Title: Sun Ce's Peerless Quality Diminished, Guardian's New Legend Unveiled, Multiple New Skins Set to be LaunchedGlobal to join forces with Motors & Armatures; Philip Windham named CEO of growing HVAC/R platform LOS ANGELES , Dec. 6, 2024 /PRNewswire/ -- Platinum Equity announced today a significant investment in Global, the Source ("Global"), a leading master distributor of HVAC/R components, and its subsidiary AmRad Manufacturing LLC. The transaction marks Platinum Equity's second investment in the HVAC/R industry this year. In July, the firm invested in Motors & Armatures Inc. (MARS). Global and MARS, which have a longstanding history, will now join forces, helping strengthen the product and service offerings for both companies. Founded in 1982 and based in Universal City, Texas , Global is a leading master distributor of HVAC/R components such as capacitors, relays, transformers, contactors, disconnects, whips, and more. Global serves HVAC/R wholesalers throughout the United States. The company has vertically integrated design and manufacturing operations, including via its AmRad Manufacturing LLC subsidiary located in Palm Coast, Florida , which proudly manufactures USA -made capacitors and Turbo 200® products. MARS, based in Hauppauge, New York , is a leading distribution platform for HVAC/R parts, supplies and equipment in North America , and has been the exclusive sub-distributor for select Global products since 2012. "The partnership between MARS and Global is a natural one as both companies have worked together for decades," said Global Owner and President Dickie Sirotiak. "The investment from Platinum will allow us to introduce more products to market while continuing to maintain the outstanding service levels that both MARS and Global customers demand." In connection with the Global investment, Platinum Equity announced an integrated leadership structure for the combined platform: "We are thrilled to welcome Global to our growing platform," said Chernoff. "This move brings together two great family-owned businesses and will strengthen our position as a category leader in electronic components for the HVAC/R aftermarket." Chernoff praised Windham as a great fit to lead the combined platform. "Philip brings 25 years of industry experience to the job," said Chernoff. "He is passionate about developing people and building high-performance teams. He has a customer-centric mindset and I'm confident he's the right leader to guide these businesses into their next phase of growth." Windham said he's excited about the new role. "Both the Sirotiak and Chernoff families have built impressive businesses over the past several decades, becoming true leaders in the HVAC/R industry," said Windham. "I am honored to continue their legacies and work with both teams to expand our reach within the industry." Platinum Equity expects to continue pursuing additional opportunities to invest in the industry. "We are optimistic about the prospects for growth in the sector and will work with MARS and Global to add more value for their customers," said Platinum Equity Co-President Jacob Kotzubei and Managing Director Dan Krasner in a joint statement. "We will partner with the leadership team to identify and pursue additional opportunities to diversify and increase scale, both organically and through strategic M&A." Financial terms of the Global investment were not disclosed. O'Melveny & Myers served as legal counsel to Platinum Equity and MARS. About Platinum Equity Founded in 1995 by Tom Gores , Platinum Equity is a global investment firm with more than $48 billion of assets under management and a portfolio of approximately 60 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O ® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 28 years Platinum Equity has completed more than 450 acquisitions. Contact : Dan Whelan Platinum Equity dwhelan@platinumequity.com View original content: https://www.prnewswire.com/news-releases/platinum-equity-invests-in-hvacr-distributor-global-the-source-302325210.html SOURCE Platinum EquityAndrew RT Davies' decision to quit as Welsh Conservative leader in the Senedd in the face of a split among Tory politicians triggers a potential leadership contest, with no clear frontrunner to take over. It has been assumed in Welsh political circles for a while that a number of Tory MSs are interested in the leadership. As of late on Tuesday only one candidate had come forward - Darren Millar. In theory the group could coalesce around one candidate, and no contest will happen. Whoever wins will lead their party into crucial Senedd elections in 2026, where polling has recently suggested the party is in fourth place, behind Plaid, Labour and Reform. Davies quit on Tuesday after he narrowly won a vote of no confidence , with nine votes for and seven against. He has ruled himself out of the contest. Conservative chief whip Darren Millar was first out of the blocks on Tuesday afternoon. Promising to unify the Welsh Conservatives, the MS was first elected in 2007. Millar is a strong media performer who has been thought of as a leadership contender in the past, but has never run before. Millar made his name making punchy contributions on the Welsh health service when he was the party's NHS spokesman, particularly on North Wales' Betsi Cadwaladr University Health Board. He is a trustee of a Christian charity, the Evan Roberts Institute, which has attracted controversy for its association with a pastor called Yang Tuck Yoong, who was criticised for homophobic views . Millar has said he does not endorse those views. Millar is the only individual in this list who supported Andrew RT Davies in the vote of confidence - the rest of those below opposed him on Tuesday. There is a big element of speculation with the other names in this list - including Tory Shadow Transport Minister Natasha Asghar. Based in Newport, Natasha Asghar entered politics after the death of her father , the late MS for South Wales East Mohammad Asghar in 2020, winning election to the Senedd the next year. She was the first woman of colour to be elected to the Welsh Parliament, and made a BBC list of 100 inspiring and influential women from around the world in 2021. Asghar, who serves the same region, has shown ambition before when she made a bid to stand to be Conservative candidate for London mayor . The former TV presenter hit the headlines before she was elected after a YouTube video emerged showing her pretending to interview leading sportsmen - she said she was practising her editing . One Conservative MS thought to be interested in becoming leader is Tom Giffard. The MS for South Wales West was elected in 2021 after a selection process where he beat the incumbent Suzy Davies for a favourable place on a regional list . Giffard grew up between Swansea and Carmarthenshire, and learned Welsh as a second language. He led the Bridgend Conservative group for four years before joining the Senedd. He is thought to be respected in the wider Westminster Conservative party. Giffard speaks for the party on culture, tourism and sport. In 2023 he gave a speech about darts in the Welsh Parliament generated by the ChatGPT AI system - he said he made the speech to show how advanced the technology had become. At a time some Tory activists want to see the Senedd abolished, Sam Kurtz is solidly from the pro-devolution wing of the Conservative party. Back in 2022 he went against Tory policy and called for a larger Senedd, saying the current set up with 60 members "doesn't feel like it works properly" . Like the outgoing leader Andrew RT Davies his roots are in farming - born and raised on a farm outside Fishguard in north Pembrokeshire. He is currently chair of the Pembrokeshire Federation of Young Farmers Clubs, and worked as a reporter before becoming a parliamentary aide. He is seen as a potential leadership candidate but it is not clear if he is interested. Sam Rowlands was elected to the Senedd in 2021 to represent the North Wales region in Cardiff Bay. He has had experience as a frontline local politician in the past, having previously led Conwy council. Before that, he worked as a credit risk manager for HSBC bank. Rowlands was born in Bangor and grew up in Penygroes, near Carmarthen, until he moved to Abergele aged nine. He currently holds the high profile shadow health spokesman position and were he to win the leadership his more understated approach would be in marked contrast to Andrew RT Davies. Rowlands had proposed a law to give every state school pupil the chance to go to an outdoor education centre, which ultimately failed to get the Senedd's support. Any runners and riders will need nominations from three other Tories submitted by 17:00 GMT on 5 December. If there are more than two candidates, the group will need to hold secret ballots until it is just two. If there are two candidates, then a ballot of the party membership will take place. The winner will not technically be the leader of the Welsh Conservatives as a whole - unlike Scotland, the leader only leads the group of Tories in the Senedd. They will be the leader of the opposition in the Senedd, however, taking on Eluned Morgan at her weekly first minister's questions. Additional reporting by Adrian BrowneQatar tribune Uncertainty has been high in recent months on the back of the national election in the US, which was set to determine the fate and policy priorities of the largest economy globally. While most analysts have expected a significant reduction in overall uncertainty after the US election in November, uncertainty remains high. After an ample Trump victory with a Republican “sweep” – control of the Senate and House –, there are now questions whether Trump 2.0 would adopt a “maximalist” approach to controversial proposals, such as tariffs, the fiscal stance and migration. This brings significant consequences for global growth and inflation. As it is notoriously difficult to read too much into the tea leaves of US politics, particularly before the Trump administration starts, we turn to commodity markets to analyse what the price action from key tangible goods is telling us about the global economy. Commodities provide critical insights into the overall health of the global economy, given their importance for construction, transportation, manufacturing and foodstuff. This includes relevant information for trends on sentiment and inflation, with commodity prices often leading or confirming cyclical turning points. In our view, prices within the overall commodity complex seem to sustain a benign macro view of stable growth with continuous disinflation, despite recent concerns about Trump 2.0 potentially de-anchoring inflation expectations. Three factors support this position. First, broader commodity prices are still significantly below their recent peak in May 2022 but roughly stable on a year-to-date (YTD) basis. This is seemingly challenging both the narratives of a global economic re-acceleration or inflation pick-up and of an impending sharp slowdown. In fact, the price correction from the May 2022 peak without major volatility or resurgence in recent months suggests that the disinflation trend is intact. On the other hand, stable YTD prices point to resilient global consumption and investment. Importantly, the moderate increase of industrial metals YTD, in particular copper, expresses expectations about improving growth conditions in emerging Asia and particularly China, a large consumer of copper. Second, the copper-to-gold ratio, a traditional gauge for growth and inflation expectations as well as risk sentiment, seems to point to a moderate environment over the coming quarters. This comes in contrast to the view that Trump 2.0 would potentially increase both potential GDP and inflation, creating a strong “risk-on” behaviour for investors. Should that be the case, copper prices would have been gaining ground at a faster pace than gold, leading to an increase of the copper-to-gold ratio. Instead, the opposite has been happening. This suggests, if we only consider the commodity markets and its dynamics, an outlook of lower inflationary pressure with moderate growth. Third, strength in precious metals prices are likely reflecting higher geopolitical risk premium and institutional demand for non-jurisdictional assets, rather than anything more significant related to growth or inflation. Gold prices are close to all time highs, up 42% since May 2022 to close to USD 2,650/troy oz. However, silver prices, key as an input for the new economy (technology and clean energy industries), are more significantly below its recent highs and overall slightly underperforming gold. Should there be a major impulse for higher growth and inflation, silver prices would advance more rapidly than gold. All in all, despite concerns about Trump 2.0 bringing about unbalanced growth and inflation, commodity prices are suggesting a more constructive scenario of moderate growth and continuous disinflation. Most cyclical commodities are now stable at prices that are significantly below the recent peak, the copper-to-gold ratio continues to decline and gold is outperforming silver, pointing to a lack of pressure from excess overall demand or economic activity. — By QNB Economics Copy 08/12/2024 10
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