MELVILLE, N.Y. and DAVIDSON, N.C., Oct. 4, 2023 /PRNewswire/ — MSC INDUSTRIAL SUPPLY CO. (NYSE: MSM), “MSC”, or the “Company”, a leading North American distributor of a broad range of metalworking and maintenance, repair and operations (MRO) products and services, today announced its shareholders approved the previously announced reclassification of the Company’s equity structure, including the elimination of the Company’s Class B Common Stock which is held by the Jacobson / Gershwind family and entities affiliated with the family.
As a result of the shareholder vote, each outstanding share of the Company’s high-voting Class B shares (10 votes per share) will be exchanged for 1.225 Class A shares (1 vote per share) in stock. Additionally, the Company will adopt a majority of the shares outstanding standard (replacing the current required 2/3 vote) to approve fundamental transactions, such as a merger, and a majority of the votes cast standard for uncontested Board election.
The Jacobson / Gershwind family will remain MSC’s largest shareholder following the reclassification, owning approximately 21% of the Company’s Class A shares, and will be subject to certain standstill and lock-up provisions. The voting power of the Jacobson / Gershwind family will be limited to 15% of shares outstanding, and any shares it beneficially owns in excess of 15% will be voted pro rata with the votes of the Class A shareholders unaffiliated with the family. The Jacobson / Gershwind family will have the right to nominate (i) two directors so long as the Jacobson / Gershwind family beneficially owns at least 10% of the outstanding Class A Common Stock and (ii) one director so long as the Jacobson / Gershwind family beneficially owns less than 10% but at least 5% or more of the outstanding Class A Common Stock.
According to the preliminary results announced at the special meeting, subject to certification by the independent Inspector of Election, over 85% of the issued and outstanding shares of Class A Common Stock held by unaffiliated Class A holders voted to approve the reclassification proposal with an approval rate of approximately 99%. The final voting results for each of the proposals will be reported in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission after certification by the Inspector of Elections. MSC currently anticipates that the reclassification will be completed prior to the opening of trading on the New York Stock Exchange on October 5, 2023.
About MSC Industrial Supply Co. MSC Industrial Supply Co. (NYSE: MSM) is a leading North American distributor of a broad range of metalworking and maintenance, repair and operations (MRO) products and services. We help our customers drive greater productivity, profitability and growth with approximately 2.3 million products, inventory management and other supply chain solutions, and deep expertise from more than 80 years of working with customers across industries. Our experienced team of more than 7,000 associates works with our customers to help drive results for their businesses – from keeping operations running efficiently today to continuously rethinking, retooling and optimizing for a more productive tomorrow. For more information on MSC Industrial, please visit mscdirect.com.
Statements in this press release may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of present or historical fact, that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including statements about the future impact of COVID-19 on our business operations, results of operations and financial condition, expected future results, expected benefits from our investment and strategic plans and other initiatives, and expected future growth, profitability and return on invested capital, are forward-looking statements. The words “will”, “may”, “believes”, “anticipates”, “thinks”, “expects”, “estimates”, “plans”, “intends” and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. In addition, any statements which refer to expectations, projections or other characterizations of future events or circumstances, statements involving a discussion of strategy, plans or intentions, statements about management’s assumptions, projections or predictions of future events or market outlook and any other statement other than a statement of present or historical fact are forward-looking statements. The inclusion of any statement in this press release does not constitute an admission by MSC or any other person that the events or circumstances described in such statement are material. In addition, new risks may emerge from time to time and it is not possible for management to predict such risks or to assess the impact of such risks on our business or financial results. Accordingly, future results may differ materially from historical results or from those discussed or implied by these forward-looking statements. Given these risks and uncertainties, the reader should not place undue reliance on these forward-looking statements.
These risks and uncertainties include, but are not limited to, the following: the reclassification proposal, including projections as to the anticipated benefits of the proposed transaction, the impact of the proposed transaction on MSC’s business and future financial and operating results and capital structure following the closing of the proposed reclassification and the closing date for the proposed transaction, are based on management’s estimates, assumptions and projections, and are subject to significant uncertainties and other factors, many of which are beyond MSC’s control. These factors include, among other things, (1) any delays with respect to, or the failure to complete, the reclassification; (2) the ability to recognize the anticipated benefits of the reclassification, (3) MSC’s ability to execute successfully its strategic plans, and (4) the effect of the consummation of the proposed reclassification on the market price of the capital stock of MSC. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included elsewhere. Additional information concerning risks that could cause actual future performance or events to differ from current expectations are described under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual and Quarterly Reports on Forms 10-K and 10-Q, respectively, and in the other reports and documents that we file with the United States Securities and Exchange Commission. We expressly disclaim any obligation to update any of these forward-looking statements, except to the extent required by applicable law.
NEW YORK, Oct. 4, 2023 /PRNewswire/ — The cell therapy market size is expected to grow by USD 31.04 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 57.06% during the forecast period, according to Technavio Research. The market has been segmented by type (autologous and allogenic), application (malignancies, musculoskeletal, cardiovascular, and others), and geography (North America, Europe, Asia, and the Rest of the World (ROW)). North America accounts for 40% of the growth of the global market during the forecast period. Factors such as the increased funding from governments and the growing number of regenerative medicine centers in the region, especially in countries such as the US, Canada, and Mexico. are increased funding from governments and the growing number of regenerative medicine centers in the region, especially in countries such as the US, Canada, and Mexico are significantly contributing to the growth of the global cell therapy market in North America. The US is one of the prominent markets in North America which contributes to the growth of the market in North America due to the increased funding offered by the government departments including NH and the Biomedical Advanced Research and Development Authority (BARDA) to small-scale industries and companies that are focusing on developing novel products. Hence, such factors are driving the market growth in the region during the forecast period.
Technavio has announced its latest market research report titled Global Cell Therapy Market 2023-2027
This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Read Free PDF Sample Report
Company Profile:
Astellas Pharma Inc., Athersys Inc., Avita Medical Inc., BioCardia Inc., BioSenic SA, Brainstorm Cell Therapeutics Inc., Bristol Myers Squibb Co., Capricor Therapeutics Inc., Castle Creek Biosciences Inc., CellSeed Inc., Cellular Biomedicine Group Inc., Celyad Oncology, SA Gilead Sciences Inc., Lineage Cell Therapeutics Inc., Lisata Therapeutics Inc., Mesoblast Ltd., Novartis AG Pharmicell Co. Ltd, Sanpower Group Co. Ltd., ThermoGenesis Holdings Inc.
Astellas Pharma Inc: The company offers cell therapy such as ASP7317 for the treatment of dry AMD.
To gain access to more vendor profiles available with Technavio, buy the report!
Cell Therapy Market: Segmentation Analysis
The market share of the autologous segment will be significant during the forecast period. However, due to the several manufacturing complexities, there is only a moderate growth of this segment. In addition, the autologous segment of cell therapy has established its presence in both dermatology and musculoskeletal disorders segments. Therefore, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View Free PDF Sample Report
“Besides analyzing the current market scenario, our report examines historic data from 2017 to 2021”- Technavio
Cell Therapy Market: Driver & Trend:
The proven effectiveness of CAR T-cell therapy.
There is a growing preference for VAR-T cell therapies as they tend to have higher efficacy than other therapies existing in the market for the treatment of cancer. The easy penetration of the cells into the cancer-causing cells in the patient due to the ability of f CAR to bind to the T-cell, especially when delivered through monoclonal antibodies is one of the significant advantages of this method. Furthermore, the CAR-T cells have proven to show an increasing safety profile in children with various types of blood cancers. Hence, such factors are driving the market growth during the forecast period.
Increasing funding in cell-based research
Limitations in traditional organ transplantations fueling demand for cell therapies
The rise in vaccine production is a primary trend in the market during the forecast period.Identify key trends, drivers, and challenges in the market. Download to gain access to this information.
What are the key data covered in this cell therapy market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the cell therapy market between 2022 and 2027.
Precise estimation of the cell therapy market size and its contribution to the market in focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the cell therapy market across North America, Europe, Asia, and ROW
A thorough analysis of the market’s competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of cell therapy market vendors.
Related Reports:
Theinsomnia therapeutics market size is estimated to grow by USD 1,002.93 million at a CAGR of 5.49% between 2022 and 2027.
The gonorrhea therapeutics market size is estimated to grow by USD 506.68 million at a CAGR of 5.47% between 2022 and 2027.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Type
Market Segmentation by Application
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
NEW YORK, Oct. 4, 2023 /PRNewswire/ — Standard Motor Products (SMP) is pleased to announce that its STABIL facility in Germany has earned PACCAR’s 2022 10 PPM Award. Each year, PACCAR, a leading global manufacturer of light, medium, and heavy-duty trucks under the Kenworth, Peterbilt, and DAF nameplates, recognizes suppliers who achieve its “10 PPM” quality standard. This means that for every million supplier parts and components shipped to PACCAR, less than ten were defective. Additionally, in order to qualify for this award, suppliers must meet warranty support and continuous improvement criteria.
SMP is pleased to announce that its STABIL facility in Germany has earned PACCAR’s 2022 10 PPM Award.
The prestigious award was presented to SMP’s STABIL personnel, to the STABIL engineering, sales and distribution facilities in Kirchheim, Germany and the STABIL production facility in Pécel, Hungary. STABIL is dedicated to the highest-quality design, engineering, manufacturing, product development, sales and distribution of components for automotive and heavy-duty applications.
“Receiving PACCAR’s coveted 10 PPM Award is a testament to our unyielding commitment to providing our partners with components of the highest quality,” said Dale Burks, executive vice president and chief commercial officer at SMP. “As always, we remain dedicated to providing quality that our partners can trust, and are grateful for the partnership that we continue to build with PACCAR.”
About SMP® Engineered Solutions
SMP Engineered Solutions offers a wide range of custom-designed vehicle control and thermal management products. Offering an extensive portfolio of adaptable products covering a range of applications, SMP Engineered Solutions is supported by a global resource network, strategically positioned to provide unique solutions to a wide-range customer base. The division serves vehicle and equipment manufacturers in diversified end markets for on- and off-highway applications. To learn more, visit SMPEngineeredSolutions.com.
About SMP®
With over 100 years in business, Standard Motor Products, Inc. is a leading independent manufacturer and distributor of premium automotive replacement parts utilized in the maintenance, repair and service of vehicles in the automotive aftermarket industry. In addition, SMP continues to increase its supplier capabilities with a complementary focus on specialized original equipment parts for manufacturers across multiple industries such as agriculture, heavy duty, and construction equipment. SMP sells its products primarily to automotive aftermarket retailers, program distribution groups, warehouse distributors, original equipment manufacturers and original equipment service part operations in the United States, Canada, Europe, Asia, Mexico and other Latin American countries. For more information, visit SMPcorp.com.
Government Employees Say An Increased Focus on Employee Wellbeing Would Help Strengthen Agency Culture
ARLINGTON, Va., Oct. 4, 2023 /PRNewswire/ — Seventy percent of government employees in the U.S. say the culture at their agency impacts their will to do their best work, and 69 percent indicate that culture drives their productivity and efficiency, according to new nationwide research from Eagle Hill Consulting. Another 60 percent of government employees say agency culture impacts their ability to best serve customers, while 57 percent say it drives innovation and creativity. This research comes as governments continue to face a workforce crisis, struggling to hire and retain employees to deliver essential public services.
When asked what about the most important elements of an ideal organizational culture, workers said it’s respect (79 percent), integrity (67 percent), ethical treatment (56 percent), stability (55 percent), and employee wellbeing (52 percent).
The research also finds low trust for agency leaders. When asked who they trust most in their workplace, 51 percent of government employees say they most trust their colleagues, 41 percent most trust their boss, and only eight percent most trust leadership. Yet, 69 percent say leadership is responsible for organizational culture.
These findings are from the 2023 Eagle Hill Consulting Culture Survey conducted by Ipsos from July 25-28, 2023. The survey included 1315 respondents from a random sample of employees across the U.S., including 515 government employees.
“The aftermath of the pandemic hasn’t been easy for government agencies and employees,” said Melissa Jezior, president and chief executive officer of Eagle Hill Consulting. “Agencies still face large worker shortages and the demand for public services only continues to grow. The good news from our new research is that 63 percent of government employees say they would recommend their organization to future workers based on its culture, and that’s a clear signal governments must continue to invest in their culture. A strong culture helps government leaders attract and keep workers, and it drives government employees’ performance, innovation, and customer service.”
“Agencies are best able to meet their mission when leaders are intentional about their culture and employee wellbeing,” Jezior said. “Government leaders who are most successful define their culture, actively manage and monitor it, and model the behaviors they want to see across their agency. And when culture isn’t a high priority, agencies struggle to deliver on their mission and face recruitment and attrition problems.”
Additional survey findings are as follows:
When queried about who impacts organizational culture, 85 percent of government employees say it’s their colleagues, 77 percent say it’s their boss, 68 percent indicate it’s human resources leaders, and 63 percent say it’s agency leadership.
Actions government agencies could take to create a healthy workplace culture include investing in improving employee wellbeing (57 percent), holding workers accountable for bad behavior (54 percent), and leadership development (49 percent).
When it comes to employee wellbeing, only 36 percent of government employees say their organization has increased its focus during the last year. Forty-nine percent say the focus on employee wellbeing remained steady, and 15 percent say there has been less of a focus on wellbeing in the past year.
When asked who they most trust in their workplace, 51percent of government employees say they most trust their colleagues, 41 percent most trust their boss, and only 8 percent most trust leadership.
Thirty-nine percent of government employees say their workplace culture is better than most organizations, and 12 percent say it is worse. Forty-nine percent say their agency’s culture is about the same as compared to other organizations.
Seventeen percent of government employees say they have reported unethical behavior observed in their workplace.
Eagle Hill Consulting LLC is a woman-owned business that provides unconventional management consulting services in the areas of Strategy & Performance, Talent, and Change. The company’s expertise in delivering innovative solutions to unique challenges spans across the private, public, and nonprofit sectors. A leading authority on employee sentiment, Eagle Hill is headquartered in the Washington, D.C. metropolitan area, with employees across the U.S. and offices in Boston and Seattle. More information is available at www.eaglehillconsulting.com.
The Use of Generative AI in the Ti Platform Builds on Years of Company Experience Using Machine Learning to Create Personalized, Differentiated Learning Experiences.
BOSTON, Oct. 4, 2023 /PRNewswire/ — Thought Industries, the leading external enterprise learning platform for customer, partner and professional training, today announced a range of powerful new and enhanced AI capabilities during its Product Keynote at COGNITION23, designed to harness the power of generative AI within the Ti Enterprise Learning Cloud.
Thought Industries, which recently celebrated its 10th anniversary and surpassed 21 million active learners, demonstrated these new products to complement its existing approach to AI and machine learning, further enabling its customers to create modern experiences for admins and learners alike.
“Our customers have enjoyed the benefits of machine learning within the Thought Industries platform for some time now,” said Barry Kelly, Thought Industries CEO. “With generative AI, we see the opportunity to give our customers some new super powers, including time saved creating content and designing courses, the ability to offer near real-time, personalized feedback and content recommendations that will help set a new standard in the creation and delivery of modern, exceptional learning experiences.”
Thought Industries sees the game-changing opportunity of generative AI being incorporated into its platform in four main ways:
Accelerating Content Generation: Adding a generative and prompt-based element to make content creation even easier in the Ti platform, accelerating content production timelines for training materials & assessments.
Decreasing Operational Friction: AI-powered site design and building is designed to deliver engaging and compelling learner experiences, and will change the game when it comes to reducing development and production time. This no-code building functionality means customers can easily optimize web and mobile experiences solely through an AI-powered prompt interface.
Personalizing Coaching at Scale: With AI-powered video assessment, all learners can receive speedy feedback and coaching that are truly helpful (including notes on soft skills), while experts and instructors spend their time only in the areas where they will have the most impact.
Serving Highly Relevant Content: A key component of the Thought Industries technology has always been the ability to make learning as relevant, personalized and close to the moment of need as possible. Ti’s recommendation engine and machine learning algorithms are a critical part of its vision of AI in learning technology.
Data privacy and security are paramount concerns for customers, and Thought Industries’ generative AI features are engineered with the utmost consideration for data protection. The company prioritizes privacy and ensures that customer data remains confidential and secure. No customer data will be used to train AI models, safeguarding customer information and intellectual property.
“We are incredibly excited to share what’s next in the Thought industries product at Cognition 2023,” said Chief Product Officer, Todd Boes. “The promise and opportunity of generative AI builds on the solid foundation of machine learning currently available in the Ti platform. We think we’re in a unique position to partner with our customers to help them make good use of these new innovations, while keeping their data and security top of mind.”
About Thought Industries Thought Industries powers the business of learning with the industry’s leading enterprise learning platform for customer, partner and professional training. The company was founded in 2013 around the core belief that online learning experiences should be modern, intuitive, engaging, and scalable. Today, the Thought Industries growing team builds and maintains the only learning platform with completely native tools and integrations that drive higher customer engagement, learner proficiency, and retention. Headquartered in Boston, Thought Industries has offices across North America and Europe. For more information, visit thoughtindustries.com.
Texas Biomedical Research Institute receives first accelerator investment from the Lung Association’s Research Institute
CHICAGO, Oct. 4, 2023 /PRNewswire/ — Today, the American Lung Association Research Institute announced a three-year, $500,000 grant to Texas Biomedical Research Institute to help accelerate its efforts to develop a universal flu vaccine. This is the first Accelerator Program investment that the Lung Association has made since it launched the American Lung Association Research Institute earlier this year.
“The influenza virus is constantly changing. Current influenza vaccines help protect people against the flu, but the vaccine is not as effective if the flu strains in the vaccine don’t match those that are circulating that season,” said Harold Wimmer, President and CEO of the American Lung Association. “This is why we are proud to support and accelerate the work of the vaccine researchers at Texas Biomed who are working on a flu vaccine that protects against changing flu strains.”
“Our goal is to come up with a universal vaccine that will immunize people against all influenza strains, with long-lasting protection to potentially eliminate the need for yearly shots. Although current flu vaccines have helped reduce the number of people who die from the virus, a universal vaccine would protect more people every year,” said Luis Martinez-Sobrido, PhD, Professor at Texas Biomed in San Antonio, who is leading the research. “This partnership with the American Lung Association enables us to move quickly with this vaccine research.”
This funding was provided by the American Lung Association Research Institute, which launched in March to address the urgent and critical lung health challenges in our country. The Accelerator Program collaborates with government, non-profits and private industry to dramatically accelerate existing research to revolutionize lung health discovery and innovation.
About the American Lung Association The American Lung Association is the leading organization working to save lives by improving lung health and preventing lung disease through education, advocacy and research. The work of the American Lung Association is focused on four strategic imperatives: to defeat lung cancer; to champion clean air for all; to improve the quality of life for those with lung disease and their families; and to create a tobacco-free future. For more information, visit: Lung.org.
About Texas Biomed Texas Biomed is the nation’s only non-profit, independent research institute with the highest-level biocontainment laboratories, a national primate research center and over 80 years of experience. Scientists at the 200-acre campus in San Antonio regularly collaborate with academic institutes, the military, pharmaceutical companies, the National Institutes of Health and biotech start-ups. Its mission is to improve human health as a world leader in lifestyle and infectious disease research.
SOURCE Texas Biomedical Research Institute; American Lung Association
