Dover Enters Into Agreement To Acquire FW Murphy

On Wednesday, Dover Corporation (DOV) revealed that it has agreed to acquire FW Murphy Production Controls, LLC, a subsidiary of Genisys Controls LLC, for $530 million in cash.

Once the transaction is complete, FW Murphy will join the Dover Precision Components (DPC) operating unit in Dover’s Pumps & Process Solutions segment.

This acquisition is projected to add new offerings that complement DPC’s Cook Compression product line, introduce digital and recurring revenue streams, help DPC to become a leader in compression technologies for clean energy, and enable DPC to benefit from the rising popularity of next-gen remote monitoring, predictive maintenance, and real-time performance optimization solutions.

Marcell Ulrichs, President of DPC said, “FW Murphy is a highly regarded technological pioneer and leader in controlling and optimizing the performance of reciprocating compressors and engines… We expect to achieve tangible growth synergies from our combined product offerings and global go-to-market channels.”

The business is predicted to earn around $120 million in revenue by 2023 with a considerable amount coming from aftermarket and recurring revenue.

The transaction is expected to close in the fourth quarter of 2023, pending customary closing conditions, and regulatory approvals.

JetBlue Unveils Family Seating Guarantee

Airline JetBlue has introduced a formal family seating guarantee, under which children aged 13 years and younger can sit next to an adult traveling with them on the same reservation.

The new process proactively identifies reservations with children and adults traveling together without prior seating assignments. The process will ensure a traveling child is assigned a seat next to at least one accompanying adult when seats are available, with no additional fee.

The company noted that customers who choose its Blue Basic fare, the airline’s version of basic economy, are included in the family seating policy.

All customers are urged to continue to proactively select their seats at the time of booking. Meanwhile, for bookings made within 24 hours of planned travel, a JetBlue airport crewmember will assign seats manually.

The initiative is part of JetBlue’s efforts to enhance the travel experience and promote a comfortable and stress-free journey.

Joanna Geraghty, president and chief operating officer, JetBlue, said, “We know traveling with young children can add challenges, and we want to do everything we can to put parents and families at ease by providing a smooth trip each time they choose JetBlue. This enhanced family seating policy reflects our commitment to continue to meet the needs of our customers and provide exceptional service.”

SMA Solar Technology Sees Higher Q3 Results; Lifts FY23 Outlook

SMA Solar Technology AG (SMTGF.PK) said it expects higher EBITDA and revenues for the third-quarter compared to the prior year, due to a very positive revenue and
earnings development in the Large Scale & Project Solutions and Commercial &
Industrial Solutions segments. The company raised its guidance for the full year 2023.

The company expects third quarter EBITDA to be between 105 million euros and 110 million euros compared to 34 million euros reported in the prior year.

The company projects quarterly revenues to be between 555 million euros and 565 million euros compared to 252 million euros in the previous year.

Looking ahead for fiscal year 2023, the company now projects EBITDA to be in the range of 285 million euros to 325 million euros compared to the prior estimation of 230 million euros to 270 million euros.

The company raised its annual sales outlook to a range of 1.80 billion euros to 1.90 billion euros from the prior estimation of 1.70 billion euros to 1.85 billion euros.

The company will publish its third quarter financial results on November 9, 2023.

UK Car Production Declines For First Time In 7 Months: SMMT

UK car production declined in August after expanding for six straight months as factories were shut for planned maintenance, and they geared up to produce the next generation electric vehicles, the Society of Motor Manufacturers and Traders said Thursday.

Car output decreased 9.7 percent from a year ago in August, the SMMT said. Around 45,052 models were rolled off the factory lines.

Production for the domestic market registered a sharp contraction of 25.2 percent from a year ago, while output for export fell 5.5 percent.

Shipments to the US plunged 58.6 percent annually and that to China slid 24.5 percent. Exports to Japan decreased by 37.8 percent.

Meanwhile, the EU remained the UK’s biggest global market with nearly six in 10 exports heading for the bloc.

The decline in production is not a cause for concern, SMMT Chief Executive Mike Hawes said.

“With car manufacturers taking advantage of the summer holiday season to upgrade their plants, this is part of an ongoing commitment to deliver the next generation of electric vehicles, with a record number of these models already being made,” Hawes added.

Data showed that electrified vehicles, or EVs, represented about 36.6 percent of total car production in August.

During January to August, overall car production posted a double-digit growth of 11.8 percent. Production for both home and foreign markets climbed 2.5 percent and 14.4 percent, respectively.

Unite Students Reports Record Occupancy, Strong Rental Growth For 2023/24 Academic Year

Unite Students issued an update on current trading. It recorded 99.7% occupancy for the 2023/24 academic year compared to 97.9%, prior year. Rental growth was 7.3% for the 2023/24 academic year compared to 3.5%, last year.

Unite Students said the ongoing strength of student demand, together with the shortage of new PBSA supply and a retreating HMO sector supports at least 5% rental growth in the 2024/25 academic year sales cycle.

Unite Students also reported quarterly property valuations for the Unite UK Student Accommodation Fund or USAF and the London Student Accommodation Joint Venture or LSAV as at 30 September 2023.

At 30 September 2023, USAF’s property portfolio was independently valued at 2.929 billion pounds, a 0.2% increase on a like-for-like basis during the quarter. LSAV’s investment portfolio was independently valued at 1.936 billion pounds, a 0.2% decline on a like-for-like basis during the quarter.

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