With a market cap of $27.8 billion, Shelton, Connecticut-based Hubbell Incorporated (HUBB) is a prominent industrial manufacturer specializing in electrical and utility infrastructure components used across power grids, industrial facilities, and commercial construction. Through its Utility Solutions and Electrical Solutions segments, the company produces mission-critical products, including insulators, connectors, wiring devices, grounding equipment, and harsh-environment enclosures, that support electric ...

DAYTON, Minn.--(BUSINESS WIRE)--Forgent Power Solutions, Inc. ("Forgent†or the "Company†), a leading designer and manufacturer of electrical distribution equipment used in data centers, the power grid and energy-intensive industrial facilities, today announced the pricing of the initial public offering of its Class A common stock at a public offering price of $27.00 per share. The offering consists of 39,413,573 shares of Class A common stock being offered by parent entities of the Company controlled by N ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **grid and electrical equipment** sector, particularly in the context of global investment trends and structural demand drivers across regions including **China, ASEAN, the US, and the EU** [2][3][10]. Core Insights and Arguments - **Structural Upcycle**: Analysts believe the current upcycle in grid equipment is structural rather than cyclical, supported by high manufacturing utilization and multi-year order visibility across **APAC** [3][10]. - **Investment Needs**: Global grid investment reached approximately **$450 billion** in 2025, but this is still below the estimated **$1 trillion** needed annually by 2050 to meet demand [4]. - **Aging Infrastructure**: About **45%** of global grid assets are over **20 years old**, with significant replacement needs emerging, particularly in the US where the average transformer is around **40 years old** [4][10]. - **OEM Backlogs**: Equipment suppliers are experiencing unprecedented demand, with average selling prices for transformers increasing by approximately **75%** since 2019, and high-voltage cable costs nearly doubling [5][10]. Regional Developments - **China**: The 15th Five-Year Plan mandates a record investment of **RMB 4 trillion** by 2030, a **40%** increase from previous plans, focusing on high-voltage expansion to support renewable energy [7]. - **ASEAN**: Leaders have agreed to accelerate the ASEAN Power Grid, aiming to double cross-border capacity by 2040, supported by an **$800 billion** financing initiative [7]. - **US**: Federal programs, including a **$65 billion** grid modernization fund, are pushing utilities to enhance and expand networks [7]. - **Europe**: The European Commission has introduced a new Grid Package requiring **€584 billion** in transmission investment by 2030 [7]. Capacity and Constraints - Manufacturing capacity for grid equipment is tight across APAC, with Japan operating at nearly **100%** utilization. Expansion plans are in place, but skilled labor shortages and input constraints remain significant challenges [12]. - Orderbooks are strong, particularly in Korea, where companies report **30%** year-over-year growth in orderbooks, with lead times extending to **3-4 years** [13]. Pricing Dynamics - Anticipated price increases in China due to potential tariff adjustments in the 2026 regulatory cycle are expected to support average selling price hikes and margin expansion [14]. - Japan's Hitachi aims to increase EBITDA margins from **13-15%** to **16-20%** by FY30, indicating a focus on disciplined pricing and higher-value products [14]. Demand Drivers - Demand is driven by a multi-year structural grid upgrade cycle across APAC, with significant needs for replacement and modernization of aging infrastructure, as well as the integration of digital automation and smart grid technologies [15][16]. Investment Recommendations - Companies positioned at the core of structural grid equipment demands, such as **NARI Technology**, **Hitachi**, and **Hyundai Electric**, are highlighted as key beneficiaries of the ongoing investment cycle [18][19]. - NARI Technology is particularly noted for its alignment with China's domestic grid investment priorities, with expectations of sustained pricing uplift and market share gains [18]. Conclusion - The combination of aging infrastructure, rising demand from renewable energy, and the need for modernization and digitalization in grid systems suggests a robust growth outlook for the grid equipment sector across APAC, with favorable pricing power and earnings durability anticipated [10][11].

Table of Contents As filed with the Securities and Exchange Commission on January 26, 2026. Registration No. 333-292632 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Forgent Power Solutions, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 3620 39-3386651 (Primary Standard Industrial Classification Code Number) (I.R.S ...

Acquisition Overview - GulfStar Group announced the acquisition of Basler Electric Company by Littelfuse, Inc. for approximately $350 million in cash, with the transaction closing on December 11, 2025 [2] - GulfStar served as the exclusive financial advisor to Basler during this transaction [2] Company Profile: Basler Electric Company - Founded in 1942, Basler is a family-owned manufacturer of electrical control and protection solutions, based in Highland, Illinois, employing around 700 people [3] - Basler's products are utilized by over 1,600 global customers across various critical applications and high-growth markets, including power generation, power transmission, grid infrastructure, HVAC, data centers, and industrial equipment [3] - The company operates three manufacturing facilities located in Highland, Illinois; Taylor, Texas; and Piedras Negras, Mexico [3] Strategic Importance of the Acquisition - Ken Rhodes, president of Basler, expressed excitement about joining Littelfuse, highlighting the alignment of their customer-focused culture and commitment to technology innovation [4] - The acquisition enhances Littelfuse's presence in mission-critical, high-growth markets and provides a platform for expansion in high-power applications [4] - Basler's established brand reputation and leadership in its product categories, combined with Littelfuse's scale and global reach, create a comprehensive solution for an expanding customer base [4] GulfStar Group's Role - GulfStar's team, led by Managing Directors Brian Lobo, Colt Luedde, and Ben Stanton, provided strategic guidance throughout the acquisition process [4] - GulfStar has a strong track record in mergers and acquisitions, having completed over 760 transactions since its founding in 1990 [7]

Core Insights - Guangdong's foreign-funded enterprises achieved an import and export value of 2.76 trillion yuan in the first 11 months of the year, marking a 6.7% increase year-on-year, outperforming the overall growth rate of Guangdong's imports and exports by 2.5 percentage points [2] - The export value reached 1.68 trillion yuan, growing by 2.9%, while imports totaled 1.08 trillion yuan, with a significant increase of 13.3% [2] - In November alone, the import and export value of Guangdong's foreign-funded enterprises was 265.66 billion yuan, showing a year-on-year growth of over 10% [2] Trade Performance - In terms of trade methods, general trade accounted for 972.64 billion yuan, growing by 8.8%, representing 35.3% of the total import and export value of foreign-funded enterprises in Guangdong [2] - Bonded logistics saw a rapid growth of 28.3%, reaching 478.45 billion yuan, which constitutes 17.4% of the total [2] - Processing trade amounted to 1.3 trillion yuan, making up 47.1% of the total [2] Market Partners - The top three trading partners for Guangdong's foreign-funded enterprises were Hong Kong, ASEAN, and the EU, with import and export values of 551.99 billion yuan, 385.39 billion yuan, and 306.19 billion yuan respectively [3] - Trade with Hong Kong grew by 9.5%, while trade with ASEAN and the EU increased by 11% and 6.6% respectively [3] - Trade with Taiwan saw a remarkable growth of over 20%, reaching 238.0 billion yuan [3] Product Structure - Exports of electromechanical products totaled 1.34 trillion yuan, growing by 4.3% and accounting for 79.8% of total exports [3] - Key exported items included electronic components, computers and their parts, and electrical equipment, with respective export values of 201.96 billion yuan, 168.78 billion yuan, and 132.13 billion yuan, all achieving double-digit growth [3] - Other products such as game consoles and accessories, machine tools, 3D printers, and lithium-ion batteries also experienced rapid growth, with increases of 71.2%, 48%, 29.6%, and 29% respectively [3] High-tech Product Imports - Imports of electromechanical products reached 782.59 billion yuan, growing by 19% and accounting for 72.3% of total imports [4] - Integrated circuits were the largest imported item, with an import value of 433.2 billion yuan, reflecting a growth of 28% [4] - Other significant imports included computers and their parts, aircraft parts, and machine tools, with respective import values of 41.36 billion yuan, 1.395 billion yuan, and 268 million yuan, showing growth rates of 86.1%, 37.9%, and 85.5% [4] - Agricultural products and energy products also saw increases in imports, with values of 40.94 billion yuan and 28 billion yuan, growing by 23.2% and 6.7% respectively [4]

Company Overview - Powell Industries (POWL) is a US-based company that specializes in developing, designing, and manufacturing custom-engineered equipment and systems for the distribution, control, and monitoring of electrical energy [1] Investment Focus - The current investment strategy is centered around "Growth at a Reasonable Price," emphasizing a deep analysis of fundamentals and identifying catalysts that could drive significant alpha over a medium-term horizon [1] Market Analysis - The company operates within the oil and gas engineering sector, with a focus on understanding market drivers and trends that influence both the energy sector and global markets [1]

Core Points - Xu Zhou Rural Commercial Bank is committed to supporting the high-quality development of the manufacturing industry as part of its mission to serve the real economy [1][2] - The bank has introduced innovative financial products like "Su Zhi Loan" and "Su Ke Loan" to meet the diverse needs of manufacturing enterprises at different stages of development [1] Group 1 - Xu Zhou Rural Commercial Bank provided a 3 million yuan working capital loan to Jiangsu Ningyi Electric Equipment Co., Ltd., along with a pre-approved credit of 16 million yuan, facilitating the company's growth [1] - Xu Zhou Xudi Machinery Co., Ltd. received a 300 million yuan loan initially, followed by an additional 500 million yuan, resulting in a 30% increase in production efficiency and a product qualification rate of 99% after upgrading equipment [1] - Over the past two years, the bank's branch has provided 120 million yuan in credit support to 15 manufacturing enterprises in the industrial park, with an average production efficiency increase of over 30% for three companies that completed production line upgrades [1] Group 2 - The bank plans to continue its commitment to serving the real economy by increasing credit support for emerging industries such as high-end equipment manufacturing and intelligent manufacturing [2]

Group 1 - The core strategy of AS Harju Elekter Group is to focus on factory-based manufacturing while exiting the retail and wholesale business of electrical materials and equipment [1] - A merger process has been initiated between AS Harju Elekter and its wholly owned subsidiary Energo Veritas OÜ, with the merger agreement signed on 01 October 2025 [1] - Following the merger, Energo Veritas OÜ will be consolidated into AS Harju Elekter and will be deemed dissolved, with completion of necessary actions expected in the first quarter of 2026 [2]

Acquisition Details - Hubbell Incorporated has completed the acquisition of DMC Power, LLC from an affiliate of Golden Gate Capital [1] - The acquisition was financed through a new unsecured term loan facility totaling $600 million and issuances of commercial paper [1] Company Overview - DMC Power specializes in designing and manufacturing connector technology systems for high voltage power infrastructure, employing over 350 people [2] - DMC Power operates two manufacturing facilities located in Carson, CA and Olive Branch, MS, along with multiple distribution facilities across North America [2] Hubbell's Business Profile - Hubbell Incorporated is a leading manufacturer of utility and electrical solutions, with 2024 revenues reported at $5.6 billion [3] - The company focuses on enabling customers to operate critical infrastructure safely, reliably, and efficiently [3] - Hubbell's corporate headquarters is situated in Shelton, CT [3]