Wingspire Equipment Finance Closes $70 Million Sale-Leaseback to Support U.S. Expansion for Global Paper Manufacturer
The tissue paper manufacturer has also made a shift in CapEx planning by proactively working with domestic capital providers, as it has historically funded its operations through its parent company. The sale-leaseback proved highly successful by delivering large proceeds, an extended term, and a compelling fixed rate.
'Our client has prioritized expansion and growth in production. They are leveraging acquisitions and greenfield investments in the U.S. to strengthen their position in a rapidly evolving and consolidating industry. We were delighted to earn their trust to complete this large and strategically important transaction. The proceeds will help fund another paper machine for the facility, already the largest and most automated in the parent company's worldwide operations,' said Jeffrey Okano, Senior Vice President of Originations at Wingspire Equipment Finance.
Wingspire Equipment Finance continues to leverage its immense lending capacity to deliver large-scale capital solutions for its clients. This is especially crucial in a landscape of economic uncertainty and tightening credit standards.
About Wingspire Equipment Finance:
Wingspire Equipment Finance is a leading provider of equipment financing solutions, dedicated to empowering middle-market companies with flexible and innovative financial solutions. With a focus on client success and industry expertise, Wingspire Equipment Finance is dedicated to delivering strategic capital solutions that drive long-term success for its clients. Wingspire Equipment Finance is the equipment financing arm of Wingspire Capital, a portfolio company of Blue Owl Capital Corporation (NYSE: OBDC). OBDC is externally managed by Blue Owl Credit Advisors LLC, an indirect affiliate of Blue Owl Capital, Inc. (NYSE: OWL). Blue Owl Capital, Inc. is a global alternative asset manager with $284 billion of assets under management as of June 30th, 2025.
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Ampco-Pittsburgh Corporation (NYSE: AP) Announces Second Quarter 2025 Results
CARNEGIE, Pa.--(BUSINESS WIRE)--Ampco-Pittsburgh Corporation (NYSE: AP) reported net sales of $113.1 million and $217.4 million for the three and six months ended June 30, 2025, compared to $111.0 million and $221.2 million for the three and six months ended June 30, 2024. Higher sales of forged engineered products and favorable foreign exchange translation offset weaker mill roll sales. Air and Liquid Processing sales were in line with prior year levels. The Corporation reported a loss from operations of $3.1 million for the three months ended June 30, 2025, which included $6.8 million in severance, accelerated depreciation and other costs to exit its U.K. cast roll operations, in anticipation of approval of the exit plan by the UES-UK subsidiary board. Income from operations for the six months ended June 30, 2025 was $0.8 million compared to $5.1 million for the six months ended June 30, 2024, with the U.K. exit costs being the primary change. Adjusted EBITDA of $8.0 million for the three months ended June 30, 2025 declined by $2.1 million from the three months ended June 30, 2024 due to lower margins for the Forged and Cast Engineered Products ('FCEP') segment offset by improved profitability for the Air and Liquid Processing ('ALP') segment. Margins for the FCEP segment were adversely affected by higher manufacturing costs relative to base pricing and variable-index surcharges passed through to customers during the quarter, a weaker sales mix and lower manufacturing cost absorption. Profitability improved for the ALP segment primarily due to a better sales mix. Adjusted EBITDA of $16.8 million for the six months ended June 30, 2025 improved by $1.6 million primarily due to improved profitability for the ALP segment. Commenting on the quarter, Ampco-Pittsburgh's CEO, Brett McBrayer, said, 'After a positive Q1, the volatility from the U.S. tariff actions began to impact our results and our order book in Q2. Backlog in the Forged and Cast Engineered Products segment at June 30, 2025 declined 9% from March 31, 2025 as roll customers began a pause of orders to await less uncertainty surrounding tariffs. In response, we reduced roll production. The decision to exit our U.K. cast roll operations was difficult, but the plan is proceeding. Following the exit, we expect earnings to improve by at least $5 million per year. With less uncertainty on trade policy now with the recent E.U. deal, we expect an improved environment in 2026 after our U.K. exit.' Interest expense of $2.8 million and $5.6 million for the three and six months ended June 30, 2025 is comparable to interest expense for the three and six months ended June 30, 2024. Other (expense) income – net for the three and six months ended June 30, 2025 declined when compared to other (expense) income for the three and six months ended June 30, 2024 primarily due to unfavorable foreign exchange movement. The income tax provision for the three and six months ended June 30, 2025 decreased when compared to the income tax provision for the three and six months ended June 30, 2024 driven by the benefit of a reduced statutory income tax rate for one of the Corporation's foreign tax-paying entities. Net loss approximated $7.3 million, or $0.36 per share, and $6.2 million, or $0.31 per share, for the three and six months ended June 30, 2025, respectively, and includes the $6.8 million charge, or $0.34 per share, for costs associated with exiting the U.K. cast roll operations and a benefit of approximately $0.7 million, or $0.04 per share, for employee-retention credits, representing refundable employer payroll taxes from the Internal Revenue Service for certain eligible businesses affected by the COVID-19 pandemic. This compares to net income of approximately $2.0 million, or $0.10 per share, and a net loss of $0.7 million, or $0.04 per share, for the three and six months ended June 30, 2024, respectively. Teleconference Access Ampco-Pittsburgh Corporation (NYSE: AP) will hold a conference call on Wednesday, August 13, 2025, at 10:30 a.m. Eastern Time (ET) to discuss its financial results for the second quarter ended June 30, 2025. The Corporation encourage participants to pre-register for the conference call using the following link. Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time. To pre-register, please go to Those without internet access or unable to pre-register may dial in by calling: Participant Dial-in (Toll Free): 1-844-308-3408 Participant International Dial-in: 1-412-317-5408 For those unable to listen to the live broadcast, a replay will become available on our website under the Investors menu at About Ampco-Pittsburgh Corporation Ampco-Pittsburgh Corporation manufactures and sells highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world. Through its operating subsidiary, Union Electric Steel Corporation, it is a leading producer of forged and cast rolls for the global steel and aluminum industries. It also manufactures open-die forged products that are sold principally to customers in the steel distribution market, oil and gas industry, and the aluminum and plastic extrusion industries. The Corporation is also a producer of air and liquid processing equipment, primarily custom-engineered finned tube heat exchange coils, large custom air handling systems and centrifugal pumps. It operates manufacturing facilities in the United States, England, Sweden, and Slovenia and participates in three operating joint ventures located in China. It has sales offices in North America, Asia, Europe, and the Middle East. Corporate headquarters is located in Carnegie, Pennsylvania. FORWARD-LOOKING STATEMENTS The Private Securities Litigation Reform Act of 1995 (the 'Act') provides a safe harbor for forward-looking statements made by us or on behalf of Ampco-Pittsburgh Corporation and its subsidiaries (collectively, 'we,' 'us,' 'our,' or the 'Corporation'). This press release may include, but is not limited to, statements about operating performance, trends and events we expect or anticipate will occur in the future, statements about sales and production levels, timing of orders for our products, restructurings, the impact from pandemics and geopolitical conflicts, profitability and anticipated expenses, inflation, the global supply chain, tariffs and global trade, future proceeds from the exercise of outstanding warrants, and cash outflows. All statements in this document other than statements of historical fact are statements that are, or could be, deemed 'forward-looking statements' within the meaning of the Act and words such as 'may,' 'will,' 'intend,' 'believe,' 'expect,' 'anticipate,' 'estimate, 'project,' 'target,' 'goal,' 'forecast' and other terms of similar meaning that indicate future events and trends are also generally intended to identify forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made, are not guarantees of future performance or expectations, and involve risks and uncertainties. For us, these risks and uncertainties include, but are not limited to: inability to maintain adequate liquidity to meet our operating cash flow requirements, repay maturing debt and meet other financial obligations including severance costs associated with our anticipated exit from our operations in the U.K.; economic downturns, cyclical demand for our products and insufficient demand for our products; excess global capacity in the steel industry; inability to successfully restructure our operations, exit our U.K. operations, and/or invest in operations that will yield the best long-term value to our shareholders; liability of our subsidiaries for claims alleging personal injury from exposure to asbestos-containing components historically used in certain products of our subsidiaries; inability to obtain necessary capital or financing on satisfactory terms to acquire capital expenditures that may be necessary to support our growth strategy; inoperability of certain equipment on which we rely; increases in commodity prices or insufficient hedging against increases in commodity prices, reductions in electricity and natural gas supply or shortages of key production materials for us or our customers; inability to satisfy the continued listing requirements of the New York Stock Exchange; potential attacks on information technology infrastructure and other cyber-based business disruptions; fluctuations in the value of the U.S. dollar relative to other currencies; changes in the existing regulatory environment; consequences of pandemics and geopolitical conflicts; work stoppage or another industrial action on the part of any of our unions; failure to maintain an effective system of internal control; changes in the global economic environment, inflation, the ongoing impact of tariffs, elevated interest rates, recessions or prolonged periods of slow economic growth, and global instability and actual and threatened geopolitical conflict; and those discussed more fully elsewhere in Item 1A, Risk Factors, in Part I of the Corporation's latest Annual Report on Form 10-K and Part II of the latest Quarterly Report on Form 10-Q. We cannot guarantee any future results, levels of activity, performance or achievements. In addition, there may be events in the future that we are not able to predict accurately or control which may cause actual results to differ materially from expectations expressed or implied by forward-looking statements. Except as required by applicable law, we assume no obligation, and disclaim any obligation, to update forward-looking statements whether as a result of new information, events or otherwise. NON-GAAP FINANCIAL MEASURES The Corporation presents non-GAAP adjusted EBITDA and non-GAAP adjusted income (loss) from operations. Non-GAAP adjusted EBITDA is calculated as net (loss) income excluding interest expense, other income - net, income tax provision, depreciation and amortization, and stock-based compensation along with significant charges or credits that are one-time charges or credits, unrelated to the Corporation's ongoing results of operations, or beyond its control. Non-GAAP adjusted income (loss) from operations is calculated as income (loss) from operations excluding depreciation and amortization and stock-based compensation along with significant charges or credits that are one-time charges or credits, unrelated to the segment's ongoing results of operations, or beyond its control. During the three and six months ended June 30, 2025, the non-GAAP financial measures were adjusted to exclude severance and other exit costs associated with our anticipated exit from operations in the U.K. and employee-retention credits received in the quarter. These non-GAAP financial measures are not based on any standardized methodology prescribed by accounting principles generally accepted in the United States of America ('GAAP'). Beginning in 2025, the Corporation began presenting non-GAAP adjusted EBITDA along with non-GAAP adjusted income (loss) from operations. These measures are key measures used by the Corporation's management and Board of Directors to understand and evaluate the operating performance of the Corporation and its segments. While these non-GAAP measures may not be directly comparable to similarly titled measures presented by other companies, the Corporation's management and Board of Directors believe these non-GAAP measures enhance comparability to companies in its stated industry peer group. The Corporation believes these non-GAAP financial measures help identify underlying trends in its business that otherwise could be masked by the effect of the items it excludes from adjusted EBITDA and adjusted income (loss) from operations. The Corporation also believes these non-GAAP financial measures provide useful information to management, shareholders and investors, and others in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects and allowing for greater transparency with respect to key financial metrics used by the Corporation's management in its financial and operational decision-making. In particular, the Corporation believes the exclusion of the severance and other exit costs and the employee-retention credits can provide a useful measure for period-to-period comparisons of the Corporation's core business performance. Non-GAAP adjusted EBITDA and non-GAAP adjusted income (loss) from operations are not prepared in accordance with GAAP and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are limitations related to the use of non-GAAP adjusted EBITDA, rather than net (loss) income, or non-GAAP adjusted income (loss) from operations, rather than (loss) income from operations, which are the nearest GAAP equivalents. Among other things, there can be no assurance that additional expenses similar to the severance and other exit costs or additional benefits similar to the employee-retention credits will not occur in future periods. AMPCO-PITTSBURGH CORPORATION NON-GAAP FINANCIAL MEASURES RECONCILIATION SCHEDULE (in thousands, except percentages) As described under 'Non-GAAP Financial Measures' above, the Corporation presents non-GAAP adjusted EBITDA and non-GAAP adjusted income (loss) from operations as supplemental financial measures to GAAP financial measures. The following is a reconciliation of net (loss) income, the most directly comparable GAAP financial measure, to non-GAAP adjusted EBITDA for the three and six months ended June 30, 2025, and 2024, respectively: Three months ended Six months ended June 30, June 30, 2025 2024 2025 2024 Net (loss) income (GAAP) $ (6,720 ) $ 2,552 $ (4,829 ) $ 346 Add (deduct): Interest expense 2,825 3,017 5,551 5,774 Other loss (income) – net 225 (1,389 ) (601 ) (2,312 ) Income tax provision 592 863 651 1,317 (Loss) income from operations (3,078 ) 5,043 772 5,125 Add: Depreciation and amortization (1) 5,368 4,698 10,004 9,368 Severance and other exit costs 6,096 - 6,096 - Employee-retention credits (735 ) - (735 ) - Stock-based compensation 332 388 638 734 EBITDA, as adjusted (Non-GAAP) $ 7,983 $ 10,129 $ 16,775 $ 15,227 Net sales $ 113,104 $ 110,988 $ 217,369 $ 221,203 Adjusted EBITDA margin 7.06 % 9.13 % 7.72 % 6.88 % (1) Depreciation and amortization expense for the three and six months ended June 30, 2025 includes accelerated depreciation of $654 associated with exiting the U.K. operations. Expand AMPCO-PITTSBURGH CORPORATION NON-GAAP FINANCIAL MEASURES RECONCILIATION SCHEDULE, CONTINUED (in thousands, except percentages) The following is a reconciliation of (loss) income from operations, the most directly comparable GAAP financial measure, to non-GAAP adjusted (loss) income from operations for the three and six months ended June 30, 2025, and 2024, respectively: Three months ended June 30, 2025 2024 FCEP ALP Corporate (1) Ampco Consolidated FCEP ALP Corporate (1) Ampco Consolidated (Loss) income from operations $ (3,963 ) $ 3,922 $ (3,037 ) $ (3,078 ) $ 5,361 $ 3,174 $ (3,492 ) $ 5,043 Add: Depreciation and amortization (2) 5,084 284 - 5,368 4,454 244 - 4,698 Severance and other exit costs 6,096 - - 6,096 - - - - Employee-retention credits (456 ) (279 ) - (735 ) - - - - Stock-based compensation - - 332 332 - - 388 388 Income (loss) from operations, as adjusted (Non-GAAP) $ 6,761 $ 3,927 $ (2,705 ) $ 7,983 $ 9,815 $ 3,418 $ (3,104 ) $ 10,129 Net sales $ 77,909 $ 35,195 $ 113,104 $ 75,713 $ 35,275 $ 110,988 Six months ended June 30, 2025 2024 FCEP ALP Corporate (1) Ampco Consolidated FCEP ALP Corporate (1) Ampco Consolidated (Loss) income from operations $ (58 ) $ 7,416 $ (6,586 ) $ 772 $ 6,937 $ 5,156 $ (6,968 ) $ 5,125 Add: Depreciation and amortization (2) 9,452 552 - 10,004 8,884 484 - 9,368 Severance and other exit costs 6,096 - - 6,096 - - - - Employee retention credits (456 ) (279 ) - (735 ) - - - - Stock-based compensation - - 638 638 - - 734 734 Income (loss) from operations, as adjusted (Non-GAAP) $ 15,034 $ 7,689 $ (5,948 ) $ 16,775 $ 15,821 $ 5,640 $ (6,234 ) $ 15,227 Net sales $ 150,196 $ 67,173 $ 217,369 $ 152,902 $ 68,301 $ 221,203 Adjusted margin from operations 10.01 % 11.45 % 7.72 % 10.35 % 8.26 % 6.88 % (1) Corporate represents the operating expenses of the corporate office and other costs not allocated to the segments. (2) Depreciation and amortization expense for the three and six months ended June 30, 2025 includes accelerated depreciation of $654 associated with exiting the U.K. operations. Expand
Business Wire
a minute ago
- Business Wire
The Toro Company Names Edric C. Funk President and Chief Operating Officer
BLOOMINGTON, Minn.--(BUSINESS WIRE)--The Toro Company (NYSE: TTC), a leading global provider of solutions for the outdoor environment, today announced that Edric C. Funk has been appointed president and chief operating officer, effective September 1, 2025. Funk, a 29-year veteran of the company, has served as group vice president of Golf, Grounds and Irrigation since 2022. In this new role, he will assume responsibility for all of the company's global businesses and integrated supply chain operations, continuing to report to Richard M. Olson, chairman and chief executive officer. 'Edric's track record of driving business performance and fostering innovation uniquely equips him for the role of chief operating officer,' said Olson. 'Throughout his tenure, Edric has consistently delivered strong financial results and value creation across diverse technical and business functions – directly contributing to our growth and competitive position. His deep understanding of our customers, and technologies coupled with a disciplined strategic approach, will continue to propel The Toro Company forward and create value for all stakeholders.' Since joining The Toro Company in 1996 as a design engineer, Funk transitioned to marketing in 2003 and held roles of increasing responsibility in the company's Residential, Landscape Contractor, International and Commercial businesses. In 2014, he was promoted to director of global product management for the Commercial and International businesses, and in 2017 was named managing director of the company's Center for Technology, Research & Innovation (CTRI). Funk went on to become the general manager of the Sitework Systems business in 2020, before being promoted to group vice present of Golf, Grounds and Irrigation, where he has played an influential role in driving performance across multiple professional product categories. Funk was instrumental in the acquisitions of both Left Hand Robotics and TURFLYNX, which accelerated the development of robotic mowing platforms recently introduced to the market. He also elevated the organization's technology community through the creation of its Technology Forum and has championed integrated smart systems delivering more holistic solutions for customers. In 2020, he was recognized by Golf, Inc. as one of the Most Innovative People in Golf. 'I am honored to serve in this role, and I look forward to working alongside our talented team to drive operational performance across our businesses, with a focus on accelerating profitable growth, advancing the company's technology roadmap and optimizing global supply chain operations,' said Funk. Funk received a Bachelor of Science in engineering from the University of Minnesota and an MBA from The University of Minnesota – Carlson School of Management. He also has a professional certificate in innovation and technology from the Massachusetts Institute of Technology. He serves on the boards of the National Golf Foundation, The Toro Company Foundation, and Red Iron Acceptance. About The Toro Company The Toro Company (NYSE: TTC) is a leading global provider of solutions for the outdoor environment including turf and landscape maintenance, snow and ice management, underground utility construction, rental and specialty construction, and irrigation and outdoor lighting solutions. With net sales of $4.6 billion in fiscal 2024, The Toro Company's global presence extends to more than 125 countries through a family of brands that includes Toro, Ditch Witch, Exmark, Spartan, BOSS, Ventrac, American Augers, Subsite, HammerHead, Radius, Perrot, Hayter, Unique Lighting Systems, Irritrol, and Lawn-Boy. Through constant innovation and caring relationships built on trust and integrity, The Toro Company and its family of brands have built a legacy of excellence by helping customers work on golf courses, sports fields, construction sites, public green spaces, commercial and residential properties and agricultural operations. For more information, visit
Business Wire
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NBA Champion & Web3 Expert Tristan Thompson Appointed as Chief Digital Equity Officer for Telecoms Trailblazer World Mobile - Focused on Their Shared Mission of Bringing Affordable, Community-Owned Internet to Underserved Neighborhoods Across U.S.
LOS ANGELES--(BUSINESS WIRE)--NBA champion, tech and Web3 expert Tristan Thompson is stepping off the court and into the skies—literally, as he announces his new role as telecoms trailblazer World Mobile's first Chief Digital Equity Officer with its game-changing aerospace subsidiary World Mobile Stratospheric and mission to connect the 3 billion people who still live without internet access. Thompson is teaming up with the global decentralized wireless network to spotlight overlooked digital divides and champion a future where communities own their connectivity. In a world where connectivity means access to education, opportunity, and economic freedom, Thompson is leading a bold new approach: telecoms from the stratosphere. The announcement kicks off a multi-tier campaign aimed at raising awareness around hidden infrastructure gaps — not only in rural regions but also in places people least expect, like Hidden Hills in Los Angeles or pockets of inner-city Cleveland. In his new role, Thompson will work closely with World Mobile to drive visibility and real-world solutions in these areas. As part of this initiative, Thompson is introducing the Community Connectivity Fund, a multi-million-dollar effort designed to help low-income neighborhoods gain access to affordable, high-speed internet through World Mobile's decentralized model. The fund will support pilot programs, local infrastructure installations, and education around community ownership of mobile networks. As an additional strategic move, World Mobile has announced an unprecedented partnership with Protelindo, Indonesia's largest digital infrastructure company, to develop and deploy a pioneering stratospheric connectivity network. Powered by hydrogen-fueled, fixed-wing aircraft, the solution will support internet access for hundreds of millions of global web users, particularly in underserved regions, through sustainable and cost-effective technology. The pioneering network leverages hydrogen-powered, fixed-wing aircraft operating as High-Altitude Platform Systems (HAPS), capable of maintaining a stationary position at altitudes of approximately 20,000 meters. Utilizing World Mobile's blockchain-based infrastructure, these aircraft will provide direct-to-handset internet access, supporting hundreds of thousands of concurrent users with cellular connectivity. Central to this innovation is World Mobile's native WMTx token, which serves as the economic backbone for the entire network. The blockchain-secured token manages on-chain settlements, permissioned network access, and economic incentives, creating a self-sustaining value loop. Users, infrastructure providers, and node operators are economically aligned, ensuring continuous expansion and sustainability of the network. Micky Watkins, CEO of World Mobile, said in a statement, 'This partnership embodies the potential of blockchain and decentralized economics to reshape global connectivity. By integrating token-driven incentives with advanced aerospace technology, we're creating a resilient and economically viable model for bringing reliable internet to underserved regions at unprecedented scale.' Indra Gunawan, senior representative at Protelindo added, 'World Mobile's blockchain-based approach to connectivity infrastructure addresses key challenges faced by geographically diverse countries like Indonesia. We see tremendous potential in leveraging this technology to bring consistent, scalable internet access to communities currently beyond traditional reach.' The hydrogen-powered aircraft at the heart of the initiative have already undergone successful testing with major telecom companies in the UK and Middle East. Capable of delivering connectivity across vast regions, the aircraft can efficiently cover remote and rural areas typically underserved by fiber and traditional cellular networks. Hydrogen fuel also drastically reduces environmental impact, achieving a projected 99% reduction in carbon emissions compared to satellite-based solutions. Deployment of the blockchain-enabled aircraft will initially target strategic geographic markets such as Indonesia and the United States, where challenging terrains and underserved communities stand to benefit significantly. Despite advanced telecom infrastructure in the U.S., approximately 11% of citizens lack reliable connectivity, demonstrating the pressing need for innovative solutions. World Mobile's DePIN initiative represents a significant leap forward for blockchain-based infrastructure, merging decentralized economic incentives with real-world utility. The network not only promises expanded internet access but also introduces a sustainable, token-driven economic model that can be replicated globally. Thompson's role with World Mobile merges influence, personal journey, and impact. Growing up with limited access to opportunity, and now facing connectivity issues in even the most developed areas, he is focused on the mission to connect the unconnected — starting in the neighborhoods that often fall through the cracks. His appointment marks a major step in World Mobile's efforts to educate and empower people to not only access the internet but also benefit from the infrastructure behind it. Together, World Mobile and Tristan Thompson are not only rethinking who gets connected, but who gets to own the network — creating a world where everyone has the power to build and benefit from their own digital future. With Tristan Thompson on board, World Mobile isn't just changing telecoms—it's changing lives. The mission is clear: everyone, everywhere deserves to be connected. About World Mobile World Mobile is revolutionizing global connectivity through its blockchain-based Decentralized Physical Infrastructure Network (DePIN), empowering individuals and communities to build, maintain, and monetize telecom infrastructure through blockchain-driven economic incentives. Learn more at
