Canadian Electrical Wholesaler

Jan 5, 2020

CEW Flir Teledyne 400Teledyne Technologies Incorporated and FLIR Systems, Inc.jointly announced that they have entered into a definitive agreement under which Teledyne will acquire FLIR in a cash and stock transaction valued at approximately $8.0 billion.

Under the terms of the agreement, FLIR stockholders will receive $28.00 per share in cash and 0.0718 shares of Teledyne common stock for each FLIR share, which implies a total purchase price of $56.00 per FLIR share based on Teledyne’s 5-day volume weighted average price as of December 31, 2020.  The transaction reflects a 40% premium for FLIR stockholders based on FLIR’s 30-day volume weighted average price as of December 31, 2020. 

As part of the transaction, Teledyne has arranged a $4.5 billion 364-day credit commitment to fund the transaction and refinance certain existing debt.  Teledyne expects to fund the transaction with permanent financing prior to closing.  Net leverage at closing is expected to be approximately 4.0x adjusted pro forma EBITDA with leverage declining to less than 3.0x by the end of 2022.

Teledyne expects the acquisition to be immediately accretive to earnings, excluding transaction costs and intangible asset amortization, and accretive to GAAP earnings in the first full calendar year following the acquisition.

“At the core of both our companies is proprietary sensor technologies.  Our business models are also similar: we each provide sensors, cameras and sensor systems to our customers.  However, our technologies and products are uniquely complementary with minimal overlap, having imaging sensors based on different semiconductor technologies for different wavelengths,” said Robert Mehrabian, Executive Chairman of Teledyne.  “For two decades, Teledyne has demonstrated its ability to compound earnings and cash flow consistently and predictably.  Together with FLIR and an optimized capital structure, I am confident we shall continue delivering superior returns to our stockholders.”

Approvals and Timing

The transaction, which has been approved by the boards of directors of both companies, is expected to close in the middle of 2021 subject to the receipt of required regulatory approvals, including expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, approvals of Teledyne and FLIR stockholders and other customary closing conditions.

Source

Pandemic StudyThe year 2020 was filled with surprises. One of them was business solvency.

Insolvencies were down by almost one-third year over year during the early stages of the COVID-19 pandemic and were relatively stable in the third quarter. At the height of this century’s previous economic shocks, insolvencies rose by 10% or more. A new study looks at insolvencies during the largest economic upheaval of our lifetime.

 

 

 

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Douglas BaldwinBy John Kerr

My father asked me to lunch one day and told me he wanted very much to meet with someone in the electrical industry who meant a lot to him, and whose friendship he wanted to share with me. This lunch, in 1982, was with Doug Baldwin.

As lunch progressed, I discovered these men shared many bonds after having met years before in Winnipeg. Doug was with Federal Pioneer at that time, my father with Triangle Conduit & Cable. It seems they hit it off and my father’s wry sense of humour was trumped only by Doug’s. 

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Wholesale Sales - November 2020Wholesale sales grew for the seventh consecutive month in November — up 0.7% to an all-time high of $67.4 billion. Five of seven subsectors reported stronger sales, led by the machinery, equipment and supplies subsector and the building material and supplies subsector. Notably, the increase reflects higher domestic sales of Canadian goods, as both imports and exports of key commodities fell in November.

Wholesale trade volumes increased 0.9% in November.

 

 

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Sean BernardBy Sean Bernard

Last year was like none other and one that we all hope never to endure again. The impact on our personal and professional lives has been dramatic, simultaneously universal and unique to each of us.

We have all heard about and experienced the heartache of not spending time with and not celebrating milestones with our extended families, not being able to take those planned vacations, and having to deal with the stresses and challenges of virtual learning with our kids.

 

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Martin Stephenson Signify Canada has announced David Grinstead, Market Leader, Canada, Signify will retire at the end of the month. "We thank David for his contributions, passion and dedication to the company and industry," said the company via press release.

Martin Stephenson will take on the Market Leader, Canada role in addition to his current position as Head of North American Systems & Services at Signify. He reports to Kevin Poyck, Market Group Leader, Americas.

 

 

 

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Greg StephensonBartle & Gibson has announced that Greg Stephenson has officially joined the Electrical Supply Division (ESD) of the AD Canada Electrical Divisional Board effective January 4th, 2021.

Greg is the Senior Vice President Electrical at Bartle & Gibson, based in Edmonton, Alberta. He is now entering his 27th year in the Electrical Industry and he originally began his career working for another proud AD Member, McLoughlan Supplies Ltd in St, John’s NL. During his career, Greg has also worked for many key suppliers such as, Eaton, Thomas & Betts and Siemens.

 

 

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Ariane CardinalBy Blake Marchand

Ariane Cardinal is Director of Planning, Purchasing, and Distribution with Stelpro. Ariane owns a bachelor’s degree in Engineering, although she said, “I always knew, when I was doing engineering, that I wanted to have a career more oriented towards management.”

After earning her degree, she did an internship with a company in the gas industry based out of Paris, France, which is where she was introduced to supply chain management. Ariane noted she was interested in the problem-solving aspects of supply chain, which meshed well with her engineering background. 

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