Sunday, 3 Mar 2024

U.S. Business Inventories Edge Slightly Lower In October

Brenntag To Acquire Solventis Group For Undisclosed Terms

Chemicals and ingredients distributor Brenntag SE (BNTGF.PK) announced Thursday the agreement to acquire Solventis Group, a glycols and solvents distribution company operating from Antwerp, Belgium, and from the UK. Financial details of the deal are not being disclosed.

Established in 2002 and based in the U.K., the family-owned company encompasses multiple entities, including Solventis, Kilfrost Europe, Antwerp Distillation Company, Solventis Solutions, and Solvenox.

Alongside a site in Scunthorpe, UK, the company operates a purpose-built facility in the port of Antwerp, Belgium, a major European chemicals hub, engaging in advanced blending, storage, packing, distribution, and chemical recycling.

The acquisition, especially with its strategically positioned Antwerp site, also improves Brenntag Essentials’ sustainability profile with increased sourcing via ships and barges, as well as expanded supply and delivery options through rail transport.

In addition, Solventis’ proficiency in glycol recovery and recycling further enhances Brenntag’s sustainability profile.

The closing of the transaction is subject to customary conditions including regulatory approvals and is expected in the second quarter of 2024.

Hookipa Pharma Says Gilead Purchases Addl. 15 Mln Shares Of HOOKIPA For Total Stake Of About 19.4%

Immunotherapeutics company Hookipa Pharma Inc. (HOOK) announced Thursday that Gilead Sciences, Inc. (GILD) has purchased 15 million shares of HOOKIPA’s common stock for approximately $21.25 million, at a price of $1.4167 per share.

In addition, HOOKIPA has the right, subject to certain terms and conditions, to sell an additional approximately $8.75 million of common stock to Gilead as pro-rata participation in potential future equity raises.

The agreement with Gilead replaces the stock purchase agreement that Hookipa entered into with Gilead in 2022.

The transaction closed on December 20, 2023. Following the completion of the stock purchase, Gilead’s ownership in HOOKIPA increased to 18.76 million shares, or approximately 19.4% of HOOKIPA’s outstanding shares of Common Stock.

GMS Acquires Kamco Supply For Undisclosed Term

Building products distributor GMS, Inc. (GMS) announced Thursday it has entered into an agreement to acquire Kamco Supply Corp. The acquisition is expected to significantly expand GMS’s presence in the Greater New York area.

Founded in 1939 by the Swerdlick family, and headquartered in Brooklyn, New York, Kamco is a leading supplier of ceilings, wallboard, steel, lumber, and other related construction products. The Company operates five distribution facilities in the Greater New York City area and services the New York metro and tri-state area.

GMS expects to capitalize on cross-selling opportunities with Kamco and GMS’s other operations in the region, including the recently acquired Tanner Bolt and Nut, Inc. business.

GMS expects to fund this transaction with cash on hand and borrowings under the Company’s established revolving credit facility.

The transaction is expected to close during the fourth quarter of fiscal 2024 for GMS, which ends on April 30, 2024, subject to the satisfaction of customary closing conditions, including HSR approval.

Following the close of the transaction, Kamco’s current President, Scott Little and its senior leadership team, will continue to lead the business and the Company will continue to operate under the “Kamco” brand.

SEI Buys Altigo; Terms Not Disclosed

SEI Investments Company (SEIC), Thursday announced the acquisition of Altigo, a cloud-based technology company.

The financial terms of the transaction have not been divulged.

SEI said that with this acquisition, it intends to expand and grow in alternative space, as it expects Altigo’s investments to reach $23 trillion by 2027.

Currently, SEI’s stock is moving up 0.69%, to $64.03 on the Nasdaq.

Carnival Corporation & plc Q4 Loss Decreases, beats estimates

Carnival Corporation & plc (CCL) announced Loss for fourth quarter that decreased from the same period last year and missed the Street estimates.

The company’s earnings totaled -$48 million, or -$0.04 per share. This compares with -$1598 million, or -$1.27 per share, in last year’s fourth quarter.

Excluding items, Carnival Corporation & plc reported adjusted earnings of -$90 million or -$0.07 per share for the period.

Analysts on average had expected the company to earn -$0.13 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 40.6% to $5.40 billion from $3.84 billion last year.

Carnival Corporation & plc earnings at a glance (GAAP) :

-Earnings (Q4): -$48 Mln. vs. -$1598 Mln. last year.
-EPS (Q4): -$0.04 vs. -$1.27 last year.
-Analyst Estimates: -$0.13
-Revenue (Q4): $5.40 Bln vs. $3.84 Bln last year.

U.S. Business Inventories Edge Slightly Lower In October

A report released by the Commerce Department on Thursday showed a slight pullback in U.S. business inventories in the month of October.

The Commerce Department said business inventories edged down by 0.1 percent in October after rising by a downwardly revised 0.2 percent in September.

Economists had expected business inventories to come in unchanged compared to the 0.4 percent increase originally reported for the previous month.

The dip in business inventories partly reflected a decrease in wholesale inventories, which fell by 0.4 percent in October after coming in flat in September.

Retail inventories also slipped by 0.1 percent in October after climbing by 0.4 percent in September, while manufacturing inventories inched up by 0.1 percent for the second straight month.

Meanwhile, the report said business sales tumbled by 1.0 percent in October following a 0.9 percent advance in September.

Manufacturing and wholesale sales plunged by 1.4 percent and 1.3 percent, respectively, while retail sales fell by 0.3 percent.

With sales slumping by much more than inventories, the total business inventories/sales ratio crept up to 1.37 in October from 1.36 in September

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