of net sales was 20.3% for the fourth quarter of fiscal 2021 compared to 23.1% for the same period last year.
Interest expense, net was $0.3 million for the fourth quarter of fiscal 2021 compared to $0.4 million for the same period last year.
Income tax expense for the fourth quarter of fiscal 2021 was $4.7 million compared to $9.2 million for the same period last year. The effective income tax rate for the fourth quarter of fiscal 2021 was 15.8% compared to 21.4% for the same period last year.
Net income for the fourth quarter of fiscal 2021 was $25.0 million compared to $33.8 million for the same period last year. On an adjusted basis, net income was $27.4 million for the fourth quarter of fiscal 2021 compared to $33.1 million for the same period last year.
Diluted EPS for the fourth quarter of fiscal 2021 was $0.99 per share compared to $1.35 per share for the same period last year. On an adjusted basis, diluted EPS was $1.08 for the fourth quarter of fiscal 2021 compared to $1.33 for the same period last year
Backlog as of April 3, 2021 was $394.8 million compared to $478.6 million as of March 28, 2020.
Liquidity
The Company ended fiscal 2021 with a strong cash balance and liquidity position. Cash and marketable securities at April 3, 2021 was $241.3 million compared to $103.3 million last year and the Company had approximately $262.3 million of undrawn revolving credit on its two bank facilities. The Company ended the year with total debt of $16.1 million and is in full compliance with all covenants under its credit agreements.
Outlook for the First Quarter Fiscal 2022
The Company expects net sales to be approximately $154.0 million to $158.0 million in the first quarter of fiscal 2022, compared to $156.5 million for the first quarter of fiscal 2021.
Live Webcast
RBC Bearings Incorporated will host a webcast at 11:00 a.m. ET today to discuss the quarterly results. To access the webcast, go to the investor relations portion of the Company’s website, www.rbcbearings.com, and click on the webcast icon. If you do not have access to the Internet and wish to listen to the call, dial 844-419-1755 (international callers dial 216-562-0468) and provide conference ID # 5974655. An audio replay of the call will be available from 1:00 p.m. ET May 21st, 2021 until 1:00 p.m. ET May 28th, 2021. The replay can be accessed by dialing 855-859-2056 (international callers dial 404-537-3406) and providing conference ID #5974655. Investors are advised to dial into the call at least ten minutes prior to the call to register.
Non-GAAP Financial Measures
In addition to disclosing results of operations that are determined in accordance with U.S. generally accepted accounting principles (GAAP), this press release also discloses non-GAAP results of operations that exclude certain items. These non-GAAP measures adjust for items that management believes are unusual. Management believes that the presentation of these non-GAAP measures provides useful information to investors regarding the Company’s results of operations, as these non-GAAP measures allow investors to better evaluate ongoing business performance. Investors should consider non-GAAP measures in addition to, not as a substitute for, financial measures prepared in accordance with GAAP. A reconciliation of the non-GAAP measures disclosed in this press release with the most comparable GAAP measures are included in the financial table attached to this press release.
About RBC Bearings
RBC Bearings Incorporated is an international manufacturer and marketer of highly engineered precision bearings and components. Founded in 1919, the Company is primarily focused on producing highly technical or regulated bearing products and components requiring sophisticated design, testing and manufacturing capabilities for the diversified industrial, aerospace and defense markets. The Company is headquartered in Oxford, Connecticut.
Safe Harbor for Forward-Looking Statements
Certain statements in this press release contain “forward-looking statements.” All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including the following: the section of this press release entitled “Outlook”; any projections of earnings, revenue or other financial items relating to the Company, any statement of the plans, strategies and objectives of management for future operations; any statements concerning proposed future growth rates in the markets we serve; any statements of belief; any characterization of and the Company’s ability to control contingent liabilities; anticipated trends in the Company’s businesses; and any statements of assumptions underlying any of the foregoing. Forward-looking statements may include the words “may,” “would,” “estimate,” “intend,” “continue,” “believe,” “expect,” “anticipate,” and other similar words. Although the Company believes that the expectations reflected in any forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties beyond the control of the Company. These risks and uncertainties include, but are not limited to, risks and uncertainties relating to general economic conditions, COVID-19 pandemic, geopolitical factors, future levels of general industrial manufacturing activity, future financial performance, market acceptance of new or enhanced versions of the Company’s products, the pricing of raw materials, changes in the competitive environments in which the Company’s businesses operate, the outcome of pending or future litigation and governmental proceedings and approvals, estimated legal costs, increases in interest rates, tax legislation and changes, the Company’s ability to meet its debt obligations, the Company’s ability to acquire and integrate complementary businesses, and risks and uncertainties listed or disclosed in the Company’s reports filed with the Securities and Exchange Commission, including, without limitation, the risks identified under the heading “Risk Factors” set forth in the Company’s most recent Annual Report filed on Form 10-K. The Company does not intend, and undertakes no obligation, to update or alter any forward-looking statements.
| RBC Bearings Incorporated | ||||||||||||||||
| Consolidated Statements of Operations | ||||||||||||||||
| (dollars in thousands, except share and per share data) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||
April 3, |
|
March 28, |
|
April 3, |
|
March 28, |
||||||||||
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||
| Net sales | $ |
160,295 |
|
$ |
185,843 |
|
$ |
608,984 |
|
$ |
727,461 |
|
||||
| Cost of sales |
|
97,826 |
|
|
109,259 |
|
|
374,878 |
|
|
438,358 |
|
||||
| Gross margin |
|
62,469 |
|
|
76,584 |
|
|
234,106 |
|
|
289,103 |
|
||||
| Operating expenses: | ||||||||||||||||
| Selling, general and administrative |
|
27,409 |
|
|
30,985 |
|
|
106,000 |
|
|
122,565 |
|
||||
| Other, net |
|
5,320 |
|
|
2,079 |
|
|
16,648 |
|
|
9,753 |
|
||||
| Total operating expenses |
|
32,729 |
|
|
33,064 |
|
|
122,648 |
|
|
132,318 |
|
||||
| Operating income |
|
29,740 |
|
|
43,520 |
|
|
111,458 |
|
|
156,785 |
|
||||
| Interest expense, net |
|
335 |
|
|
399 |
|
|
1,430 |
|
|
1,885 |
|
||||
| Other non-operating expense (income) |
|
(234 |
) |
|
180 |
|
|
(31 |
) |
|
761 |
|
||||
| Income before income taxes |
|
29,639 |
|
|
42,941 |
|
|
110,059 |
|
|
154,139 |
|
||||
| Provision for income taxes |
|
4,685 |
|
|
9,189 |
|
|
20,426 |
|
|
28,103 |
|
||||
| Net income | $ |
24,954 |
|
$ |
33,752 |
|
$ |
89,633 |
|
$ |
126,036 |
|
||||
| Net income per common share: | ||||||||||||||||
| Basic | $ |
1.00 |
|
$ |
1.36 |
|
$ |
3.61 |
|
$ |
5.12 |
|
||||
| Diluted | $ |
0.99 |
|
$ |
1.35 |
|
$ |
3.58 |
|
$ |
5.06 |
|
||||
| Weighted average common shares: | ||||||||||||||||
| Basic |
|
24,948,546 |
|
|
24,745,009 |
|
|
24,851,344 |
|
|
24,632,637 |
|
||||
| Diluted |
|
25,231,485 |
|
|
24,994,189 |
|
|
25,048,451 |
|
|
24,922,631 |
|
||||
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||
April 3, |
|
March 28, |
|
April 3, |
|
March 28, |
||||||||||
| Reconciliation of Reported Gross Margin to Adjusted Gross Margin: | 2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
| Reported gross margin | $ |
62,469 |
|
$ |
76,584 |
|
$ |
234,106 |
|
$ |
289,103 |
|
||||
| Inventory purchase accounting adjustment |
|
- |
|
|
97 |
|
|
- |
|
|
368 |
|
||||
| Restructuring and consolidation |
|
242 |
|
|
- |
|
|
3,071 |
|
|
- |
|
||||
| Adjusted gross margin | $ |
62,711 |
|
$ |
76,681 |
|
$ |
237,177 |
|
$ |
289,471 |
|
||||
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||
April 3, |
|
March 28, |
|
April 3, |
|
March 28, |
||||||||||
| Reconciliation of Reported Operating Income to Adjusted Operating Income: | 2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
| Reported operating income | $ |
29,740 |
|
$ |
43,520 |
|
$ |
111,458 |
|
$ |
156,785 |
|
||||
| Inventory purchase accounting adjustment |
|
- |
|
|
97 |
|
|
- |
|
|
368 |
|
||||
| Net gain on sale of Houston building |
|
- |
|
|
(1,440 |
) |
|
- |
|
|
(1,440 |
) |
||||
| Acquisition costs |
|
- |
|
|
- |
|
|
- |
|
|
901 |
|
||||
| Cyber event |
|
1,507 |
|
|
- |
|
|
1,507 |
|
|
- |
|
||||
| Restructuring and consolidation |
|
1,273 |
|
|
805 |
|
|
7,247 |
|
|
1,036 |
|
||||
| Adjusted operating income | $ |
32,520 |
|
$ |
42,982 |
|
$ |
120,212 |
|
$ |
157,650 |
|
||||
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||
| Reconciliation of Reported Net Income and Net Income Per Common Share to Adjusted Net Income and Adjusted Net Income Per Common Share: | April 3, 2021 |
|
March 28, 2020 |
|
April 3, 2021 |
|
March 28, 2020 |
|||||||||
| Reported net income | $ |
24,954 |
|
$ |
33,752 |
|
$ |
89,633 |
|
$ |
126,036 |
|
||||
| Inventory purchase accounting adjustment (1) |
|
- |
|
|
76 |
|
|
- |
|
|
303 |
|
||||
| Net gain on sale of Houston building (1) |
|
- |
|
|
(1,132 |
) |
|
- |
|
|
(1,132 |
) |
||||
| Acquisition costs (1) |
|
- |
|
|
- |
|
|
- |
|
|
769 |
|
||||
| Cyber event (1) |
|
1,269 |
|
|
- |
|
|
1,269 |
|
|
- |
|
||||
| Restructuring and consolidation (1) |
|
1,071 |
|
|
633 |
|
|
5,848 |
|
|
827 |
|
||||
| Foreign exchange translation loss (1) |
|
(173 |
) |
|
229 |
|
|
187 |
|
|
738 |
|
||||
| Discrete and other tax items credit (benefit) |
|
254 |
|
|
(425 |
) |
|
(49 |
) |
|
(1,143 |
) |
||||
| Adjusted net income | $ |
27,375 |
|
$ |
33,133 |
|
$ |
96,888 |
|
$ |
126,398 |
|
||||
| (1) After tax impact. | ||||||||||||||||
| Adjusted net income per common share: | ||||||||||||||||
| Basic | $ |
1.10 |
|
$ |
1.34 |
|
$ |
3.90 |
|
$ |
5.13 |
|
||||
| Diluted | $ |
1.08 |
|
$ |
1.33 |
|
$ |
3.87 |
|
$ |
5.07 |
|
||||
| Weighted average common shares: | ||||||||||||||||
| Basic |
|
24,948,546 |
|
|
24,745,009 |
|
|
24,851,344 |
|
|
24,632,637 |
|
||||
| Diluted |
|
25,231,485 |
|
|
24,994,189 |
|
|
25,048,451 |
|
|
24,922,631 |
|
||||
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||
April 3, |
|
March 28, |
|
April 3, |
|
March 28, |
||||||||||
| Segment Data, Net External Sales: | 2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
| Plain bearings segment | $ |
74,741 |
|
$ |
93,919 |
|
$ |
293,990 |
|
$ |
358,291 |
|
||||
| Roller bearings segment |
|
24,770 |
|
|
31,369 |
|
|
91,657 |
|
|
132,642 |
|
||||
| Ball bearings segment |
|
23,090 |
|
|
20,622 |
|
|
83,704 |
|
|
74,231 |
|
||||
| Engineered products segment |
|
37,694 |
|
|
39,933 |
|
|
139,633 |
|
|
162,297 |
|
||||
$ |
160,295 |
|
$ |
185,843 |
|
$ |
608,984 |
|
$ |
727,461 |
|
|||||
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||
April 3, |
|
March 28, |
|
April 3, |
|
March 28, |
||||||||||
| Selected Financial Data: | 2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
| Depreciation and amortization | $ |
7,932 |
|
$ |
8,145 |
|
$ |
32,744 |
|
$ |
31,420 |
|
||||
| Share-based stock compensation expense |
|
5,457 |
|
|
5,154 |
|
|
21,299 |
|
|
20,150 |
|
||||
| Adjusted operating income plus depreciation/amortization plus share-based stock compensation expense | $ |
45,909 |
|
$ |
56,281 |
|
$ |
174,255 |
|
$ |
209,220 |
|
||||
| Cash provided by operating activities | $ |
41,867 |
|
$ |
44,426 |
|
$ |
152,453 |
|
$ |
155,621 |
|
||||
| Capital expenditures | $ |
2,963 |
|
$ |
9,735 |
|
$ |
11,772 |
|
$ |
37,297 |
|
||||
| Total debt | $ |
16,107 |
|
$ |
23,012 |
|
||||||||||
| Cash and marketable securities | $ |
241,335 |
|
$ |
103,255 |
|
||||||||||
| Repurchase of common stock | $ |
6,845 |
|
$ |
12,209 |
|
||||||||||
| Backlog | $ |
394,773 |
|
$ |
478,582 |
|
||||||||||
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||
April 3, |
|
March 28, |
|
April 3, |
|
March 28, |
||||||||||
| Net External Sales by Channel (1) | 2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
| Aerospace: | ||||||||||||||||
| Commercial - OEM | $ |
49,816 |
|
$ |
75,696 |
|
$ |
205,240 |
|
$ |
304,851 |
|
||||
| Commercial - Aftermarket/Distribution |
|
12,234 |
|
|
18,972 |
|
|
49,537 |
|
|
70,870 |
|
||||
| Defense |
|
23,251 |
|
|
24,729 |
|
|
98,304 |
|
|
93,525 |
|
||||
|
85,301 |
|
|
119,397 |
|
|
353,081 |
|
|
469,246 |
|
|||||
| Industrial: | ||||||||||||||||
| OEM and Marine |
|
50,542 |
|
|
43,902 |
|
|
173,377 |
|
|
172,510 |
|
||||
| Aftermarket/Distribution |
|
24,452 |
|
|
22,544 |
|
|
82,526 |
|
|
85,705 |
|
||||
|
74,994 |
|
|
66,446 |
|
|
255,903 |
|
|
258,215 |
|
|||||
$ |
160,295 |
|
$ |
185,843 |
|
$ |
608,984 |
|
$ |
727,461 |
|
|||||
(1) End markets are based on internal definitions and metrics considered by management when evaluating the performance of the business. |
||||||||||||||||
RBC Bearings
Robert M. Sullivan
203-267-5014
This email address is being protected from spambots. You need JavaScript enabled to view it.
Alpha IR Group
Michael Cummings
617-461-1101
This email address is being protected from spambots. You need JavaScript enabled to view it.
Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.
Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.