Latest news with #BuildAmerica
Yahoo
20-05-2025
- Business
- Yahoo
County Commissioner Al French believes it's too early to count out tech hub funding
May 19—Patience is a virtue, and Spokane County Commissioner Al French wants the region to keep that front of mind while waiting on a nearly $50 million federal investment in an Inland Northwest aerospace manufacturing hub. On Friday, the Trump administration announced the cancellation of a $48 million grant awarded to the Spokane-Couer d'Alene area, alongside grants in five other regions awarded as part of the U.S. Department of Commerce Tech Hubs program. Funding for the program was included in the CHIPS and Science Act of 2022, a bipartisan bill championed by Washington Sen. Maria Cantwell that devoted $280 billion towards advancing scientific research and manufacturing to keep the U.S. competitive internationally. The local award was intended for the conversion of the former Triumph Composite Systems Inc. facility in Airway Heights into a one-of-a-kind manufacturing facility — the first in the nation to produce, on a large scale, advanced thermoplastic materials that can replace metal to make airplanes lighter and more fuel efficient. French represents the West Plains on the county commission and advocated for the project on the local and federal levels. The cancellation comes just four months after the award was granted under the Biden administration, stirring disappointment from the region's elected leaders on both sides of the aisle at the local and national level Friday. French believes the Inland Northwest's discomfort won't last too long, though. He said the cancellation is not out of line with the Trump administration's broader efforts at the federal level, and that "ultimately, the administration is going to come around and see all the value" of the Spokane-Coeur d'Alene hub. "They feel like they've come in with a mandate, and they want to try and make sure that programs meet their priorities," French said. "It's unfortunate that it hit the tech hub, but I think as you look at all of the metrics that the Trump administration is trying to accomplish with regard to, whether it's Build America or creating more jobs or more technology, the tech hub does all of those things and some." In his statement announcing the reversal, Commerce Secretary Howard Lutnick said he intends to release a new call for applications this summer and announce a new round of awards in early 2026. "It's unfortunate, but I'm more of a long-term guy than a short-term guy," French said. "And I think long-term, this is a good investment for the country, and it's a good investment for Spokane County and the aerospace sector, and will end up surviving any kind of scrutiny that they put it through."
Business Standard
17-05-2025
- Business
- Business Standard
STL reports FY25 results; well-positioned to unlock growth
PRNewswire Mumbai (Maharashtra) [India], May 17: STL (NSE: STLTECH), a leading optical and digital solutions company, today announced its financial results for the year ended 31 March, 2025. The Company reported revenues of INR 1052 Cr for the quarter and INR 3996 Cr for FY25 across its business units - Optical Networking and Digital. STL delivered EBITDA margins of 13.8% and EBITDA of INR 146 Cr, highest in the last six quarters. With a focus on customer centricity, product innovation, and cost leadership, STL continues to be a partner of choice for the global Digital Infrastructure build. As we navigate evolving tariff dynamics, we remain focused on leveraging our global manufacturing footprint in the U.S., Europe, and India and diversified supplier partnerships to drive company performance. In Q4 FY25, Optical Networking Business reported a 26% revenue growth and 110% EBITDA as compared to Q4 FY24. This was driven by accelerating momentum in the Enterprise Connectivity and Data Centre Business and a ~22% attach rate in the Optical Connectivity Business (OC). Enterprise and Data Centre Business has seen robust demand in Europe and India as STL supported key players in these regions to expand their end customer connectivity solutions. STL Digital - Achieved EBITDA positive for consecutive 2 quarters with a steady YoY revenue growth and a robust order book. STL Digital has strategic partnerships with 40+ technology companies and has acquired more than 25 global customers across India and the U.S. Some key highlights for FY25 - Global Services Business* - STL completed the demerger of its Global Services Business that transitioned from Sterlite Technologies (STL) to STL Networks Limited under the brand name 'Invenia.' - Our marquee wins - STL added diversified customers across geographies, forming deep partnerships with service providers like Archtop Fiber in the U.S., Connexin, Netomnia and Wyre in the UK and Europe, Vocus in Australia, du Telecom in MEA and Bharatnet and Vedanta in India. - Product innovation and co-creation with customers - STL has aggressively driven product innovation, focusing on co-creation with customers and next-gen optical solutions with development of ultra-thin optical fibre of 160-micron, 180-micron and 864F Microcables, AI-led data centre solutions, Multi-core fibre (MCF) for quantum communications and silicon photonics, and Optical Connectivity portfolio for the U.S. STL also unveiled Rapid series of Optical products, compliant with the 'Build America, Buy America' (BABA) regulations. STL ended the year with a patent count of 740 with 76 new patents filed in FY25. - Our Net Debt: Equity has improved to 0.68 times against 1.39 times post demerger and Post QIP (YoY). "FY25 was marked by resilience and customer-focus. By doubling down on our core priorities--Customer and Cost Leadership--we not only sustained momentum but also laid the groundwork for future growth. The strengthening order pipeline and customer engagements signal a promising shift in market dynamics," remarked Ankit Agarwal, Managing Director, STL. "The trifecta of AI-ready infrastructure, rural fiberisation, and data centre expansion will be the cornerstone of global digitalisation, and we're are fully prepared with our extensive Connectivity solutions," he added. *Pursuant to receipt of necessary statutory approvals and in accordance with the Scheme of Arrangement between STL and STL Networks Limited, the Company has demerged its Global Service business effective March 31, 2025, as approved by NCLT. Consequently, the financial results of the Global Service business for the respective quarters and year ended March 31, 2025 and March 31, 2024 have been presented as discontinued operations to reflect the impact of this demerger.
Business Upturn
17-05-2025
- Business
- Business Upturn
STL reports FY25 results; well-positioned to unlock growth
Reports EBITDA of INR 146 Cr, highest in the last six quarters; 31% QoQ growth MUMBAI, India , May 17, 2025 /PRNewswire/ — STL (NSE: STLTECH), a leading optical and digital solutions company, today announced its financial results for the year ended 31 March, 2025 . The Company reported revenues of INR 1052 Cr for the quarter and INR 3996 Cr for FY25 across its business units – Optical Networking and Digital. STL delivered EBITDA margins of 13.8% and EBITDA of INR 146 Cr, highest in the last six quarters. With a focus on customer centricity, product innovation, and cost leadership, STL continues to be a partner of choice for the global Digital Infrastructure build. As we navigate evolving tariff dynamics, we remain focused on leveraging our global manufacturing footprint in the U.S., Europe , and India and diversified supplier partnerships to drive company performance. In Q4 FY25, Optical Networking Business reported a 26% revenue growth and 110% EBITDA as compared to Q4 FY24. This was driven by accelerating momentum in the Enterprise Connectivity and Data Centre Business and a ~22% attach rate in the Optical Connectivity Business (OC). Enterprise and Data Centre Business has seen robust demand in Europe and India as STL supported key players in these regions to expand their end customer connectivity solutions. STL Digital – Achieved EBITDA positive for consecutive 2 quarters with a steady YoY revenue growth and a robust order book. STL Digital has strategic partnerships with 40+ technology companies and has acquired more than 25 global customers across India and the U.S. Some key highlights for FY25 Global Services Business* – STL completed the demerger of its Global Services Business that transitioned from Sterlite Technologies (STL) to STL Networks Limited under the brand name 'Invenia.' – STL completed the demerger of its Global Services Business that transitioned from Sterlite Technologies (STL) to STL Networks Limited under the brand name 'Invenia.' Our marquee wins – STL added diversified customers across geographies, forming deep partnerships with service providers like Archtop Fiber in the U.S., Connexin, Netomnia and Wyre in the UK and Europe , Vocus in Australia , du Telecom in MEA and Bharatnet and Vedanta in India . – STL added diversified customers across geographies, forming deep partnerships with service providers like in the U.S., and in the UK and , in , in MEA and and in . Product innovation and co-creation with customers – STL has aggressively driven product innovation, focusing on co-creation with customers and next-gen optical solutions with development of ultra-thin optical fibre of 160-micron , 180-micron and 864F Microcables, AI-led data centre solutions, Multi-core fibre (MCF) for quantum communications and silicon photonics, and Optical Connectivity portfolio for the U.S. STL also unveiled Rapid series of Optical products, compliant with the 'Build America, Buy America' (BABA) regulations. STL ended the year with a patent count of 740 with 76 new patents filed in FY25. – STL has aggressively driven product innovation, focusing on co-creation with customers and next-gen optical solutions with development of ultra-thin optical fibre of , and Microcables, solutions, (MCF) for quantum communications and silicon photonics, and Optical Connectivity portfolio for the U.S. STL also unveiled Rapid series of Optical products, compliant with the 'Build America, Buy America' (BABA) regulations. STL ended the year with a patent count of Our Net Debt: Equity has improved to 0.68 times against 1.39 times post demerger and Post QIP (YoY). 'FY25 was marked by resilience and customer-focus. By doubling down on our core priorities—Customer and Cost Leadership—we not only sustained momentum but also laid the groundwork for future growth. The strengthening order pipeline and customer engagements signal a promising shift in market dynamics,' remarked Ankit Agarwal , Managing Director, STL. 'The trifecta of AI-ready infrastructure, rural fiberisation, and data centre expansion will be the cornerstone of global digitalisation, and we're are fully prepared with our extensive Connectivity solutions,' he added. Financial highlights (INR Cr) Financials** INR Cr FY25 FY24 Q4FY25 Q4FY24 Revenue 3996 4083 1052 843 EBITDA 452 527 146 44 **All financials are from continued operations *Pursuant to receipt of necessary statutory approvals and in accordance with the Scheme of Arrangement between STL and STL Networks Limited, the Company has demerged its Global Service business effective March 31, 2025 , as approved by NCLT. Consequently, the financial results of the Global Service business for the respective quarters and year ended March 31, 2025 and March 31, 2024 have been presented as discontinued operations to reflect the impact of this demerger. About STL – Sterlite Technologies Ltd: STL is a leading global optical and digital solutions company providing advanced offerings to build 5G, Rural, FTTx, Enterprise and Data Centre networks. Read more, Contact us, | Twitter | LinkedIn | YouTube For more information, contact: Media Relations: Shaily Rai Sinha [email protected] Investor Relations Ajay Jhanjhari [email protected]
Yahoo
14-05-2025
- Business
- Yahoo
TESCO Recognized as Pilot Partner in NEMA's Make It American™ Program, Reinforcing Commitment to U.S. Manufacturing and BABA Compliance
BRISTOL, Pa., May 14, 2025 /PRNewswire/ -- TESCO Metering is proud to announce its recognition as one of the first manufacturers to achieve certification in the National Electrical Manufacturers Association's (NEMA) new Make It American™ program. As a pilot partner in the program, TESCO is helping set the benchmark for domestic manufacturing compliance under the Build America, Buy America Act (BABA)—reinforcing its longstanding role as the trusted metering solutions provider to the electric utility industry. TESCO received both Supply Chain Process Certification and Product Certification, validating its ability to meet stringent domestic content requirements through a third-party audit. These designations underscore TESCO's vertically integrated manufacturing model, where design, engineering, machining, and manufacturing take place in the United States. NEMA's Make It American certification program helps the market identify products and manufacturing facilities that have implemented best-in-class processes to meet BABA domestic content requirements. The Make It American certification enables companies to demonstrate that their processes and supply chain management systems have undergone rigorous, third-party expert audits — providing greater certainty and confidence to manufacturers, government agencies, and procurement officials looking to source materials with enhanced levels of U.S.-manufactured content. Companies can certify their facilities to NEMA's Make It American Process Standard, and additional product specifications which are currently available for low-voltage power distribution equipment (LVDE) and wire and cable, with more specifications coming for other product lines in the coming months. Companies that successfully complete the certification audit are granted marks to showcase their rigorous supply chain processes, commitment to transparency and enhanced domestic manufacturing footprint. "For over a century, TESCO has engineered and built the products that keep our power grid accurate and reliable," said Tom Lawton, President & CEO of TESCO. "We're proud to be a pilot partner in the Make It American program and a leader in supporting BABA initiatives—ensuring our utility customers receive not only the best testing equipment, but one that's manufactured right here at home." "The U.S. electroindustry is the backbone of our nation's energy system, with over $185 billion invested in domestic electrical component manufacturing since 2018," said Debra Phillips, President and CEO of NEMA. "TESCO Metering's leadership as one of the first companies to achieve certification through NEMA's Make It American™ Program demonstrates their strong commitment to U.S. manufacturing, the creation of high-quality American jobs, and the enhancement of our nation's critical energy infrastructure. Their example sets a powerful precedent for the industry." TESCO's commitment to domestic manufacturing extends beyond metering equipment. Through its Dial Machine Division, TESCO also offers contract manufacturing services to other OEMs and technology companies seeking to reshore production to the U.S. With full in-house CNC machining, design-for-manufacturing support, and small-to-mid volume production capabilities, TESCO is positioned to support a wide range of mission-critical components. Key highlights of TESCO's U.S. manufacturing capabilities: Made in the USA: All core metering products are manufactured at TESCO's Bristol, PA facility. Vertically Integrated: From precision machining to final assembly, TESCO controls the full product lifecycle. Certified Quality: ISO 9001 and ISO 17025 certifications ensure consistency, traceability, and lab-grade accuracy. Customer-Specific Solutions: TESCO's engineering team develops and builds custom testing systems no other supplier can match. Reshoring Support: With expanded capacity in its Dial Machine Division, TESCO partners with companies pursuing BABA-aligned U.S. production strategies. As infrastructure modernization efforts accelerate, TESCO is uniquely positioned to support utilities, manufacturers, and public agencies in meeting federal domestic content standards with confidence. For inquiries regarding our manufacturing services, please visit our Contact Us page or download the TESCO Contract Manufacturing Data Sheet About TESCOTESCO, The Eastern Specialty Company, has been the trusted source for electric meter testing instruments and accessories since 1904. With a focus on reliability, engineering excellence, and customer-specific solutions, TESCO supports utilities worldwide through field, lab, and AMI testing systems—all proudly made in the USA. TESCO's vertically integrated manufacturing processes ensure superior quality control and the ability to develop custom solutions tailored to the unique needs of the electric utility industry. As an American manufacturer, TESCO not only delivers cutting edge products but also supplies contract OEM manufacturers, leveraging its advanced engineering and manufacturing capabilities to support diverse US based manufacturing operations. View original content to download multimedia: SOURCE TESCO - The Eastern Specialty Company
San Francisco Chronicle
08-05-2025
- Politics
- San Francisco Chronicle
Democrats see ‘abundance' as a path to renewed prosperity
Heeding the 'abundance' message of 'build more, faster' that many Democrats are embracing as their way back to power, moderate Central Valley Democratic Rep. Josh Harder, D-Stockton, assembled a new bipartisan coalition of House members Thursday united by its desire to cut federal red tape to make housing and infrastructure projects quicker to build. Calling themselves the Build America caucus, the group of 30 House members, including 10 Republicans, pledged to 'build more affordable housing, speed up our infrastructure projects and lower energy prices, all of this while bringing costs down for people,' said Rep. Kristen McDonald Rivet, D-MIchigan. 'What you're witnessing here,' Harder said Thursday outside the Capitol with other members of the caucus, 'is a unicorn event … a bipartisan caucus coming together to actually solve problems. Feels like it doesn't happen enough in Washington.' Caucuses, like-minded members united by a cause, are a dime-a-dozen in Washington, span the alphabet from the American Seafood Caucus to the Venezuela Democracy Caucus and often do little. But Harder and other members of the new fledgling group said this would be different given renewed pressures on lawmakers, particularly Democrats, to show that they could 'get stuff done' after their November shellacking. That philosophy has gained momentum in recent months after the publication of the best-selling book 'Abundance,' by Ezra Klein and Derek Thompson. Their prescription for fellow liberals: Show you can build something. Housing, services for the homeless, high-speed rail: These are all things Democrats have failed to deliver, nowhere more spectacularly than California, which they write, is a 'land of wonders.' 'Liberals should be able to say, Vote for us and we will govern the country the way we govern California,' they wrote. 'Instead, conservatives are able to say, 'Vote for them and they will govern the country the way they govern California'!' Harder, who r epresents a San Joaquin Valley district that supported Donald Trump, said the book has 'really given voice to a sense of frustration, combining anger from different sectors under a common theme. This has been a problem percolating for a long time, and it's very bipartisan. Voters in my district are frustrated by both Democratic and Republican efforts to move forward on projects.' Over the past several years, California lawmakers have tried to loosen restrictions on state regulations in hopes of spurring more housing construction. Gov. Gavin Newsom boasts that he has signed 42 bills altering the California Environmental Quality Act, colloquially known as CEQA, the state's landmark environmental law. Earlier this year, Oakland Assembly Member Buffy Wicks introduced legislation that would exempt most infill housing from the environmental reviews required under CEQA. But Harder notes that federal bottlenecks remain. He said he voted for the bipartisan infrastructure law four years ago 'with real hope that that would unleash a construction and innovation engine across California, and that really hasn't materialized. I'm still waiting for shovels to be put in the dirt for a bridge (the Seventh Street Bridge in Modesto) that I cited in my vote for the bipartisan infrastructure law four years ago. That bridge may not be built for another 10 years.' About 60 percent of all Inflation Reduction Act-related clean economy projects — and 85 percent of total private-sector investments — in the first two years after the 2022 law passed went to Republican congressional districts, even though no Republican member of Congress voted for the IRA, according to an analysis by the nonpartisan business group E2. Harder said the fact that California is not getting its fair share of IRA money should be 'an embarrassment.' 'We consider ourselves one of the most pro-climate states in the nation. We're not getting those projects. They're going to Texas or Florida or Arizona,' Harder said. 'They're not coming to California because you can't get stuff built and all those are federal projects that have state requirements as well as federal requirements.' Harder said 'a lot of the bottlenecks around things like building bridges and roads are more federal than they are state. So if we're successful here, ultimately, people will see more good things being built in their community, be that the pothole across the street, be that the bridge they drive over to get to work, the house that needs to be renovated, or whatever else it is.' But other roadblocks exist. Harder doubts the caucus will make much progress while Congress is focused on the GOP-written tax bill that takes center stage this month. But if the Republican-dominated House bristled earlier this year at approving disaster aid for victims of the Los Angeles wildfires, why would lawmakers pass legislation that might help California, which is regularly mocked by President Trump. Harder hopes Republican members of the caucus can help it succeed in an era when Republicans control Congress. The group includes Republicans with some seniority who might have a better connection to House leadership, including Rep. Gus Bilirakis, who chairs an Energy and Commerce Committee subcommittee; Rep. Michael McCaul, R-TX, who is Chairman Emeritus of the House Committee on Homeland Security, and Rep. Dan Newhouse, R-Washington and Rep. David Valadao, R-Hanford, both members of the powerful House Appropriations Committee. Harder said permitting reform, which the caucus would focus on, is generally one of the few areas of bipartisan agreement in Washington. Rep. Chuck Edwards, R-N.C., said Thursday that 'Delays stretch for years before a single shovel often hits the ground.' 'This stagnation isn't fate. It's the product of policy, and it can be fixed. We believe in unleashing energy through smarter permitting and making homeownership more accessible by empowering builders and in rebuilding our infrastructure by streamlining processes, not burying them in paperwork.' Harder said it is incumbent on California to show how a state with a Democratic supermajority in the Legislature and the party holding every statewide office can build things quickly. 'California should be a shining beacon on a hill of how great life looks like when you vote for Democrats in a super majority over and over again, and frankly, it doesn't. California is a cautionary tale to many voters across the country,' Harder said. Some progressive Democrats have pushed back on the abundance movement as a giveaway to corporate America and have worried that cutting red tape could mean circumventing important environmental protections. Rep. Jim Himes, D-Connecticut, acknowledged that this bi-partisan cooperation will be hard. Both parties will need to challenge their own supporters. 'In my party, people are going to need to realize that a lot of the regulations that we put in place for all the right reasons, to preserve the environment, to make sure that communities had a voice, that those regulations may have worked in the 1900s but they don't work in the 21st century,' Himes said. 'My Republican colleagues are going to need to realize that innovation and progress involves the government as a partner. From semiconductors to the internet, that has been the history of American innovation.'
