Yazılar

Samsung Seeks New North America Public Affairs Head with Trump Administration Ties

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Samsung Electronics (005930.KS) is reportedly searching for a new head of North American public affairs, following the anticipated resignation of Mark Lippert, who currently holds the position. According to the South Korean newspaper DongA Ilbo, the company is seeking a successor with connections to U.S. President Donald Trump’s administration and the Republican Party.

Lippert, who served as the U.S. ambassador to South Korea under the Obama administration, was hired by Samsung in 2022 during President Joe Biden’s tenure. However, the company is now looking to replace him with someone aligned with the current political climate in the United States.

A spokesperson for Samsung declined to comment on the speculation, and Lippert has yet to respond to a Reuters request for comment.

TE Connectivity to Acquire Richards Manufacturing for $2.3 Billion

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TE Connectivity (TEL.N) announced it will acquire utility grid products manufacturer Richards Manufacturing Co for approximately $2.3 billion in cash, aiming to bolster its position in the electrical utilities sector amid surging power demand.

The acquisition comes as the power needs of data centers are expected to double within five years due to the rapid development and adoption of artificial intelligence. Demand is projected to rise from 176 TWh in 2023 to between 325 and 580 TWh by 2028.

President Donald Trump recently supported a $500 billion investment pledge by tech companies and investors to build infrastructure for AI facilities, highlighting the sector’s growing energy demands. Additionally, aging grid infrastructure, increased extreme weather events, and a shift toward greener energy sources are driving the need for grid upgrades and more resilient systems.

TE Connectivity CEO Terrence Curtin said, “The acquisition of Richards Manufacturing aligns with our strategy and positions us to further capitalize on an accelerating grid replacement and upgrade cycle in North America.”

Following the news, TE Connectivity’s shares rose about 4% in pre-market trading.

The Galway, Ireland-based company will acquire Richards Manufacturing from funds managed by Oaktree Capital Management, L.P., and the Bier family, long-time owners of the business. The deal is expected to close in June, financed through a combination of cash and new debt.

Once completed, Richards Manufacturing will become part of TE’s Industrial Solutions segment, contributing an estimated $400 million to annual sales. The acquisition is expected to enhance TE’s sales growth and adjusted operating margins, with projected accretion of about 10 cents to adjusted EPS in the first full year.

Goldman Sachs & Co. LLC is serving as TE Connectivity’s financial advisor, with Davis Polk & Wardwell LLP providing legal counsel.

Northvolt Sells Novo Energy Stake to Volvo, Eyes North American Expansion

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Swedish battery manufacturer Northvolt has agreed to sell its stake in Novo Energy, its joint battery venture with Volvo Cars, as part of a broader cost-cutting strategy. The company will now explore new supply opportunities in North America while Volvo takes full control of Novo’s operations.

Key Details:

  • Stake Sale to Volvo: Northvolt, facing financial difficulties and under U.S. bankruptcy protection, ceased funding for joint ventures in 2024. As a result, Volvo declared a contract breach in October and moved to acquire Northvolt’s stake in Novo Energy.
  • Bankruptcy Court Approval Needed: A U.S. bankruptcy court must approve the sale. Financial terms were not disclosed.
  • Focus on Core Business: Northvolt is divesting projects in Poland and Norway to sustain its battery production, with key gigafactories planned in Sweden, Germany, and Canada—though some are facing delays.
  • Volvo Seeking a New Partner: Volvo has not yet announced a new partner for Novo but remains committed to launching battery production at its Gothenburg factory by 2026.
  • North American Expansion: Despite losing its planned battery orders from Volvo, Northvolt sees potential for new supply agreements in North America, particularly at its upcoming Northvolt Six plant in Montreal.