Media Focus on Multinational Corporations [2023.01.16]






Bosch to invest $1 billion in EV parts factory in China

Bosch, the German engineering and technology company, is planning to invest $1 billion to make components for new energy vehicles in China, the worlds largest car market.

The company plans to build a research, development and manufacturing facility for parts for new energy vehicles and automated-driving technology in Suzhou, a city in the countrys east, Bosch said in a statement on Thursday.

It plans to invest around $1 billion in the project over the next years, the statement added. The first phase of the new facility is expected to be completed by mid-2024.

China is the worlds largest auto market, full of promise and vitality. As a multinational enterprise, we need to make full use of the countrys local R&D capability and production capacity,Stefan Hartung, chairman of the board of management of Bosch, said in the statement.

Bosch has had a presence in China since 1909 and employs around 55,000 people in the country.

The announcement comes two months after German Chancellor Olaf Scholz visited China with a team of top executives. This was the the first visit by a G7 leader to China in roughly three years.

While some in Scholzs coalition government are growing nervous about Germanys economic ties with China, Berlin is hardly in a position to rock the boat with Beijing as it grapples with the challenge of reviving its struggling economy.

Its consumers and companies have borne the brunt of Europes energy crisis, and a deep recession is looming.


China Southern flights mark B737 MAX's return

China Southern Airlines on Friday resumed use of Boeing's single-aisle B737 MAX aircraft for commercial domestic flights, marking the return to the skies of the aircraft model that had been grounded worldwide since March 2019 after it was involved in two deadly crashes.

The first of the four successful flights on Friday was a two-hour afternoon service from Guangzhou, Guangdong province, to Zhengzhou, Henan province, according to VariFlight, a China-based civil aviation data service provider.

Boeing China and China Southern declined comments on the resumption of flights on the B737 MAX in China. The Civil Aviation Administration of China did not offer any comments either.

Two fatal crashes in Indonesia in 2018 and in Ethiopia in 2019, which killed 346 people in all, led to the grounding of the B737 MAX worldwide. Since late 2020, after due corrective process, the aircraft model was allowed to resume flights in many parts of the world. With B737 MAX flights resuming in China on Friday, only Russia remains out of bounds for the aircraft.

In 2022, Boeing landed orders for 774 civil aircraft in all, including those for 561 aircraft from the B737 series and 213 widebody planes. In December, Boeing delivered 69 passenger aircraft to its customers, including 53 B737 MAX planes.

China is Boeing's second-largest market and the largest for its European rival Airbus, according to the two jet makers. The country's 13 domestic carriers boast 97 B737 MAX aircraft in their fleets. China Southern owns 24, Air China 16 and Hainan Airlines 11. Shanghai Airlines, Xiamen Airlines and Shandong Airlines also own some B737 MAX planes.

The CAAC had stipulated that for the B737 MAX flights to resume in China, the aircraft's design modification must be approved for airworthiness, and pilots must be fully and effectively trained again. The investigation conclusions of the two fatal crashes must be clear, and the improvement measures must be effective.

'After China optimized its COVID-19 response measures in December, the domestic air travel market started to rebound strongly. The resumption of flights on the B737 MAX may augur well for the recovery of the market and is expected to provide more capacity for carriers,' said Lin Zhijie, an aviation industry analyst and a columnist at Carnoc, a major civil aviation website.

Eastern Airlines】【Southern Airlines

China Eastern and China Southern Airlines delist from NYSE

State-owned China Eastern Airlines and China Southern Airlines both announced in statements on Friday evening that they plan to delist their American depositary shares from the New York Stock Exchange.

American depositary shares refer to shares in foreign companies that are held by US depositary banks and can be traded in the United States.

China Eastern said from the business perspective, the amount of American depositary shares it has in the NYSE has been relatively small and remaining listed will require them to be compliant with regular reporting and obligations under the related law, which involves high costs, according to its statement.

China Southern said since listing its American depositary shares on the NYSE, the company has never made subsequent financing for the securities listed on the bourse, and being compliant with related regulations involves high costs. Moreover, the Hong Kong Stock Exchange and Shanghai Stock Exchange boast strong substitutability, which can meet the financial needs of the companys regular operation, it said in the statement.

Commercial Aircraft Corp of China Ltd

C919's annual output to reach 150 units in 5 yrs

The annual production capacity of the C919 large passenger jetliner is expected to reach 150 units in five years, Zhang Yujin, vice-president of  Commercial Aircraft Corp of China Ltd, said in an exclusive interview with ThePaper on Jan 12.

The company has now received 1,200 new orders for the C919 jet, which is projected to be put into commercial operation by March.

The first C919 aircraft delivered to China Eastern Airlines on Dec 9 is undergoing the 100-hour aircraft validation flight process on nine air routes which started from Dec 26.

After the test flights, the Civil Aviation Administration of China would issue a corresponding operation license to the Shanghai-based carrier, verifying its capability to operate the aircraft safely.

Being put into commercial passenger operation in spring, the C919 will serve on its premium routes to Shanghai, Beijing, Xi'an, Kunming, Guangzhou, Chengdu and Shenzhen, according to China Eastern Airlines.


Apple CEO Tim Cook to take more than 40% pay cut

Apple CEO Tim Cook will take a more than 40% pay cut this year from a year earlier as the company adjusts how it calculates his compensation partly based on a recommendation from Cook himself.

Apple Inc. said in a regulatory filing late Thursday that Cook's target total compensation is $49 million for 2023, with a $3 million salary, $6 million cash incentive and $40 million in equity awards.

Last March the Cupertino, California, company conducted an advisory shareholder vote on executive pay with 6.21 billion shares voting in favor of the executive pay package and 3.44 billion against. There were also abstentions and broker non-votes.

Apple said its compensation committee took into account shareholder feedback, the company's performance and a recommendation from Cook, who was promoted to CEO in 2011, to adjust his compensation in light of the feedback received.

Apple said last year it sought feedback from shareholders about compensation and it received overwhelming support for Mr. Cooks exceptional leadership and the unprecedented value he has delivered for shareholders....Those shareholders we spoke with that did not support our 2022 Say on Pay proposal consistently cited the size and structure of the 2021 and 2022 equity awards granted to Mr. Cook as the primary reason for their voting decision,the company said.

Cook has received a $3 million base salary for the past three years, but his total compensation which includes the restricted awards jumped from $14.8 million in 2020 to $98.7 million in 2021 and $99.4 million in 2022.

Apple said Cook supported the changes to his compensation.

The company plans to position Cooks annual target compensation between the 80th and 90th percentiles relative to its primary peer group for future years, according to the filing.

The company will hold its annual meeting March 10.

In midday trading, Apple shares edged down to $133. The stock has declined about 23% in the past year.



SEOUL, South Korea, Jan. 16, 2023 /PRNewswire/ -- LG Electronics'(LG) home appliance manufacturing plant in the United States has been selected as a world-leading Lighthouse Factory by the World Economic Forum (WEF).

The million-square-foot factory in Clarksville, Tennessee – the U.S. production base for LG's award-winning washers and dryers – is the industry's first home appliance plant in the United States to join the WEF's global network. It also is the company's second Lighthouse Factory, following on the heels of the LG Smart Park in Changwon, South Korea, which was selected by the WEF last year.

A 'Lighthouse Factory' is recognized by the WEF for its role in shaping the future of manufacturing through the integration of Internet of Things (IoT), big data, artificial intelligence (AI), robots and other Fourth Industrial Revolution technologies. Since 2018, the WEF has selected and added global factories to its network twice a year.

LG's world-class autonomous factory in Tennessee, utilizes advanced digital technologies from AI and big data to IoT and robots. Completed at the end of 2018, the facility now operates three production lines for front-load and top-load washing machines and dryers. With an annual production capacity of 1.2 million washers and 600,000 dryers, the plant proactively responds to changing North American demand through local production.  More than 900 people work at the LG home appliance factory in Montgomery County, Tenn.

Featuring a complete integrated production system streamlined process to supply impeccable products to customers on time, each line carries out the entire manufacturing process of new models from making the parts to assembly and packaging. In addition, strict quality conditions are applied to all the assembly lines to heighten quality across the board, from parts to finished products.

The LG Tennessee factory boasts a fully autonomous logistics system with 166 automated guided vehicles (AGVs) that transport parts around the plant. With three times more AGVs than the LG Smart Park, these robots improve overall productivity by freeing up people for other tasks.


JPMorgan 4Q profits rise, helped by higher interest rates

NEW YORK -- JPMorgan Chase & Co. said its fourth-quarter profits rose 6% from a year ago, as higher interest rates helped the bank make up for a slowdown in deal-making in its investment bank. The bank also set aside more than $2 billion to cover potential bad loans and charge-offs in preparation for a possible recession.

The New York-based bank said Friday that it earned $11.0 billion last quarter, up from $10.4 billion in the same period a year earlier. On a per-share basis, JPMorgan said it earned a profit of $3.57 a share compared to $3.33 a share in 2021, much better than the $3.08 a share that analysts were expecting.

The biggest driver of JPMorgan's profits this quarter was higher interest rates. The bank, like its competition, has been helped considerably by the Federal Reserve hiking rates aggressively to combat inflation as banks can charge more for loans.

JPMorgan's net interest income was $20.3 billion, up 48% from a year earlier.

But at the same time that the Fed's rate hikes have helped JPMorgan's bottom line, the chance that the Fed will push the U.S. economy into recession has increased as well. JPMorgan set aside $1.4 billion to cover potentially bad loans, and incurred roughly $900 million in charge-offs. The bank said it needed to set aside more money to cover bad loans due to “a modest deterioration” in the firm's economic outlook, which now calls for a “mild” recession.


Tesla slashes car prices as much as 20%

Electric vehicle company Tesla slashed the price of its cars across global markets as much as 20%, the automaker announced on Thursday night.

The move aims to bolster demand as Tesla faces falling sales amid recession fears and heightened competition, some analysts and investors said.

The U.S. price cuts on top-selling cars – such as the Model 3 sedan and Model Y crossover – came in between 6% and 20%, according to an analysis from Reuters. The basic Model Y now costs $52,990, a sharp decline from $65,990, Reuters found.

The price cuts add to the savings that U.S. customers will receive from a $7,500 federal tax credit that took hold for many electric vehicles at the outset of the year.

CEO Elon Musk, who acquired Twitter in late October, has drawn scrutiny over his apparent focus on the social media platform.



Italian energy company says new gas discovered off Egypt

ROME -- Italian energy giant Eni announced Sunday what it described as a significant gas discovery offshore of Egypt in the eastern Mediterranean.

Eni said the discovery at the Nargis-1 exploration well was made in the Nargis offshore area concession.

Eni said it would further develop the offshore area thanks to a recent award of several exploration blocks. The concession area measures some 1,800 square kilometers (about 700 square miles).


Coca-Cola names new president in the Chinese market

The global beverage giant Coca-Cola recently named its new local head in China, the first change of leadership in the market since the company's strategic transformation in 2020.

French native Gilles Leclerc is named the president of Coca-Cola Greater China & Mongolia. Leclerc is to replace Vamsi Mohan Thati who has served as the same position since 2020.

The Chinese market remains a key growth engine for the beverage player.

'We had good growth overall for China, despite some cities were affected by the pandemic, so China remains a good long-term opportunity,' said James Quincy, chairman and CEO of The Coca-Cola Company, at 2022 third quarter earnings conference call.

'We have a good business there, good bottling partners and there was some resilience to the business in the quarter.'

Prior to this role, Leclerc was the president of The McDonald's Division (TMD) of The Coca-Cola Company.

With Leclerc's leadership, TMD has been growing business in nearly 38,000 restaurants in more than 100 markets around the world.

He was responsible for guiding the strategic direction of the division and execution of major initiatives in key areas of the world to deliver profitable growth of the Coca-Cola systems and McDonald's.

Prior to this role, Leclerc was the senior vice-president, TMD International.

Leclerc has served as general manager, key customers, for The Coca-Cola Company in China. In this position, he managed top national accounts, both retail and on-premise, with responsibility for category management, trade marketing, finance, HR, supply chain and capability teams.

Leclerc joined Coca-Cola in 1998 and went on to hold roles of increasing responsibility in France, China, Singapore and the United States. He led global customers teams such as Carrefour, Metro Group and Système U.

Leclerc holds an MBA from The Barney School of Business, University of Hartford in Connecticut.


Pepsi is changing its Zero Sugar recipe

The sugar-free soda unveiled a new recipe that uses a “new sweetener system” that gives it a more “refreshing and bolder taste profile” compared to its previous iteration, Pepsi announced Friday.

Pepsi (PEP) didn’t reveal what specifically changed in the formula, though the company told CNN it reduced the amount of caffeine, which now mirrors the amount in regular Pepsi (PEP). However, the company said that its customer research of the new flavor said it tastes more refreshing with a “real cola taste.”

The company “leveraged the best new beverage technology to upgrade our Pepsi Zero Sugar product to give fans the best tasting cola in the zero-sugar category,” said Todd Kaplan, Pepsi’s chief marketing officer, in a release.

The new recipe has begun rolling out to store shelves, and the packaging design remains the same. Pepsi did add a “new improved taste” badge to help shoppers identify the new formula.

Users on Reddit who discovered the new formula a few weeks ago said it tastes “way sweeter” and no longer has a “weird after taste” compared to its predecessor.

Pepsi is putting some marketing muscle behind the launch with new commercials airing during the NFL playoffs and Super Bowl. It’s the first time in three years that Pepsi has run a commercial during the Super Bowl, and the company dropped its sponsorship of the highly watched halftime show last year.

Pepsi Zero Sugar’s tweaked formula comes about a year after debuted a refreshed Coca-Cola Zero Sugar recipe. Coke did not reveal what it specifically changed but noted that the new version tastes “more refreshing and delicious” and its packaging also received a makeover.

From a sales standpoint, Pepsi Zero Sugar has struggled against main rival Coke Zero Sugar. According to data from Beverage Digest given to CNN, Pepsi’s version has captured less than 1% of overall soda sales — while Coke’s has consistently grown its market share over the past five years to nearly 4%.

“Pepsi can no longer be satisfied having an also-ran to Coke Zero Sugar,” Duane Stanford, editor and publisher of Beverage Digest, told CNN. “Reformulating Pepsi Zero Sugar is a line in the sand that says it’s time to compete in earnest for share in the most important cola segment today.”

He added that “reformulation is a must to compete effectively,” because customers like sweeter colas.

It’s the second shakeup in Pepsi’s portfolio this week. Pepsi ditched Sierra Mist and replaced it with a new lemon-lime soda called Starry in an effort to better compete against Coke-owned Sprite.


Delta trims

Delta trims guidance on cost of pilots labor deal

Delta Air Lines reported very strong fourth-quarter results Friday that beat forecasts, capping its first profitable year since before the pandemic. But a new labor deal with its pilots union will trim profitability going forward.

The Atlanta-based airline said it expects first-quarter earnings per share of 15 to 40 cents, well below the consensus estimate of 55 cents. The main headwind: a new tentative labor agreement with its pilots union, reached a month ago, that will increase pay by 34% over the life of the contract.

While most employees at the major US airlines are represented by a union, the pilots are the only major employee group at Delta who are part of a union. Nearly 200,000 airline employees spread across the industry are expected to get substantial pay increases in upcoming labor negotiations later this year.

Delta (DAL) said it still expects to earn between $5 and $6 a share for the full year, which is good compared to the consensus forecast of $5.08 a share. But the first-quarter guidance was enough to send shares of Delta (DAL) down more than 5% in premarket trading.


SpaceX’s most powerful rocket returns to flight and nails synchronized landing

SpaceX’s Falcon Heavy rocket, the towering launch vehicle known for its boosters’ aerial acrobatics and synchronized landings when returning to Earth, took to the skies Sunday, delivering national security payloads to orbit for the US military.

The mission, called USSF-67, took off at 5:56 p.m. ET from Kennedy Space Center in Florida, marking the fifth successful flight of the rocket recently dethroned as the world’s most powerful operational launch vehicle. This mission was initially advertised to launch on Saturday, and the reason for the one-day delay was not immediately clear.

The Falcon Heavy debuted to much fanfare in 2018 when SpaceX CEO Elon Musk attached his personal Tesla Roadster as a test payload on the launch. The car is still in space, taking an oblong path around the sun that swings out as far as Mars’ orbital path.

The rocket followed up that test mission with two launches in 2019 before taking a three-year hiatus; the vast majority of SpaceX’s missions don’t require the Falcon Heavy’s amped-up power. On the other hand, SpaceX’s workhorse Falcon 9 rocket launched more than 60 times in 2022 alone, sending two groups of astronauts to space as well as Starlink satellites and a variety of other spacecraft.

But SpaceX is now making good on lucrative military launch contracts it signed for the Falcon Heavy years ago. The rocket returned to flight in November with the launch of the US military’s USSF-44 mission, and Sunday’s liftoff was a follow-up to that display.

“USSF-44 included six payloads on one satellite that advance communications, space weather sensing, and other technologies into near-geosynchronous orbits,” according to the military’s Space Operations Command.

And USSF-67 will make use of the same type of spacecraft deployed on USSF-44, called LDPE, which is essentially a bus for outer space that can carry smaller satellites. The Falcon Heavy also carried a communications satellite, called the Continuous Broadcast Augmenting SATCOM, for the US Space Force.

Additional details about the satellites on Sunday’s mission were not immediately available.


The Chevrolet Corvette is officially going electric

General Motors will produce a fully electric Chevrolet Corvette, GM President Mark Reuss announced in a LinkedIn post Monday morning.

Reuss didn’t say when the electric Corvette would come, but he hinted that a hybrid model could come relatively soon. “We will offer an electrified Corvette as early as next year,” he wrote. An accompanying video the company posted to Twitter showed what appeared to be a hybrid Corvette, and in another first, showed the front wheels spinning and throwing snow as if being powered. All Corvettes produced by the company previously have been rear-wheel-drive only.

While Reuss’s post implies a hybrid Corvette will be based on the current generation of the car, it’s not clear if the all-electric version will be a variation of this car or a completely different future model.

“Electrified” is an auto industry term encompassing everything from hybrid to fully electric vehicles, and anything with an electric motor can count as “electrified.” It has long been rumored that the current generation of the Corvette, the first with its gasoline engine mounted behind the seats instead of in the front, could be built with a hybrid system. Reuss has also previously hinted there would be electrified variants of the car.

Various companies are working on electric sports cars. Most all-electric vehicles in production so far have been four-door sedans and SUVs, as the need for batteries lends itself to larger and heavier vehicles. Tesla’s first car, the Lotus Elise-based Tesla Roadster, was an electric sports car, but the second-generation of Tesla Roadster, originally unveiled as a prototype in 2017, has yet to go into production.

Some manufacturers, such as Lamborghini, have said that current battery technology doesn’t allow for a optimum sports car performance from a purely electric vehicle. Lamborghini has been working on plug-in hybrid sports cars, though.

To date, the Corvette is only available in the base Stingray version with 6.2-liter V8 engine producing up to 495 horsepower. A 670 horsepower Corvette Z06 with a 5.5-liter V8 was unveiled last fall. The previous generation of the Corvette included included a 755-horsepower ZR1 version. Nothing like that has yet been announced for the current model but GM engineers have said a major reason for putting the engine in the back was to allow for better performance at extremely high horsepower levels.

Besides saving gas, hybrid systems can also be used in high-performance cars to add additional power and to provide for quicker acceleration since electric motors can provide power to the wheels more quickly than gas engines. Ferrari’s most powerful sports cars are hybrids, for instance.


BMW reveals its new $120,000 electric flagship

Electric vehicles, with their need for lots of expensive batteries, have often trended towards luxury. Electric cars from Porsche, Mercedes, and Audi have all hit the market in recent years. BMW has come out with its own electric cars like the iX and i4 and now the new i7, a battery-powered take on the brand’s new most expensive sedan.

While BMW is probably better known for its smaller 3 Series and 4 Series cars, the 7 Series is the brand’s showpiece for luxury and technology. The i7 is the electric version of a new generation of the BMW 7 Series flagship unveiled on Wednesday.

With a starting price of $119,300, the all-wheel-drive 536 horsepower i7 xDrive60 will be able to go 300 miles on a full charge, which is less than the competing Mercedes EQS or Lucid Air. It will also offer a V8-powered gasoline version, the 760i X-drive, with the same horsepower output and a starting price that’s $300 less. It will look almost identical. A gas-powered version with a 6-cylinder engine will have a starting price of $93,300.

This new version also highlights BMW’s flexibility-first electric vehicle strategy, which is different from that of luxury competitors like Mercedes-Benz and Audi. While those other luxury brands’ electric vehicles are based on dedicated EV chassis with little relationship to their gas-powered models, BMW emphasizes adaptable engineering as its edge.


Oman strikes LNG and green hydrogen deals with Shell

Oman has signed deals with Shell for the export of LNG and to explore the production of green hydrogen, Minister of Energy and Minerals H.E. Mohammad bin Hamad Al Rumhy announced on Tuesday.

The first agreement is a 10-year term sheet signed by Oman LNG with Shell International Trading Middle East for the offtake of 800,000 tonnes of LNG per year. Deliveries are set to begin in 2025.

The export deal marks Shell’s first long-term agreement with Oman and is seen as a milestone for Oman LNG in its aim to sign offtake contracts with international partners beyond 2024.

Additionally, an agreement was signed between Omani NOC OQ and Shell to pursue the development of green hydrogen in Oman.

The move immediately follows Shell acquiring a 35% stake in the Green Energy Oman project, Oman’s largest hydrogen development. The planned 25-GW mega-facility located in the Omani governorates of Al Wusta and Dhofar will create more than 1.8 million tonnes per year of hydrogen from solar and wind power assets.

Additionally, the Ministry of Energy and Minerals has signed a letter of intent with Shell to develop green hydrogen production linked to the production of liquified synthetic gas or LSG, which is created by combining hydrogen and captured carbon dioxide.

“This agreement is evidence of our confidence in the future of the Sultanate of Oman as a multiple energy source hub, as well as the rapid development of its interest in renewable energy and green hydrogen production,” said Al Rumhy.

Oman set a new green hydrogen production target in October 2022 for 1 million-1.25 million tonnes per year by 2030.



LePure Biotech

LePure Biotech closes Series C financing

LePure Biotech Co Ltd, a leading Chinese bioprocessing company, announced on Thursday the completion of Series C financing co-led by Novo Holdings, General Atlantic and Goldman Sachs Asset Management. Other investors participating in this round include Highlight Capital, Bayland Capital and HM Capital.

The investments are expected to be used to build up the company's overseas manufacturing capabilities and marketing channels, strengthen research and development capabilities, and fund future mergers and acquisitions.

The financing event also marked the first direct equity investment in China by Novo Holdings in the bioprocessing sector. Sean He, partner and head of Novo Holdings China, said that he is excited to work closely with LePure Biotech, making it one of Novo Holdings' flagship achievements in China.

In an interview with China Daily, Wang Feng, co-founder and CEO of LePure Biotech, said that Chinese local bioprocessing companies are rapidly increasing their R&D and manufacturing capabilities.

Fast turn-a-rounds, stable supply chains, customer-tailored production and competitive pricings are the key competitive advantages of domestic players, he said. Wang claimed that the lead time of his company is, on average, two to three weeks - much faster than that of global companies. In terms of pricing, domestic products are on average 30 to 50 percent lower than their global counterparts, he said.

LePure Biotech has already set up overseas sites and research facilities, including a research and development center in Boston, United States. It has also been selling products to Southeast Asian and American markets.

Amit Kakar, senior partner and head of Novo Holdings Asia, said China is expected to continue to play a significant role in the global supply chain of biomedical and pharmaceutical products. China is also expected to continue to move up on the technology and quality front, therefore domestic players such as LePure Biotech will play a pivotal role in both the innovation and supply chain in China and then globally. Kakar also believes strategic M&As as well as continuous innovation are important in driving LePure Biotech's future growth.


Benewake partners with Jabil to mass-produce LiDar

Chinese tech company Benewake is partnering with the US company Jabil on the mass production and delivery of its new generation LiDar technologies for automobiles.

Under a strategic agreement, Benewake will work with Jabil to industrialize and deploy a dedicated LiDar production line to meet automotive standards.

Jabil's manufacturing experience, global supply chain management and quality control in the field of automotive-grade electronics production, complements Benewake's deep technology experience in the field of LiDar, Benawake said in a statement.

The two companies will work together on the mass production and delivery of Benewake's new generation 512 lines high-performance automotive-grade LiDar AD2.

Li Yuan, CEO of Benewake, said the delivery of automotive-grade LiDar AD2 will empower driving safety to vehicles through high-specification, high-quality and high-efficiency manufacturing, which is the primary condition Benewake considers about mass production.

Benewake announced the partnership at the 2023 Consumer Electronics Show in Las Vegas. Founded in 2015, Benewake is a Beijing-based startup that focuses on autonomous driving, rail transit, civil aviation, shipping and other sectors by combining LiDar technologies with efficient industrial solutions.