We all know that product quality claims often exceed actual performance, but Fleetguard is relying on its Cummins heritage and engineering-first approach to stand out in the filtration aftermarket. Kenneth Hanover, director of North American sales and customer support at Fleetguard, sat down with Malcolm Harris on the November 19 episode of What the Truck?!? to discuss what Fleetguard is doing to help truck drivers in right-to-repair advocacy and why Fleetguard’s unconventional warranty approach resonates ...

Core Viewpoint - Truelink Capital has entered into a definitive agreement to sell Koch Filter Corporation to Atmus Filtration Technologies for $450 million in cash, with the transaction expected to close in the first quarter of 2026, subject to customary closing conditions [1]. Company Overview - Koch Filter, founded in 1966, designs and manufactures a wide range of air filtration products, including pleated filters, high efficiency filters, and HEPA filters, serving various commercial markets [2]. - The company operates manufacturing facilities in Louisville, KY, East Greenville, PA, Houston, TX, and Mira Loma, CA, making it one of the few independent scaled platforms in the air filtration industry [2]. - Koch Filter is recognized for its innovation and commitment to enhancing indoor air quality in critical environments [5]. Transaction Details - The sale of Koch Filter is seen as a strategic move that will allow the company to continue its growth under Atmus, which is committed to innovation and operational excellence [2]. - Todd Golditch, Co-Founder and Managing Partner of Truelink, emphasized that the transaction aligns with ADTi's long-term vision to focus on engineered air distribution solutions [3]. - Mark Mattingly, CEO of Koch Filter, expressed confidence that the company is well-positioned for growth following recent investments and the transition to Atmus [3]. Strategic Implications - The transaction is viewed as a significant milestone for both Koch Filter and Air Distribution Technologies, enabling ADTi to concentrate on creating value through efficiencies and growth across its business units [3]. - Atmus Filtration Technologies is described as a global leader in filtration and media solutions, serving diverse markets including truck, bus, agriculture, construction, mining, marine, and power generation [6][7].

Core Viewpoint - Atmus Filtration Technologies Inc. has announced its acquisition of Koch Filter Corporation for $450 million in cash, aiming to establish a strong industrial air filtration platform and access a growing customer base across various end-markets [1][2]. Financial Summary - The acquisition is expected to be accretive to Atmus' Adjusted EPS and Adjusted EBITDA margin in 2026, with a projected high-single-digit ROIC by 2028 [2]. - The purchase price represents a 13.9x multiple based on Koch Filter's Adjusted EBITDA for the fiscal year ending September 30, 2025. After adjusting for expected tax benefits, the net transaction value is approximately $395 million, equating to a 10.9x multiple [2]. Strategic Implications - The acquisition will enhance Atmus' growth by expanding its presence in the industrial air filtration market, particularly in sectors such as industrial and commercial HVAC, data centers, and power generation [3]. - Koch Filter's extensive portfolio includes various filtration systems designed to improve indoor air quality and system performance, which aligns with Atmus' focus on reliability and customer service [3]. Transaction Details - The transaction will be funded through a combination of cash on hand and borrowings under Atmus' credit facility, with an expected closing in the first quarter of 2026, pending customary closing conditions [4]. Company Background - Atmus Filtration Technologies Inc. is a global leader in filtration and media solutions, with over 65 years of experience in designing and manufacturing filtration solutions across multiple industries [6]. - The company is headquartered in Nashville, Tennessee, and employs approximately 4,500 people globally [7].

Core Insights - LiqTech International, Inc. reported a 54% increase in revenue for Q3 2025, reaching $3.8 million compared to $2.5 million in Q3 2024, driven by strong performance in water treatment systems, particularly swimming pool operations [5][6][8]. Recent Financial Highlights - Q3 2025 revenue was $3.8 million, a 54% increase from $2.5 million in Q3 2024 [6][8]. - Gross profit margin improved by 28.1 percentage points, resulting in a gross profit of $0.7 million compared to a loss of $0.2 million in Q3 2024 [9]. - Operating expenses decreased by 12.6% to $2.1 million from $2.4 million in Q3 2024 [10]. - The net loss for Q3 2025 was $(1.5) million, an improvement from $(2.8) million in Q3 2024 [6][14]. - The ending cash balance was $7.3 million as of September 30, 2025 [15]. Outlook - Q4 2025 revenue is expected to be between $4.6 million and $5.6 million, indicating a growth of 38% to 67% compared to Q4 2024 [6]. - Full-year 2025 revenue is projected to be between $18.0 million and $19.0 million, reflecting a 23% to 30% increase from 2024 [6]. Recent Operational Highlights - Water system revenue surged by 187% in Q3 2025, totaling $2.0 million, driven by strong pool system deliveries and a system for oily wastewater [6]. - Pool system revenue reached $1.0 million, supported by large orders, including a significant order valued at over $500,000 [6]. - The company received its first commercial orders for marine dual-fuel engine water treatment systems through a joint venture in China [5][6]. - A new service center was established in Texas to enhance support for produced water and industrial filtration solutions [6]. Management Commentary - The CEO highlighted successful execution of strategic objectives, resulting in significant revenue growth and operational efficiencies [5]. - There is increasing global interest in LiqTech's filtration systems across various applications, including energy, industrial, and marine sectors [5].

Core Points - Atmus Filtration Technologies Inc. has declared a quarterly cash dividend of $0.055 per common share [1] - The dividend is payable on December 10, 2025, to shareholders of record as of November 25, 2025 [1] - Atmus is recognized as a global leader in the filtration industry [1]

Market Overview - The U.S. stock market showed mixed results on November 11, 2025, with the Dow Jones Industrial Average (DJIA) advancing while the Nasdaq Composite faced pressure from technology stocks [1][2] - The DJIA rose approximately 0.8% to 1.1%, while the Nasdaq Composite dipped between 0.2% and 0.5% [2] - The S&P 500 remained near unchanged, with a slight gain of 0.2% at one point but also experiencing a 0.25% dip at the open [2] Sector Performance - The Information Technology sector was the weakest performer, contributing to the decline in the Nasdaq [4] - The Healthcare sector showed notable strength, leading gains within the S&P 500, alongside a rotation towards defensive sectors like Consumer Staples and Commercial Services [4] Upcoming Market Events - The Senate approved legislation to fund the government, with a House vote anticipated on November 12, 2025, which could boost investor confidence [5] - Key economic data releases include the Consumer Price Index (CPI) on November 13 and the Producer Price Index (PPI) on November 14, crucial for assessing Federal Reserve monetary policy [6] Earnings and Corporate News - Advanced Micro Devices (AMD) is hosting an investor day on November 11, focusing on its AI roadmap and financial targets [7] - Nvidia (NVDA) shares fell 3.2% after SoftBank sold its entire stake for $5.83 billion, impacting the S&P 500 [8][9] - Tesla (TSLA) shares dropped over 2% following disappointing Chinese sales numbers [13] - CoreWeave (CRWV) tumbled 14% despite better-than-expected third-quarter results due to supply-chain issues [13] - Parker Hannifin Corporation (PH) announced an acquisition of Filtration Group Corporation for $9.25 billion, expected to enhance its filtration offerings [13] - BigBear.ai (BBAI) rose 6.9% after strong third-quarter results and a $250 million acquisition announcement [13] - Micron Technology, Inc. (MU) was highlighted as a "Best Growth Stock to Buy" with a 24.4% increase in earnings estimates [13]

Acquisition Overview - Parker Hannifin Corporation is acquiring Filtration Group Corporation [1] - The transaction consideration is $9.25 billion on a cash-free, debt-free basis [10] - The acquisition is expected to close within six to twelve months [10] Financial Impact and Synergies - Filtration Group is expected to have $2 billion in sales in CY2025 with a 23.5% adjusted EBITDA margin [9, 10] - The acquisition is expected to be accretive to organic growth, synergized EBITDA margin, adjusted EPS, and cash flow [9, 10] - $220 million of cost synergies are expected by the end of year three, leveraging "The Win Strategy" [9, 10, 19] - The company is targeting >30% adjusted EBITDA margin expected by end of year three [10] Market Expansion and Portfolio Transformation - The acquisition expands Parker's presence in Life Sciences (28%), HVAC/R (23%), and In-Plant & Industrial (20%) market verticals [9, 12] - It increases Parker Filtration aftermarket sales by 500 bps [9, 13] - Post-acquisition, the proforma FY26 sales are estimated to be ~$23 billion [21]

Core Insights - Parker Hannifin Corporation has announced a definitive agreement to acquire Filtration Group Corporation for a cash purchase price of $9.25 billion, which equates to 19.6 times Filtration Group's estimated adjusted EBITDA for 2025, or 13.4 times when including expected cost synergies [1][3] - The acquisition is expected to close within six to twelve months, pending customary closing conditions and regulatory approvals [1][3] Company Overview - Filtration Group is a U.S.-based private company that specializes in filtration technologies, generating approximately 85% of its sales from the aftermarket, which provides strong recurring revenue streams [2][7] - The company anticipates sales of $2 billion for the calendar year 2025, with an adjusted EBITDA margin of 23.5% [2][7] Strategic Rationale - The acquisition aims to create one of the largest global industrial filtration businesses, enhancing Parker's ability to serve customers globally with complementary capabilities and a strong aftermarket presence [3][7] - Parker expects to achieve pre-tax cost synergies of approximately $220 million by the end of year three post-transaction, leveraging its business system, The Win Strategy™ [3][7] Financial Impact - The transaction is projected to be accretive to Parker's organic growth, synergized EBITDA margin, adjusted EPS, and cash flow, with an expected high single-digit cash return on invested capital (ROIC) by year five [3][7] - Filtration Group's expected adjusted EBITDA, including anticipated cost synergies, is projected to reach $693 million by the end of year three [13]

Core Viewpoint - LiqTech International, Inc. is set to report its third quarter 2025 financial results on November 13, 2025, and will host a conference call to discuss these results [1]. Group 1: Financial Reporting - The company will announce its Q3 2025 financial results for the period ending September 30, 2025, before the market opens on November 13, 2025 [1]. - A conference call is scheduled for the same day at 9:00 a.m. Eastern time to review the financial results [2]. Group 2: Company Overview - LiqTech International, Inc. specializes in clean technology, providing advanced ceramic silicon carbide filtration technologies for gas and liquid purification [3]. - The company's silicon carbide membranes are designed for challenging purification applications, including controlling diesel exhaust soot emissions [3]. - LiqTech utilizes nanotechnology to develop a range of products, including component membranes, membrane systems, and filters for microfiltration and ultrafiltration applications [3]. - The company offers unique, turnkey solutions for complex water purification applications by integrating its SiC liquid membrane technology with extensive systems design capabilities [3].

Core Insights - Donaldson Company, Inc. is a leading provider of innovative filtration products and solutions [1] - Tod Carpenter, the chairman, president, and CEO, will present at the Gabelli Funds 49th Annual Automotive Aftermarket Symposium on November 3rd [1] - The presentation is scheduled to begin at 3:00 p.m. PDT and will be available via live webcast [1] Company Information - Donaldson Company, Inc. is listed on the NYSE under the ticker DCI [1] - The company specializes in filtration products and solutions, indicating a focus on innovation within the industry [1] Event Details - The presentation at the Gabelli Funds 49th Annual Automotive Aftermarket Symposium highlights the company's engagement with industry stakeholders [1] - The webcast can be accessed through the "Events & Presentations" section of Donaldson's Investor Relations website [1]