Latest news with #Wisconsin-based
Time of India
6 hours ago
- Automotive
- Time of India
Parker-Hannifin expands electric vehicle portfolio with $1bn acquisition of Curtis Instruments
Motion and control products maker Parker-Hannifin on Monday said it has agreed to buy Curtis Instruments from power generation systems company Rehlko for $1 billion, expanding its portfolio of technologies used in electric and industrial vehicles. Curtis Instruments designs and manufactures parts such as motor speed controllers, instrumentation and traction systems for electric and conventional vehicles. The deal complements Parker's electric motor and motion control products . The combined offerings could also be used in forklifts and conveyors in manufacturing plants and in excavators and harvesters used in fields such as construction, agriculture and mining. The New York-based company expects sales of approximately $320 million in FY25. It operates in 16 countries and has manufacturing plants in Puerto Rico, Bulgaria and China. Curtis was acquired in 2022 by privately held Rehlko, then the power segment of manufacturing company Kohler before it was spun off in May 2024. The Milwaukee, Wisconsin-based Rehlko is now majority-owned by private equity firm Platinum Equity. "Parker is an exceptional company and we are confident Curtis will thrive from Parker's increased scale, focus, and investment," Rehlko CEO Brian Melka said. The all-cash deal is expected to close by the end of 2025, Parker said. "While investors may have been searching for an aerospace deal based on the high-growth potential in the end market, we believe the Curtis acquisition could serve a similar purpose in aligning the company's sales mix further toward secular growth theme," Jefferies analyst Stephen Volkmann wrote in a note. The Cleveland, Ohio-based Parker-Hannifin also makes airframe and engine components and aftermarket parts for the commercial aerospace and defense markets; it counts Boeing and Airbus among its customers. Sales in the aerospace segment rose 11.6% to $1.57 billion in the third-quarter ended March 31.
Reuters
a day ago
- Automotive
- Reuters
Parker-Hannifin expands EV tech with $1 billion deal for Curtis Instruments
June 30 (Reuters) - Motion and control products maker Parker-Hannifin (PH.N), opens new tab on Monday said it has agreed to buy Curtis Instruments from power generation systems company Rehlko for $1 billion, expanding its portfolio of technologies used in electric and industrial vehicles. Curtis Instruments designs and manufactures parts such as motor speed controllers, instrumentation and traction systems for electric and conventional vehicles. The deal complements Parker's electric motor and motion control products. The combined offerings could also be used in forklifts and conveyors in manufacturing plants and in excavators and harvesters used in fields such as construction, agriculture and mining. The New York-based Curtis expects sales of approximately $320 million in FY25. "Curtis adds complementary technologies to our existing industrial electrification platform, better positioning us to serve our customers as they continue the adoption of more electric and hybrid solutions," Parker CEO Jenny Parmentier said. Curtis was acquired in 2022 by privately held Rehlko, then the power segment of manufacturing company Kohler before it was spun off in May 2024. The Milwaukee, Wisconsin-based Rehlko is now majority-owned by private equity firm Platinum Equity. "Parker is an exceptional company and we are confident Curtis will thrive from Parker's increased scale, focus, and investment," Rehlko CEO Brian Melka said. Guggenheim Securities is serving as financial adviser to Parker in the deal. BofA Securities and Goldman Sachs & Co are serving as financial advisers to Rehlko. The all-cash deal is expected to close by the end of 2025, Parker said.
Yahoo
a day ago
- Business
- Yahoo
Earnings Preview: What to Expect From Snap-on's Report
Snap-on Incorporated (SNA) is a Kenosha, Wisconsin-based industrial company that manufactures and markets premium tools, equipment, and diagnostic solutions for professional users across the automotive, aviation, marine, and industrial sectors. With a market cap of $16.3 billion, it operates through multiple segments, including Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services. The company is set to release its Q2 earnings on Thursday, Jul. 17. Ahead of the event, analysts expect SNA to report a profit of $4.61 per share on a diluted basis, down 6.1% from $4.91 per share in the year-ago quarter. The company has exceeded Wall Street's adjusted EPS projections in two of the past four quarters while missing on two other occasions. Holiday Trading, Trade Negotiations and Other Key Things to Watch this Week Alphabet's Strong Free Cash Flow Makes GOOG Stock a Value Buy Alibaba Is Restructuring Its E-Commerce Unit. How Should You Play BABA Stock Here? Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. For fiscal 2025, analysts expect Snap-on to report EPS of $18.71, down 2.5% from $19.19 in fiscal 2024. However, its EPS is expected to rebound 7% year over year to $20.01 in fiscal 2026. Snap-on's shares have gained 20.1% over the past 52 weeks, outperforming the broader S&P 500 Index's ($SPX) 12.6% gains but slightly trailing the Industrial Select Sector SPDR Fund's (XLI) 20.5% returns over the same time frame. On Apr. 17, shares of Snap-on plunged 8% after announcing Q1 earnings. Its softness in the Commercial & Industrial Group and Tools Group drove revenue down 3.5% year-over-year to $1.1 billion, missing consensus estimates by 5%. Earnings per share also declined 8.1% to $4.51, falling short of projections by 6.2%. Nonetheless, analysts' consensus opinion on SNA stock is cautiously optimistic, with an overall 'Moderate Buy' rating. Of 10 analysts covering the stock, three advise a 'Strong Buy' rating, one gives a 'Moderate Buy,' five recommend a 'Hold,' and one suggests a 'Moderate Sell.' SNA's average analyst price target is $345, indicating that the stock trades at a premium of 10.9% above the current market price. On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
San Francisco Chronicle
5 days ago
- Business
- San Francisco Chronicle
Enerpac: Fiscal Q3 Earnings Snapshot
MENOMONEE FALLS, Wis. (AP) — MENOMONEE FALLS, Wis. (AP) — Enerpac Tool Group Corp. (EPAC) on Thursday reported earnings of $22 million in its fiscal third quarter. The Menomonee Falls, Wisconsin-based company said it had profit of 41 cents per share. Earnings, adjusted for one-time gains and costs, came to 51 cents per share. The industrial products company posted revenue of $158.7 million in the period. Enerpac expects full-year revenue in the range of $610 million to $625 million. _____
Yahoo
6 days ago
- Business
- Yahoo
After more than a decade, Boise's West End is about to see some big changes
For years, Boise's West End neighborhood has seen promise after promise that the vacant, dirt and weed-filled lots along Fairview Avenue or Main Street would become something new and exciting. They could become new apartments, new shops and hotels and cafes and restaurants, developers said. Many of those dreams have faded or been paused. Driving down Fairview or Main, you're still faced with the same empty lots that dominated the area in 2016, when investors and developers said they hoped to see the area flourish within the next decade. But one key project to unlocking the West End, and something that could catalyze development of those still empty lots, is taking root: The River District. Developers, investors and stakeholders hosted a groundbreaking ceremony on Monday to kick off construction for the 10-acre development at 3150 W. Main St. The developers promise 220 town houses and apartments, a 125-room Homewood Suites by Hilton hotel, 20,000 square feet of retail space and a 640-stall parking garage. Most of all, they promise the long-sought Boise campus for the College of Western Idaho. 'This milestone is over a decade in the making,' said Gordon Jones, president of CWI, in a news release. 'We acquired this land in 2015 with a vision to expand our impact and serve the community in new and meaningful ways. The River District reflects our commitment to investing in Idaho's future through education, opportunity and innovation.' CWI leases buildings throughout the Treasure Valley. The River District would bring many of its programs, such as computer science, cybersecurity and business, under one roof in a four-story, 101,000-square foot academic building. The site — the former Bob Rice Ford car dealership on the northwest corner of Main and Whitewater Park Boulevard — abuts the Boise River Greenbelt and has for years acted as a parking lot for people using Quinn's Pond and Whitewater Park. 'This is an ideal setting for a thriving, mixed-use development that enhances quality of life in Boise,' said Tommy Ahlquist, founder and CEO of Meridian development company Ahlquist, in the release. CWI had planned to use the entire site for its campus when it bought the property for $8.8 million. But the plans faltered after voters in 2016 rejected a $180 million bond measure to build it. Eight years later, CWI agreed to a public-private partnership with Ahlquist. The partnership let the college build a new campus with money from its own building fund, donors and expected business revenue without asking voters for tax money. Ashley Smith, CWI spokesperson, told the Idaho Statesman in March that the academic building was to cost $38 million. 'CWI's goal was to always have a facility in downtown Boise to serve our students in Ada County, and we're still able to do that,' Smith said then. CWI and Ahlquist brought on several partners, including Wisconsin-based Raymond Management Co., Sun Valley's Centered wellness clinic, Boise's Hummel Architects, Eagle's Paradigm Construction Co. and Meridian's Engineered Structures, Inc. Raymond Management also built downtown Boise's Home2Suites hotel and the Hampton Inn & Suites. Ahlquist told the Statesman in 2024 that the campus would have the look and feel of The Village at Meridian. 'I think they're going to have a legacy site here,' Ahlquist said then. 'This is going to be a wonderful place to live.' Were Boise homeowners illegally taxed? Idaho Supreme Court to weigh in A new law was supposed to help emergency services handle growth. It isn't working Failed chip-sealing led to cracked windshields in 2024. ITD wants to fix it As Boise builds up, Eagle tees up density restrictions with little public input
