Key Points: – Taiwan Semiconductor Manufacturing Co. (TSMC) plans to invest $100 billion in US chip plants over the next four years. – The investment aligns with efforts to establish the US as a leader in artificial intelligence and semiconductor production. – The announcement follows US tariffs on semiconductor imports and ongoing efforts to reduce reliance on foreign chip manufacturing.
Taiwan Semiconductor Manufacturing Company (TSMC) is preparing to make a historic $100 billion investment in US chip manufacturing, a move expected to bolster America’s position in the global semiconductor race. President Donald Trump is set to formally announce the initiative, which aims to expand domestic production capacity over the next four years.
The investment will fund multiple new semiconductor fabrication plants, reinforcing efforts to establish the United States as a key hub for artificial intelligence and high-performance computing. This move is seen as a major step in reducing US dependence on foreign chip suppliers, particularly amid growing geopolitical tensions that have raised concerns over supply chain vulnerabilities.
TSMC, the world’s largest contract chipmaker, plays a crucial role in supplying semiconductors to major technology firms such as Nvidia and Apple, both of which heavily rely on cutting-edge chips for artificial intelligence applications. The company has already established a presence in the US with its Arizona-based facilities, where it committed an initial $12 billion in 2020. Since then, its investment in the region has swelled to approximately $65 billion, with plans for a third factory already in motion.
The additional $100 billion investment signals a broader commitment to US-based production, which could help mitigate risks associated with global supply chain disruptions. This initiative aligns with the Trump administration’s strategy to strengthen domestic manufacturing and reduce reliance on imports, particularly from Asia.
President Trump has long accused Taiwan of undercutting US chip manufacturing, advocating for tariffs on semiconductor imports as part of his broader trade policy. However, the latest investment from TSMC could help reshape this dynamic by bringing production closer to home, potentially easing tensions while reinforcing economic ties between the US and Taiwan.
Industry experts view this investment as a significant step toward securing US semiconductor supply chains. The recent CHIPS and Science Act, which provides funding to semiconductor companies expanding in the US, has played a role in attracting further investment from industry leaders. In January, TSMC’s Chief Financial Officer, Wendell Huang, expressed confidence that the US government would continue supporting the company’s expansion efforts.
While TSMC’s massive investment will primarily benefit large-scale semiconductor production, smaller cap chip manufacturers may experience mixed effects. On one hand, increased competition from a well-funded industry giant could challenge their market position. However, these companies may also benefit from enhanced supply chain infrastructure, new partnership opportunities, and greater government incentives aimed at bolstering domestic production.
For investors, this development could signal a bullish outlook for the semiconductor sector. Larger players like Nvidia, Intel, and AMD may see increased demand for domestically produced chips, while smaller firms could attract interest based on their role in supporting new manufacturing initiatives. Market analysts will be watching closely to assess which companies stand to gain the most from this significant shift in semiconductor production.
The expansion of US-based semiconductor manufacturing is expected to create thousands of high-skilled jobs while positioning the country as a leader in AI-driven innovation. Analysts believe the move will help stabilize chip supply and reduce costs for American companies reliant on advanced semiconductors.
With formal announcements expected in the coming days, industry stakeholders and policymakers will closely watch how this investment unfolds. The next steps will likely involve site selection, workforce training initiatives, and government incentives to ensure the success of these new facilities.
As TSMC deepens its US footprint, the semiconductor industry braces for a transformative shift that could redefine global supply chains for years to come.
Key Points: – US manufacturing PMI dipped to 50.3 in February, signaling continued but slowing growth. – Concerns over new tariffs on imports from Canada, Mexico, and China are creating uncertainty for manufacturers. – Prices for raw materials surged to their highest levels since June 2022, potentially impacting production costs.
The US manufacturing sector remained stable in February, though concerns over looming tariffs threatened to disrupt recent gains. While the Institute for Supply Management (ISM) Manufacturing Purchasing Managers’ Index (PMI) registered at 50.3—just above the threshold for expansion—key indicators such as new orders and employment showed signs of weakness.
The report indicated that while the manufacturing industry is maintaining momentum, companies are growing increasingly uneasy about potential tariffs on goods imported from Canada, Mexico, and China. The uncertainty surrounding these trade policies has led to a slowdown in new orders, as customers hesitate to commit to long-term contracts.
Tariffs Fuel Uncertainty and Price Increases Manufacturers reported that trade tensions and prospective retaliatory measures from key US partners were affecting business sentiment. Firms in the chemical and transportation equipment industries, in particular, noted disruptions caused by a lack of clear guidance on tariff implementation. The uncertainty has also impacted investment decisions, with businesses pausing expansion plans.
At the same time, prices for manufacturing inputs surged to their highest levels since June 2022. The ISM’s price index jumped to 62.4 from 54.9 in January, reflecting the growing cost of raw materials. Many manufacturers are concerned that rising costs will eventually be passed on to consumers, potentially reversing recent efforts to stabilize inflation.
Employment and Supply Chain Challenges Employment in the sector contracted after briefly expanding in January. The manufacturing employment index fell to 47.6, suggesting that firms are pulling back on hiring in response to economic uncertainty. With weaker demand and higher costs, companies are taking a cautious approach to workforce expansion.
Supply chains, which had been recovering from disruptions in previous years, also showed signs of strain. The ISM supplier deliveries index increased to 54.5, indicating longer wait times for materials. This is typically a sign of strong demand, but in this case, it reflects supply chain bottlenecks and manufacturers front-loading inventory in anticipation of potential tariff impacts.
Looking Ahead With the Trump administration expected to finalize tariff decisions in the coming days, manufacturers remain on edge. Industries reliant on imported steel, aluminum, and electronic components could face the greatest challenges, particularly as suppliers adjust pricing in response to trade policy changes.
The ISM report follows a series of economic data releases that suggest the US economy may have lost momentum in early 2025. Weak consumer spending, a widening goods trade deficit, and a decline in homebuilding all point to a more cautious economic outlook. Some economists now believe that GDP could contract in the first quarter.
As the manufacturing sector braces for potential headwinds, all eyes remain on the White House’s next moves regarding tariffs. The coming weeks will be critical in determining whether February’s stability can be sustained or if rising costs and trade uncertainty will trigger a broader slowdown.
NEW ALBANY, Ohio, Feb. 26, 2025 (GLOBE NEWSWIRE) — Commercial Vehicle Group (the “Company” or “CVG”) (NASDAQ: CVGI) will hold its quarterly conference call on Tuesday, March 11, 2025, at 8:30 a.m. ET, to discuss fourth quarter and full year 2024 financial results. CVG will issue a press release and presentation prior to the conference call.
Toll-free participants dial (800) 549-8228 using conference code 45919. International participants dial (289) 819-1520 using conference code 45919. This call is being webcast and can be accessed through the “Investors” section of CVG’s website at ir.cvgrp.com where it will be archived for one year.
A telephonic replay of the conference call will be available until March 25, 2025. To access the replay, toll-free callers can dial (+1) 888 660 6264 using access code 45919#, and toll callers in North America and other locations can dial (+1) 289 819 1325.
About CVG
At CVG, we deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries, and communities we serve. Information about the Company and its products is available on the internet at www.cvgrp.com.
Investor Relations Contact: Ross Collins or Stephen Poe Alpha IR Group CVGI@alpha-ir.com
Key Points: – GM announced a $6B share buyback and a 25% dividend increase to $0.15 per share – Investors reacted positively, pushing GM stock up over 5% in morning trading – Company maintains strong R&D spending of $8B+ while navigating potential tariff challenges
General Motors announced a significant boost to shareholder returns on Wednesday, unveiling a new $6 billion share repurchase program and increasing its quarterly dividend. The move comes just weeks after investors expressed disappointment when the automaker’s Q4 earnings call failed to include new capital return initiatives.
GM’s quarterly dividend will rise by $0.03 to $0.15 per share, marking the company’s first dividend increase since 2023. The $6 billion share repurchase authorization includes plans for a $2 billion accelerated share repurchase (ASR) program to be implemented in the near term.
Investors responded positively to the announcement, sending GM shares up more than 5% in morning trading to $49.22.
CEO Mary Barra emphasized the company’s strong execution across all three pillars of its capital allocation strategy. These include reinvesting for profitable growth, maintaining a strong investment-grade balance sheet, and returning capital to shareholders.
This latest buyback program follows GM’s previous $6 billion share repurchase plan and the $10 billion ASR program introduced in late 2023. The earlier initiatives coincided with a 33% dividend increase that took effect in January 2024.
During GM’s most recent earnings call, CFO Paul Jacobson had indicated the company would explore prudent ways to expand shareholder returns. In today’s announcement, he expressed confidence in the business plan and balance sheet strength, noting GM would remain agile in responding to potential policy changes.
Despite the increased focus on shareholder returns, GM confirmed its commitment to continued investment in its core business. The company expects 2025 capital spending to remain between $10-11 billion, including investments in battery manufacturing joint ventures. Research and product development spending is projected to exceed $8 billion for the year.
For fiscal 2025, GM has forecast profits between $13.7 billion and $15.7 billion, with diluted and adjusted earnings per share of $11-12. The company noted these projections don’t account for potential impacts from tariffs that might be implemented by the Trump administration on imported vehicles or parts.
While GM is clearly a large-cap stock, its shareholder-friendly actions could signal a broader trend that might eventually benefit small-cap stocks and the Russell 2000 index. Historically, when large corporations increase dividends and buybacks, it often reflects growing confidence in economic conditions that eventually filters down to smaller companies. The Russell 2000 has underperformed larger indices in recent years, but increased capital returns across the market could indicate improving liquidity conditions that typically benefit smaller firms more dramatically.
Additionally, GM’s ability to maintain robust capital returns while facing potential tariff challenges demonstrates corporate resilience that could reassure investors about smaller domestic manufacturers’ prospects. Many Russell 2000 companies are more domestically focused than their large-cap counterparts, potentially insulating them from international trade disruptions.
The shareholder return increases demonstrate GM’s financial strength despite ongoing challenges in the automotive industry, including electrification costs, competition, and potential trade policy changes. The company’s willingness to boost returns while maintaining substantial investments in future technologies suggests management’s confidence in its long-term business strategy.
As GM navigates the evolving automotive landscape, this balanced approach to capital allocation appears designed to keep both long-term investors and those seeking immediate returns satisfied while the company continues its transition toward an electric future.
Revenue increased 7.3% to $47.0 million driven by continued strength in key end-markets
Gross profit margin improved 260 basis points to 24.8% of sales, net margin increased 300 basis points to 3.4% of sales, and adjusted EBITDA margin1 expanded 180 basis points to 8.6% of sales
Net income per diluted share increased 600% to $0.14 in the third quarter; adjusted net income per diluted share1 increased 38% to $0.18
Orders of $24.8 million, driven by demand from defense, space, and aftermarket; YTD Book-to-Bill ratio of 1.0x and a backlog of $385 million2
Strong balance sheet with no debt, $30.0 million in cash, and access to $43 million under its revolving credit facility at quarter end to support growth initiatives
Reiterated full year guidance for Sales and adjusted EBITDA1
BATAVIA, N.Y.–(BUSINESS WIRE)– Graham Corporation (NYSE: GHM) (“GHM” or the “Company”), a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy, and process industries, today reported financial results for its third quarter for the fiscal year ending March 31, 2025 (“fiscal 2025”).
“Our strong performance through the first three quarters of our fiscal year reflects continually improving execution across our business. Customer demand for our diversified product portfolio is robust, driving margin expansion through improved product mix and operational efficiency. The progress we have shown to date, coupled with advancing discussions on both new programs and expansions with existing customers, reinforces our confidence in achieving our long-term growth targets,” said Daniel J. Thoren, Chief Executive Officer.
____________________ 1Adjusted EBITDA margin, Adjusted Net Income per Diluted Share and Adjusted EBITDA are non-GAAP measures. See attached tables and other information for important disclosures regarding Graham’s use of these non-GAAP measures. 2Orders, backlog and book-to-bill ratio are key performance metrics. See “Key Performance Indicators” below for important disclosures regarding Graham’s use of these metrics.
Quarterly net sales of $47.0 million increased 7.3%, or $3.2 million. Sales to the defense market grew by $2.7 million, or 11.1% from the prior year period, driven by the addition of new defense programs, the ramp-up of existing programs, better execution, and the timing of key project milestones. Additionally, higher chemical/petrochemical sales contributed $2.7 million to growth, driven by increased sales of capital equipment. Aftermarket sales to the refining, chemical/petrochemical, and defense markets of $9.7 million remained strong and were 2.4% higher than the prior year. See supplemental data for a further breakdown of sales by market and region.
Gross profit for the quarter increased $2.0 million to $11.7 million compared to the prior-year period of $9.7 million. As a percentage of sales, gross profit margin increased 260 basis points to 24.8%, compared to the fiscal third quarter of 2024. This increase was driven by leverage on higher volume, better execution, and improved pricing, partially offset by higher incentive compensation compared to the prior year period.
Additionally, the third quarter of fiscal 2025 gross profit benefited $0.3 million from a $2.1 million grant received from the BlueForge Alliance earlier this fiscal year to reimburse Graham for the cost of the Company’s defense welder training programs in Batavia and related equipment. To date, the Company has received $1.5 million of funding under this grant.
Selling, general and administrative expense (“SG&A”), including amortization, totaled $9.7 million, or 20.6% of sales, up $0.9 million compared with the prior year. This increase reflects the Company’s continued investments in its people, processes, and technology to drive long-term sustainable growth.
Included in other operating income for the third quarter of fiscal 2025 was a $0.2 million reversal of a previously accrued contingent earnout liability for P3. The reversal was due to delayed orders/projects that extended beyond the earnout period.
Cash Management and Balance Sheet Cash provided by operating activities totaled $27.9 million for the nine-month period ending December 31, 2024, an increase of $8.4 million from the comparable period in fiscal 2024. As of December 31, 2024, cash and cash equivalents were $30.0 million, up from $16.9 million at the end of fiscal 2024.
Capital expenditures of $13.8 million for the first nine months of fiscal 2025 were focused on capacity expansion, increasing capabilities, and productivity improvements. The Company increased its expected fiscal 2025 capital expenditures to be in the range of $15.0 million to $19.0 million from its previous expectations of $13.0 million to $18.0 million due to a faster pace of execution on the capital projects in process. All major capital projects are on time and on budget.
The Company had no debt outstanding at December 31, 2024 with $43 million available on its revolving credit facility after taking into account outstanding letters of credit.
Orders, Backlog, and Book-to-Bill Ratio See supplemental data filed with the Securities and Exchange Commission on Form 8-K and provided on the Company’s website for a further breakdown of orders and backlog by market. See “Key Performance Indicators” below for important disclosures regarding Graham’s use of these metrics.
As expected, orders for the third quarter of fiscal 2025 declined to $24.8 million given the higher level of orders earlier in the fiscal year. Orders tend to be lumpy given the nature of our business (i.e. large capital projects) and in particular, orders to the defense industry, which span multiple years and are larger in size. Orders for the nine-month period ended December 31, 2024, were $144.2 million, resulting in a year-to-date book-to-bill ratio of 1.0x. After-market orders for the refining, petrochemical, and defense markets remained strong and totaled $13.0 million for the third quarter of fiscal 2025, an increase of 51% over the prior year.
Backlog at quarter end was $384.7 million, down 3.6% over the prior-year period and down 5.5% sequentially. Approximately 45% to 50% of orders currently in backlog are expected to be converted to sales in the next twelve months and another 35% to 40% are expected to convert to sales within one to two years. The majority of orders expected to convert beyond twelve months are for the defense industry, specifically the U.S. Navy.
Fiscal 2025 Outlook The Company’s outlook for 2025 was updated as follows:
Webcast and Conference Call GHM’s management will host a conference call and live webcast on February 7, 2025 at 11:00 a.m. Eastern Time (“ET”) to review its financial results as well as its strategy and outlook. The review will be accompanied by a slide presentation, which will be made available immediately prior to the conference call on GHM’s investor relations website.
A question-and-answer session will follow the formal presentation. GHM’s conference call can be accessed by calling (201) 689-8560. Alternatively, the webcast can be monitored from the events section of GHM’s investor relations website.
A telephonic replay will be available from 3:00 p.m. ET today through Friday, February 14, 2025. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13750971 or access the webcast replay via the Company’s website at ir.grahamcorp.com, where a transcript will also be posted once available.
About Graham Corporation Graham is a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy, and process industries. Graham Corporation and its family of global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenic pumps, and turbomachinery technologies, as well as its responsive and flexible service and the unsurpassed quality customers have come to expect from the Company’s products and systems. Graham Corporation routinely posts news and other important information on its website, grahamcorp.com, where additional information on Graham Corporation and its businesses can be found.
Safe Harbor Regarding Forward Looking Statements This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “future,” “outlook,” “anticipates,” “believes,” “could,” “guidance,” ”may”, “will,” “plan” and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to, profitability of future projects and the business, its ability to deliver to plan, its ability to continue to strengthen relationships with customers in the defense industry, its ability to secure future projects and applications, expected expansion and growth opportunities, anticipated sales, revenues, adjusted EBITDA, adjusted EBITDA margins, capital expenditures and SG&A expenses, the timing of conversion of backlog to sales, orders, market presence, profit margins, tax rates, foreign sales operations, customer preferences, changes in market conditions in the industries in which it operates, changes in general economic conditions and customer behavior, forecasts regarding the timing and scope of the economic recovery in its markets, and its acquisition and growth strategy, are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation’s most recent Annual Report filed with the Securities and Exchange Commission (the “SEC”), included under the heading entitled “Risk Factors”, and in other reports filed with the SEC.
Should one or more of these risks or uncertainties materialize or should any of Graham Corporation’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation’s forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.
Non-GAAP Financial Measures Adjusted EBITDA is defined as consolidated net income (loss) before net interest expense, income taxes, depreciation, amortization, other acquisition related expenses, and other unusual/nonrecurring expenses. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of sales. Adjusted EBITDA and Adjusted EBITDA margin are not measures determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP. Nevertheless, Graham believes that providing non-GAAP information, such as Adjusted EBITDA and Adjusted EBITDA margin, is important for investors and other readers of Graham’s financial statements, as it is used as an analytical indicator by Graham’s management to better understand operating performance. Moreover, Graham’s credit facility also contains ratios based on Adjusted EBITDA. Because Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures and are thus susceptible to varying calculations, Adjusted EBITDA, and Adjusted EBITDA margin, as presented, may not be directly comparable to other similarly titled measures used by other companies.
Adjusted net income and adjusted net income per diluted share are defined as net income and net income per diluted share as reported, adjusted for certain items and at a normalized tax rate. Adjusted net income and adjusted net income per diluted share are not measures determined in accordance with GAAP, and may not be comparable to the measures as used by other companies. Nevertheless, Graham believes that providing non-GAAP information, such as adjusted net income and adjusted net income per diluted share, is important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current fiscal year’s net income and net income per diluted share to the historical periods’ net income and net income per diluted share. Graham also believes that adjusted net income per share, which adds back intangible amortization expense related to acquisitions, provides a better representation of the cash earnings of the Company.
Forward-Looking Non-GAAP Measures Forward-looking adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures. The Company is unable to present a quantitative reconciliation of these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict the necessary components of such GAAP measures without unreasonable effort largely because forecasting or predicting our future operating results is subject to many factors out of our control or not readily predictable. In addition, the Company believes that such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the Company’s fiscal 2025 financial results. These non-GAAP financial measures are preliminary estimates and are subject to risks and uncertainties, including, among others, changes in connection with purchase accounting, quarter-end, and year-end adjustments. Any variation between the Company’s actual results and preliminary financial estimates set forth above may be material.
Key Performance Indicators In addition to the foregoing non-GAAP measures, management uses the following key performance metrics to analyze and measure the Company’s financial performance and results of operations: orders, backlog, and book-to-bill ratio. Management uses orders and backlog as measures of current and future business and financial performance, and these may not be comparable with measures provided by other companies. Orders represent written communications received from customers requesting the Company to provide products and/or services. Backlog is defined as the total dollar value of net orders received for which revenue has not yet been recognized. Management believes tracking orders and backlog are useful as they often times are leading indicators of future performance. In accordance with industry practice, contracts may include provisions for cancellation, termination, or suspension at the discretion of the customer.
The book-to-bill ratio is an operational measure that management uses to track the growth prospects of the Company. The Company calculates the book-to-bill ratio for a given period as net orders divided by net sales.
Given that each of orders, backlog, and book-to-bill ratio are operational measures and that the Company’s methodology for calculating orders, backlog and book-to-bill ratio does not meet the definition of a non-GAAP measure, as that term is defined by the U.S. Securities and Exchange Commission, a quantitative reconciliation for each is not required or provided.
As part of its established succession plan, President & CEO, Daniel J. Thoren to transition to Executive Chairman and Strategic Advisor effective June 2025
Matthew J. Malone, current Vice President and General Manager for Graham subsidiary Barber-Nichols, appointed to President & COO effective February 2025; expected to assume CEO role of Graham Corporation in June 2025
Executing according to succession plan previously approved by the Board of Directors; deepens bench strength of the Executive Leadership Team, ensures a smooth leadership transition, positions the business for continued growth and success
The Company reiterates its sales and Adjusted EBITDA guidance as provided on November 8, 2024
BATAVIA, N.Y.–(BUSINESS WIRE)– Graham Corporation (NYSE: GHM) (“GHM” or the “Company”), a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy, and process industries, today announced key leadership changes as part of its established succession plan.
Daniel J. Thoren, President and Chief Executive Officer, will transition to the role of Executive Chairman, effective June 10, 2025 and will remain active in the operations of the Company for the foreseeable future. As part of the transition, Mr. Thoren will serve as a strategic advisor, focusing on guiding strategy and helping the Company grow through business development. With this change, Jonathan W. Painter, Chairman of the Board of Directors, will transition to Lead Independent Director.
In alignment with this plan, the Board of Directors has approved the appointment of Matthew J. Malone as President and Chief Operating Officer, reporting to Mr. Thoren, effective February 5, 2025. In this role, Mr. Malone will oversee, guide and lead each of the Company’s business units. Prior to this appointment, Mr. Malone has served as Vice President and General Manager of Barber-Nichols since 2021. Concurrently, Michael E. Dixon, Director of Sales and Marketing of Barber-Nichols, will be promoted to General Manager of Barber-Nichols reporting to Mr. Malone, effective February 5, 2025.
The Company further announced its intention for Mr. Malone to assume the role of Chief Executive Officer on June 10, 2025, and the expectation of his appointment to the Board of Directors. At that time, Mr. Dixon is expected to assume the role of Vice President of Graham Corporation and General Manager of Barber-Nichols.
Jonathan W. Painter, Chairman of the Board of Directors said, “I am pleased to announce these leadership appointments in accordance with our planned succession strategy, which demonstrates the bench strength of our executive team and reflects Graham’s commitment to developing exceptional talent. I would like to personally thank Dan for his leadership and tremendous accomplishments while serving as CEO since August of 2021 and we look forward to continuing to work with him in this next chapter, while he steps back from the day-to-day demands of public company leadership.”
Mr. Thoren said, “I am grateful to have led Graham as CEO and am proud of the great work we have completed during my tenure. Today’s appointments further highlight the strong talent we have attracted and developed across the entire organization, and I am pleased with the opportunity this transition has created within the Company. Matt Malone has demonstrated outstanding leadership capabilities throughout his time with Barber-Nichols and Graham, and his deep understanding of our business makes him the ideal choice to lead the Company into its next chapter of growth. Similarly, Mike Dixon’s promotion to lead Barber-Nichols reflects his deep industry knowledge, product expertise and institutional knowledge of Barber-Nichols. I look forward to working alongside Matt, Mike, and the rest of the executive team to ensure we achieve our long-term strategic objectives and have complete confidence that under this new leadership structure, our company will continue to thrive and create value for our stakeholders.”
Matt Malone brings over 15 years of engineering and executive experience to his new role as President and Chief Operating Officer. Mr. Malone joined Barber-Nichols in 2015 as a Project Engineer focused on rocket engine turbopump design and development. He was promoted to Navy Program Manager in 2018, overseeing key U.S. Navy programs and was appointed Vice President of Operations at Barber-Nichols in 2020 and then General Manager in 2021. Earlier in his career, he held a variety of engineering and management positions at GE Transportation. Mr. Malone earned his B.S. in Mechanical Engineering with honors in design optimization from Pennsylvania State University and his M.S. in Mechanical Engineering from Georgia Institute of Technology.
Mike Dixon has been an integral part of Barber-Nichols for the past six years, most recently serving as Director of Sales and Marketing. During his tenure, he has played a pivotal role in expanding the Company’s technical capabilities and securing major contracts in the space and aerospace, and defense sectors. Prior to joining the Company, he held roles of increasing responsibility at Sundyne and began his career at ESS Metron. Mr. Dixon holds a B.S. in Mechanical Engineering from Northern Illinois University.
Financial Update and Fiscal Third Quarter 2025 Earnings Call
The Company today reiterated its sales and Adjusted EBITDA guidance as provided on November 8, 2024. The Company will provide additional details on its fiscal third quarter 2025 results during its earnings conference call scheduled for February 7, 2025.
About Graham Corporation
Graham is a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy, and process industries. Graham Corporation and its family of global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenic pumps, and turbomachinery technologies, as well as its responsive and flexible service and the unsurpassed quality customers have come to expect from the Company’s products and systems. Graham Corporation routinely posts news and other important information on its website, grahamcorp.com, where additional information on Graham Corporation and its businesses can be found.
Safe Harbor Regarding Forward Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “future,” “guidance,” “will,” “plan” and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to, expected future management personnel changes and the timing of such changes, expected expansion and growth opportunities, anticipated adjusted EBITDA, and its growth strategy, are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation’s most recent Annual Report filed with the Securities and Exchange Commission (the “SEC”), included under the heading entitled “Risk Factors”, and in other reports filed with the SEC.
Should one or more of these risks or uncertainties materialize or should any of Graham Corporation’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation’s forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.
Key Points: – Mattr’s acquisition of AmerCable strengthens its presence in North America and broadens its product offerings. – The acquisition is immediately accretive to EPS and expected to bring recurring revenue and stability. – Addition of AmerCable’s medium-voltage cable capabilities complements Mattr’s Shawflex line, supporting growth in electrification and infrastructure.
Mattr Corp. (TSX: MATR), a leader in materials technology, has announced an agreement to acquire AmerCable Incorporated, a premier U.S.-based manufacturer of highly engineered wire and cable solutions. The acquisition, valued at $280 million USD, is expected to close by the end of 2024, subject to regulatory approvals. This strategic move positions Mattr to enhance its footprint in the U.S. and expand its product offerings in the growing global electrification market.
This acquisition will integrate AmerCable’s capabilities with Mattr’s Connection Technologies segment, allowing Mattr to better serve its North American clients by increasing its manufacturing capacity for medium and low-voltage electrical power, control, and instrumentation cables. Through AmerCable’s facilities in Arkansas and Texas, Mattr is poised to strengthen its North American manufacturing network, which includes its Shawflex brand in Canada.
The acquisition is aligned with Mattr’s strategy of diversifying its portfolio and building a more extensive geographic presence. Mattr CEO Mike Reeves highlighted that this acquisition will support the ongoing modernization of critical infrastructure in North America, bringing enhanced capabilities in low and medium voltage cable solutions essential to the electrification movement.
AmerCable’s products are designed for mission-critical applications, where durability and reliability are paramount. Its robust production network in the U.S. adds complementary capabilities to Mattr’s existing Shawflex brand, offering an expanded product range. In particular, AmerCable’s medium-voltage solutions will broaden Mattr’s offerings, making it a key provider of both high-tech and durable cable systems for extreme operating environments.
The acquisition is expected to be immediately accretive to Mattr’s earnings per share (EPS) and is projected to create substantial long-term value for Mattr shareholders. CFO Tom Holloway noted that AmerCable’s addition would boost Mattr’s financial performance and is expected to bring added stability through recurring revenues, thanks to AmerCable’s long-term relationships with key blue-chip clients.
The transaction value of $280 million USD represents a compelling valuation, with a purchase price set at approximately 5.0 times AmerCable’s Adjusted EBITDA for the 12-month period ending June 2024. Post-transaction, AmerCable will add around $75 million CAD in TTM Adjusted EBITDA, reinforcing Mattr’s commitment to margin growth within its Connection Technologies segment.
In addition to enhancing its financial profile, the acquisition will also improve Mattr’s raw material procurement efficiency and create opportunities for cross-selling and innovation by leveraging the shared technical expertise of both companies. This move is expected to accelerate Mattr’s position in high-growth markets, driven by the rise of electrification and infrastructure renewal.
With AmerCable’s production sites in Arkansas and Texas complementing Mattr’s facilities in Vaughan, Ontario, the combined network will provide a platform for organic and acquisition-driven growth opportunities across North America. The transaction has received unanimous board approval from both Mattr and Nexans, AmerCable’s previous parent company, with the anticipated close set for year-end.
Mattr will host a shareholder and analyst conference call to discuss further details on the acquisition and its strategic implications on November 8, 2024.
Key Points: – Apollo Global Management is acquiring Barnes Group in a $3.6 billion all-cash deal, providing shareholders with $47.50 per share, a 22% premium over the June 25, 2024 share price. – The transaction is expected to close by Q1 2025, after which Barnes will be delisted from the NYSE and become a privately held company. – Apollo plans to support Barnes in its continued innovation and long-term growth across its aerospace and industrial sectors.
Barnes Group Inc. (NYSE: B) announced today that it has entered into a definitive agreement to be acquired by funds managed by Apollo Global Management, Inc. (NYSE: APO) in an all-cash transaction valued at approximately $3.6 billion. Under the terms of the agreement, Barnes shareholders will receive $47.50 per share, representing a 22% premium over the company’s undisturbed closing share price on June 25, 2024.
A Strategic Move for Growth
The deal delivers immediate and certain cash value to Barnes shareholders while positioning the company to continue serving its customers in the aerospace and industrial sectors. Apollo Global Management, a global alternative asset manager with over 35 years of investment experience, is committed to helping companies like Barnes achieve long-term sustainable growth. Apollo has a proven track record of investing in leading businesses and positioning them for future success.
“This transaction will enable Barnes to continue meeting and exceeding our customers’ needs with innovative aerospace and industrial products, systems, and solutions,” a Barnes spokesperson stated.
Barnes to Be Delisted and Taken Private
Upon completion of the transaction, which is expected by the end of Q1 2025, Barnes will be delisted from the New York Stock Exchange and become a privately held company. The deal is subject to customary closing conditions, including approval by Barnes shareholders and regulatory approval.
About Barnes Group
Founded in 1857 and headquartered in Bristol, Connecticut, Barnes Group Inc. has built a reputation for pioneering excellence in advanced manufacturing processes, automation solutions, and applied technologies across various industries. Barnes Aerospace specializes in producing and servicing complex components for commercial and military turbine engines, while Barnes Industrial focuses on engineered plastics and industrial automation solutions.
About Apollo Global Management
Apollo Global Management is a high-growth, global asset manager with approximately $696 billion in assets under management as of June 30, 2024. Apollo’s investment strategies span a wide spectrum, from investment-grade to private equity, focusing on delivering excess returns for its clients. The company has a long history of providing capital solutions to businesses, helping them grow and achieve financial security.
Key Points: – The Federal Reserve’s recent rate cut provides only marginal benefits to U.S. manufacturers. – Rising raw material costs and competition from Chinese imports continue to challenge the U.S. manufacturing sector. – Energy price hikes and potential port strikes add to the pressures faced by U.S. factories.
The Federal Reserve’s recent decision to cut interest rates by half a percentage point has sparked hope among some U.S. manufacturers. However, for many factory owners, the benefits of the rate reduction are overshadowed by ongoing challenges, including competition from China, high raw material prices, and labor disruptions.
Drew Greenblatt, president of Marlin Steel, a small manufacturer of wire baskets in Baltimore, represents one such case. His business had seen a surge in demand during the COVID-19 pandemic when a major client shifted orders from China to the U.S. However, this boost was short-lived, as the customer reverted back to cheaper Chinese suppliers, leaving Greenblatt grappling with surplus capacity and excess workers.
“The rate cut is welcome, but it doesn’t solve the real issue,” Greenblatt said. “We need more aggressive trade actions to level the playing field.”
The Federal Reserve’s rate cut is the first in several years, aimed at stimulating economic growth by making borrowing more affordable for businesses. In theory, lower interest rates should spur investment and expansion, but for manufacturers like Greenblatt, the rate reduction doesn’t alleviate the more significant issues plaguing the sector.
U.S. manufacturers continue to face heightened competition from low-cost Chinese imports. Despite tariffs and trade restrictions, companies often find themselves losing business to Chinese firms that offer more affordable products. In many cases, even with lower interest rates, the cost advantage of Chinese imports is too great for U.S. factories to overcome.
“The rate cut doesn’t fix supply chain issues or lower raw material costs,” said Cliff Waldman, CEO of New World Economics. “These are the real concerns U.S. manufacturers are dealing with, and lower borrowing costs won’t solve those problems.”
While competition from overseas remains a significant concern, domestic challenges also compound the difficulties faced by U.S. manufacturers. Rising electricity costs, particularly in states like California, are taking a toll on energy-intensive industries. Kevin Kelly, CEO of Emerald Packaging, shared how his family-run business, which produces plastic bags for produce companies, saw a steep rise in electricity costs over the summer.
“We just didn’t anticipate such a sharp increase in our power bill,” Kelly said. “We’ve had to adjust our production schedule and shut down some operations during peak hours, but it’s still eating into our profitability.”
The specter of labor unrest and potential port strikes further exacerbates the challenges. With a possible strike looming at major East Coast and Gulf of Mexico ports in October, manufacturers fear disruptions in supply chains, which could cause delays and drive up costs. This would be another setback for U.S. factories that are already navigating supply chain bottlenecks and inflationary pressures on inputs.
For many manufacturers, the Fed’s interest rate cut, while beneficial, offers only limited relief. Supply chain disruptions, rising raw material and energy costs, and stiff competition from Chinese imports present much more significant hurdles.
As Greenblatt noted, “The rate cut helps, but it’s just a small piece of a much bigger puzzle. We need stronger trade policies and measures that address the root causes of our struggles.”
The U.S. manufacturing sector, once a cornerstone of economic growth, now finds itself in a precarious position. While the rate cuts may provide a short-term boost, longer-term solutions are required to address the structural challenges the industry faces. Without significant reforms in trade policies and support for domestic production, manufacturers will continue to struggle despite favorable interest rates.
Key Points: – U.S. DOE to award $3 billion to 25 battery manufacturing projects. – Projects will create 12,000 jobs and reduce reliance on China for critical minerals. – Funding will enhance domestic production, innovation, and recycling of advanced battery technologies.
The U.S. is making another strategic move to bolster its battery manufacturing sector by awarding $3 billion to 25 projects across 14 states. This comes as part of the Biden administration’s larger effort to reduce reliance on China for critical minerals and battery production. The projects, aimed at expanding domestic production of advanced batteries and recycling capabilities, are expected to create 12,000 new jobs and generate $16 billion in total investment.
These awards represent a critical step in strengthening U.S. leadership in the clean energy space, particularly as demand for electric vehicles (EVs) and energy storage systems accelerates. This initiative follows recent changes to U.S. EV tax credits, which are designed to shift battery production and the sourcing of critical minerals away from China.
Albemarle, a key player in lithium production, will receive $67 million for a North Carolina-based project to produce anode material for next-generation lithium-ion batteries. Meanwhile, Honeywell will get $126.6 million to build a large-scale facility in Louisiana, where it will produce a critical electrolyte salt for lithium batteries. These investments demonstrate how U.S. companies are gearing up to meet the future needs of the EV market and beyond.
Other notable projects include a $225 million award to TerraVolta Resources to produce lithium using Direct Lithium Extraction (DLE) technology, and a $150 million investment in Clarios Circular Solutions to recycle lithium-ion battery production scrap in South Carolina. These efforts are crucial as most U.S. production scrap is currently exported to China for processing, a gap the Biden administration is determined to close.
The announcement further highlights the U.S. government’s increasing focus on battery manufacturing as a key area of growth for both the economy and the clean energy transition. Revex Technologies, for example, is set to receive $145 million to turn waste from a U.S. nickel mine into enough domestic nickel production to power at least 462,000 EV batteries annually. Such investments emphasize the U.S.’s commitment to securing a reliable domestic supply of critical materials for clean energy technologies.
“Mineral security is essential for climate security,” said White House climate adviser Ali Zaidi, adding that these projects will position the U.S. to lead in next-generation battery technologies, from solid-state batteries to new chemistries.
In addition to strengthening the EV supply chain, these projects also emphasize the importance of creating sustainable, domestic sources for battery materials. The DOE’s planned $225 million award to SWA Lithium for producing lithium carbonate from brine, using DLE technology, showcases how innovative methods are being supported to minimize environmental impacts while boosting U.S. production.
With growing bipartisan support, the battery manufacturing sector is poised to play a pivotal role in both U.S. energy independence and the country’s green energy goals. These awards further underscore the importance of developing domestic infrastructure to meet the needs of a rapidly changing global energy landscape.
The additive manufacturing landscape is set for a seismic shift as Nano Dimension Ltd. (Nasdaq: NNDM) announces its plans to acquire Desktop Metal, Inc. (NYSE: DM) in an all-cash transaction. This merger, expected to close in Q4 2024, promises to create a powerhouse in the 3D printing industry, offering investors a unique opportunity to capitalize on the burgeoning trend of digital manufacturing.
Under the terms of the agreement, Nano Dimension will purchase all outstanding shares of Desktop Metal for $5.50 per share, valuing the company at approximately $183 million. This represents a 27.3% premium to Desktop Metal’s closing price on July 2, 2024. However, investors should be aware that the final price could potentially decrease to $4.07 per share, reducing the total consideration to $135 million, depending on transaction expenses and other factors outlined in the agreement.
The strategic rationale behind this merger is compelling. By combining two complementary product portfolios, the new entity aims to create a comprehensive offering across metal, electronics, casting, polymer, micro-polymer, and ceramics applications. This broader product range is expected to accelerate the industry’s transition from prototyping to mass production, a key growth driver in the additive manufacturing sector.
The merger will also deepen the companies’ penetration in key end markets such as automotive, aerospace/defense, industrial, and medical. The combined entity will serve an impressive roster of blue-chip customers, including Amazon, Tesla, NASA, and the US Army, positioning it at the forefront of industry innovation and adoption.
From a financial perspective, the merged company is projected to have 2023 combined revenue of $246 million, with a notable 28% generated from recurring revenue streams. This recurring revenue component is particularly attractive to investors, as it provides more stable and predictable cash flows. Moreover, the deal is expected to generate over $30 million in run-rate synergies over the next few years, in addition to previously announced cost savings from each organization.
Post-merger, the combined entity is expected to boast a strong cash position of approximately $665 million (or $680 million at the reduced price scenario), providing ample resources for future growth initiatives and R&D investments. This financial strength, coupled with an installed base of over 8,000 systems, positions the new company to capitalize on significant opportunities in services and consumables, further enhancing its recurring revenue potential.
The merger positions the new company as a leader in the rapidly evolving additive manufacturing industry, particularly in the transition from prototyping to high-volume production. Investors should take note of the company’s focus on high-tech, premium margin solutions, which could lead to improved profitability in the long term. The diverse product portfolio and expanded customer base also provide some insulation against industry-specific risks.
However, potential investors should be aware of the challenges that come with such a significant merger. Integration risks, including the consolidation of operations across multiple geographies, could impact short-term performance. Additionally, the transaction is subject to approval by Desktop Metal’s stockholders and regulatory authorities, which introduces some uncertainty. The additive manufacturing industry is also highly competitive and rapidly evolving, which may require continuous innovation and investment to maintain market position.
For investors interested in the additive manufacturing sector and M&A activity, this deal offers an attractive entry point into a potentially transformative merger. The combined company’s strong financial position, diverse product offering, and focus on high-growth areas of digital manufacturing make it a compelling investment proposition. However, as with any merger, investors should closely monitor the integration process and the company’s ability to realize projected synergies. The potential for price adjustments also warrants attention, as it could impact the overall value of the deal.
In conclusion, the Nano Dimension-Desktop Metal merger represents a significant consolidation in the additive manufacturing industry, creating a well-capitalized leader with a comprehensive product portfolio. For investors willing to navigate the inherent risks of M&A transactions, this deal could offer substantial long-term value as the additive manufacturing industry continues its growth trajectory, potentially reshaping the future of manufacturing across multiple sectors.
The United States government has fired a major salvo in the escalating electric vehicle (EV) battleground with China, slapping heavy tariffs on Chinese EV imports as well as key battery materials and components. While the move aims to protect American jobs and manufacturers, it carries significant implications for automakers, suppliers, and investor portfolios on both sides of the Pacific.
At the center of the new trade barriers is a 100% tariff on Chinese-made EVs entering the U.S. market. The administration has also imposed 25% duties on lithium-ion batteries, battery parts, and critical minerals like graphite, permanent magnets, and cobalt used in EV production.
For American automakers like Tesla, General Motors, and Ford, the tariffs could provide a substantial competitive advantage on home soil. By erecting steep import costs on Chinese EVs, it makes their domestically produced electric models immediately more price competitive versus foreign rivals. This pricing edge could help ramp up EV sales for Detroit’s Big Three as they work to gain traction in this burgeoning market.
The tariffs represent a major headache for Chinese automakers like BYD that have ambitions to crack the lucrative U.S. EV market. BYD and peers like Nio have been counting on American sales to drive their global expansion efforts. The 100% tariff makes their EVs essentially uncompetitive on price compared to domestic alternatives.
However, the calculus could change if Chinese EV makers ramp up battery production and vehicle assembly closer to U.S. shores. BYD has already established a manufacturing footprint in Mexico. If more production is localized in North America, Chinese brands may be able to circumvent the duties while realizing lower logistics costs.
The impacts extend beyond just automakers. Battery material suppliers and lithium producers could face production cuts and lower pricing if Chinese EV demand softens due to fewer exports heading stateside. Major lithium producers like Albemarle and SQM saw shares dip as the tariff news increased global oversupply fears.
But if U.S. electric vehicle adoption accelerates in response to the import barriers, it could create new demand for lithium and other battery materials from domestic sources, analysts note. North American miners and processors may emerge as beneficiaries as automakers look to localize their supply chains.
Of course, trade disputes cut both ways. There are risks that China could retaliate against major U.S. exports or American companies operating in the country. That creates potential headwinds for a wide range of U.S. multinationals like Apple, Boeing, and Starbucks that rely on Chinese production and consumption. Any tit-for-tat actions could ripple across the global economy.
The levies also raise costs across EV supply chains at a vulnerable time. With inflation already depressing consumer demand, pricier batteries and components could curb the pace of electrification both in the U.S. and globally if passed along to car buyers. Conversely, domestic automakers have leeway to absorb higher input expenses to gain market share from Chinese imports.
With EV competition heating up between the world’s two largest economies, investors will need to scrupulously analyze potential winners and losers from the unfolding trade battle across the electric auto ecosystem. In the near-term, the tariffs appear to boost American legacy automakers while putting China’s crop of upstart EV makers on the defensive. Global battery and mineral suppliers face an uncertain shake-up.
Over the longer haul, costs, capital outlays, production geography, and consumer demand dynamics will ultimately determine the fallout’s enduring market impacts. The new levies represent a double-edged sword potentially accelerating the EV transition in the U.S. while fracturing previously integrated cross-border supply lines.
Prudent investors should weigh both the risks and opportunities across the entire EV value chain. While headline-grabbing, tariffs alone won’t determine winners and losers in the seismic shift to electric mobility taking shape globally. Proactively adjusting portfolios to the changing landscape will be crucial for optimizing exposures.
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In a significant development within the metallurgical industry, Acerinox’s wholly owned U.S. subsidiary, North American Stainless, is set to acquire Haynes International (HAYN), a leading developer, manufacturer, and marketer of technologically advanced high-performance alloys. The all-cash transaction, valued at $798 million, positions Acerinox to fortify its global leadership in the high-performance alloy segment.
Under the definitive agreement, Acerinox will acquire all outstanding shares of Haynes for $61.00 per share in cash, reflecting a premium of approximately 22% to Haynes’s six-month volume-weighted average share price ending February 2, 2024. The enterprise value of the deal stands at approximately $970 million. The transaction has received unanimous approval from the Boards of Directors of both Haynes and Acerinox.
Strategic Benefits for Acerinox:
Global Leadership: Strengthens Acerinox’s global leadership in the high-performance alloy segment.
U.S. Market Expansion: Expands Acerinox’s presence in the U.S. market, creating new opportunities in the aerospace sector.
Strategic Investment: Haynes to reinvest around $200 million over the next four years, particularly in Haynes’s Kokomo operations, to establish an integrated HPA and stainless steel platform.
Synergies and Growth: Anticipates annual synergies of $71 million, primarily unlocked through the $200 million investment, fostering growth and margin enhancements.
Complementary Businesses: Creates additional value through the combination of complementary businesses, expanding U.S. operating capabilities and establishing a worldwide sales and distribution network.
Accelerated Growth: Provides a strong platform to accelerate growth in high-performance alloys and specialty stainless in North America.
R&D Capabilities: Adds extensive R&D capabilities and a significant patent portfolio, reinforcing Acerinox’s innovation potential.
Haynes’s Perspective:
Significant Premium: Delivers substantial value to Haynes stockholders, offering a premium of approximately 22% to the six-month volume-weighted average share price.
Long-Term Success: Ensures the long-term success of Haynes by validating the strength of the business and providing access to Acerinox’s financial strength and expertise.
Strategic Investment: The $170 million investment in Haynes’ operations supports continued growth in both flat and round products for the global market.
Enhanced Capacity: Positions Haynes to meet dynamic customer demands by increasing manufacturing capacity and offering more differentiated products, applications, and services with faster lead times.
Rich Heritage: Merges Haynes’ 112-year-strong foundation and leadership in high-performance alloys with the largest fully integrated stainless-steel company in the U.S.
Regarding the transaction, Noble Capital Markets Senior Research Analyst Mark Reichman stated, “In our opinion, the transaction provides a fair return for Haynes’ shareholders. Additionally, Acerinox has committed to investing $170 million into Haynes’ operations which will support the modernization and growth of the company’s global business in both flat and round products.” Mark initiated research coverage on Haynes International on February 16, 2023.
The information contained in this article, other than Mark’s quote, was derived from the individual press releases issued by the companies involved in this transaction. This press releases can be found here:
Haynes International (HAYN) is currently covered by Noble Capital Markets Senior Analyst Mark Reichman. Noble Capital Markets, Inc. is a subsidiary of Noble Financial Group, Inc., the parent company of Channelchek. All equity research on Channelchek is provided by Noble Capital Markets. No part of this article was prepared by Noble’s analysts. Please view Mark’s most recent research report on Haynes International for any applicable disclosures.
