LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--HydraForce, a leading manufacturer of hydraulic valves and manifolds, has partnered with Tan Delta Systems, the world’s leading manufacturer of real-time oil quality monitoring sensors and systems, to provide valuable real-time data about machine oil quality and expand its capabilities within the telematics market.
“We’re constantly looking for innovative ways to help our customers monitor their equipment and share valuable insights to manage their fleet more efficiently, reduce service costs and improve uptime,” said Russ Schneidewind, Director of Business Development, HydraForce. “This partnership allows us to offer a state-of-the-art oil conditioning sensor, that can be easily incorporated into the design of a manifold assembly using HydraForce cartridge valves to continuously monitor oil conditions.”
The Tan Delta sensor works by providing a full-spectrum holistic (FSHTM) oil quality analysis, which continuously monitors the ratio of two key measurements, capacitance and conductance, to provide a real-time measurement (permittivity). This sensor technology enables users to observe any changes within the oil composition, including signs of contamination or abnormalities in the oil chemistry.
“By combining the electronic controller architecture with telematics, users will have access to real-time data and ongoing alerts of oil conditions,” said Jason Sharpe, Tan Delta Systems. “This will help prevent excessive wear of hydraulic components and catastrophic failures that can occur when machines are in operation, resulting in increased productivity and reduced machine downtime and maintenance costs.”
Through accurate monitoring of oil health, maintenance scheduling can also be optimized as equipment is serviced only when required, and operators can rest assured that any unexpected changes in the oil condition will be immediately reported and detected. This can extend the life of equipment and machine health, as optimal oil conditions prevent unnecessary wear and tear.
HydraForce’s new technology is ideal for use in a variety of industries where high-value equipment requires a reliable oil condition monitoring system to ensure maximum equipment uptime, including agriculture, construction, material handling and mining.
This news follows HydraForce’s recent partnership with Elevāt IoT. As part of the Elevāt IoT subscription with HydraForce, operators use an application that can be paired with the Tan Delta oil conditioning sensor. This application will visualize data and provide customized alerts to inform the operator or owner when hydraulic fluids require maintenance.
HydraForce’s collaboration with both Elevāt IoT and Tan Delta will provide an integrated telematics solution for the market. For more information about these recent partnerships, visit www.hydraforce.com.
About HydraForce
Established in Chicago in 1985, HydraForce is a wholly-owned U.S. business. It remains a privately-owned company, with manufacturing facilities across the world, including North America, Great Britain, Brazil and China.
The company designs and manufactures high-performance hydraulic fluid power cartridge valves, custom manifolds, and electro-hydraulic controls. It has created thousands of custom control solutions for a variety of off-highway industries, encompassing farming, construction, marine, material handling, mining, and forestry.
Christina Alvarez
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708-908-0898
DUBLIN--(BUSINESS WIRE)--The "EMEA Market Outlook - Electric Vehicles and Charging Infrastructure 2020-2030" report has been added to ResearchAndMarkets.com's offering.
With the increase in electrification, in most countries in the EMEA region, the number of EVs is expected to increase dramatically in the coming years. This in turn will lead to a higher number of private charging points, specifically in the residential sector.
With stricter directives for electrification, released under the European Green Deal in July 2021, coming into play, many more countries have started investing in their charging infrastructure. This includes chargers installed in residential, destination and en route applications specifically.
To meet country-level electrification targets, many Charging Point Operators (CPOs) and businesses are shifting their focus on installing charging points across major roads, highways and destination locations. Chargers installed in these locations will mostly include DC charging.
There is significant growth to be seen in the DC 0-30kW category with a CAGR of 102% from 2020 -2030. Most of these chargers will be deployed in workplaces, depots and multi-family homes. This increase is largely due to the up-and-coming V2G technology which is highly likely to gain some market share in the future.
AC chargers, with capacity less than 11 kW, will eventually lose market share in the public charging landscape except in a few countries like the UK, where on-street charging is very much in focus.
Public charging infrastructure in most countries is shifting from low power 50kW DC to higher capacities of DC, whereas for private charging, most governments such as Germany are incentivizing the installation of AC charging points with capacity 11 kW or more.
Key Topics Covered:
1. Definitions
2. Executive Summary
3. EV Charging Policies & Incentives
I. E-Mobility Targets and Milestones
II. EVSE incentives of leading Markets in EMEA
4. Market Sizing
I. Electric Vehicles
II. Electric Vehicle Charging Infrastructure
5. Competitive Analysis
I. Market Shares
II. Top Suppliers
6. Market Trends
I. Policies, Incentives & Plans
II. Mergers & Acquisitions
III. Technology Innovation
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/tnr419
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Synota will commercialize its software platform to deliver instant settlements to the energy industry, reducing costs and unleashing innovation to promote global energy abundance
COLUMBUS, Ohio--(BUSINESS WIRE)--#ClimateTech--Synota, a Bitcoin technology company providing transactional flexibility and instant settlements to the energy industry, today announced it has raised a $3 million seed round led by ego death capital. The investment will be used to rapidly commercialize the company’s settlement platform for power generators, distributors and energy consumers worldwide.
Synota was founded in 2022 with a mission to promote global energy abundance by integrating Bitcoin’s Lightning Network and energy.
“The freedom to transact is essential to solve the global challenges of energy equity and access. Anything less condemns future generations to energy poverty – this is why we are passionate about how Synota disrupts energy finance,” said Austin Mitchell, Co-founder and CEO of Synota.
Today, a significant disconnect exists between when and how energy flows compared to when and how the energy payments are settled. The disconnect results in cash lag, credit risk and increased energy costs.
Synota resolves these issues by integrating existing hardware and software in the energy industry with Bitcoin’s Lightning Network, an open-source, peer-to-peer payment technology. Synota’s platform offers revolutionary transaction capability and instant settlements. Synchronizing the flow of energy with payments removes the financial friction currently inhibiting energy investment and innovation.
“Using Synota, back-office constraints will no longer limit a company’s ability to settle complex energy transactions,” said Lisa Scott, Co-founder and Chief Administrative Officer.
Enabling energy companies to settle transactions more frequently, based on real-time usage data, reduces counterparty risk and the need for collateral. Combined with the reduction in overhead costs from automating legacy and piecemeal settlement processes, Synota lowers the cost of energy.
Synota will launch a pay-as-you-go service for Bitcoin miners, hosts, and their energy suppliers early next year. Flexible transaction capabilities include dynamic pricing and simultaneous multi-party settlement. The software will be available for the broader energy industry starting in 2024.
Trammell Venture Partners, Rev1 Ventures, Hivemind VC, Bitcoiner Ventures and Recursive Capital also participated in the fundraising round, alongside other strategic partners.
About Synota
Synota was founded in 2022 by Austin Mitchell and Lisa Scott to bring about an abundant energy future. Synota’s software development is led by Max Dignan and the company is further supported by an experienced group of advisors. The team brings together a combined 125 years of experience in the energy industry along with Lightning Network expertise.
Editor’s note: Interviews are available upon request.
Lisa Scott/Austin Mitchell
Synota
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Enables Scalability, Improves User Experience and Moves Brand Closer to Achieving Total Visibility
SAN DIEGO--(BUSINESS WIRE)--Road Ready has unveiled its next-generation connectivity platform, Fus1on, a true IoT solution, optimized for cloud computing, that provides the ability to scale delivery of tailored fleet data solutions to commercial transportation customers. Fus1on by Road Ready was unveiled Monday at a press event at the 2022 ATA Management Conference and Exhibition in San Diego and will serve as the new foundation for Road Ready connectivity solutions as the brand thinks beyond smart trailers and toward smart fleets — then to its ultimate goal — solutions that bring total visibility into the supply chain.
“We set out nearly two years ago with a bold vision — to lead the way with breakthrough connected technologies that bring total visibility to the entire supply chain,” said Nada Jiddou, Executive Vice President of Clarience Technologies and General Manager of Road Ready. “The Fus1on platform is a significant leap forward in advancing that vision as we seek to help customers harness the power of the possible.”
Road Ready is owned by Michigan-based Clarience Technologies, a global transportation technology provider whose team of companies include several well-respected names that serve commercial transportation — including Truck-Lite® advanced LED lighting, DAVCO® diesel filtration, ECCO® safety lighting and warning systems and Pressure Systems International® tire pressure monitoring and automatic tire inflation systems.
Imagining a More Seamless Fleet Experience
With technology changing transportation at an accelerating rate, Road Ready set out to create a product that would not only serve customers today but will also continue to serve them as the fundamentals of the transportation industry change with time. To determine the product requirements needed to support this change, the Road Ready team focused on its target customer — the fleet manager — considering all aspects of that person’s typical day. From there, the task was simply to imagine the power of the possible.
“Although most fleet managers will tell you there is no typical day in the job, the pressures they face are striking,” said Mark Johnson, Clarience Technologies Executive Vice President and Chief Marketing Officer. “From the moment they wake up in the morning, the nature of their business requires them to continue to prioritize and reprioritize their day to complete what’s important — urgent priorities impacting today, operational priorities impacting performance this month, and strategic priorities impacting whether or not the company outperforms competitors long term.”
With this insight in mind, Road Ready imagined a scenario where a typical fleet manager relied on a single source of data that could be analyzed and acted upon in different ways throughout the day, from a critical item checklist that prioritizes overnight issues that would be reviewed at home, to a comprehensive fleet performance dashboard that could be shared in real time with the entire fleet operations team to drive key performance indicators. Every scenario included a “single pane of glass” approach showing trailers, tractors, drivers, and all other fleet information in one place.
Building a Foundation to Better Serve Customers
With a clear, customer-focused vision, Road Ready defined the product requirements of the Fus1on platform. To integrate data more easily from a growing number of data sources, Road Ready Fus1on is built as a true IoT platform. The platform is designed to accept and integrate API feeds — a standardized approach that allows disparate apps to exchange data between one another at scale — without the extensive programming time required with custom integration. Fus1on is built to be able to accept an infinite number of APIs, each of which run queries for specific data requested by the Fus1on platform, which helps Fus1ion quickly request, process and display data from multiple sources.
Additionally, Fus1on is purpose-built for cloud computing. For the platform, Road Ready partnered with Amazon Web Services (AWS), leveraging a proven cloud computing system that offers significant built-in features — including leading data security protocols as well as artificial intelligence and robotic process automation functions that will ultimately make Fus1on a safer, more reliable and more advanced connectivity platform.
A Giant Step Toward a Better Customer Experience
The technical architecture of the Fus1on platform only matters for one reason — to deliver a better product to customers. Road Ready wanted to ensure this is not only true at launch, but that the platform will continue to provide a better customer experience over time.
Initially, Fus1on will be introduced as a replacement platform for the current Road Ready and Fleetilla platforms. Soon after launch, Road Ready plans to integrate increased functionality into the platform, including the ability for fleets to see the data from all their assets — trailers, tractors, trucks, containers, and other equipment — all on a single fleet dashboard. Fus1on will also enable near-complete customization opportunities, including the ability to incorporate any data feed they deem necessary, from electronic logging devices (ELDs) to repair service platforms to even enterprise resource planning (ERP) system data.
Ultimately, Road Ready remains steadfast in its pursuit of total supply chain visibility. While that milestone remains on the horizon, the power of the Fus1on platform to rapidly integrate data being generated by the entire supply chain puts the brand one step closer.
“Achieving total supply chain visibility is not impossible — it will happen in the near future,” said Jiddou. “When that day arrives, we will attribute the development of this platform as the major inflection point — giving our entire industry the ability to harness the power of the possible.”
About Road Ready
Road Ready, a Clarience Technologies brand, is a vertically integrated advanced telematics and smart fleet solutions SaaS provider headquartered in Southfield, Michigan. Road Ready offers custom telematics solutions to help fleets manage, optimize, and maximize their assets. Coupled with an expansive network of premier integration partners, customers can do more through a single interface, Road Ready continues to implement groundbreaking research and development to make impactful contributions to the transportation industry.
About Clarience Technologies
Clarience Technologies is a global transportation technology solutions provider serving vehicle manufacturers, aftermarket retailers, commercial fleets and consumers worldwide. Founded in 2020 and based in Southfield, Michigan, the company’s mission is to bring total visibility to transportation by delivering the technologies that keep the world moving forward—made possible by the nearly 3,000 employees who are guided by the company’s CLEAR Principles: Curiosity, Leadership, Enthusiasm, Accountability and Respect. The Clarience Technologies team of companies include Truck-Lite (1955), Road Ready (2017), ECCO Safety Systems (1977), Code 3 (1974), RIGID Industries (2001), Lumitec (2007), DAVCO (1976), LED Autolamps (2002), Pressure Systems International (1993) and Fleetilla (2000). Its track record of meaningful innovation is represented best by its breakthrough innovations over the years that have accelerated progress in transportation. Learn more at www.clariencetechnologies.com
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Gabrielle Wiles
Clarience Technologies
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Software automatically generates a planar transformer design with full electrical specification and build documentation in just five minutes
SAN JOSE, Calif.--(BUSINESS WIRE)--#PowerIntegrations--Power Integrations (NASDAQ: POWI), the leader in high-voltage integrated circuits for energy-efficient power conversion, today launched a new function in PI Expert™, the powerful online design tool that automatically generates optimized power supply designs based on users’ specifications. PI Expert now features a planar magnetics builder that generates an application-specific planar transformer design complete with printed circuit board (PCB) manufacturer-ready documentation and Gerber files. The latest version of PI Expert now also includes support for Power Integrations’ entire InnoSwitch™3 flyback switcher IC family.
Trevor Hiatt, director of channel marketing at Power Integrations said: "Planar transformers facilitate low-profile flyback power supplies. With our new planar magnetics builder, designers can incorporate a sophisticated low-profile transformer in minutes. No other design tool can do this.”
The magnetics designer function in PI Expert provides full planar transformer information including stack specification, vertical and horizontal PCB construction, trace parameters, current density information and layer resistance. The tool automatically incorporates user-specified creepage and clearance distances necessary to meet safety isolation standards. An intuitive GUI provides vertical and horizontal stack construction and a bird’s eye view for all layers. The tool also outputs detailed manufacturing information of the planar solution, enabling users to go directly from design to fabrication.
The tool provides a comprehensive database of planar cores and components to simplify design and can also accept custom core geometries. PI Expert automatically optimizes the planar transformer design to match the power supply specification, incorporating additional winding layers and adjusting trace geometries as appropriate.
PI Expert leverages decades of PI’s combined power supply design expertise and is used by tens of thousands of global engineers annually. For more information, access the tool at power.com or watch this video.
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, the Power Integrations logo, InnoSwitch, PI Expert, and the PI Expert logo are trademarks or registered trademarks of Power Integrations, Inc. All other trademarks are the property of their respective owner.
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Linda Williams
Power Integrations
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LOS ANGELES--(BUSINESS WIRE)--Tuscan Holdings Corp. II (Nasdaq: THCA) (“THCA”), a publicly listed special purpose acquisition company (“SPAC”), and Surf Air Mobility Inc. (“SAM”), a regional air travel company working to accelerate the adoption of green aviation, today announced the filing by SAM with the U.S. Securities and Exchange Commission ("SEC") of a registration statement on Form S-4 (the "Registration Statement") relating to the previously announced proposed business combination of THCA and Surf Air Global Ltd (“Surf Air”), as well as the previously announced proposed acquisition by SAM of Southern Airways Corporation (“Southern”).
The Registration Statement contains a preliminary proxy statement/prospectus to be used in connection with the proposed transactions. Although the Registration Statement has not yet become effective and the information contained therein is subject to change, it provides important information about THCA, Surf Air, Southern and SAM, as well as the proposed transactions.
The transactions, which have been approved by the boards of directors of SAM, Surf Air and THCA, are expected to close in the fourth quarter of 2022, subject to, among other things, effectiveness of the Registration Statement, approval of THCA and Surf Air shareholders, regulatory approvals, and the satisfaction of other customary closing conditions.
About Tuscan Holdings Corp. II
Tuscan Holdings Corp. II (“THCA”) is a special purpose acquisition company formed for the purpose of effecting a merger, stock purchase or similar business combination with one or more differentiated businesses.
About Surf Air Global and Surf Air Mobility
Surf Air Mobility (“SAM”) is a Los Angeles-based electric aviation and air travel company reinventing flying through the power of electrification. The company intends to bring electrified aircraft to market at scale in order to substantially reduce the cost and environmental impact of flying. The management team has deep experience and expertise across aviation, electrification, and consumer technology. Surf Air has a number of notable advisors including Arianna Huffington (founder Huffington Post), Fred Reid (former Virgin America CEO, President Delta and Lufthansa), Jonathan Mildenhall (founder 21st Century Brands, former Airbnb CMO), Dr. David Agus (founder/CEO Ellison Institute), Matthew Anderson (former Roku CMO), and David Anderman (former General Counsel at SpaceX). For more information, visit: https://surfair.com.
Caution Concerning Forward-Looking Statements
Certain statements herein are “forward-looking statements” made pursuant to the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. In some cases, you can identify forward-looking statements through the use of words or phrases such as “may”, “should”, “could”, “predict”, “potential”, “believe”, “will likely result”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would” and “outlook”, or the negative version of those words or phrases or other comparable words or phrases of a future or forward-looking nature, but the absence of such words does not mean that a statement is not forward-looking. These forward-looking statements are not historical facts and are based upon estimates and assumptions that, while considered reasonable by SAM and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement with Southern, thereby impeding SAM’s ability to become a leading air mobility platform with scheduled routes and on-demand charter flights operated by Southern and other third-party operators; the Company’s ability to upgrade Southern’s current fleet of nearly 40 Cessna Grand Caravans to hybrid electric aircraft using technology; the ability of the Company’s first generation of electrified aircraft to meaningfully decarbonize aviation and help alleviate the environmental impact of flying by reducing carbon emissions by as much as 50 percent; the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement with respect to the business combination with THCA (the “Business Combination”); the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreements with AeroTEC and magniX to accelerate development of electrified commercial aircraft or the inability of SAM to realize the anticipated benefits of the these agreements; the ability of SAM, along with AeroTEC and magniX, to develop and certify hybrid and fully-electric powertrains for new and existing Cessna Grand Caravan aircraft; the outcome of any legal proceedings that may be instituted against SAM; the combined company or others following the announcement of the Business Combination and any definitive agreements with respect thereto; the inability to complete the Business Combination due to the failure to obtain approval of the stockholders of SAM, to obtain financing to complete the Business Combination or to satisfy other conditions to closing; changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; the ability to meet stock exchange listing standards following the consummation of the Business Combination; the risk that the Business Combination disrupts current plans and operations of SAM as a result of the announcement and consummation of the Business Combination; the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; costs related to the Business Combination; changes in applicable laws or regulations; the possibility that SAM or the combined company may be adversely affected by other economic, business, regulatory, and/or competitive factors; SAM’s estimates of expenses and profitability; the evolution of the markets in which SAM competes; the ability of SAM to implement its strategic initiatives and continue to innovate its existing products; the ability to respond to failures in our technology or cybersecurity threats affecting our business; the ability to respond to regional downturns or severe weather or catastrophic occurrences or other disruptions or events; the ability to respond to decreases in demand for private aviation services and changes in customer preferences; the ability of SAM to defend its intellectual property and satisfy regulatory requirements and the impact of the COVID-19 pandemic on SAM’s business; and other risks.
Additional Information and Where to Find It
In connection with the proposed business combination, SAM has filed the Registration Statement with the SEC, which includes a preliminary prospectus and preliminary proxy statement. THCA shareholders are urged to read the preliminary prospectus and proxy statement and any amendments thereto and the final prospectus and definitive proxy statement in connection with the solicitation of proxies for the special meeting to be held to approve the proposed transaction, because these documents will contain important information about the THCA, SAM, and the proposed transaction. The final prospectus and definitive proxy statement will be mailed to stockholders of the THCA as of a record date to be established for voting on the proposed transaction. THCA shareholders will also be able to obtain a free copy of the proxy statement, as well as other filings containing information about the THCA, without charge, at the SEC’s website (www.sec.gov) or by calling 1-800-SEC-0330. Copies of the proxy statement and the THCA’s other filings with the SEC can also be obtained, without charge, by directing a request to: This email address is being protected from spambots. You need JavaScript enabled to view it.. Additionally, all documents filed with the SEC can be found on THCA’s website, tuscan-holdings.com. The information contained in, or that can be accessed through, THCA’s or SAM’s website is not incorporated by reference in, and is not part of, this press release.
Neither the SEC nor any state securities regulatory agency has approved or disapproved the transactions described in this press release, passed upon the merits or fairness of the business combination or related transactions or passed upon the adequacy or accuracy of the disclosure in this press release. Any representation to the contrary constitutes a criminal offense.
Participants in the Solicitation
SAM and THCA and their respective directors and officers and other members of management and employees may be deemed participants in the solicitation of proxies in connection with the proposed business combination. THCA stockholders and other interested persons may obtain, without charge, more detailed information regarding directors and officers of THCA in the SPAC’s Annual Report on Form 10-K for the year ended December 31, 2021 and in the Registration Statement. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies from THCA’s shareholders in connection with the proposed business combination will be included in the Registration Statement.
No Offer or Solicitation
This press release does not constitute (i) a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed business combination, or (ii) an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction 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 shall be made except by means of a prospectus meeting the requirements of the U.S. Securities Act.
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THE WOODLANDS, Texas--(BUSINESS WIRE)--Excelerate Energy, Inc. (NYSE: EE) (“Excelerate”) and the Government of the Federal Republic of Germany signed a five-year contract today in Berlin to charter the floating storage and regasification unit (FSRU) Excelsior to help provide energy security and supply diversification to Germany while supporting the country’s transition to renewable energy.
Excelerate’s President and CEO Steven Kobos and Dr. Patrick Graichen, State Secretary at the Federal Ministry for Economic Affairs and Climate Action (BMWK), signed the contract at BMWK headquarters in a ceremony also attended by Woodward Clark Price, Chargé d’Affaires of the United States Embassy in Berlin.
“The deployment of the FSRU Excelsior to Germany demonstrates our commitment to strengthening energy security at a time when traditional energy sources have proven unreliable,” said Steven Kobos, President and CEO of Excelerate. “FSRUs have the ability to offer flexible access to greater supply diversification and can serve as a complementary backstop for the rapid scaling of green energy projects. These benefits are consistent with the stated goals of the U.S.-EU Task Force on Energy Security.”
BMWK previously announced that a consortium including Tree Energy Solutions, E.ON, and Engie would jointly develop and implement Germany’s fifth FSRU import terminal using an Excelerate vessel. The FSRU will accelerate the development of TES’ green hydrogen terminal at Wilhelmshaven.
Under the terms of the agreement, the FSRU Excelsior will go on charter in the first quarter of 2023. The Federal Republic of Germany intends to deploy the vessel in the Port of Wilhelmshaven. The Excelsior, which has an LNG storage capacity of 138,000 m3 and send-out capacity of 5 bcm/y, will go to drydock at the end of 2022 for scheduled maintenance prior to its deployment to Germany.
ABOUT EXCELERATE ENERGY:
Excelerate Energy, Inc. is a U.S.-based LNG company located in The Woodlands, Texas. Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG value chain with the objective of delivering rapid-to-market and reliable LNG solutions to customers. The Company offers a full range of flexible regasification services from FSRUs to infrastructure development to LNG supply. Excelerate has offices in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Ho Chi Minh City, Manila, Rio de Janeiro, Singapore, and Washington, DC. For more information, please visit www.excelerateenergy.com.
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Excelerate Energy
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FGS Global
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IRVING, Texas & CALGARY, Alberta--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR) was awarded a reimbursable front-end engineering and detailed design, engineering and procurement services contract for Imperial as the company progresses plans to develop a world-class renewable diesel complex at its Strathcona refinery near Edmonton, Alberta, Canada. The new complex is expected to be the largest renewable diesel production facility in Canada and will produce approximately 20,000 barrels of renewable diesel per day from locally sourced feedstocks.
Fluor booked the undisclosed contract value in the third quarter of 2022.
“Our involvement in this project underscores our ongoing commitment to helping clients deliver sustainable and lower carbon energy,” said Jim Breuer, group president, Energy Solutions, Fluor Corporation. “By combining Fluor’s global renewables engineering and construction expertise with the company’s extensive local knowledge, Fluor will provide a robust modular execution approach for this project.”
Fluor will design and integrate a new renewable diesel unit into the existing Strathcona refinery. The integration will include a series of utility tie-ins, electrical and control systems integration as well as commodity storage, loading and unloading capabilities.
Fluor in Energy Transition
Fluor delivers energy transition projects across the entire energy value chain that are safely and sustainably designed, built and maintained. Fluor’s breadth of experience includes solutions that help to reduce carbon emissions and to meet clients’ sustainability commitments.
About Fluor Corporation
Fluor Corporation (NYSE: FLR) is building a better future by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s 41,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $12.4 billion in 2021 and is ranked 259 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement and construction services for more than 110 years. For more information, please visit www.fluor.com or follow Fluor on Twitter, LinkedIn, Facebook and YouTube.
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Brian Mershon
Media Relations
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Jason Landkamer
Investor Relations
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DUBLIN--(BUSINESS WIRE)--The Board of Directors of intelligent power management company Eaton (NYSE:ETN) today declared a quarterly dividend of $0.81 per ordinary share. The dividend is payable November 30, 2022, to shareholders of record at the close of business on November 10, 2022. Eaton has paid dividends on its shares every year since 1923.
Eaton is an intelligent power management company dedicated to improving the quality of life and protecting the environment for people everywhere. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power ─ today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re accelerating the planet’s transition to renewable energy, helping to solve the world’s most urgent power management challenges, and doing what’s best for our stakeholders and all of society.
Founded in 1911, Eaton has been listed on the NYSE for nearly a century. We reported revenues of $19.6 billion in 2021 and serve customers in more than 170 countries. For more information, visit www.eaton.com. Follow us on Twitter and LinkedIn.
Jennifer Tolhurst
+1 (440) 523-4006
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Second quarter fiscal year 2023 financial results to be released before the market opens on November 7, 2022 with the related teleconference and webcast scheduled for 11:00 am ET that morning
BATAVIA, N.Y.--(BUSINESS WIRE)--Graham Corporation (NYSE: GHM), a global leader in the design and manufacture of mission-critical fluid, power, heat transfer, and vacuum technologies for the defense, space, energy, and process industries, announced a record $92 million in orders for its second quarter of fiscal 2023.
The second quarter order level was driven by:
“Our record level of orders in the second quarter reflects our continued expansion into the defense business and the success we have had meeting our customers’ requirements. We believe this is a testament to our engineering know-how, improved execution, and long-standing relationship with the U.S. Navy to provide mission critical systems for high-profile programs,” commented Daniel J. Thoren, President and CEO. “From an operational perspective, we have invested considerable time and capital to meet critical deliveries for the U.S. Navy, demonstrating that we are a supplier they can count on. Beyond defense, demand for our products in the second quarter of 2023 has been solid in our other markets. Of note, the commercial space and commercial aftermarket industries continue to recognize the value of our innovative solutions and engineering services.”
Second Quarter Fiscal Year 2023 Webcast and Conference Call
Graham’s management will host a conference call and live webcast on Monday, November 7, 2022 at 11:00 am ET to review its financial condition and operating results, strategy and outlook. The review will be accompanied by a slide presentation, which will be made available immediately prior to the conference call on Graham’s website: graham-mfg.com.
A question-and-answer session will follow the formal presentation. Graham’s conference call can be accessed by calling (201) 689-8560. Alternatively, the webcast can be monitored on Graham’s investor relations website.
A telephonic replay will be available from 2:00 p.m. ET today through Monday, November 14, 2022. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13733207. A transcript of the call will be placed on Graham’s investor relations website Graham IR once available.
ABOUT GRAHAM CORPORATION
Graham is a global leader in the design and manufacture of mission-critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy, and process industries. The Graham Manufacturing and Barber-Nichols’ global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenic pumps, and turbomachinery technologies, as well as its responsive and flexible service and the unsurpassed quality customers have come to expect from the Company’s products and systems.
Graham routinely posts news and other important information on its website, www.grahamcorp.com, where additional information on Graham Corporation and its businesses can be found.
Safe Harbor Regarding Forward Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “plans,” “anticipates,” “believes,” “will,” “can,” and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to, the evolution and future of the Company, the Company’s opportunities, the Company’s ability to deliver value to its shareholders, orders, backlog, revenue, and its operating strategy are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation’s most recent Annual Report filed with the Securities and Exchange Commission, including under the heading entitled “Risk Factors,” its quarterly reports on Form 10-Q, and other filings it makes with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize or should any of Graham Corporation’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation’s forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.
Christopher J. Thome
Vice President - Finance and CFO
Phone: (585) 343-2216
Deborah K. Pawlowski
Kei Advisors LLC
Phone: (716) 843-3908
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DUBLIN--(BUSINESS WIRE)--The "Global Fuel Cell Market 2021-2031 by Product, Capacity, Application, End User, and Region: Trend Forecast and Growth Opportunity" report has been added to ResearchAndMarkets.com's offering.
The global fuel cell market will reach $41,143.1 million by 2031, growing by 21% annually over 2021-2031 driven by the increasing need for clean power generation, stringent norms on greenhouse gas (GHG) emission across the globe, increasing R&D grants and government incentives, and the mounting environmental concerns and expanding urbanization.
This report is based on comprehensive research of the entire global fuel cell market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2018-2021 and provides forecast from 2022 till 2031 with 2021 as the base year. (Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)
In-depth qualitative analyses include identification and investigation of the following aspects:
The trend and outlook of global market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19 and Russia-Ukraine conflict. The balanced (most likely) projection is used to quantify global fuel cell market in every aspect of the classification from perspectives of Product, Capacity, Application, End User, and Region.
Based on Product, the global market is segmented into the following sub-markets with annual revenue ($ mn), capacity (MW), and volume (units) for 2021-2031 included in each section.
Based on Capacity, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2021-2031 included in each section.
By Application, the global market is segmented into the following sub-markets with annual revenue ($ mn), capacity (MW), and volume (units) for 2021-2031 included in each section.
By End User, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2021-2031 included in each section.
Geographically, the following regions together with the listed national/local markets are fully investigated:
For each aforementioned region and country, detailed analysis and data for annual revenue ($ mn) are available for 2021-2031. The breakdown of all regional markets by country and split of each national market by Product, Capacity and Application over the forecast years are also included.
The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.
Selected Key Players:
For more information about this report visit https://www.researchandmarkets.com/r/8e3o49
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”), today announced that the Board of Directors of its general partner declared a quarterly cash distribution of $0.5627 per Class A share for the quarter ended September 30, 2022. The distribution represents a 1.2% increase compared to the distribution on the Hess Midstream Class A shares for the second quarter of 2022, which equals a 5% increase on an annualized basis. The distribution will be payable on November 14, 2022 to shareholders of record as of the close of business on November 3, 2022.
About Hess Midstream
Hess Midstream LP is a fee-based, growth-oriented midstream company that owns, operates, develops and acquires a diverse set of midstream assets to provide services to Hess Corporation and third-party customers. Hess Midstream owns oil, gas and produced water handling assets that are primarily located in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota. More information is available at www.hessmidstream.com.
Investor Contact:
Jennifer Gordon
(212) 536-8244
Media Contact:
Robert Young
(346) 319 8783
SAN DIEGO--(BUSINESS WIRE)--Southland Industries today announced the completion of a brand consolidation with its energy services division.
Although Southland Energy has always leveraged Southland Industries’ in-house engineering, construction, and service expertise to deliver superior cost-effective energy and infrastructure solutions, Southland Energy will now be known as Southland Industries in order to remove any potential market confusion.
“Our unified business structure has always created a better customer experience,” said Anthony Roner, Vice President, Energy. “Having the ability to self-perform the full breadth of our services as Southland Industries makes it easier for our customers to access all of our services from a single brand.”
Since 2012, Southland Energy has delivered energy efficiency, renewable energy, and energy consulting services. Now Southland Industries will continue providing these services, while also offering a wider array of full building lifecycle expertise.
“It’s an exciting time for both our customers and employees as we move forward with consolidating our various brands to Southland Industries,” said Ted Lynch, Ph.D., CEO of Southland Industries. “Working under a unified name better represents the way we actually work and approach project challenges — from a holistic, full building lifecycle view.”
This integration completes another phase of Southland’s plan to consolidate all of their brands to Southland Industries by January 2023.
Dan Navarrete, Vice President, Marketing and Communications
703-834-5570
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DALLAS--(BUSINESS WIRE)--Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or the “Company”) announced it was awarded seven projects secured by the Energy/Renewables segment with a combined estimated value of approximately $400 million.
The Company was awarded two power projects with a combined estimated value of $100 million. The first power project is the retrofit of multiple existing combustion gas turbine generator air inlet systems. The second project is a design-build cogeneration repowering project. The Company also received an award for the construction of a portfolio of utility-scale solar projects in the Midwest, valued at approximately $100 million dollars. Finally, the Company was awarded four heavy civil construction projects valued at more than $200 million. All projects were awarded after the completion of the third quarter and work is scheduled to begin in the fourth quarter of 2022.
“These awards demonstrate client confidence in our expertise in power delivery, our leadership role in the design and construction of solar projects and our reputation as a trusted contractor for the state of Texas,” said Tom McCormick, President and Chief Executive Officer of Primoris. “These new awards represent more than $400 million of work added to our backlog as we head into 2023 and beyond.”
About Primoris
Primoris Services Corporation is a leading specialty contractor providing critical infrastructure services to the utility, energy/renewables and pipeline services markets throughout the United States and Canada. The Company supports a diversified base of blue-chip customers with engineering, procurement, construction and maintenance services. A focus on multi-year master service agreements and an expanded presence in higher-margin, higher-growth markets such as utility-scale solar facility installations, renewable fuels, power delivery systems and communications infrastructure have also increased the Company’s potential for long-term growth. Additional information on Primoris is available at www.prim.com.
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including the Company’s future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”, “potential”, “predicts”, “projects”, “should”, “will”, “would” or similar expressions. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of regulation and the economy, generally. Forward-looking statements inherently involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ materially as a result of a number of factors, including, among other things, the risks described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2021, and our other filings with the U.S. Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Blake Holcomb
Vice President, Investor Relations
214-545-6773
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BOSTON--(BUSINESS WIRE)--AM Batteries (AMB), a pioneer in lithium-ion dry-electrode technology, announced today the close of its Series A financing. Anzu Partners, an investment firm that focuses on breakthrough industrial technologies, led AMB's oversubscribed $25M Series A funding, with participation from TDK Ventures, Foothill Ventures, Toyota Ventures, Zeon Ventures, SAIC Capital, VinFast, Doral Energy-Tech Ventures, and Creative Ventures. The financing will allow AMB to expand its team and accelerate its commercialization efforts, advance its roll-to-roll manufacturing pilot line to a production-grade line for customers, and extend its dry-electrode manufacturing platform to new battery chemistries and technologies like solid-state batteries.
One of the fundamental issues with today’s lithium-ion battery manufacturing process is the heavy carbon footprint, energy consumption, and cost from the solvent evaporation and recovery process needed for electrode fabrication. As electric vehicles continue to outperform predictions of global market penetration, the manufacturing costs and environmental footprint of EVs need to be addressed for sustainable mass adoption. AMB’s dry-electrode manufacturing technology allows for the coating of lithium-ion battery electrodes without the need for any harmful solvents or energy-intensive evaporation.
To manufacture battery electrodes, AMB uses an electrostatic spray deposition technique by which the cathode and anode active materials are electrostatically charged and deposited onto metal foil current collectors, which are then processed to their final state. When implemented at scale, AMB’s technology can enable an order of magnitude reduction in both factory footprint and energy consumption for electrode manufacturing. With the additional customizability afforded by the dry process, AMB’s electrodes also offer a path to other benefits, such as faster-charging, higher energy density, and even safer batteries.
“We are grateful for the confidence our investors have shown in us during this latest round of funding,” said Yan Wang, AMB Co-founder and CEO. “The demand for lithium-ion batteries has never been higher. One of the fundamental problems for battery manufacturers today in consumer electronics, large-scale energy storage, and EV markets is refining manufacturing techniques to remove the toxic solvents used in ‘wet-coating’ of electrodes. The progress we have made at AMB is a major step forward in solving this problem.”
“EV OEMs, such as Tesla, Volkswagen, and others, have already stated the need for improvements in battery manufacturing to address cost, scale, and environmental impact issues,” said Jimmy Kan, Ph.D., Partner at Anzu Partners. “We believe the commercialization of AMB’s electrostatic spray technology will directly address these industry pain points, while providing a platform for future battery performance and safety innovation.”
“In the wake of the Biden Administration’s Inflation Reduction Act’s support of localizing battery production with a $35/kWh credit for U.S.-based battery manufacturing, and the state of California’s plan to ban all gasoline vehicles by 2035, advancements in the production of lithium-ion batteries, such as what AMB is achieving, are not only critical, but a huge, green step forward,” said Anil Achyuta, Investment Director at TDK Ventures, who serves on the Board of AMB.
“The demand for electrification and the EV boom is fueling massive growth in the battery manufacturing equipment market and we have witnessed a steady flow of investments into advanced battery chemistries to drive key performance metrics of the batteries themselves,” said Lisa Coca, Climate Fund partner at Toyota Ventures. “However, AM Batteries’ solvent-free, dry-electrode manufacturing addresses another critical efficiency metric, the emissions footprint of the manufacturing process. The team’s expert ability to tackle this industry challenge - to sustainably produce while keeping pace with anticipated growth and demand - is why we are so excited to join their mission in transforming the manufacturing processes of lithium-ion batteries for EVs, grid storage, consumer electronics, and beyond.”
Within one year of operation since its seed financing, AMB has demonstrated a technology pilot line with roll-to-roll coating capabilities and industry-matching electrode performance. With this latest financing, AMB plans to scale up its production capabilities and further its collaborations with several battery materials, cell manufacturing, and EV partners.
To learn more about AM Batteries, visit https://am-batteries.com.
About AM Batteries
AM Batteries was founded in 2016, headquartered in Acton, MA focused on dry-electrode manufacturing for lithium-ion batteries. Compared to conventional slurry casting approach, AMB’s technology completely eliminates solvent recovery and electrode drying, which reduces energy consumption of a battery plant by 50%, saves 40% of capital equipment in electrode manufacturing and potentially produces higher energy, faster charging and lower cost lithium-ion batteries. AMB technology can be used for other types of battery electrode fabrication. AMB is working on scaling the technology for the lithium-ion battery industry. For more information, visit https://am-batteries.com.
About Anzu Partners
Anzu Partners is an investment firm that focuses on industrial and life science technology companies with the potential to transform their industries. Anzu works with entrepreneurs to develop and commercialize technological innovations by providing capital alongside deep expertise in business development, market positioning, intellectual property, global connectivity, and operations. For more information, visit https://anzupartners.com/.
About TDK Ventures
TDK Ventures Inc. invests in startups to bolster innovation in materials science, energy/power and related areas typically underrepresented in venture capital portfolios. Established in 2019 as a wholly-owned subsidiary of TDK Corporation, the corporate venture company’s vision is to propel the digital and energy transformations of segments such as health and wellness, next-generation transportation, robotics and industrial, mixed reality and the wider IoT/IIoT markets. TDK Ventures will co-invest and support promising portfolio companies by providing technical expertise and access to global markets where TDK operates. Interested startups or investment partners may contact TDK Ventures: www.tdk-ventures.com or This email address is being protected from spambots. You need JavaScript enabled to view it..
Media:
Kalyn Kolek for AM Batteries and Anzu Partners
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Raphel Finelli for TDK Ventures
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HOUSTON--(BUSINESS WIRE)--Cheniere Energy Partners, L.P. (“Cheniere Partners”) (NYSE American: CQP) today declared (i) a cash distribution of $1.07 per common unit to unitholders of record as of November 3, 2022, comprised of a base amount equal to $0.775 and a variable amount equal to $0.295, and (ii) the related distribution to its general partner. These distributions are payable on November 14, 2022.
This press release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that 100 percent of Cheniere Partners’ distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Cheniere Partners’ distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate. Nominees are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.
About Cheniere Partners
Cheniere Partners owns the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, which has natural gas liquefaction facilities consisting of six operational liquefaction Trains with a total production capacity of approximately 30 million tonnes per annum of liquefied natural gas (“LNG”). The Sabine Pass LNG terminal also has operational regasification facilities that include five LNG storage tanks, vaporizers, and two marine berths with a third marine berth in commissioning. Cheniere Partners also owns the Creole Trail Pipeline, which interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines.
For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements.” All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere Partners’ financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding regulatory authorization and approval expectations, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners’ LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners’ actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners’ periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
Cheniere Partners
Investors
Randy Bhatia, 713-375-5479
Frances Smith, 713-375-5753
Media Relations
Eben Burnham-Snyder, 713-375-5764
Phil West, 713-375-5586
MISSISSAUGA, Ontario--(BUSINESS WIRE)--Schneider Electric, the leader in the digital transformation of energy management and automation, announced today the launch of Altivar™ Soft Starter ATS480 (ATS480) for the Canadian market. ATS480 marks the next evolution of soft starters with digitalization in mind. Designed for normal and heavy-duty applications, it simplifies project execution and maximizes the availability of applications even in the most demanding environments.
With ATS480, Schneider Electric completes its service-oriented motor control and protection offer and builds on the proven robustness and success of its predecessor, ATS48. Intended for use in applications such as compressors, conveyors, pumps and fans, centrifugal machines, and more. ATS480 can support processes and infrastructure across several industries, including equipment manufacturing; mining, minerals, and metals; water, and wastewater; oil and gas, and more.
ATS480 combines robust performance, torque control, and simplicity of use to offer several benefits, such as:
“At Schneider Electric, we’re always looking to expand our portfolio to provide customers with the solutions they need to meet their energy management and automation needs,” said Sanjith Singh, Vice President of Industrial Automation, Schneider Electric Canada. “The introduction of ATS480 builds upon the valuable offerings of ATS48, while equipping users with greater flexibility and continuity of service – a requirement in today’s increasingly digital world. This simple solution is an exciting addition to Schneider Electric’s integrated automated offering, enabling greater project efficiency and optimized operations.”
With the ATS480 offer, the motor command and control values are retained, but the opening to the 4.0 factory is provided with a new control card. While the ATS480 features the same power stage design, supply control and panel implementation as the ATS48, the ATS480 is revamped with a complete and wide offer from 17 to 1,200 Amps and a voltage range from 200 to 690V.
The ATS480 paves the way for the renewal of the Altivar Soft Starter offer to migrate the range of motor controls to digital services for all industry players. In addition, this range complies with environmental requirements with the labels: Green Premium, RoHS, ReacH. The ATS480 is available for purchase through our authorized distributor network, and for more technical information and sales support please visit our product page.
About Schneider Electric
Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.
Our mission is to be your digital partner for Sustainability and Efficiency.
We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.
We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.
Discover Life Is On Follow us on: Twitter | Facebook | LinkedIn | YouTube | Instagram | Blog
#LifeIsOn
Media:
Media Relations - Edelman on behalf of Schneider Electric, Juan Pablo Guerrero
Phone: +1 416 875 7173, Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--Archaea Energy Inc. (“Archaea”) (NYSE: LFG) announced today that it plans to issue its earnings release with respect to third quarter 2022 financial results on Thursday, November 10, 2022 after the market closes. In light of its pending acquisition by bp, as announced on October 17, 2022, Archaea will not host a conference call to discuss third quarter results.
ABOUT ARCHAEA
Archaea Energy Inc. is one of the largest RNG producers in the U.S., with an industry-leading platform and expertise in developing, constructing, and operating RNG facilities to capture waste emissions and convert them into low carbon fuel. Archaea’s innovative, technology-driven approach is backed by significant gas processing expertise, enabling Archaea to deliver RNG projects that are expected to have higher uptime and efficiency, faster project timelines, and lower development costs. Archaea partners with landfill and farm owners to help them transform potential sources of emissions into RNG, transforming their facilities into renewable energy centers. Archaea’s differentiated commercial strategy is focused on long-term contracts that provide commercial partners a reliable, non-intermittent, sustainable decarbonizing solution to displace fossil fuels.
Additional information is available at www.archaeaenergy.com.
ARCHAEA CONTACTS
Megan Light
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346-439-7589
Blake Schreiber
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346-440-1627
MALVERN, Pa. & HOUSTON--(BUSINESS WIRE)--Saint-Gobain has signed a 10-year renewable electricity supply agreement (Power Purchase Agreement or PPA) with TotalEnergies for the purchase of solar power for its 145 industrial sites in North America (United States and Canada).
Commenting on this agreement, Mark Rayfield, CEO of Saint-Gobain North America, said: “With this agreement, Saint-Gobain North America will dramatically reduce its CO2 emissions while sending a strong signal to the market that the manufacturing industry is ready to commit to green electricity. This renewable energy project is critical to meeting Saint-Gobain’s commitment to reduce scope 1 and 2 CO2 emissions by 33% by 2030 and to reach carbon neutrality by 2050.”
“We are excited to support Saint-Gobain and be a part of making their sustainable goals in North America a reality, and we look forward to continuing this mutual effort to decarbonize their energy supplies,” said Marc-Antoine Pignon, Managing Director, TotalEnergies Renewables USA. “Our ambition in the U.S. is to become a key partner for corporate players committed to achieving carbon neutrality by offering them innovative and cost-effective renewable solutions to decarbonize their electricity consumption.”
This 200 MW PPA is expected to offset Saint-Gobain’s North American CO2 emissions from electricity (scope 2 emissions) by 210,000 Metric Tons per year, a reduction of around 33%. The agreement is expected to start at the end of 2024.
This is the second PPA signed in North America by Saint-Gobain, the first one being a wind project in Blooming Grove, Illinois (United States). The two projects combined are expected to represent a 62% reduction in Saint-Gobain North America’s scope 2 emissions.
The signing of this Power Purchase Agreement follows several other recent actions taken by Saint-Gobain to solidify its commitment towards sustainability:
• In October, the company started up operations at its new electrical powerhouse on its flagship campus in Worcester, Massachusetts, which is projected to reduce the site’s carbon dioxide emissions by 50%.
• Also in October, Saint-Gobain North America at its CertainTeed Gypsum location in Buchanan, New York, in collaboration with three New York partner companies, launched a circular economy initiative, reclaiming waste gypsum wallboard to reuse as feedstock in its production.
• In September, the company announced it will save two million gallons of water per year at its CertainTeed Social Circle, Georgia siding plant after installing a smart water meter system and upgrading manufacturing equipment.
• In August, the company announced its intent to install equipment at its Palatka, Florida gypsum plant that will increase the recycled content in its wallboard products by 18,000 tons/year while also reducing the site’s carbon dioxide emissions by 2,260 tons/year.
• In July, Saint-Gobain announced the upgrade of key equipment at its Buchanan, New York gypsum plant, saving nearly 700,000 kWh of electricity per year and also reducing the plant’s greenhouse gas emissions.
• In June, Saint-Gobain announced a $91 Million CAD investment in its gypsum plant in Montreal, creating the first zero-carbon manufacturing site for wallboard in North America and increasing the plant’s production capacity by 40%.
• In May, Saint-Gobain announced its newly installed recycling technology at its gypsum wallboard plant in Nashville, Arkansas would save 65,000 tons of material per year from landfill.
• In April, Saint-Gobain entered into a recycling partnership at its SageGlass electrochromic glass production site in Faribault, Minnesota, saving 1,000 tons of material per year from landfill over the next five years.
• In March, Saint-Gobain North America announced it would install heat recovery technology at its CertainTeed gypsum manufacturing site in Vancouver, British Columbia, which will reduce the plant’s carbon dioxide emissions by 10% and improve its energy efficiency.
• Also in March, Saint-Gobain announced that through its virtual Power Purchase Agreement with the Blooming Grove Wind Farm in McLean County, Illinois, and additional renewables contracting, the company received renewable energy certificates that effectively reduced approximately 33% of its CO2 emissions from electricity usage in 2021 in the United States and Canada.
• In February, the company invested $32 Million to upgrade equipment at its CertainTeed insulation plant in Chowchilla, California, reducing the facility’s carbon footprint by more than 4,000 metric tons per year.
• In January, Saint-Gobain North America donated a zero energy-ready house in Canton, Ohio, made with more than 20 of its own products, to Habitat for Humanity.
ABOUT SAINT-GOBAIN
Worldwide leader in light and sustainable construction, Saint-Gobain designs, manufactures and distributes materials and services for the construction and industrial markets. Its integrated solutions for the renovation of public and private buildings, light construction and the decarbonization of construction and industry are developed through a continuous innovation process and provide sustainability and performance. The Group’s commitment is guided by its purpose, “MAKING THE WORLD A BETTER HOME.”
€44.2 billion in sales in 2021
166,000 employees, locations in 76 countries
Committed to achieving Carbon Neutrality by 2050
For more information about Saint-Gobain,
visit www.saint-gobain.com and follow us on Twitter @saintgobain
ABOUT TOTALENERGIES
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
Analyst/Investor relations
Vivien Dardel : +33 1 88 54 29 77
Floriana Michalowska : +33 1 88 54 19 09
Alix Sicaud :+33 1 88 54 38 70
Press relations
Patricia Marie : +33 1 88 54 26 83
Laure Bencheikh :+33 1 88 54 26 38
Susanne Trabitzsch :+33 1 88 54 27 96
Media Relations: +33 (0)1 47 44 46 99 This email address is being protected from spambots. You need JavaScript enabled to view it. l @TotalEnergiesPR
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Media
Peter Clark
Saint-Gobain Corporate Communications
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Third Quarter 2022 Highlights
STAMFORD, Conn.--(BUSINESS WIRE)--Crane Holdings, Co. (NYSE:CR), a diversified manufacturer of highly engineered industrial products, reported third quarter 2022 financial results and reaffirmed the midpoint of its full-year 2022 adjusted EPS guidance.
Max Mitchell, Crane Holdings, Co. President and Chief Executive Officer stated: “We delivered another quarter of very strong results with clear evidence of our execution in adjusted operating margins of 17.6%. We also saw continued momentum across industrial end markets, with core order growth up 10% and core backlog growth of 26%. End market demand remains robust, but our core sales growth of 2% reflects the supply chain constraints that continue to impact everyone in our key markets. However, we are successfully navigating this environment, and are confident in our ability to achieve our narrowed full year adjusted earnings guidance range, while our strong backlog positions us for accelerating growth as supply chain conditions improve over the next several quarters."
Mr. Mitchell concluded: "In addition to consistently delivering strong operating results, we continue to make progress positioning our businesses and portfolio for accelerating growth. We have incredible momentum across all of our businesses with significant investments in technology and strategic growth initiatives to drive outperformance compared to our peers, and we are actively pursuing inorganic growth as well, with activity on a number of potential acquisitions. Further, progress towards our planned early April 2023 separation is progressing smoothly, and we continue to believe that the separation will permit each post-separation company to optimize its investments and capital allocation policies to further accelerate growth and unlock shareholder value."
Third Quarter 2022 Results
Third quarter 2022 GAAP net loss per share of $1.06 included an after-tax loss of $162 million, or $2.89 per share, on the August divestiture of asbestos-related assets and liabilities and other Special Items, net, of $0.03, and compared to EPS of $1.96 in the third quarter of 2021. Third quarter 2022 adjusted EPS was $1.86, compared to $1.98 in the third quarter of 2021, with the decline driven by a $0.19 impact from the reversion to a more normal tax rate compared to the 15.3% tax rate in the third quarter of last year, and the expected $0.16 year-over-year impact from the May 2022 divestiture of Crane Supply. (Please see the attached Non-GAAP Financial Measures tables for a detailed reconciliation of reported results to adjusted measures.)
Third quarter 2022 sales were $815 million, a decrease of $79 million, or 9%, compared to the third quarter of 2021. Core sales growth of $17 million, or 2%, was more than offset by a $60 million, or 7%, divestiture impact, and a $36 million, or 4%, impact from unfavorable foreign exchange.
Core year-over-year order growth of 10% in the third quarter was more than offset by a 6% divestiture impact and a 5% impact from unfavorable foreign exchange. Total year-over-year backlog growth of 18% was driven by 26% core backlog growth, partially offset by a 6% impact from unfavorable foreign exchange and a 2% divestiture impact.
Third quarter 2022 GAAP operating loss of $31 million compared to operating profit of $145 million in the third quarter of 2021. GAAP operating profit margin was negative 3.8%, compared to 16.2% last year, with the decline driven primarily by the loss on the divestiture of asbestos-related assets and liabilities; higher transaction costs, inflation, and lower volumes were approximately offset by pricing actions and productivity. Third quarter 2022 adjusted operating profit was $144 million, compared to $146 million last year. Adjusted operating profit margin was 17.6%, compared to 16.4% last year, driven by pricing actions and productivity that more than offset the impact of inflation and lower volumes. (Please see the attached Non-GAAP Financial Measures tables for a detailed reconciliation of reported results to adjusted measures.)
Summary of Third Quarter 2022 Results
|
|
Third Quarter |
|
Change |
||||||||||
(dollars in millions) |
|
2022 |
|
2021 |
|
$ |
|
% |
||||||
Net sales |
|
$ |
815 |
|
|
$ |
894 |
|
|
$ |
(79 |
) |
|
(9)% |
Core sales |
|
|
|
|
|
|
17 |
|
|
2% |
||||
Foreign exchange |
|
|
|
|
|
|
(36 |
) |
|
(4)% |
||||
Divestiture impact |
|
|
|
|
|
|
(60 |
) |
|
(7)% |
||||
|
|
|
|
|
|
|
|
|
||||||
Operating (loss) profit |
|
$ |
(31 |
) |
|
$ |
145 |
|
|
$ |
(176 |
) |
|
NM |
Adjusted operating profit* |
|
$ |
144 |
|
|
$ |
146 |
|
|
$ |
(3 |
) |
|
(2)% |
|
|
|
|
|
|
|
|
|
||||||
Operating profit margin |
|
|
(3.8 |
%) |
|
|
16.2 |
% |
|
|
|
NM |
||
Adjusted operating profit margin* |
|
|
17.6 |
% |
|
|
16.4 |
% |
|
|
|
120bps |
||
*Please see the attached Non-GAAP Financial Measures tables |
||||||||||||||
Cash Flow and Other Financial Metrics
Cash used for operating activities in the first nine months of 2022 was $378 million, compared to cash provided by operating activities of $327 million in the first nine months of 2021. Cash used for operating activities in the first nine months of 2022 included outflows of $591 million related to the August divestiture of asbestos-related assets and liabilities and other portfolio actions. Capital expenditures in the first nine months of 2022 were $37 million, compared to $27 million last year. Free cash flow (cash provided by operating activities less capital spending) for the first nine months of 2022 was negative $415 million, compared to positive $300 million last year. Adjusted free cash flow (free cash flow less the cash outflows associated with the divestiture of asbestos-related assets and liabilities and other portfolio actions) for the first nine months of 2022 was $176 million, compared to $300 million last year.
The Company held cash of $439 million as of September 30, 2022, compared to $451 million as of September 30, 2021. Total debt was $1,243 million as of September 30, 2022, compared to $842 million as of September 30, 2021, with the increase related to the August asbestos divestiture transaction.
Rich Maue, Crane Holdings, Co. Senior Vice President and Chief Financial Officer, added: "Our current balance sheet is very strong, and paired with our consistent, robust free cash flow generation, we have significant flexibility to optimize the capital structures for the post-separation companies in a manner that positions them both for growth and value creation. We expect that immediately after the early April separation Crane Company and Crane NXT will each have more than $1 billion in acquisition capacity to further accelerate growth."
Third Quarter 2022 Segment Results
All comparisons detailed in this section refer to operating results for the third quarter 2022 versus the third quarter 2021.
Aerospace & Electronics
|
|
Third Quarter |
|
Change |
|||||||||||
(dollars in millions) |
|
|
2022 |
|
|
|
2021 |
|
|
$ |
|
% |
|||
Net sales |
|
$ |
167 |
|
|
$ |
169 |
|
|
$ |
(1 |
) |
|
(1 |
)% |
|
|
|
|
|
|
|
|
|
|||||||
Operating profit |
|
$ |
28 |
|
|
$ |
33 |
|
|
$ |
(4 |
) |
|
(13 |
)% |
|
|
|
|
|
|
|
|
|
|||||||
Operating profit margin |
|
|
16.9 |
% |
|
|
19.3 |
% |
|
|
|
(240bps) |
|||
Sales of $167 million decreased $1 million, or 1%, compared to the prior year. Operating profit margin of 16.9% compared to 19.3% last year, primarily reflecting unfavorable mix and lower volumes, partially offset by strong productivity and pricing. Aerospace & Electronics' core orders increased 30% in the quarter compared to the prior year, and its order backlog was $592 million as of September 30, 2022 compared to $534 million as of June 30, 2022, $460 million as of December 31, 2021, and $479 million as of September 30, 2021.
Process Flow Technologies
|
|
Third Quarter |
|
Change |
|||||||||||
(dollars in millions) |
|
|
2022 |
|
|
|
2021 |
|
|
$ |
|
% |
|||
Net sales |
|
$ |
250 |
|
|
$ |
299 |
|
|
$ |
(49 |
) |
|
(16 |
)% |
Core sales |
|
|
|
|
|
|
26 |
|
|
9 |
% |
||||
Foreign exchange |
|
|
|
|
|
|
(15 |
) |
|
(5 |
)% |
||||
Divestiture impact |
|
|
|
|
|
|
(60 |
) |
|
(20 |
)% |
||||
|
|
|
|
|
|
|
|
|
|||||||
Operating profit |
|
$ |
41 |
|
|
$ |
44 |
|
|
$ |
(3 |
) |
|
(7 |
)% |
Adjusted operating profit* |
|
$ |
42 |
|
|
$ |
46 |
|
|
$ |
(4 |
) |
|
(9 |
)% |
|
|
|
|
|
|
|
|
|
|||||||
Operating profit margin |
|
|
16.5 |
% |
|
|
14.8 |
% |
|
|
|
170bps |
|||
Adjusted operating profit margin* |
|
|
16.8 |
% |
|
|
15.5 |
% |
|
|
|
130bps |
|||
*Please see the attached Non-GAAP Financial Measures tables |
|||||||||||||||
Sales of $250 million decreased $49 million, or 16%, driven by a $60 million, or 20%, impact from the divestiture of Crane Supply and a $15 million, or 5%, impact from unfavorable foreign exchange, partially offset by $26 million, or 9%, of core growth. Operating profit margin increased to 16.5%, compared to 14.8% last year, primarily reflecting strong productivity and pricing. Record adjusted operating margin was 16.8%, compared to 15.5% last year. Process Flow Technologies' orders decreased 14% in the quarter compared to the prior year, with 9% core order growth more than offset by a 19% divestiture impact and a 5% impact from unfavorable foreign exchange. Order backlog increased 1% in the quarter compared to the prior year, with 14% core backlog growth partially offset by a 7% impact from unfavorable foreign exchange and a 6% divestiture impact. Process Flow Technologies order backlog was $354 million as of September 30, 2022, $349 million as of June 30, 2022, $358 million as of December 31, 2021, and $351 million as of September 30, 2021.
Payment & Merchandising Technologies
|
|
Third Quarter |
|
Change |
|||||||||||
(dollars in millions) |
|
|
2022 |
|
|
|
2021 |
|
|
$ |
|
% |
|||
Net sales |
|
$ |
335 |
|
|
$ |
366 |
|
|
$ |
(31 |
) |
|
(8 |
)% |
Core sales |
|
|
|
|
|
|
(10 |
) |
|
(3 |
)% |
||||
Foreign exchange |
|
|
|
|
|
|
(20 |
) |
|
(6 |
)% |
||||
|
|
|
|
|
|
|
|
|
|||||||
Operating profit |
|
$ |
87 |
|
|
$ |
84 |
|
|
$ |
3 |
|
|
4 |
% |
Adjusted operating profit* |
|
$ |
87 |
|
|
$ |
83 |
|
|
$ |
4 |
|
|
5 |
% |
|
|
|
|
|
|
|
|
|
|||||||
Operating profit margin |
|
|
25.9 |
% |
|
|
22.9 |
% |
|
|
|
300bps |
|||
Adjusted operating profit margin* |
|
|
25.9 |
% |
|
|
22.6 |
% |
|
|
|
330bps |
|||
*Please see the attached Non-GAAP Financial Measures tables |
|||||||||||||||
Sales of $335 million decreased $31 million, or 8%, compared to record sales in the third quarter of 2021, driven by a $20 million, or 6%, impact from unfavorable foreign exchange and a $10 million, or 3%, decline in core sales. Operating profit margin increased to a record 25.9%, from 22.9% last year, primarily reflecting strong pricing and productivity, partially offset by lower volumes. Record adjusted operating profit margin of 25.9% compared to 22.6% last year. Payment & Merchandising Technologies' orders decreased 4% in the quarter compared to the prior year, with 4% core order growth more than offset by a 7% impact from unfavorable foreign exchange. Order backlog increased 29% compared to the prior year, with 41% core backlog growth, partially offset by a 12% impact from unfavorable foreign exchange. Payment & Merchandising Technologies' order backlog was $500 million as of September 30, 2022, $482 million as of June 30, 2022, $438 million as of December 31, 2021, and $388 million as of September 30, 2021.
Engineered Materials
|
|
Third Quarter |
|
Change |
||||||||||
(dollars in millions) |
|
|
2022 |
|
|
|
2021 |
|
|
$ |
|
% |
||
Net sales |
|
$ |
63 |
|
|
$ |
60 |
|
|
$ |
3 |
|
4 |
% |
|
|
|
|
|
|
|
|
|
||||||
Operating profit |
|
$ |
7 |
|
|
$ |
7 |
|
|
$ |
— |
|
— |
% |
Adjusted operating profit* |
|
$ |
7 |
|
|
$ |
7 |
|
|
$ |
— |
|
— |
% |
|
|
|
|
|
|
|
|
|
||||||
Operating profit margin |
|
|
10.7 |
% |
|
|
10.9 |
% |
|
|
|
(20bps) |
||
Adjusted operating profit margin* |
|
|
10.8 |
% |
|
|
10.9 |
% |
|
|
|
(10bps) |
||
*Please see the attached Non-GAAP Financial Measures tables |
||||||||||||||
Sales of $63 million increased $3 million, or 4%, compared to the prior year. Operating profit margin declined to 10.7%, from 10.9%, driven primarily by lower volumes and inflation partially offset by strong pricing. Adjusted operating profit margin declined to 10.8%, from 10.9%.
2022 Outlook and Guidance
We are adjusting the midpoint of our full year 2022 GAAP EPS guidance primarily to reflect the third quarter after-tax charges of $2.83 per share related to the August asbestos entity sale transaction, and we are narrowing the range to $6.58-$6.72, from our prior range of $9.80-$10.20.
We are reaffirming the midpoint of our adjusted EPS guidance, and narrowing the range to $7.58-$7.72, from our prior range of $7.45-$7.85.
We expect 2022 adjusted free cash flow (cash provided by operating activities less capital spending, and less the cash outflows associated with the divestiture of asbestos-related assets and liabilities and other portfolio actions) of $350 million-$390 million, excluding approximately $615 million of cash flow items related to 2022 portfolio actions and the asbestos divestiture transaction. (Please see the attached non-GAAP Financial Measures tables.)
Conference Call
Crane Holdings, Co. has scheduled a conference call to discuss the third quarter financial results on Tuesday, October 25, 2022 at 10:00 A.M. (Eastern). All interested parties may listen to a live webcast of the call at http://www.craneco.com. An archived webcast will also be available to replay this conference call directly from the Company’s website under Investors, Events & Presentations. Slides that accompany the conference call will be available on the Company’s website.
About Crane Holdings, Co.
Crane Holdings, Co. is a diversified manufacturer of highly engineered industrial products. Founded in 1855, Crane provides products and solutions to customers across end markets including aerospace, defense, chemical and petrochemical, water and wastewater, payment automation, and banknote security and production, as well as for a wide range of general industrial and consumer applications. The Company has four business segments: Aerospace & Electronics, Process Flow Technologies, Payment & Merchandising Technologies, and Engineered Materials. Crane has approximately 11,000 employees in the Americas, Europe, the Middle East, Asia and Australia. Crane is traded on the New York Stock Exchange (NYSE:CR). For more information, visit www.craneco.com.
Forward-Looking Statements Disclaimer
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations, including, but not limited to: statements regarding Crane’s and the ultimate spin-off company’s (“SpinCo”) portfolio composition and their relationship following the business separation; the anticipated timing, structure, benefits, and tax treatment of the separation transaction; benefits and synergies of the separation transaction; strategic and competitive advantages of each of Crane and SpinCo; future financing plans and opportunities; and business strategies, prospects and projected operating and financial results. In addition, there is also no assurance that the separation transaction will be completed, that Crane’s Board of Directors will continue to pursue the separation transaction (even if there are no impediments to completion), that Crane will be able to separate its businesses or that the separation transaction will be the most beneficial alternative considered. We caution investors not to place undue reliance on any such forward-looking statements.
Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s),” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained.
Risks and uncertainties that could cause actual results to differ materially from our expectations include, but are not limited to: changes in global economic conditions (including inflationary pressures) and geopolitical risks, including macroeconomic fluctuations that may harm our business, results of operation and stock price; the continuing effects from the coronavirus pandemic on our business and the global and U.S. economies generally; information systems and technology networks failures and breaches in data security, theft of personally identifiable and other information, non-compliance with our contractual or other legal obligations regarding such information; our ability to source components and raw materials from suppliers, including disruptions and delays in our supply chain; demand for our products, which is variable and subject to factors beyond our control; governmental regulations and failure to comply with those regulations; fluctuations in the prices of our components and raw materials; loss of personnel or being able to hire and retain additional personnel needed to sustain and grow our business as planned; risks from environmental liabilities, costs, litigation and violations that could adversely affect our financial condition, results of operations, cash flows and reputation; risks associated with conducting a substantial portion of our business outside the U.S.; being unable to identify or complete acquisitions, or to successfully integrate the businesses we acquire, or complete dispositions; adverse impacts from intangible asset impairment charges; potential product liability or warranty claims; being unable to successfully develop and introduce new products, which would limit our ability to grow and maintain our competitive position and adversely affect our financial condition, results of operations and cash flow; significant competition in our markets; additional tax expenses or exposures that could affect our financial condition, results of operations and cash flows; inadequate or ineffective internal controls; specific risks relating to our reportable segments, including Aerospace & Electronics, Process Flow Technologies, Payment & Merchandising Technologies and Engineered Materials; the ability and willingness of Crane and SpinCo to meet and/or perform their obligations under any contractual arrangements that are entered into among the parties in connection with the separation transaction and any of their obligations to indemnify, defend and hold the other party harmless from and against various claims, litigation and liabilities; and the ability to achieve some or all the benefits that we expect to achieve from the separation transaction.
Readers should carefully review Crane’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Crane’s Annual Report on Form 10-K for the year ended December 31, 2021 and the other documents Crane and its subsidiaries file from time to time with the SEC. Readers should also carefully review the “Risk Factors” section of the registration statement relating to the business separation, which is expected to be filed by SpinCo with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
These forward-looking statements reflect management’s judgment as of this date, and Crane assumes no (and disclaims any) obligation to revise or update them to reflect future events or circumstances.
We make no representations or warranties as to the accuracy of any projections, statements or information contained in this document. It is understood and agreed that any such projections, targets, statements and information are not to be viewed as facts and are subject to significant business, financial, economic, operating, competitive and other risks, uncertainties and contingencies many of which are beyond our control, that no assurance can be given that any particular financial projections ranges, or targets will be realized, that actual results may differ from projected results and that such differences may be material. While all financial projections, estimates and targets are necessarily speculative, we believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial projections, estimates and targets. The inclusion of financial projections, estimates and targets in this press release should not be regarded as an indication that we or our representatives, considered or consider the financial projections, estimates and targets to be a reliable prediction of future events.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, securities for sale.
(Financial Tables Follow)
CRANE HOLDINGS, CO. Condensed Statements of Operations Data (in millions, except per share data) |
||||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
Net sales: |
|
|
|
|
|
|
|
|||||||||
Aerospace & Electronics |
$ |
167.2 |
|
|
$ |
168.6 |
|
|
$ |
485.8 |
|
|
$ |
480.2 |
|
|
Process Flow Technologies |
|
250.0 |
|
|
|
299.1 |
|
|
|
857.4 |
|
|
|
897.9 |
|
|
Payment & Merchandising Technologies |
|
335.1 |
|
|
|
365.8 |
|
|
|
1,001.7 |
|
|
|
1,031.4 |
|
|
Engineered Materials |
|
62.8 |
|
|
|
60.3 |
|
|
|
205.9 |
|
|
|
173.3 |
|
|
Total net sales |
$ |
815.1 |
|
|
$ |
893.8 |
|
|
$ |
2,550.8 |
|
|
$ |
2,582.8 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating (loss) profit: |
|
|
|
|
|
|
|
|||||||||
Aerospace & Electronics |
$ |
28.2 |
|
|
$ |
32.5 |
|
|
$ |
84.4 |
|
|
$ |
89.3 |
|
|
Process Flow Technologies |
|
41.3 |
|
|
|
44.3 |
|
|
|
130.9 |
|
|
|
140.9 |
|
|
Payment & Merchandising Technologies |
|
86.7 |
|
|
|
83.7 |
|
|
|
251.6 |
|
|
|
247.4 |
|
|
Engineered Materials |
|
6.7 |
|
|
|
6.6 |
|
|
|
26.9 |
|
|
|
20.7 |
|
|
Corporate |
|
(31.7 |
) |
|
|
(22.3 |
) |
|
|
(91.2 |
) |
|
|
(62.5 |
) |
|
Loss on divestiture of asbestos-related assets and liabilities |
|
(162.4 |
) |
|
|
— |
|
|
|
(162.4 |
) |
|
|
— |
|
|
Total operating (loss) profit |
$ |
(31.2 |
) |
|
$ |
144.8 |
|
|
$ |
240.2 |
|
|
$ |
435.8 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest income |
$ |
1.4 |
|
|
$ |
0.2 |
|
|
$ |
2.3 |
|
|
$ |
1.1 |
|
|
Interest expense |
|
(13.5 |
) |
|
|
(11.0 |
) |
|
|
(36.0 |
) |
|
|
(36.0 |
) |
|
Gain on sale of business |
|
3.8 |
|
|
|
— |
|
|
|
232.5 |
|
|
|
— |
|
|
Miscellaneous, net |
|
4.5 |
|
|
|
3.6 |
|
|
|
22.8 |
|
|
|
17.2 |
|
|
(Loss) income before income taxes |
|
(35.0 |
) |
|
|
137.6 |
|
|
|
461.8 |
|
|
|
418.1 |
|
|
Provision for income taxes |
|
24.3 |
|
|
|
21.0 |
|
|
|
157.9 |
|
|
|
54.8 |
|
|
Net (loss) income attributable to common shareholders |
$ |
(59.3 |
) |
|
$ |
116.6 |
|
|
$ |
303.9 |
|
|
$ |
363.3 |
|
|
|
|
|
|
|
|
|
|
|||||||||
(Loss) earnings per diluted share |
$ |
(1.06 |
) |
|
$ |
1.96 |
|
|
$ |
5.30 |
|
|
$ |
6.14 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Average diluted shares outstanding |
|
56.1 |
|
|
|
59.5 |
|
|
|
57.3 |
|
|
|
59.2 |
|
|
Average basic shares outstanding |
|
56.1 |
|
|
|
58.7 |
|
|
|
56.5 |
|
|
|
58.5 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Supplemental data: |
|
|
|
|
|
|
|
|||||||||
Cost of sales |
$ |
485.6 |
|
|
$ |
556.3 |
|
|
$ |
1,547.4 |
|
|
$ |
1,593.5 |
|
|
Selling, general & administrative |
|
198.3 |
|
|
|
192.7 |
|
|
|
600.8 |
|
|
|
553.5 |
|
|
Transaction related expenses 1 |
|
11.5 |
|
|
|
0.6 |
|
|
|
37.2 |
|
|
|
1.3 |
|
|
Repositioning related charges (gains), net 1 |
|
0.8 |
|
|
|
0.8 |
|
|
|
3.8 |
|
|
|
(8.6 |
) |
|
Depreciation and amortization 1 |
|
28.8 |
|
|
|
29.1 |
|
|
|
89.8 |
|
|
|
91.4 |
|
|
Stock-based compensation expense 1 |
|
5.9 |
|
|
|
6.2 |
|
|
|
17.8 |
|
|
|
18.6 |
|
|
|
|
|
|
|
|
|
|
|||||||||
1 Amounts included within Cost of sales and/or Selling, general & administrative costs. |
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Jason D. Feldman
Vice President, Investor Relations
203-363-7329
www.craneco.com
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