BUSINESS NEWS | COMING EVENTS | PEOPLE NEWS | MERGERS INDUSTRIAL MANUFACTURING DEAL ACTIVITY PICKS UP IN 2H13, ACCORDING TO PWC US NEW YORK—Merger and acquisition (M&A) activity in the industrial manufacturing sector increased in the second half of 2013, with a 20% uptick in activity in the final six months of the year compared to the first half, according to Assembling Value, an annual analysis of global deal activity in the industrial manufacturing industry by PwC US. Despite that increase, the full year 2013 finished with 152 announced transactions for a total value of $59.7 billion, compared to all of 2012, which recorded 165 deals worth $84.8 billion. While 2013 as a whole marks the second consecutive annual decline, deal activity in the second half of the year increased with 83 deals worth $35.7 billion versus 69 deals for $24 billion in the first half. The fourth quarter of 2013 recorded 40 transactions worth $50 million or more, totaling $9.7 billion, compared to 44 deals worth $20.3 billion in the same period last year. “Similar to what we saw in our latest Manufacturing Barometer, caution was the predominant theme for manufacturers on the M&A front in 2013 as management teams remained highly selective in evaluating and pursuing deals,” said Bobby Bono, U.S. industrial manufacturing leader for PwC. “Deal activity was principally driven by horizontal consolidation within industrial machinery, as well as divestitures and carve-outs of non-core businesses. As the overall economy continues to recover, we remain optimistic that more growth-driven acquisition activity will return to the mix, fueling a more active deal market in the year ahead.” Industrial machinery targets were popular during 2013, and PwC notes that this is one of the more fragmented areas of the segment with attendant opportunities for consolidation. Energy end-market related deals were also of interest, and accounted for about one-fifth of transactions in 2013, as well as several mega deals (transactions valued at $1 billion or more). Continuing its historical trend, local market deals remained the focus for industrial manufacturers, representing 65% of total deal activity in the fourth quarter of 2013, according to PwC. In particular, Asian acquirers aiming to improve industry competitiveness continued to focus on local market consolidation, accounting for 40% of total deal volume in the fourth quarter. Regionally, Asia and Oceania took the lead in deal activity from North America, which led on both a volume and value basis for 2012. Within Asia, China capped off a robust year and remained the most active nation recording 28 deals worth $4.5 billion and was also the only BRIC acquirer to record a deal in the fourth quarter this year. “Selectivity on deals also extended to cross-border transactions and we expect that trend to continue in the near term as manufacturers look to understand new baseline growth rates in Asia and assess the long term implications on regional wage rates, elevated oil prices and the natural gas price disparity between the U.S. and Asia,” Bono stated. While financial investors remained active in the fourth quarter of 2013, executing on a number of leveraged buyouts and announced debt restructurings, strategic investors continued to dominate deal activity. Strategic investment in the industrial manufacturing sector Generated 80% of all transactions in the fourth quarter and 67% for all of 2013. “We expect private equity to remain a major factor as elevated equity prices provide attractive exit points from investments made prior to and during the economic downturn and favorable debt markets create a robust deal making environment,” said Bono. ASQ RECOGNIZES INNOVATIVE CONTRIBUTIONS, ACHIEVEMENTS IN QUALITY MILWAUKEE, WI—ASQ will present itsHonorary Member,Distinguished Service Medalsand 12 otherawardsMay 4 in Dallas, TX, prior to its annualWorld Conference on Quality and Improvement. ASQ, a leading authority on quality in all fields, organizations and industries, recognizes recipients for their innovative contributions and achievements in quality. Winners’ exemplary achievements are representative of the ideas and tools that make our world work better. Honorary ASQ Member To be elected as an honorary member, the individual being considered should have made enduring contributions to the profession of quality and the allied arts and sciences. Election will be restricted to individuals who are so well known and so clearly pre-eminent in the profession that there should be almost no doubt of their being worthy of such recognition. Elected as an Honorary Member is: Douglas C. Montgomery, regents’ professor of Industrial Engineering at Arizona State University in the School of Computing, Informatics and Decision Systems Engineering, Tempe, AZ— For having made multifaceted contributions to the science of quality and to the quality profession though leadership, books, research papers, teaching, consulting and editorial work; for developing and promoting the use of sound statistical methods in quality improvement, process optimization, and in process and product development; for the far-reaching global impact of books and papers on regression analysis, designed experimentation, process monitoring and control, engineering statistics and response surface methods; and for amplified impact through the contributions of his many Ph.D. students. Distinguished Service Medal Winners ASQ’s Distinguished Service Medal represents the highest distinction for service from ASQ and honors the lifetime contribution of any person who has been recognized as a long-term enabler, catalyst or prime mover in the quality movement. The Distinguished Service Medals for 2014 have been awarded to: Dennis Arter, Columbia Audit, Kennewick, WA—For exemplary leadership and contributions at ASQ’s division, national, and international level to advance the quality profession over the last 30 years; for distinguished accomplishments that include being a pioneer in transforming quality auditing to a management tool for improvement through his classic textbook Quality Auditing for Improved Performance, first published in 1989 and now in its third edition; for a class by the same name that was the only ASQ class on auditing for many years; and for passion and multiple presentations, papers, articles, blogs, online discussions and free speeches. Robert Camp, Best Practice Institute Inc., Ithaca, NY—For being recognized worldwide as the pre-eminent best-practice benchmarking authority, author and coach, motivating and helping hundreds of organizations and thousands of quality practitioners around the world understand and incorporate worldclass best practices as the method of choice for pursuing and achieving increased performance, productivity, continuous quality improvement and competitive advantage in their business processes; and for conducting research, education and consultation with organizations focused on a structured approach for the capture, exchange and adoption of best practices, worldwide, through best-practice benchmarking to become the best of the best. Kenneth E. Case, School of Industrial Engineering and Management, Oklahoma State University, Stillwater, OK— For exceptionally dedicated service as a volunteer leader at the highest levels of ASQ and as an educational thought leader, promoting and disseminating quality knowledge within the national engineering community of the United States. Grace L. Duffy, Management & Performance Systems, Eustis, FL—For selfless service as a long-term enabler, mentor and champion of quality around the world; for sharing quality principles and best practices for the benefit of the quality community; for sincere dedication, exemplary leadership and sustained service for the Society in promoting quality principles, applications and methods; and for devoting talent and time to enhance the image of ASQ at national, section, regional and international levels. Elmer (Bud) Gookins, Jr., Times Recorder, Zanesville, OH—For selfless service as a long-term enabler, mentor and champion of quality around the world; for sharing quality principles and best practices for the benefit of the quality community; for sincere dedication, exemplary leadership and sustained service for the Society in promoting quality principles, applications and methods; and for devoting talent and time to enhance the image of ASQ at national, section, regional and international levels. Michael D. Jones, Retired, Gulf Shores, AL—For dedication to learning, using and sharing his knowledge of quality methods; for commitment and efforts to improve the lives of people and the viability of organizations by helping them understand quality methods and how to apply them effectively; and for service to ASQ at a variety of levels and in many diverse ways, with the goal that ASQ may serve our members in ways that improve their careers and their personal lives. 2014 Society Medals Crosby Medal presented to Debashis Sarkar, Asia’s Service Lean Pioneer and Author, Mumbai, India —For his thought leadership in conceptualizing numerous strategies, tactics and tools that focus on improving holistic organizational performance; his efforts to popularize lean concepts among service companies not just in Asia, but around the world; his contribution through books, columns and workshops that have benefitted change leaders and practitioners globally. Deming Medal presented to Michael D. Tveite, Polaris Industries, MN—For masterful explanation of Deming’s ideas to diverse audiences and for teaching and use of statistical thinking in his roles as consultant and manager. Freund Marquardt Medal presented to Dorothy P. Bowers, Matawan, NJ— In recognition of her outstanding leadership and dedication in the development of international standards; for her significant and substantial contributions in the fields of quality management, environmental management and social responsibility; for her application of the quality management principles to the standards development process; and in recognition of her important literary contributions. Grant Medal presented to Robert E. Cole, Haas School of Business and Department of Sociology, University of California-Berkeley, Berkeley, Calif., and Institute for Technology, Enterprise & Competitiveness (ITEC), Doshisha University, Kyoto, Japan — For a lifetime commitment to rigorous research into the sociological phenomena that influence quality practices within the work environment and stimulate innovative action through the participation of workers; and for publication of his research results in the world’s most influential quality and management journals. Hutchens Medal presented to Staffan Söderberg, AMAP Sustainability, Stockholm, Sweden —For his leadership in bringing an international standard on social responsibility from a mere concept to full-blown reality, a reality that has shaped and will continue to shape the implementation and evaluation of social responsibility activities into the future. Ishikawa Medal presented to Gregory H. Watson, Business Excellence Solutions Ltd., Espoo, Finland—For his innovative contributions in the promotion of Japanese-style Total Quality Management as originated by Kaoru Ishikawa and the preservation of the memory of Ishikawa as one of the most influential thought leaders within the global quality community. Juran Medal presented to Alan Mulally, Ford Motor Company, Dearborn, MI—For decades of executive leadership in quality at two of our nation’s iconic companies; for in-depth learning and application of quality-based systems transformation; for development of an innovative measurement and reporting system; for serving as an exemplar to other executives of rigorous and constant attention to continuous improvement; and for serving as a staunch ambassador of ASQ and its goals. Lancaster Medal presented to Yuanzhang Liu, Chinese Academy of Sciences, Beijing, China—For his sustained dedication to promotion of quality in China and throughout Asia, leading to setting a program of quality improvement as a national priority for Chinese industrial policy to increase quality of life throughout society. Shainin Medal presented to Patricia A. Cyr, Harris Corp., Rochester, NY—For the development of new methodology that compares the holistic change in system performance before and after a process or product modification. Shewhart Medal presented to Bovas Abraham, University of Waterloo, Waterloo, Ontario, Canada— For outstanding contributions to quality improvement though research, teaching and consulting; and for leadership in professional societies and education and outreach through conference organization. Brumbaugh Award presented to William Q. Meeker Jr., Iowa State University, Ames, IA; Georgios Sarakakis, Tesla Motors, Palo Alto, CA; and Athanasios Gerookostopoulos, ReliaSoft Corp., Tucson, AZ— For coauthoring the paper, “More Pitfalls of Accelerated Tests,” published in 2013 in Journal of Quality Technology, Vol. 45, No. 3, pp. 213-222. Gryna Award is presented to John R. Latham, Monfort Institute at the University of Northern Colorado, Greeley, CO — For authoring the paper, “A Framework for Leading the Transformation to Performance Excellence Part II: CEO Perspectives on Leadership Behaviors, Individual Leader Characteristics, and Organizational Culture,” published in 2013 in Quality Management Journal, Vol. 20, No. 3, pp. 19-40. AEROFLEX ANNOUNCES THE ACQUISITION OF SHENICK NETWORK SYSTEMS PLAINVIEW, NY—Aeroflex Holding Corp. (Aeroflex) announced the acquisition of Shenick Network Systems (Shenick), a provider of virtual testing for next generation software defined networking. “Shenick provides Aeroflex with next generation technology in the rapidly growing virtual test mar-ket,” stated Len Borow, Aeroflex’s chief executive officer. “For the last two years, we have partnered with Shenick to enhance the capabilities of our wireless infrastructure test products. Our software prod-ucts offer network providers the ability to emulate and measure millions of unique IP application flows to support network and application development and performance testing in next generation converged and cloud based networks. Aeroflex expects the acquisition to be neutral to its fiscal 2014 financial results and accretive to its fiscal 2015 financial results. COMING EVENTS APRIL 15 THE VISION SHOW MAY 7 QUALITY EXPO TEXAS 2014 EVENTS MICHIGAN METROLOGY EVENT LIVONIA, MI – On April 30 and May 1, 2014, Don Cohen, PhD, an expert in surface roughness and its effects, will lead a two-day short course on surface finish, friction, wear and texture in Livonia, Michigan. Cohen is the founder of Michigan Metrology. Topics included in the course: http://www.michmet.com/register.htm HEXAGON METROLOGY PARTNERS WITH NATIONAL INSTITUTE FOR AVIATION RESEARCH FOR WORKSHOP NORTH KINGSTOWN, RI—Hexagon Metrology announced it will cohost a HxGN LIVE on Location Workshop with the National Institute for Aviation Research (NIAR). The workshop titled Metrology Solutions for Aerospace Applications will focus on the use of metrology to address typical challenges in the aerospace industry. The event will be held on February 19, 9am to 4pm, at the National Center for Aviation Training (NCAT) in Wichita, Kans. The keynote speaker will be Jim Arness of Lockheed Martin, winner of the company’s NOVA award. Topics to be covered include seam validation, fastener flushness, reverse engineering, in-process management, eliminating line of sight inspection issues, setting details with ease, and the use of model based definition for rapidly completing FAIs. For more information or to register for this free event, visit HexMet.us/NIAR. NIAR partnered with Hexagon Metrology in an effort to become a university-based aviation research center in the United States. Their goal is to train the workforce of tomorrow on cutting edge technology from Hexagon Metrology to reverse engineer outdated tools, validate inspection processes and methods, and develop techniques which benefit low volume production environments.
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