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Business Wire
5 days ago
- Business
- Business Wire
ESAB Corporation to Acquire EWM GmbH, Expanding Global Equipment Capabilities and Strengthening Strategic Position
NORTH BETHESDA, Md.--(BUSINESS WIRE)--ESAB Corporation ('ESAB' or the 'Company') (NYSE: ESAB), a focused premier industrial compounder, announced today that it has signed a definitive agreement to acquire EWM GmbH ('EWM'), a German-based leader in heavy industrial welding equipment and advanced automation, for approximately €275 million. EWM is expected to generate approximately €120 million of revenue in 2025 and is expected to be aEPS accretive in year one. The acquisition will be funded through cash on hand, and is expected to close in the second half of 2025, subject to customary closing conditions and regulatory approvals. Shyam P. Kambeyanda, President and Chief Executive Officer of ESAB Corporation, said, 'EWM is an exceptional company, bringing deep expertise in advanced welding equipment technology, a strong brand and a highly innovative team. Within our Fabtech businesses, EWM fully addresses our product gaps in heavy industrial equipment, strengthening our technological capabilities and uniquely positioning us to serve end customers with proprietary, end-to-end workflow solutions. Additionally, our customer bases and channel networks are highly complementary, enabling us to significantly extend our market reach.' Kambeyanda continued, 'In line with our commitment to long-term shareholder value, this transaction fully aligns with ESAB's strategic and financial objectives, including an expected ROIC exceeding 10% before year five. We expect EWM to deliver high-single-digit sales growth, consistent with ESAB's long-term growth outlook for equipment, gross margins greater than 45% and accretive incremental aEBITDA margins. This growth and margin expansion will be driven by the deployment of the ESAB Business System (EBX), as we leverage our commercial and operational excellence capabilities to further build on the strong execution of EWM's leadership team.' 'This acquisition comes at an ideal time to capitalize on improving market conditions in Europe and aligns with our strategy to accelerate global equipment sales growth, particularly in North America. I would like to thank the EWM leadership team for their collaboration and professionalism throughout this process. We look forward to welcoming them to the ESAB family and shaping our future together.' Following the transaction, ESAB expects a net leverage ratio of approximately 2.0x, preserving flexibility for future investments and acquisitions as part of its compounder strategy. About ESAB Corporation Founded in 1904, ESAB Corporation is a focused industrial compounder. The Company's rich history of innovative products, workflow solutions and its business system ESAB Business Excellence ('EBX'), enables the Company's purpose of Shaping the world we imagine TM. ESAB Corporation is based in North Bethesda, Maryland and employs approximately 9,300 associates and serves customers in approximately 150 countries. To learn more, visit About EWM GmbH Founded in 1957, EWM is Germany's leading provider of premium arc welding technology solutions. The Westerwald-based company offers complete systems including high-quality welding machines, components, torches, consumables and accessories for manual and automated applications. EWM has a global presence with more than 400 sales and service partners and a high degree of vertical integration through 6 production locations worldwide. The company has a track-record of innovation and has around 800 employees at 12 German and 11 international locations. Cautionary Note Concerning Forward Looking Statements This press release includes forward-looking statements, including forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning the Company's plans, goals, objectives, outlook, expectations, and intentions, and other statements that are not historical or current fact. Forward-looking statements are based on the Company's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Please refer to the Company's previous earnings releases and investor materials for the definitions of the non-GAAP and other financial measures referenced in this press release.
Time of India
21-06-2025
- Business
- Time of India
DHL shuts down across Canada as 2,100 workers strike and new anti-scab law triggers chaos
DHL Express Canada suspended operations nationwide on Friday(June 20), halting thousands of parcel deliveries and disrupting major supply chains, as a labor strike coincided with the introduction of new federal legislation banning the use of replacement workers. The shutdown follows nearly two weeks of stalled contract negotiations between DHL and Unifor , Canada's largest private-sector union. The standoff escalated on June 8 when the company locked out 2,100 unionized workers, including truck drivers, clerks, and warehouse staff, across Ontario, British Columbia, and Quebec. In response, Unifor launched a strike, citing unfair labor practices and insufficient wage proposals. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Luxury 2, 3, 4 & 4.5 Bed Homes in South Mumbai at Piramal Mahalaxmi | South Tower Ready to Move In Piramal Mahalaxmi Learn More Undo New 'anti-scab' legislation Friday's operations freeze coincides with the federal government 's new 'anti-scab' legislation (Bill C-58), which officially came into effect the same day. The law prohibits federally regulated companies, like DHL, from hiring replacement workers during strikes or lockouts, a long-standing demand from organized labor. Live Events DHL, a German-based logistics giant with about 50,000 Canadian customers, including Lululemon, Shein, and Siemens , had continued partial operations using temporary hires during the initial days of the dispute. But as the law loomed, the company began winding down services earlier this week. 'DHL has shut down operations nationally,' Unifor said in a statement Friday morning. 'This is the real-world impact of corporate refusal to bargain fairly, and a significant test of Canada's new labor protections.' Union President Lana Payne accused the company of undermining workers by legally using replacement labor before June 21, a tactic she says damaged trust and bargaining momentum. DHL has not denied the use of replacement workers. The dispute stems from Unifor's demand for a 22 percent wage increase over three years and stronger protections for owner-operator drivers who face rising costs for fuel, vehicles, and insurance. DHL has proposed a 15 percent increase over five years, alongside limited bonuses and pension improvements. Jobs Minister Patty Hajdu confirmed she met with both parties on Wednesday after DHL formally requested government intervention to restore operations. So far, Ottawa has not indicated it will step in. In the meantime, shipments remain frozen in DHL facilities, and businesses are scrambling to switch to alternate carriers like FedEx and Purolator.
Cision Canada
18-06-2025
- Business
- Cision Canada
Unifor slams DHL's attempt to evade federal anti-scab law Français
TORONTO, June 18, 2025 /CNW/ - Unifor has responded to a brazen attempt by DHL Express Canada to circumvent new federal labour laws. The company sent a letter to the federal government requesting a special exception from the ramifications of Bill C-58, the anti-scab legislation that comes into effect on Friday. "Let's be clear—DHL is not the victim here. This company locked out its own workers, forcing members to respond with strike action, and now they want the government to override the collective bargaining rights of workers," said Unifor National President Lana Payne. "They chose confrontation. Now, instead of negotiating a fair agreement at the table, DHL is running to Ottawa to ask for special treatment to get around a law designed to protect workers and safeguard the integrity of collective bargaining. Unifor will stand firm, and we expect the federal government to do the same. No exemptions. No bending the rules." Unifor members at DHL Express Canada were locked out by their employer on June 8, after the workers refused to accept concessions put forth by the company. Members were forced to respond with strike action. Anti-scab legislation takes effect June 20, 2025, following years of advocacy by Unifor and the labour movement. It levels the playing field and prevents employers from dragging out disputes by using replacement workers. DHL, it seems, neither wants to negotiate fairly, nor face the consequences of a lockout. DHL has aligned itself with the 'Moving Economies' coalition —a group of employers actively working to roll back workers' bargaining rights and weaken federal protections. This latest request for exception to allow DHL to keep using scabs and/or excessive government intervention in the bargaining process is part of that broader effort to undermine the tools that workers rely on for fair and meaningful negotiations. Throughout bargaining, DHL has demanded significant concessions that would severely hurt workers. These include: Changing the driver pay system in a way that would result in less money for drivers. Forcing drivers to travel up to 100 km just to reach their routes or pick up freight—with no compensation. Proposing language that would allow the company to refuse WSIB and general workplace accommodation requests. Refusing to acknowledge and provide wage adjustments to customer service and other classifications – some of which are just barely ahead of minimum wage. Seeking the ability to lay off employees more easily. No recognition for job loss that may occur through the use of AI. Attempting to reduce the daily minimum guarantee for drivers. Rerouting pickups across the country while cutting pay for owner-operators. The German-based parcel delivery giant's annual profit is roughly $3.3 billion Euro ($4.6 billion CDN) and revenue from its significant and growing North American enterprise is worth approximately $6 billion Euro ($9.4 billion CDN). "DHL's decision to lock us out has already disrupted operations—and they want the government and the public to believe that workers are at fault," said Quebec Director Daniel Cloutier. "The power to resume full service and support customers is entirely in DHL's hands. This is a crisis of their making. The only place this dispute will be resolved is at the bargaining table." Unifor represents over 2,100 DHL Express Canada workers who as truck drivers, couriers, warehouse and clerical workers across Canada, at Locals 114 in British Columbia, 700 in Quebec, 755 in Manitoba and Saskatchewan, 4005 in Nova Scotia, 4457 in Ontario and members in DHL Alberta. Read Unifor's response to DHL's application here. Unifor is Canada's largest union in the private sector, representing 320,000 workers in every major area of the economy. The union advocates for all working people and their rights, fights for equality and social justice in Canada and abroad, and strives to create progressive change for a better future.
TimesLIVE
18-06-2025
- Business
- TimesLIVE
Taiwan seals Ukraine combat-tested drone software deal to help deter China
Taiwan sealed a partnership deal on Tuesday with US and German-based Auterion for drone software battle-tested in Ukraine to help strengthen the island's defences against growing military threats from giant neighbour China. Auterion, whose software is used in Ukrainian drones operating combat missions against Russia, said the deal could eventually lead to the technology being used in millions of drones for Taiwan. China views democratically governed Taiwan as its own territory and has ramped up its military pressure over the past five years, including staging half a dozen rounds of war games. Taiwan's government rejects Beijing's sovereignty claims. Since Russia invaded Ukraine in 2022, Taiwan has been studying how Ukraine has deployed drones, in the air and at sea, to successfully offset Russia's numerical advantage on the battlefield, given China's forces also outnumber Taiwan's. Auterion said it had agreed to a strategic partnership with Taiwan's defence ministry's research and development arm, the National Chung-Shan Institute of Science and Technology, for uncrewed systems and drone swarming software. 'What we're bringing to the table has been combat-proven in Ukraine to deter aggression and destroy tanks, naval assets and other expensive equipment. By building a large autonomous fleet, Taiwan can deter China,' Auterion CEO Lorenz Meier told Reuters. 'The partnership is super long-term. I think in terms of, if you're trying to put that in number of drones or dollars, we're expecting millions of drones over many years and hundreds of millions of dollars in value that's being created,' he said at a ministry-organised sea drone exhibition at the northeastern Taiwanese port of Suao. Pushed by the US, Taiwan has been working to transform its armed forces to be able to wage 'asymmetric warfare' using mobile and often cheaper weapons which pack a targeted punch, such as drones and truck-mounted missiles. Chung-Shan president Li Shih-chiang thanked the five foreign companies who participated at the Suao exhibition. 'I believe you will soon be sanctioned by the Chinese government, but do not fear because you have chosen the democratic camp,' he said. Ukraine has deployed sea drones not only to attack ships in Russia's Black Sea fleet, but also to shoot down aircraft. The unmanned sea drones on display in Suao included not only those that could be packed with explosives for high-speed suicide missions, but smaller craft that can conduct low-profile reconnaissance.
Yahoo
17-06-2025
- Business
- Yahoo
Taiwan seals Ukraine combat-tested drone software deal to help deter China
(Corrects spelling of family name of official to "Li" not "Lee", paragraph 9) By Ann Wang SUAO, Taiwan (Reuters) -Taiwan sealed a partnership deal on Tuesday with U.S. and German-based Auterion for drone software battle-tested in Ukraine to help strengthen the island's defences against growing military threats from giant neighbour China. Auterion, whose software is used in Ukrainian drones operating combat missions against Russia, said the deal could eventually lead to the technology being used in millions of drones for Taiwan. China views democratically governed Taiwan as its own territory and has ramped up its military pressure over the past five years, including staging half a dozen rounds of war games. Taiwan's government rejects Beijing's sovereignty claims. Since Russia invaded Ukraine in 2022, Taiwan has been studying how Ukraine has deployed drones, both in the air and at sea, to successfully offset Russia's numerical advantage on the battlefield, given China's forces also outnumber Taiwan's. Auterion said it had agreed to a strategic partnership with Taiwan's defence ministry's research and development arm, the National Chung-Shan Institute of Science and Technology, for uncrewed systems and drone swarming software. "What we're bringing to the table has been combat-proven in Ukraine to deter aggression and destroy tanks, naval assets, and other really expensive equipment. So by building a large autonomous fleet, Taiwan can deter China," Auterion's chief executive Lorenz Meier told Reuters. "The partnership is super long-term. So I think in terms of, if you're trying to put that in number of drones or dollars, we're expecting millions of drones eventually over multiple years and hundreds of millions of dollars in value that's being created," he added, speaking at a ministry-organised sea drone exhibition at the northeastern Taiwanese port of Suao. Pushed by the United States, Taiwan has been working to transform its armed forces to be able to wage "asymmetric warfare", using mobile and often cheaper weapons which still pack a targeted punch, like drones and truck-mounted missiles. Chung-Shan President Li Shih-chiang thanked the five foreign companies who participated at the Suao exhibition. "I believe that you will soon be sanctioned by the Chinese government, but do not fear, because you have chosen the democratic camp," he added. Ukraine has deployed sea drones not only to attack ships in Russia's Black Sea fleet, but also to shoot down aircraft. The unmanned sea drones on display in Suao included not only those that could be packed with explosives for high-speed suicide missions, but smaller craft that can conduct low-profile reconnaissance.
