New funding to develop marine and microplastics solutions/Nouveau financement pour développer des solutions dans les domaines marin et microplastique

Sur le même sujet

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  6 juillet 2021 | Local, Aérospatial, Naval, Terrestre, C4ISR, Sécurité

  Electrical Components International Acquires Promark Electronics

  July 06, 2021 08:00 AM Eastern Daylight Time ST. LOUIS & MONTREAL--(BUSINESS WIRE)--Electrical Components International, Inc. (“ECI”), a leading global supplier of wire harnesses, electrical components, and sub-assemblies for diversified industrial markets, today announced the acquisition of Promark Electronics Inc. (“Promark Electronics”). Founded in 1987 by Syd Knecht, Promark Electronics is a manufacturer of wire harnesses and cable and electromechanical assemblies utilized by commercial electric vehicles and other technically-complex, mission-critical products. With the growing demand for commercial electric vehicles, Promark Electronics has developed high-voltage cable and assemblies as part of its ProEV™ platform, which has made it a trusted partner to leading commercial electric vehicle manufacturers. The company will continue and expand its manufacturing operations in its Montreal, Quebec, Canada facilities. “We are excited to partner with Promark Electronics and establish ECI as the high-voltage harness supplier of choice in high-value, high-growth markets,” said Mike Balsei, Chief Executive Officer of ECI. “With ECI's global scale and Promark Electronics' proprietary solutions, we will be able to help manufacturers meet the increasing demand for commercial electric vehicles as well as in adjacent e-mobility verticals.” The Knecht Family will continue to lead the Promark Electronics team. In a joint statement, Jarred, Brandon, and Robert Knecht commented: “We are incredibly proud of the business and reputation that our family has built over the past three decades. We are thrilled to have found an industry-leading partner to help us further accelerate our growth, particularly in the e-mobility space. We are excited to join the ECI family, deepen our customer relationships, and continue our long track record of innovation and excellence.” ECI is a portfolio company of Cerberus Capital Management, L.P. (“Cerberus”), a global leader in alternative investing. Earlier this year, ECI acquired Omni Connection International, a manufacturer of wire harnesses and connection systems for leading tier one automotive suppliers. Michael Sanford, Senior Managing Director at Cerberus, added: “Promark Electronics adds a highly complementary platform serving a rapidly growing market. We remain excited about the strategic opportunities for ECI and look forward to supporting the business' continued growth.” Barclays served as financial advisor and Blake, Cassels & Graydon LLP and Debevoise & Plimpton LLP served as legal counsel to ECI and Cerberus. Lincoln International LLC, Crowe BGK, and EY served as financial advisors to Promark Electronics and Osler, Hoskin & Harcourt LLP acted as legal counsel. About ECI Founded in 1953, Electrical Components International, Inc. (ECI) is one of the world's leading wire harness, electrical components, and sub-assembly suppliers for diversified industrial markets. With nearly 22,000 employees in 31 facilities spanning eight countries and four continents, ECI's “blue-chip” customer base includes many firms in the Fortune 500 across the appliance, HVAC, construction, agriculture, transportation, and critical infrastructure sectors. For more information about ECI, visit www.ecintl.com. About Promark Electronics Founded in 1987 by Syd Knecht and headquartered in Montreal, Quebec, Canada, Promark Electronics is a state-of-the-art electronics manufacturer, serving OEMs in industries with complex production processes and applications, including e-mobility, industrial technology, medical, mining, aerospace, space, and defense industries. For more information, visit www.PMK.com. About Cerberus Founded in 1992, Cerberus is a global leader in alternative investing with over $55 billion in assets across complementary credit, private equity, and real estate strategies. We invest across the capital structure where our integrated investment platforms and proprietary operating capabilities create an edge to improve performance and drive long-term value. Our tenured teams have experience working collaboratively across asset classes, sectors, and geographies to seek strong risk-adjusted returns for our investors. For more information about our people and platforms, visit us at www.cerberus.com. Contacts ECI Julie Mottershead julie.mottershead@ecintl.com (314) 261-7774 Cerberus Akash Lodh Sard Verbinnen & Co. Cerberus-SVC@sardverb.com (202) 758-4263

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  12 décembre 2023 | Local, Aérospatial

  Canadian Army needs to spend $220 million to replace gear donated to Ukraine, says general

  Canadian Army will need to spend $220 million to replace equipment donated to Ukraine but replacements could take years.

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  22 mai 2019 | Local, Naval

  Federal government to buy two more Arctic ships from Irving to prevent layoffs

  By Lee Berthiaume, The Canadian Press OTTAWA — Prime Minister Justin Trudeau is expected to announce Wednesday that the federal government is buying two more Arctic patrol ships on the top of the six it has already ordered from Halifax-based Irving Shipbuilding. However, unlike the first six ships, which are being built for the navy at a total cost of $3.5 billion, a government source said the seventh and eighth will be built for the Canadian Coast Guard. The source, who was not authorized to comment publicly, said the move is intended to address the Canadian Coast Guard's desperate need for new ships. Documents obtained by The Canadian Press earlier this year warned that more than a third of the coast guard's 26 large vessels have exceeded their expected lifespans — and many won't survive until replacements arrive. And that advanced age is already affecting the coast guard's ability to do its job, including reduced search-and-rescue coverage, ferry-service disruptions and cancelled resupply runs to Arctic and coastal communities. The second problem is the threat of layoffs, which Irving has long warned will happen unless the government fills a gap between when the last Arctic patrol ship is finished and construction on the navy's new $60-billion warship fleet, the source said. The government sought to address that gap in November when it ordered the sixth Arctic patrol vessel for the navy from Irving and agreed to pay the shipyard to slow production for a total cost of $800 million. Government officials at the time defended the high cost of that move, saying a third-party assessment commissioned by the government, which has never been made public, indicated it would cost even more to allow a gap to persist. "Ultimately what happens is the workforce gets laid off, you rehire people, it's not the same people so you're retraining, and then you have this learning curve," Patrick Finn, the Defence Department's head of procurement, said in January. "From some of the data we've run, doing what we've done, if we don't do it, we're probably going to pay that much money anyways in inefficiencies and get nothing for it. So the analysis shows that this is really a prudent way forward." Even then, federal bureaucrats and Irving both warned more would need to be done as even with those measures, there was still the threat of an 18- to 24-month gap between construction of the two fleets. Lee Berthiaume, The Canadian Press https://www.nationalnewswatch.com/2019/05/21/federal-government-to-buy-two-more-arctic-ships-from-irving-to-prevent-layoffs-2/#.XOVcKshKiUm