INDUSTRY NEWS
£ 140k funding boost for ‘ Factory of the Future ’
The Heart of the South-West Local Enterprise Partnership ( LEP ) in the UK has announced £ 144,500 to support high-value engineering ‘ Factory of the Future ’ digitisation for SMEs . The funding will allow the iAero Centre at Yeovil to install an Advanced Manufacturing Research Centre ( AMRC ) Factory + Demonstrator and equipment , to create a dedicated digital data demonstration space . The project will focus on harnessing the power of data to drive innovation and collaboration in the aerospace and advanced manufacturing sectors . iFACTORe will allow companies in the industry to collect and analyse vast amounts of data , with the potential to enhance efficiency and productivity whilst also fostering innovation and competitiveness .
Karl Tucker , Chair of the Heart of the South West LEP , said : “ This sector is vital to the region ’ s growth , so funding for projects like these is pivotal . iFACTORe at the iAero Centre signifies the importance of the aerospace and advanced manufacturing industry in the region .”
Austin Chick , head of iAero Centre , added : “ This funding offers complementary capabilities at iAero that will benefit SMEs in the aerospace and high-value manufacturing sector looking to collaborate on new projects , technologies and skills .”
The Heart of the South-West Local Enterprise Partnership ( covering Devon , Plymouth , Somerset and Torbay ) is one of 38 LEPs in England . It is a business-led partnership between the private sector , local authorities , universities and colleges . n
https :// heartofswlep . co . uk /
https :// iaerocentre . co . uk /
US $ 55 million sale of Specialty Pipe & Tube
Ascent Industries Co ., an industrials company focused on the production and distribution of industrial tubular products and specialty chemicals , has announced the sale of the business of Specialty Pipe & Tube for approximately US $ 55 million in an all-cash transaction . The transaction closed on 22 December 2023 .
SPT is a leading master distributor for large-diameter , hot-finish seamless carbon steel pipe and tubing . Proceeds from the transaction will be used to pay down outstanding debt and for general corporate purposes . The sale greatly reduces the complexity associated with Ascent ’ s tubular operations and allows the Ascent Tubular team to focus on its core competencies to position the company for long-term growth . “ We are proud of achieving this valuecreating outcome for Ascent shareholders . While SPT is a unique and profitable business , the inherent cyclicality in its endmarkets makes it a much better fit for the private markets ,” said Chris Hutter , President and CEO of Ascent . “ This transaction provides Ascent with the ability to dramatically reduce its debt , while providing additional available capital to pursue growth opportunities within our focused businesses under new segment leaders . We are proud of SPT ’ s performance under our stewardship , specifically in the past three years , and believe SPT is positioned for continued success in the future .”
Ascent ’ s remaining assets within the tubular segment consist of Bristol Tubular Products , a large manufacturer of welded pipe from stainless steel and other nickel alloys , and American Stainless Tubing , a producer of ornamental stainless-steel tubing . n
www . ascentco . com
Momentum builds for ITM Industry Europe
The next edition of the ITM Industry Europe trade show will take place from 4-7 June 2024 in Poznań , Poland . Visitors to MTP Poznań Expo will also be able to visit the Modernlog Trade Fair of Logistics , Transport and Storage and the Subcontracting Industrial Cooperation Fair which will be held alongside ITM Industry Europe .
“ Hot topics in the industrial sector and shows in specially designated zones are just some of the attractions of the trade show . Increasingly optimistic data for the industrial sector and expert analyses are having a significant impact on exhibitor interest in participating in the June event ,” said show organiser , MTP , pointing to Polish industrial Purchase Manager Index ( PMI ) jumps reported by S & P Global .
“ We are very happy with these reports and conversations with our exhibitors also fill us
with optimism and energy . We have ambitious plans to meet market requirements and strongly develop the exhibition ’ s potential . We are therefore having extensive conversations with automation specialists , amongst others ,” announced Anna Lemańska-Kramer , the trade show ’ s director .
A new highlight of ITM Industry Europe in 2024 will be special test zones for specific automation / Industry 4.0 solutions . Visitors will be able to check products and technologies that support production processes in factories . This , said the show organiser , will teach visitors new skills and enable them to test solutions that could significantly improve the efficiency of their operations .
The exhibition will also feature robotics ; foundry ; welding ; surface treatment and software solutions for the industrial sector . Debates , discussion panels and presentations of new industrial solutions will also be held in conference rooms at the trade show .
The cyclical MM Speakers Corner event will also take place from 1pm to 4pm on each day of the trade show . It will discuss specific industrial sectors in Poland as well as the latest trends and challenges in industrial production . n
https
:// itm-europe . pl / en
ISMR February 2024 | ismr . net | 13