January 17, 2019

Economy Soldiers On

Philadelphia Fed: Mid-Atlantic Manufacturing Activity Accelerates in January

Manufacturing Business Outlook Survey Tops Forecast Range

The Philadelphia Federal Reserve’s Manufacturing Business Outlook Survey indicated a clear acceleration in factory activity for the Mid-Atlantic. The general activity indicator came in at 17, beating the consensus forecast and exceeding the highest end of the range.

The consensus forecast was expecting a reading of 10.0, and forecasts ranged from 6.1 to 14.0.

Last month, the index showed some deceleration, as have other region factory activity surveys. For nearly two years, the concern has been overheating and analysts will look to the next few months for balance.

Earlier this week, the Empire State Manufacturing Survey barely indicated growth.

Overall, more than 30% of the manufacturers reported increases in activity, while 13% reported decreases. The new orders index increased 8 points to 21.3, the highest reading in 6 months.

https://www.peoplespunditdaily.com/news/economy/2019/01/17/philadelphia-fed-mid-atlantic-manufacturing-activity-accelerates-in-january/

January 17, 2019

Economy Soldiers On

Philadelphia Fed: Mid-Atlantic Manufacturing Activity Accelerates in January

Manufacturing Business Outlook Survey Tops Forecast Range

The Philadelphia Federal Reserve’s Manufacturing Business Outlook Survey indicated a clear acceleration in factory activity for the Mid-Atlantic. The general activity indicator came in at 17, beating the consensus forecast and exceeding the highest end of the range.

The consensus forecast was expecting a reading of 10.0, and forecasts ranged from 6.1 to 14.0.

Last month, the index showed some deceleration, as have other region factory activity surveys. For nearly two years, the concern has been overheating and analysts will look to the next few months for balance.

Earlier this week, the Empire State Manufacturing Survey barely indicated growth.

Overall, more than 30% of the manufacturers reported increases in activity, while 13% reported decreases. The new orders index increased 8 points to 21.3, the highest reading in 6 months.

https://www.peoplespunditdaily.com/news/economy/2019/01/17/philadelphia-fed-mid-atlantic-manufacturing-activity-accelerates-in-january/

January 16, 2019

Propylene Build

EIA says US propylene stocks hit 7-year high

January 16, 2019

Propylene Build

EIA says US propylene stocks hit 7-year high

January 16, 2019

Arsenal Completes Sale of Elite to Leggett & Platt

ARSENAL COMPLETES SALE OF ELITE COMFORT SOLUTIONS TO LEGGETT & PLATT

NEW YORK, January 16, 2019 – Arsenal Capital Partners (“Arsenal”), a leading private equity firm that invests in middle-market specialty industrials and healthcare services companies, today announced that it has completed the previously announced sale of Elite Comfort Solutions, Inc. (“ECS” or the “Company”), to Leggett & Platt (NSYE: LEG) for $1.25 billion.  Leggett & Platt is the leading U.S. manufacturer of bedding components, adjustable beds, bedding industry machinery, automotive seat components, furniture components, flooring underlayment, and high-carbon drawn steel wire.

ECS is a leader in proprietary specialized foam technology primarily for the bedding and furniture industries.  With 16 facilities across the U.S., ECS operates a vertically integrated model, producing specialty foam, developing many of the chemicals and additives used in foam production, and manufacturing private-label finished products.  These innovative specialty foam products include finished mattresses sold through both traditional and online channels, mattress components, mattress toppers and pillows, and furniture foams.  

John Televantos, a Senior Partner of Arsenal, said, “We are pleased with the sale of ECS to Leggett & Platt, a company that is committed to supporting the bedding industry for the long term.  Leggett & Platt is the ideal home for the ECS business and its employees.”  Tim Zappala, a Senior Partner of Arsenal, added, ”We see a significant opportunity for ECS to leverage Leggett & Platt’s reputation and infrastructure and drive continued growth in the bedding and furniture markets.”

”We thank the talented management team of ECS for executing on the vision to build the leading innovative company serving the bedding industry and offering solutions to help the industry grow,” said Roy Seroussi, an Investment Partner of Arsenal. 

Chris Chrisafides, CEO of ECS, said, ”We are grateful to Arsenal for its strategic foresight in creating ECS and the Arsenal team’s significant experience in the polyurethanes sector.  We look forward to continuing the company’s trajectory of innovation and growth under the Leggett & Platt organization.”

About Elite Comfort Solutions

Headquartered in Newnan, Georgia, Elite Comfort Solutions has a national network of 16 facilities throughout the U.S. With its broad and deep industry position, ECS is uniquely qualified to provide e-commerce, retail and OEM customers the most advanced technology solutions in polyurethane foam today. For more information, visit www.elitecomfortsolutions.com.

About Arsenal Capital Partners

Established in 2000, Arsenal is a leading private equity firm that specializes in investments in middle-market specialty industrials and healthcare services companies.  Since inception, Arsenal has raised institutional equity investment funds of approximately $3 billion.  Arsenal invests in industry sectors in which the firm has significant prior knowledge and experience and seeks companies typically in the range of $100 – $500 million of initial enterprise value.  The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value-add.  For more information, visit www.arsenalcapital.com.