Hyliion Inc. And Tortoise Acquisition Corp. Announce Merger
Hyliion Inc., a leader in electrified powertrain solutions for Class 8 commercial vehicles, announced today it intends to merge with Tortoise Acquisition Corp., a publicly traded special purpose acquisition company with a strategic focus on the energy sector and decarbonizing commercial transportation in North America.
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Continental Creates New Business Unit
Continental is combining its global activities in the special-purpose tire segment. Effective July 1, the business areas of Commercial Specialty Tires, Two Wheel Tires and Hoosier Racing Tire are combined in a new “Specialty Tires” business unit. As a result, from now on the entire Continental specialty tire business will be developed, manufactured and distributed worldwide under the umbrella of the new unit: From tires for material handling, the agricultural, port, and construction sectors, to bicycle and motorcycle tires and tires for racing.
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Genuine Parts Company Announces Sale Of S.P. Richards
GPC has completed the sale of its S.P. Richards operations through two separate transactions. The company has sold S.P. Richards’ core U.S. operations to an investor group led by industry professionals and has sold S.P. Richards’ Supply Source Enterprises business (SSE), comprised of The Safety Zone and Impact Products operations, to an affiliate of H.I.G. Capital. Both transactions are effective June 30, 2020. GPC expects to use the net cash proceeds from the transactions to enhance its cash position for capital allocation and to repay debt.
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Eaton’s Vehicle Group Navigates COVID-19 Pandemic
Eaton recently announced its Vehicle Group has been leveraging advanced Industry 4.0 technology to help its global operations safely navigate the ongoing COVID-19 crisis and continue to service its customers. The company shared examples of how the Vehicle Group is using Industry 4.0 technologies.
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Valvoline Provides Business Update
Valvoline provided a business update to give continued visibility into its performance during the COVID-19 crisis, including topline financial results for June 2020. Quick Lubes’ system-wide SSS sequential improvement was driven by both transactions and ticket, as miles driven trends improved and new customer growth continued.
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