Mercedes-Benz will establish its North American HQ in Georgia, moving hundreds of jobs
ATLANTA (AP) — Mercedes-Benz announced Thursday that it plans establish its North American headquarters in metro Atlanta, where the automaker will expand its existing U.S. corporate hub by adding hundreds of jobs relocated from other cities.
The change will add about 500 jobs to the Georgia facility that has served as Mercedes-Benz's U.S. headquarters since 2018. It employs about 800 people currently. The German automaker said in a news release that it also plans to add a new, multimillion-dollar research and development center nearby.
Most of the additional jobs coming to Sandy Springs north of Atlanta are being moved from the Detroit area, where Mercedes-Benz is closing its financial services headquarters.
Mercedes-Benz said in a news release that the headquarters expansion in Georgia should be completed by August 2026.
'Bringing our teams closer together will enable us to be more agile, increase speed to market, and ensure the best customer experience,' Jason Hoff, CEO of Mercedes-Benz North America, said in a statement.
The headquarters expansion bolsters Georgia's reputation for luring automotive jobs. Porsche also has its North American headquarters outside Atlanta, while Hyundai and Kia both have large manufacturing plants in the state. Electric SUV maker Rivian is also building a Georgia factory.
'Georgia continues to lead the way in the future of mobility and technical innovation, attracting world-class companies like Mercedes-Benz that are driving the automotive industry forward,' Georgia Gov. Brian Kemp said in a statement.
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The Market Online
an hour ago
- The Market Online
Despite turbulent markets this logistics company continues to grow
Alberta-based logistics company, Mullen Group Ltd. (TSX:MLT) is making major moves in 2025. In this interview we unpack the Cole Group of Companies acquisition and dive into the details of Mullen's C$400 million private placement debt, which is fueling the company's expansion. Joanna Scott, Senior Corporate Officer, and Carson Urlacher, Senior Financial Officer at Mullen Group join Stockhouse for an update. Stockhouse: So, Joanna, I'm going to start with you here. The Mullen Group has certainly been busy over the first half of 2025. I mean, that is clear. So, my first question is, if you can tell us more about what the company has been up to? JS: lt's been a great time for Mullen Group and in an uncertain market and we've had a lot of exciting things happening, two of which stand out to us because they really set us up for the long term and our future. And that is, as you had said, our acquisition of the Cole Group of companies, which we announced the closing of today, and also our private placement notes offering. We priced that and we announced that pricing on May 22nd, 2025. Stockhouse: Well, let's peel that back just a little bit more, and maybe, Joanna, you can continue on here. Tell us about your acquisition of the Cole Group of companies and what Cole Group actually does. JS: Yes, and I'll start by saying we are absolutely thrilled to add the Cole Group to our organization and to welcome its employees into our group of companies. But before I get into that, I just want to step back and explain a little bit about why we were able to do the Cole acquisition when we did, and we have to go all the way back to 2022 at a time when a lot of other companies in the industry were growing and buying companies. We actually didn't like the valuations at that time. And so, we kind of sat back and we were quiet and we were disciplined, and we kind of held our cash for another day. And lo and behold, that day came not that long ago, and we were thrilled to be able to use that money to acquire such a great company. It's a gem and it really is a generational opportunity to be able to acquire the Cole group and, put it into our group of companies. Stockhouse: Absolutely. Now what do they do? JS: Well, they're over a hundred years old, and they were founded in the 1920s, and they have a long proven record of success. They are an industry leading full spectrum logistics company, and they do customs brokerage as kind of their main line of business, and then they also do some freight forwarding and some customs consulting services. They also operate throughout Canada and the US from 43 locations. And those locations are strategically located at air and seaports and land borders, and they also have over 700 employees that provide industry leading customs and logistics services to a very diverse group of North American and international customers. And they do that through a suite of proprietary technology software. Stockhouse: Wow. Now quite a partnership that you all have now. Let's flip to you, Carson. What about the financial metrics behind the acquisition? What insights can you share about that? CU: So, Cole Group is expected to generate roughly about 300 million of annualized revenue and approximately 20 million of operating income before depreciation and amortization. So that's commonly referred to as EBITDA. So, Cole Group operates a very non-asset based business. So, EBITDA is essentially EBIT. Now, what did we pay for it? It was approximately 190 million of cash consideration, which is subject to a working capital adjustment, which is no different than a lot of transactions of this size and nature. So, the working capital we'll receive 29 million of working capital upon closing of the transaction, and included in the 190 million of consideration is also 10 million of real estate mainly associated with office space and those sorts of things that that we'll end up acquiring as part of the transaction. Stockhouse: Wow. This is fascinating. Joanna, I'm going to go back to you on this one. Can you tell our audience a bit about the strategic rationale behind the acquisition? JS: Sure. And, there were a number of reasons why we really liked the Cole acquisition. And you know, you've probably heard us talk about our precision-based acquisitions. It has to be the right fit, the right price, and have the right synergies. And the Cole Group fit that for a number of reasons, but I'll give you kind of five key strategic reasons why we liked it. The first is it really allows us to expand that non-asset-based logistics and our entire mile service offering. And that provides our customers with enhanced choice and flexibility. It also provides meaningful synergies through cross-selling opportunities with our US 3PL segment, and then also within other divisions of Mullen Group. It also allows us to assist our customers in managing the increasingly complex global trade market. I think we can all agree that tariffs and trade are not getting any easier these days. And then another thing you'll hear us talk about is our free cash. The acquisition of Cole Group will be immediately accretive. They generate free cash and they have minimal capital expenditures. They're really just made up of very skilled professional employees and technology and we like that business model. And lastly, it is a foundation for our long-term growth. The Cole group really does that. It establishes a robust platform for us for our future growth in the US and the international logistics segment. And it's something that we really have been focused on lately for the longer term. Stockhouse: So you really just took your time and really did your due diligence, and that is so important to make sure that that partnership, you know, is a success. So, great job on that for sure. Now, Carson, the big question on this, how did the funding come together for the acquisition of Cole Group? CU: Well, you know, as to Joanna's point earlier, we really didn't use a lot of our bullets when the market was peaked back in 2022 and 2023. So, we have initially funded the transaction using our 525 million of bank credit facilities. But we always, our strategy has always been to match long-term assets, including acquisitions with long-term structured debt. So, what we did on May 22nd was we entered into the private debt markets raising 400 million of 12 year money and basically structured that debt out over the long term. So over that 400 million, a portion of those proceeds are going to be used to repay that 525 million of bank line. So we'll be undrawn. We'll also be refinancing some notes that are coming due next year in October of 2026 with that funding. And it's also going to leave us with approximately 125 million of cash on the balance sheet with which we can deploy going forward. So, a liquidity position, we're going to have over 600 million of liquidity, including our cash and our undrawn bank line. So on we're in a pretty good space going forward. Stockhouse: Great job, guys, for sure. Now, as we close out our time here today, Carson, what additional information can you let us in on with your private placement debt transaction? CU: Well, I think the private placement can be characterized. You know, we were very well received, again with the private debt markets. We had very strong demand. In fact, we were over seven times oversubscribed on the bids compared to our initial offering. So having a structured debt like this really puts us in elite territory compared to our peers. You have to have a balance sheet that's structured with real estate and consistently generate free cash over the long term in order to play in this market. So, it really differentiates us from a lot of our peers. So the, the notes are actually getting into more specifics of them -they're combined with both Canadian and U.S. denominated currency at approximately about a 6.2 interest rate coming due in 12 years. Which is remarkably consistent with 20 years ago when we entered into the debt markets. The interest rates are almost identical as to as to what we've achieved now. So, it's expected to close in early July. So, we'll get the funding then. And I'd also say that this round of financing is essentially the same financial terms financial covenants as to the debt that we raised last summer. So really what we did was we de-risked the risk of, of not being able to finance next summer. Who knows where the debt markets and the interest rates are going to be next year. So, what we wanted to do was de-risk it, and, and we used the opportunity to refinance next year's notes along with the Cole acquisition now to really be able to put our balance sheet into a secure position on behalf of our shareholders and really protect that dividend and our balance sheet going forward. Stockhouse: Well, let's lean into that just a little bit further then, Carson. How satisfying is it for Mullen to be able to execute on its strategy despite all of the uncertainty right now in the market? CU: Well, that's a very good point. You know, it is in uncertain times. We're still showing both growth with the Cole acquisition. So, we're growing our business in a time where everyone else is kind of on the defensive and really, we put our balance sheet in a position where, where we can now sit back and deploy capital and not have to worry about financing over the next decade. So really, it's putting us in an enviable position. JS: It sure is. And I think I just add to Carson to say a huge shout out to the team here at Mullen Group. We've done a fantastic job, and I couldn't be more proud of our team and just very excited about what the future holds for Mullen Group. Stockhouse: Absolutely. And there seems to be a lot on the go, and we hope to have you back for further updates soon. Mullen Group Ltd.'s website is and you can find them on the TSX under the ticker symbol MTL. Join the discussion: Find out what everybody's saying about this stock on the Mullen Group investor discussion forum, and check out the rest of Stockhouse's stock forums and message boards. Join the discussion: Find out what everybody's saying on investor discussion forums at Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
Winnipeg Free Press
2 hours ago
- Winnipeg Free Press
Musk's Starlink gets key license to launch satellite internet services in India
NEW DELHI (AP) — India has granted a key license to Elon Musk's Starlink, bringing the satellite provider a step closer to launching its commercial internet services in the country, a top Indian government official said on Friday. 'Yes. License has been granted,' said the official with direct knowledge of the matter at the department of telecommunications. The official declined to be identified because the information isn't public. The approval comes at a time when Musk is embroiled in a public spat with U.S. President Donald Trump, which threatens billions of dollars' worth in contracts between Starlink and the U.S. government. Prime Minister Narendra Modi and Musk met in the U.S. in February, when the two discussed the company's long-delayed plans for India. In March, Starlink signed agreements with India's top two telecom operators — Reliance Jio and Bharti Airtel — to bring the U.S. satellite internet giant's services to the world's most populous country. At least 40% of India's more than 1.4 billion people have no access to the internet. Cheap satellite broadband is needed to bridge this gap, particularly in India's vast remote and mountainous rural areas. The department of telecommunications recently approved a similar license for Reliance Jio, the country's biggest telecom service provider owned by billionaire Mukesh Ambani. The next phase for Musk's company would be to secure a separate approval from India's space regulator and secure airwaves used for telecommunications from the government, which may take at least a couple of months. The company would also need to showcase through testing and trials that it meets local security rules which it has agreed to while securing the license. But the biggest challenge Musk's company faces is pricing as mobile data in India is among the world's cheapest. Ambani's Jio once even provided it for free with mobile plans. Starlink operates the world's largest satellite constellation with over 6,750 satellites currently orbiting Earth to provide low-latency broadband, including to areas where internet previously has been completely unavailable.
Cision Canada
3 hours ago
- Cision Canada
Pasqua First Nation Group of Companies announces acquiring controlling equity interest of Terminal and Cable TC Inc.
MONTREAL, June 6, 2025 /CNW/ - Pasqua First Nation Group of Companies (PFNGC) is pleased to announce that it has acquired controlling equity interest of all the tangible and intangible assets of Terminal and Cable TC Inc. a Canada based manufacturer of wire harness solutions. This transaction was formalized by the creation of Terminal & Cable GP Inc. in order to secure a flawless business transition and activity continuation. "This transaction extends beyond having controlling interest of Terminal & Cable GP Inc," said Chief Fabian Ironeagle of Pasqua First Nation. "It is a reflection of our strength as a First Nation and bringing with it a determination to create opportunities for our people and the generations that follow." Prior to the acquisition, Montreal based Terminal & Cable TC Inc. was a 100 percent owned subsidiary of Volex. Volex is a diversified manufacturing company based in the United Kingdom. PFNGC has created a new corporate structure and has transferred Terminal & Cable TC Inc into the newly formed Terminal & Cable GP Inc. Volex will remain in an active role with Terminal & Cable GP with 49 percent ownership of the company. "We are pleased to be working in partnership with PFNGC to support the growth of Terminal & Cable GP" said Lord Rothschild, Executive Chairman of Volex Plc. "This is an opportunity to build on the relationships and strong reputation that PFNGC has within the North American aerospace and defence markets, expanding the capabilities available to customers in the region." With the acquisition, Terminal & Cable GP Inc. becomes a majority-owned Indigenous business, opening doors to immediate revenue expansion in the defence and aerospace industries. PFN Group of Companies CEO, Richard Missens, says, "the new acquisition will diversify our Nation's contributions to the Canadian defence and aerospace industries." The acquisition complements PFNGC owned Pro Metal Industries, a leader in the build to print metal fabrication. PFNGC through Pro Metal Industries already has strong relationships with defence and aerospace leading companies in both Canada and the United States. Terminal and Cable GP Inc. will benefit from these relationships and look to capitalize on future opportunities for growth. "PFNGC fully expects that the acquisition will increase the value and competitiveness of Terminal & Cable in a very real, material, and measurable way within the industry," said Richard Missens." PFNGC and Volex celebrated the announcement of the acquisition at the 40,000 square foot Terminal & Cable manufacturing site located in Carignan, Quebec on June 6, 2025. The Pasqua First Nation Group of Companies (PFNGC) is responsible for the development of new businesses, partnerships and equity holdings that will contribute to the wealth and economic sustainability for the Nation. PFNGC expects to derive material benefits for the Pasqua First Nation (PFN) as a result of this acquisition. Volex is a global leader in integrated manufacturing for performance-critical applications and a supplier of power products. Terminal and Cable TC Inc. was founded in 1968 as a supplier to major defense and aerospace customers.
