MIDDAY BRIEFING – Companies and Markets -2- | 06/28/22

Heidelberger Druckmaschinen AG sees opportunities for the further expansion of its industrial customer business. This includes an extensive range of industrial production solutions for third-party customers, mainly from mechanical engineering and comparable sectors with complex mechatronic products, as the company announced. In this environment, Heidelberg intends to continue growing as a system supplier for industry. This includes the entire range of services of the foundry in Amstetten with a capacity of up to 85,000 tons of castings.

Michelin transfers Russian business to local management

Michelin will transfer its Russian business to local management by the end of the year. As the French tire manufacturer announced, after stopping production in Russia in March in the wake of the invasion of Ukraine, it is now “technically impossible” to resume production, mainly due to delivery problems. The new company will continue to operate independently of Michelin.

Jost brings Stefan Heinicke to the board

Stefan Heinicke will become the new CEO of Jost AG after Klaus Jost announced his early departure from the management body at the Annual General Meeting in May. In an extraordinary meeting of the Supervisory Board, a corresponding termination agreement was concluded, which confirmed the termination of the employment relationship as of June 30. Klaus Jost will continue to be available to the company for advice and support.

Neste invests 1.9 billion euros in capacity expansion in Rotterdam

The Finnish company Neste Oyj is investing 1.9 billion euros in the massive expansion of production capacities for renewable fuel products in Rotterdam. The expansion of the Rotterdam refinery is expected to increase the total capacity for renewable products there by 1.3 million tons per year to 2.7 million tons. Of this, 1.2 million tons are to be used for the production of sustainable aviation fuel.

Credit Suisse launches cost-cutting program in the technology area

Despite the difficult market environment, Credit Suisse Group wants to realign its strategy as part of a comprehensive cost-cutting program. The bank said it aims to save 200 million Swiss francs by 2023 by consolidating its technology platform. In the medium term, a further CHF 400 million in synergies is to be added.

Airbus and OHB receive an order for earth observation satellites

Airbus has received an order worth EUR 160 million for the “Forum” satellite from the European Space Agency ESA, and OHB is supplying the necessary instrument. The satellite is to measure the heat radiated from the earth into space.

Sanofi: Xenpozyme approved by the EU for ASMD

Sanofi has received approval from the European Commission for its compound Xenpozyme (olipudase alfa) as enzyme replacement therapy for the treatment of ASMD type A/B or ASMD type B. ASMD is a rare genetic disorder caused by a lack of activity of the enzyme acid sphingomyelinase.

Friedrich Vorwerk receives an order in the tens of millions

The Friedrich Vorwerk Group SE is realizing part of the connection line for the LNG terminal in Wilhelmshaven. The order has a volume in the mid double-digit million range, the company said. The order covers the construction section from Sillenstede near Schortens to the Netra pipeline near the gas storage facility in Etzel.

Valeo receives order from BMW

The car supplier Valeo and the car manufacturer BMW have agreed on an extensive cooperation. The French are to deliver the Bayern controller, sensors and software for parking and maneuvering the upcoming “New Class” car platform generation, which is scheduled to come onto the market in 2025, as announced by Valeo.

Caixabank buys life insurer for 262 million euros

Caixabank SA buys the majority of the insurance company Sa Nostra Compania de Seguros de Vida SA for 262 million euros. The seller of the share is Caja de Seguros Reunidos Compania de Seguros y Reaseguros SA. It’s a move meant to bolster Caixabank’s insurance business after acquiring smaller rival Bankia. The Spanish bank announced that it will acquire an 81.31 percent stake in Sa Nostra Vida through a subsidiary and thus take over the insurance company.

Akzo Nobel appoints Poux-Guillaume CEO from November

Akzo Nobel NV has appointed Gregoire Poux-Guillaume as Chief Executive Officer effective November 1st. As announced by the Dutch paint manufacturer, Poux-Guillaume succeeds Thierry Vanlancker, who has been at the helm since 2017 and whose contract is coming to an end.

Jetblue raises takeover bid for Spirit Airlines

Jetblue Airways Corp is not backing down in its fight to buy Spirit Airlines Inc and has upped its bid yet again to outperform rival Frontier Airlines. Jetblue now proposed a $400 million break-up fee it would pay to Spirit if regulators blocked the merger, while it previously pledged $350 million. Jetblue also said it would pay $2.50 per share up front once investors approve the deal, up from $1.50 per share previously.

Ericsson is still working on US approval for Vonage acquisition

Ericsson AB continues to work closely with the US Foreign Investment Committee to review the proposed acquisition of Vonage Holdings Corp. The Swedish telecommunications equipment maker announced the $6.2 billion acquisition of cloud communications provider Vonage in November last year. The merger has received all other required foreign and US approvals. The parties are currently working on completing the approval process as quickly as possible.

Pfizer and Roviant Announce Autoimmune JV

The US pharmaceutical company Pfizer and the biopharmaceutical company Roviant Sciences are jointly researching new therapies for autoimmune diseases with the highest morbidity and mortality rates. The companies announced that they are operating a joint venture called Priovant Therapeutics, which resulted from a September 2021 deal between the two partners.

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DJG / once

(END) Dow Jones Newswires

June 28, 2022 07:09 ET (11:09 GMT)

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