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1、MANUFACTURINGREPORTExplore M&A Activity,Capital Market Conditions and Current Trends for the Manufacturing Industry720.221.9220|SDRVENTURES.COMInvestment Banking&Securities Offered Through SDR Capital Markets,LLC,Member FINRA&SIPC.1H 2023720.221.9220|SDRVENTURES.COMInvestment Banking and Securities
2、Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.MANUFACTURING REPORT2H 2022 2H 2022|VOL 10|ISSUE 2MANUFACTURING 1H23:WHAT TO KNOW ManufacturingManufacturing hashas shownshown usus a a littlelittle bitbit ofof a a dichotomydichotomy inin 1 1H H2323.OnOn oneone hand,hand,traditionaltradi
3、tional factorsfactors areare playingplaying a a rolerole:staffingstaffing andand a a focusfocus onon manufacturingmanufacturing forfor oldold schoolschool energyenergy andand utilitiesutilities.OnOn thethe other,other,AI,AI,3 3D D printing,printing,andand innovationinnovation areare speedingspeeding
4、 aheadahead.ThereThere is is a a lotlot atat playplay forfor thosethose inin thethe knowknow.TheThe rolerole ofof digitaldigital twinstwins findingfinding lowerlower-risk,risk,fasterfaster waysways toto looklook aroundaround thethe corner,corner,innovate,innovate,andand uncoveruncover efficienciesef
5、ficiencies is is becomingbecoming increasinglyincreasingly importantimportant.ThinkThink aboutabout allall thosethose ancillaryancillary servicesservices thesethese shiftingshifting landscapeslandscapes createcreate.ShortShort onon manpower?manpower?ThinkThink staffingstaffing servicesservices.Cheap
6、Cheap governmentgovernment “green“green energy”energy”loans?loans?ThinkThink security,security,cleaningcleaning companies,companies,supplysupply chain,chain,andand deliverydelivery.AsAs wewe watchwatch forfor activityactivity inin EU&REU&R (energy,(energy,utilities,utilities,andand resources),resour
7、ces),opportunitiesopportunities maymay appearappear forfor supportsupport servicesservices.StrongStrong BacksBacks andand HighHigh TechTech:ManufacturingManufacturing atat thethe CrossroadsCrossroadsThe first half of the year has shown us two sides of manufacturing a contrast between the back-to-bas
8、ics of making big,boring stuff in established sectors,but also a peek into innovative solutions for flaws exposed during the post-pandemic supply chain debacle.This time,the old saying“may you live in interesting times”isnt a curse but a trove of opportunities.Under-the-radar,old school concerns suc
9、h as energy,industrials,and staffing appear to be one trend.A return to the services we all need and use.Meanwhile theres a renewed focus on people.No matter how high-tech manufacturing gets,the sector still needs to recruit,train,retain,and retrain workers.No easy feat in an era of low unemployment
10、 in the United States.These are hard jobs that require a smart,trained workforce.Theres pressure to either find ways to get workers in the door or find new ways to replace people with robots.This begs the question of who installs,monitors,calibrates,and repairs the robots.1,2With cash pouring in as
11、a result of rising energy costs last year,energy companies and utilities are looking to spend.Big companies are looking to get bigger,and smaller companies want to scale up.Theres always pressure across the sector to invest in and incorporate environmental measures including carbon capture,efficient
12、 transmission,and alternatives.Mergers and acquisitions are one way to achieve these goals,and the sector is getting hot.Why start from scratch when you can buy?The sector is holding hundreds of billions of dollars,not to mention a renewed interest in going public.3,4 Then theres a wave of intriguin
13、g innovation.Think of how the pandemic and the ensuing supply chain tangle changed how we think about making and moving things.If were going to make it back in the U.S.rather than2Established in 2002,SDR Ventures has developed deep M&A and capital transaction knowledge and expertise.SDR offers trans
14、action advisory,private capital formation and business consulting services across a wide range of industries.We serve business owners and operators of privately held companies and provide them with a professional-class experience.ABOUT SDRTransaction ActivityActive BuyersPublic BasketM&A Market Acti
15、vityAbout SDR VenturesMANUFACTURING CONTACTSCONTENTSThe information contained herein is based on sources we believe reliable but is not guaranteed by us and is not to be considered all-inclusive.It is not to be construed as an offer or consultation of an offer to sell or buy any securities.Andy Lime
16、sAndy LimesCo-Founder Manufacturing TLogan BohlenderLogan BohlenderVice PresidentManufacturing TScott MitchellScott MitchellManaging DirectorManufacturing TMatthew RusakevichMatthew RusakevichAnalyst Manufacturing T1H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities O
17、ffered Through SDR Capital Markets,LLC,Member FINRA and SIPC.MANUFACTURING REPORT2H 2022 2H 2022|VOL 10|ISSUE 23offshoring,maybe we can have smaller plants and make things closer to where we need them instead of a big,centralized facility.So called“pop-up factories”that could incorporate 3D printing
18、 and other techniques can create the finished product closer to its destination.Or do we go halfway,with some components made in a variety of global locations in countries friendlier,and potentially closer,to us,with assembly at home?As for innovation,were watching the tech world with digital twins
19、that“create”and test products entirely digitally before a physical model is made.Well see where AI can take the sector,capable of running thousands of variables,learning from everything thats ever come before and from every failed test.Were looking to additive manufacturing(3D printing),the impact o
20、f green tech initiatives(and“green”money),and a growing understanding that manufacturing is part of national security.Its an exciting time to be in manufacturing.5,6,7,8 NowNow HiringHiring:InquireInquire WithinWithin (Please!)(Please!)At the start of H2 2023,the United States had an unemployment ra
21、te of 3.6%.That.Is.Tight.Its below what many consider to be“full employment,”and the U.S.started the year with unemployment lower than its been in 50 years.Workplaces in every sector are doing whatever they can to hire and retain workers.Higher wages,fewer meetings,streamlined tasks,even free ice cr
22、eam.What will it take?Its even worse in the manufacturing sector,sitting on nearly 700,000 vacancies for critical jobs that need to get done(but are not).There are more manufacturing vacancies than there are unemployed skilled workers.The tentacles from this problem stretch everywhere.Machines to ma
23、ke things are becoming more complicated and require training that starts back in the school systems where Science,Technology,Engineering,and Math(STEM)efforts lag other parts of the world.Labor shortages could get worse if America gets stung by overseas supply woes and is serious about making more s
24、tuff at home.Were looking at more demand and fewer skilled workers.The U.S.wants to make more computer chips back home.That takes workers.Our defense arsenal of weapons is being depleted and we need to build more.That takes workers.Manufacturers are looking to bring back production of transportation
25、 equipment including EV battery production electronic parts,electrical equipment and appliances,chemicals,and medical equipment and supplies.That takes workers.9,10,11,12,13,14,15,16,17One potential solution looking to grow remains open through M&A.Go out and buy another company that has the workers
26、 you want.In May,Blackstone did just that when it acquired Emersons HVAC group.The turnkey deal came with 18,000 employees already on the job.18,19Every shortage creates an opportunity.As demand for workers increases,watch for M&A activity in the related staffing and recruiting industry.The U.S.staf
27、fing industry alone is expected to reach a$216 billion market share.The industrial robotics industry is expected,by one account,to experience nearly 12%CAGR through this decade.20,21 “Reshoring”brought an estimated 400,000 jobs back to the U.S.last year but didnt bring 400,000 workers to fill those
28、jobs.16 If skilled workers are in short supply,well be looking at how that creates unexpected openings and opportunities both for buyers and sellers.If theres a shortage,theres demand.And if theres demand,someone will figure out how to meet that demand.At a profit.Supply and demand.22EU&REU&R:Energy
29、,Energy,Utilities,Utilities,andand ResourcesResources.CantCant LiveLive WithoutWithout EmEmMaybe we dont think as much as we should about the basics of manufacturing.The power to run machines,the need for the building blocks of stuff we make.Energy,the utilities to deliver that energy to where its u
30、sed,and the resources to make things.EU&R.The pandemic,the supply chain clogs,Russias role in global energy(and Russias recent behavior and global reactions),and Saudi Arabias energy market manipulations are rippling through the sectors.“Supply Security”is now a thing.Where and how does our energy g
31、et produced?If having the capability to make things in the U.S.,isolated from global events and influence,is important,where does the energy to make things come from?Its hard to think of a broader connection to manufacturing.Home-grown biofuels,on-site generation,raw material extraction,electrical g
32、rid hardening,and EV charging networks are just a few fields.Theres not just investor money in1H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.MANUFACTURING REPORT2H 2022 2H 2022|VOL 10|ISSUE 24play here
33、.The federal governments new$27 billion“green bank”will fuel the clean energy sector with low-interest loans for projects aimed at reducing greenhouse gases.We dont imagine private enterprise will pass up on cheap money to innovate and scale.23,24,25,26,27 Again,we see ancillary services.Who maintai
34、ns these facilities and who cleans them?Utilities might not be buzzy,but they are getting a closer look.We learned a lot from the pandemic and the unanticipated war in Eastern Europe.Were now seeing manufacturing react.GettingGetting TechyTechy andand InnovativeInnovative.TheThe DigitalDigital Respo
35、nseResponseFinally,if manufacturing is going to do more with fewer people,it will be interesting to see how it happens and who profits.Smarter machines are looking like one answer.Its impossible to look into the future of manufacturing without talking about artificial intelligence(AI),a trend that s
36、eemed to come out of nowhere at the end of 2022.Its one thing to use AI chatbots to make up funny poems,but seeing where this concept of machine learning applies to manufacturing is another.AI may help manufacturers better manage logistics and transportation,construction and engineering design,energ
37、y management,and even manufacturing itself.Watch as the depth and speed of ideation accelerate,prototypes are engineered,processes improved,and complicated problems are identified and remedied.The modern manufacturing facility will be digitized.28 Additive manufacturing(AM)or additive layer manufact
38、uring(ALM)is what the rest of us call 3D printing on an industrial scale,a computerized process that builds things by precisely applying layers of materials.AM allows manufacturers to accelerate prototype development,build with less waste,and create stronger products.Were seeing applications already
39、 in aerospace,automotive manufacturing,and the medical field where applications range from medical devices to customized implants.As AM is increasingly adopted on the floor,the business of providing AM services is expected to see a CAGR of 20%through the end of the decade,growing into an$83 billion
40、sector itself.As these systems are implemented,they can allow manufacturers to move customized,smaller operations closer to customers,shoring up supply lines in a process called“glocalization”taking global innovation to hometown facilities.With the additional capacity,speed,and efficiencies of AM co
41、mbined with the ongoing labor shortage,we expect manufacturers,even mid-market players,to increasingly turn to AM.29,30 Were also watching the emerging field of“digital twins”as it applies to manufacturing.Digital twins are computerized virtual copies or versions of things that live only inside soft
42、ware programs.They allow manufacturers to design and test prototypes or improve existing products without the labor and cost of actually building them first.Why manufacture a prototype when engineers can find any issues in the digital twin first?Get it right the first time.Test new ideas and see wha
43、t happens“if we did this”digitally.Fed by massive amounts of data collected from the increasing use of sensors and the“Internet of Things”(IoT)on manufacturing floors,digital twinning cannot only help develop new products but can also help monitor operations,spot potential problems,properly estimate
44、 costs and margins,and tweak processes for maximum efficiencies.Digital twin tech is already at work.Lockheed Martin uses it to“test fly”vehicles and program robotics.Kraft Heinz is using it to improve supply chain management.Unilever the company that makes everything from Klondike bars to Dove soap
45、 is using it to test product formulations before mixing the chemicals.Big tech including IBM and Microsoft are selling turn-key software packages.Theres also M&A activity in the field.As 1H23 closed,California-based Keysight Technologies was making a go at a share buy-out to acquire French digital t
46、win company ESI Group in a deal estimated at$1 billion.31,32,33 Looking forward,we can see how these galloping new technologies can work together.With AI taking in digital twin data from factory floor sensors and IoT and pairing that information with predictive models and data from around the world
47、and across sectors,this could get good.34 1H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.MANUFACTURING REPORT2H 2022 2H 2022|VOL 10|ISSUE 25ManufacturingManufacturing thethe DealsDeals:MergersMergers&A
48、cquisitionsAcquisitions To close the first half of the year,private equity players Golden Gate Capital and Bridgeport Capital got together for a$350 million deal as Golden Gate acquired high voltage electrical connector maker DMC Power.DMC,with operations worldwide,has seen its revenue triple in the
49、 past 10 years.The companys technology efficiently connects power lines in substations to trim energy losses.Nothing about the deal is sexy but it demonstrates interest in the utilities sector for meat and potatoes industrial products and companies that make them.35 Speaking of anything but sexy,let
50、s talk radiators,the things that keep things from overheating.In June,publicly traded Wabtec Corporations announced a$230 million cash acquisition of L&M Radiator,a 65-year-old company that makes heavy-duty radiators for industrial applications.Wabtec says the deal fits with its mining and clean ene
51、rgy solutions.In addition to mining technologies,Wabtec is a global provider of equipment and technologies for freight and transit rail as well as marine and industrial services.L&M is based in Minnesota but has operations in Australia,Mexico,and Chile.36 In May,publicly traded companies Blackstone
52、and Emerson Climate Technologies completed a$14 billion deal as Blackstone took on a majority stake in Emersons climate tech unit and rebranding the sustainability-focused HVAC and refrigeration stalwart“Copeland.”Emerson retains a minority stake in the 100-year-old HVAC division,which features robu
53、st capabilities in engineering,design,and innovation in compressors,controls,thermostats and software,and monitoring tech.Copeland employs more than 18,000 workers and is active in global initiatives to move away from carbon-based systems toward electrification options,including increasingly popular
54、 heat pumps.Copeland will continue to be based in St.Louis.18,19 ManufacturingManufacturing 2 2.0 0:BeyondBeyond LunchLunch PailsPails andand HardHard HatsHatsThe future appears bright in manufacturing for those ready to invest in and apply todays solutions.Hobbled by chip shortages and pandemic-rel
55、ated supply chain woes,the sector is roaring back.Labor issues look like they are going to stick around,at least for a while.Tech solutions spawned out of need show promise and are integrating at a rapid clip.Were seeing digital twin and 3D printing move into the mainstream,and AI applications appea
56、r to be the future.We may only be seeing the beginning.As ideation,engineering,digital tinkering,and smart factories emerge,well be watching for opportunities to scale these innovations and bring them to the factory floor.Indeed,we live in interesting times.37,38 1H 2023|VOL 11|ISSUE 1720.221.9220|S
57、DRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.MANUFACTURING REPORT2H 2022 2H 2022|VOL 10|ISSUE 2If You Are a Business Owner Looking for Additional Transaction Activity If You Are a Business Owner Looking for Additional Transaction Activ
58、ity Within Your Industry,Please Call Our Offices at 720.221.9220.Within Your Industry,Please Call Our Offices at 720.221.9220.6Source:Pitchbook Financial Data and AnalyticsNote:This data represents recorded transactions only,and is not all-inclusive.Nevertheless,they are typically representative of
59、the industry.TRANSACTIONS BY SEGMENTTRANSACTIONS BY TYPETRANSACTIONS BY LOCATIONTRANSACTION ACTIVITY21 or more transactions11-20 transactions1-10 transactions0 transactionsStrategic48%Financial52%225004060801001201401H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and
60、Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.MANUFACTURING REPORT2H 2022 2H 2022|VOL 10|ISSUE 2FIRMRECENT SUBSIDIARY ACQUISITIONS7ACTIVE BUYERSSource:Pitchbook Financial Data and AnalyticsNote:This data represents recorded transactions only,and is not all-inclusive.Nevert
61、heless,they are typically representative of the industry.MOST ACTIVE STRATEGIC BUYERSSELECT SPONSORS WITH ACTIVE PORTFOLIO HOLDINGSFIRMRECENT SUBSIDIARY ACQUISITIONS1H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINR
62、A and SIPC.MANUFACTURING REPORT2H 2022 2H 2022|VOL 10|ISSUE 28BUILDING PRODUCTSMANUFACTURING SEGMENTS VS.S&P 500Segment Market Cap Performance Running 12 MonthsPUBLIC BASKETSource:Pitchbook Financial Data and Analytics1H 2023|VOL 11|ISSUE 1-40%-30%-20%-10%0%10%20%30%40%50%60%70%Building ProductsElec
63、trical EquipmentIndustrial Supplies and PartsMachinery(B2B)Business Equipment and SuppliesHome GoodsS&P 500720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.MANUFACTURING REPORT2H 2022 2H 2022|VOL 10|ISSUE 29PUBLIC BASKET(CONT
64、INUED)ELECTRICAL EQUIPMENTINDUSTRIAL SUPPLIES AND PARTSMACHINERY(B2B)Source:Pitchbook Financial Data and Analytics1H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.MANUFACTURING REPORT2H 2022 2H 2022|VOL
65、10|ISSUE 2BUSINESS EQUIPMENT AND SUPPLIES10PUBLIC BASKET(CONTINUED)HOME GOODSSource:Pitchbook Financial Data and Analytics1H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.MANUFACTURING REPORT2H 2022 2H 2
66、022|VOL 10|ISSUE 247%54%42%50%10%10%11%9%43%36%47%41%39%42%42%30%9%11%9%12%52%47%49%58%35%36%37%41%8%9%5%7%57%55%58%52%47%39%36%32%6%7%10%4%47%54%55%64%0%20%40%60%80%100%Senior DebtSub DebtEquity11U.S.M&A ACTIVITY SNAPSHOTSource:GF DataSource:GF DataOVERALL U.S.M&A ACTIVITYNote:The most current sour
67、ce of GF Data is as of May 2023.LOWER MIDDLE MARKET PRIVATE EQUITY TRANSACTION MULTIPLESEBITDA Multiples By Transaction SizeCAPITAL BREAKDOWN LOWER MIDDLE MARKET PRIVATE EQUITY TRANSACTIONSSource:PitchBook Financial Data and Analytics2020202220212023*$0.0M$100.0B$200.0B$300.0B$400.0B$500.0B1,3002,30
68、03,3004,3005,3002022 Q22022 Q32022 Q42023 Q12023 Q2Deals ClosedCapital Invested5.9x6.1x6.5x6.5x6.8x7.0 x7.1x7.7x8.0 x8.3x8.5x8.1x8.6x9.0 x9.1x10.0 x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x2020202120222023 YTD$10-25mm$25-50mm$50-100mm$100-250mm1H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment
69、 Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.MANUFACTURING REPORT2H 2022 2H 2022|VOL 10|ISSUE 2CONTACT US12SDR SERVICE OFFERINGSPRIVATE CAPITAL FORMATIONSELL-SIDE ADVISORYBUY-SIDE ADVISORYSTRATEGIC CONSULTINGCOMPREHENSIVE MANUFACTURING EXPERTISEFrom injection
70、 molding to microchips,we have been providing M&A services to the Manufacturing Industry since our inception in 2002.Since then,we have helped complete multiple transactions ranging from industrial mergers and acquisitions to private capital sourcing for growing industrial businesses.We serve all ty
71、pes of companies across the Manufacturing Industry,but have particular expertise in:Building ProductsElectrical EquipmentIndustrial Supplies and PartsMachinery(B2B)Business Equipment and SuppliesHome GoodsSELECT TRANSACTION EXPERIENCESDR has completed numerous transactions types throughout the Manuf
72、acturing Industry,including:Andy LimesAndy LimesCo-Founder Manufacturing TLogan BohlenderLogan BohlenderVice PresidentManufacturing TScott MitchellScott MitchellManaging DirectorManufacturing T1H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Cap
73、ital Markets,LLC,Member FINRA and SIPC.MANUFACTURING REPORT2H 2022 2H 2022|VOL 10|ISSUE 2131.“M&A Trends And Outlook For 2023,”AlphaSense,Nicole Sheynin,May 5,2023 https:/www.alpha- Top 2023 Manufacturing Industry Tends,”WebFX,accessed Jul.7,2023https:/ Of Mergers And Acquisitions:Oil Sector Dealmak
74、ing Heats Up,”Forbes,Dan Eberhart,Mar.9,2023https:/ M&A Outlook:4 Trends To Watch As Deal-Making Accelerates,”Morgan Stanley,staff,Feb.10,2023https:/ 5.“Top 10 Manufacturing Trends For 2023,”Beekeeper,Katrina Dessavre,Jun.13,2023https:/www.beekeeper.io/blog/manufacturing-trends/6.“The Top 5 Manufact
75、uring Trends in 2023,”Forbes,Bernard Marr,Mar.29,2023https:/ 7.“Manufacturing Industry Outlook:Spring 2023,”RSM,staff,accessed Jul.8,2023https:/ 8.“Critical Manufacturing Sector,”U.S.Government,Cybersecurity&Infrastructure Security Agency,CISA.gov,accessed Jul.8,2023 https:/www.cisa.gov/topics/criti
76、cal-infrastructure-security-and-resilience/critical-infrastructure-sectors/critical-manufacturing-sector#:text=The%20Critical%20Manufacturing%20Sector%20is,across%20multiple%20critical%20infrastructure%20sectors 9.“The Employment SituationJune 2023,”U.S.Bureau of Labor Statistics,Jun.2023 https:/www
77、.bls.gov/news.release/pdf/empsit.pdf 10.“Full Employment:Definition,Types,and Examples,”Investopedia,staff,Feb.3,2023 https:/ 11.“December Jobs Report:Unemployment Rate Is The Lowest In 50 Years,”New Republic,Tori Otten,Jan.6,2023https:/ 12.“How Companies Are Tackling Job Misery,”Wall Street Journal
78、,Russell Adams,Jun.18,2023https:/ 13.“Understanding Americas Labor Shortage:The Most Impacted Industries,”U.S.Chamber of Commerce,Stephanie Ferguson,Jun.9,2023 https:/ 14.“The CHIPS Plan To Revive American Manufacturing,”The Nation,Todd Tucker and Lenore Palladino,Mar.2,2023https:/ A New American Ar
79、senal,”War On The Rocks,Julia Van Der Colff,Mar.31,2023https:/ REFERENCES1H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.MANUFACTURING REPORT2H 2022 2H 2022|VOL 10|ISSUE 21416.“Blackstone Completes Acqu
80、isition of Majority Stake Of Copeland,Formerly Emerson Climate Technologies,”Blackstone,news release,May 31,2023 https:/ Buys Emersons Climate Tech Unit For$9.7bn,Names It Copeland,Data Center Dynamics,Georgia Butler,Jun.6,2023 https:/ Impact Of M&A In The Staffing Industry,”The Staffing Stream,Eric
81、 Allison,Apr.2023,https:/ Robotics Market And The Increasing Requirement For Automation Among Manufacturing,”Maximize Market Research,accessed Jul.8,2023 https:/ Is The Law Of Supply And Demand?”Money,staff,Feb.10,2023 https:/ 21.“How M&A In The Energy,Utilities And Resources Sector Is Fueling The E
82、nergy Transition,”PwC,Mar.13,2023https:/ 22.“Conscious Uncoupling:Europeans Russian Gas Challenge In 2023,”European Council on Foreign Relations,”Szymon Kardas,Feb.13,2023 https:/ecfr.eu/article/conscious-uncoupling-europeans-russian-gas-challenge-in-2023/23.“Saudi Arabia Is Slashing Oil Supply.It C
83、ould Mean Higher Gas Prices For US Drivers,”Associated Press,David McHugh,Jun.6,2023 https:/ 24.“Global M&A Trends In Energy,Utilities&Resources:2023 Mid-Year Update,”PwC,accessed Jul.8,2023https:/ 25.“The Government Is Giving Out$27 Billion In Green Bank Loans To Help Kick Start The Clean Energy Re
84、volution,”Fortune,Matthew Daly,Feb.14,2023 https:/ And Supply Chains In 2030,”RSM,Apr.24,2023https:/ 27.“What Is Additive Manufacturing?Definition,Types,And Processes,”TWI Global,accessed Jul.8,2023https:/www.twi- 28.“Additive Manufacturing And The Shift To Glocalization,”RSM,Apr.24,2023https:/ 29.“
85、Science&Tech Spotlight:Digital Twins Virtual Models Of People And Objects,”U.S.Government Accountability Office,Feb.14,2023 https:/www.gao.gov/products/gao-23-106453#:text=%22Digital%20twins%22%20are%20virtual%20representations,to%20plan%20for%20extreme%20weather.ADDITIONAL REFERENCES(CONTINUED)1H 2
86、023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.MANUFACTURING REPORT2H 2022 2H 2022|VOL 10|ISSUE 21530.“How Digital Twins Can Boost Manufacturing Operations,Supply Chains,”Manufacturing Dive,Rebecca Heilwei
87、l,Apr.6,2023 https:/ Plans Billion-Dollar Share Buyout Of Real-Time Digital Twin Company ESI Group,”RCR Wireless News,Kelly Hill,Jun.30,2023 https:/ 32.“How AI Is Supercharging Digital Twins,”NASDAQ,David Cotriss,Oct.31,2022https:/ 33.“Golden Gate Capital Strikes Deal For Utilities Supplier DMC Powe
88、r,”Bloomberg,Kamaron Leach,Jun.30,2023https:/ 34.“Wabtec Acquires L&M Radiator,Inc.”Businesswire,Jun.16,2023https:/ Output,Hours Worked,And Productivity Recover From COVID-19,”U.S.Bureau of Labor Statics,Oct.7,2022 https:/www.bls.gov/opub/ted/2022/u-s-manufacturing-output-hours-worked-and-productivity-recover-from-covid-19.htm#:text=After%20the%20COVID%2D19%20pandemic,declines%20since%20World%20War%20II.36.“Artificial Intelligence Is Not Yet As Smart As A Dog,Meta A.I.Chief Says,”CNBC,Arjun Kharpal,Jun.15,2023https:/ ADDITIONAL REFERENCES1H 2023|VOL 11|ISSUE 1