Latest news with #CDI
Business Insider
a day ago
- Business
- Business Insider
Churchill Downs to acquire majority of Salem casino project joint venture
Churchill Downs (CHDN) announced that it has signed definitive agreements to acquire a majority of the outstanding equity interests of a Salem, New Hampshire joint venture with the right to develop a charitable gaming, entertainment and dining destination featuring historical horse racing machines. Casino Salem is located at The Mall at Rockingham Park, which is approximately 30 minutes from downtown Boston. Prominent local developers Joe Faro and Sal Lupoli will maintain ownership in Casino Salem. The initial phase of Casino Salem opened on July 9 with approximately 100 HRMs and 13 live table games. Over the coming months, CDI will finalize plans and commence construction of the future phases of the project including a rebranding of the venue, an expansion of the gaming floor, and several food and beverage concepts. Separately from Casino Salem, CDI will continue to operate its Chasers Poker Room in Salem. The company will finance the Salem Transaction using its existing credit facility. Closing of the Transaction is subject to usual and customary closing conditions, including receipt of approval by the New Hampshire Lottery Commission. The transaction is anticipated to close during the third quarter. Elevate Your Investing Strategy:
Business Insider
a day ago
- Business
- Business Insider
Churchill Downs to acquire majority of Casino Salem project in NH
Churchill Downs (CHDN) announced that it has signed definitive agreements to acquire a majority of the outstanding equity interests of a Salem, New Hampshire joint venture with the right to develop a charitable gaming, entertainment and dining destination featuring historical horse racing machines. The initial phase of Casino Salem opened on July 9th with approximately 100 HRMs and 13 live table games. Over the coming months, CDI will finalize plans and commence construction of the future phases of the project including a rebranding of the venue, an expansion of the gaming floor, and several food and beverage concepts. Separately from Casino Salem, CDI will continue to operate its Chasers Poker Room in Salem. The company will finance the Salem Transaction using its existing credit facility. Closing of the Transaction is subject to usual and customary closing conditions, including receipt of approval by the New Hampshire Lottery Commission. The Transaction is anticipated to close during the third quarter of 2025. Elevate Your Investing Strategy:
Globe and Mail
09-07-2025
- Business
- Globe and Mail
Malaysia and France Strengthen Defence Industry Ties with Landmark MoU Signing
PARIS, FRANCE, July 9, 2025 - (ACN Newswire) - The Coalition of Defence Industry, Malaysia – CDI (M) has signed a landmark Memorandum of Understanding (MoU) with three prominent French defence industry associations, The French Association of Maritime Industries (GICAN), The French Land and Air-Land Defence and Security Industries Group (GICAT) and The French Aeronautics and Space Industries Group (GIFAS), which marks a new chapter in the strategic bilateral defence cooperation between both countries. 3Gs: From the left: Mr. Frederic Parisot, CEO of GIFAS, Mr. Nicolas Chamussy, Chairman of GICAT , Mr. Philippe Berterottière, Chairman and CEO of Gaztransport & Technigaz, Vice President of GICAN, Dato' Nonee Ashirin Binti Dato' MOhd Radzi, President of CDI (M) and Executive Chairman, GTA. Witness: From the left Captain Zainol bin Ahmad RMN, Lieutenant General Gael Diaz de Tuesta, YAB Dato' Seri Mohamed Khaled bin Nordin, Dato' Muhammad Ammir bin Haron, En Mohd Nizam bin Mohd Khir. The signing of this landmark MOU between the four parties in Paris today took place in the presence of the Malaysia's Minister of Defence, Yang Berhormat Dato' Seri Mohamed Khaled bin Nordin who accompanied the Prime Minister of Malaysia, Yang Amat Berhormat Dato' Seri Anwar Bin Ibrahim on an official visit to France. A Unified Vision for Innovation and Security The MoU outlines a shared vision between Malaysia and France to bolster industrial cooperation across strategic and critical domains, including aerospace, maritime, land, systems, and technologies. It also reflects a commitment to drive innovation and expand joint research and development efforts. This collaboration aims to facilitate: Regular information exchanges, dialogues and joint seminars; Formation of a bilateral club for participating companies from both countries; Capacity building and joint technology projects; Enhanced cooperation between training institutions and industry players; Exploration of regional and international markets; and High-level engagements with respective government and delegations. Mutual Commitments to Growth Yang Berbahagia Dato' Nonee Ashirin binti Dato' Mohd Radzi, President of CDI (M) and Executive Chairman, Global Turbine Asia stated: 'This agreement is a strategic milestone for Malaysia's defence sector. It reflects our ambition to grow global partnerships. By working closely with our French counterparts, we are not only enhancing our industrial capabilities, but also opening new pathways for innovation, upskilling, and global market access.' Representing the French delegation, Mr Philippe Berterottiere, Chairman and CEO of Gaztransport & Technigaz / President of GICAN, commented: 'Malaysia is an increasingly important player in the global defence landscape. Through this MoU, we aim to build durable industrial relationships that go beyond technology, partnerships rooted in trust, innovation, and shared prosperity.' Nicolas Chamussy, Chairman of GICAT, added: 'This collaboration provides a unique platform to align our expertise with Malaysia's strategic goals. We are particularly excited to pursue and intensify joint opportunities in land and air-land defence systems.' Mr. Fréderic Parisot, CEO of GIFAS, said: 'Aerospace collaboration is critical in today's security environment. We believe this MoU lays the foundation for impactful cooperation in research, training, and future-ready capabilities between France and Malaysia.' Lieutenant-General Gaël Diaz de Tuesta, French National Armaments Director, observed: 'Various models of industrial partnership can be considered, leveraging the best skills of each party: projects with a French prime contractor and Malaysian suppliers, or alternatively, projects with a Malaysian prime contractor and French OEMs (Original Equipment Manufacturers), as is currently implemented in the LCS program.' Long-Term Strategic Impact This strategic engagement underscores Malaysia's long-term commitment to cultivating a self-reliant, innovative, and globally competitive defence industry, in alignment with national development priorities and regional security objectives. France has also long been a strong partner for the Malaysian defence sector. This industrial collaboration between the associations marks the start of the journey together for the industries as Malaysia and France continue to deepen bilateral ties. By fostering collaboration through knowledge-sharing and technology transfer, this partnership aims to demonstrate Malaysia's growing industrial capabilities and position local companies as credible and capable partners on the international stage. Furthermore, the anticipated investment and cooperation under this MoU are expected to contribute meaningfully to Malaysia's economic growth, technological advancement, and the overall strengthening of its defence ecosystem. ABOUT COALITON OF DEFENCE, MALAYSIA – CDIM (M) The Coalition of Defence Industry, Malaysia – CDI (M) is a unified body that represents the collective interests of Malaysia's defence sector. CDI (M) is committed to fostering a collaborative environment where industry players can work together to drive growth, innovation, and unity in Malaysia's defence sector. With a mission to advocate for policies and regulations that benefit the defence industry, CDI (M) also provides a vital platform for networking and collaboration among its members. The coalition is dedicated to supporting the growth and professional development of its members by offering training, conducting industry research, and promoting ethical standards and best practices. Through these efforts, CDI (M) aims to build a thriving and self-reliant defence industry in Malaysia, capable of meeting the nation's defence needs and positioning itself as a leader in the regional and global defence landscape. Please visit: CDI (M) ISSUED BY MNAIR PR CONSULTANCY SDN BHD ON BEHALF OF GLOBAL TURBINE ASIA SDN BHD AS COALITION OF DEFENCE, MALAYSIA MEMBERS Contacts for Media Enquiries: MNAIR PR Consultancy Sdn Bhd Sashikala Nair Director, Public Relations +6012 566 9095 sashi@ Ameera Hani Associate Director, Public Relations +6014 224 3296 ameera@ Coalition of Defence, Malaysia – CDI (M) Puan Ilme Onn Honorary Secretary +6012 244 4996 ilme@ Global Turbine Asia Sdn Bhd Muhassanah Murad Corporate Communication | CEO Department +60 18 261 3093 ]]> Source: The Coalition of Defence Industry, Malaysia - CDI (M) Copyright 2025 ACN Newswire . All rights reserved.
IOL News
02-07-2025
- Business
- IOL News
Despite 5% rise in credit demand, mortgage advances and fixed asset purchases lag behind
The younger generation values property ownership and sees it as a path to building generational wealth. Since interest rate cuts began in September last year, overall credit growth has gathered momentum, with most subcategories recording increases during May, according to Aluma Capital. Credit demand grew by 5.0% in May, slightly exceeding April's 4.6% and surpassing market expectations of 3.0% according to the Private Sector Credit Extension(PSCE). However, mortgage advances and credit for fixed asset purchases remain subdued, says Frederick Mitchell, chief economist at Aluma. He said that despite a total interest rate reduction of 175 basis points since September last year and an additional 25-basis-point cut on May 29 this year, property demand has been sluggish. 'Elevated consumer debt levels, stagnant wages, and rising living costs have limited a strong recovery. Nonetheless, the full benefits of lower rates are expected to materialise later in 2025 as household disposable incomes improve, supported by positive market sentiment,' Mitchell said. The asset and fund management company said in May, instalment credit sales rose nearly 1% month-on-month, following a 0.3% increase in April, with an annual growth rate of 6.2%. It said over the past two years, consumers have increasingly relied on short-term credit to manage rising living expenses, reflected in a 7.0% increase in other loans and advances, up from 6.6% in April. It added that growth in property and fixed asset purchases remained modest, with mortgage advances growing just 3.5% in May, consistent with April. This subdued activity originates from late 2023, when rising interest rates constrained property demand. However, with recent rate cuts, especially the 25-basis point reduction in May, and further easing anticipated, demand for property and fixed assets is expected to increase as household incomes stabilise and grow. 'With inflation remaining favourable, ongoing rate reductions should further boost disposable incomes, fostering increased demand for goods and fixed assets into the second quarter of 2025 onwards.' Meanwhile, young South Africans who are said to be actively contributing to key sectors of the economy, remained underrepresented in the credit market, according to Experian's latest Consumer Default Index (CDI) for the first quarter of this year. While the CDI for the total market has improved by 14% year-on-year, the report highlights persistent barriers that prevent youth from building financial independence through responsible credit access. The CDI Youth measure, an indication of first-time technical arrears amongst consumers in youth segments, typically under 30-improved significantly over the past year, decreasing from 7.55 in March last year to 5.76 in March 2025 this year. This positive shift in CDI is primarily said to be influenced by a more cautious lending environment, which has led to restricted credit supply.
Yahoo
01-07-2025
- Business
- Yahoo
Modine Expands Commercial IAQ Portfolio with Acquisition of Climate by Design International
Strategic acquisition brings Modine desiccant dehumidification technology and additional capacity for critical process air handling systems RACINE, Wis., July 1, 2025 /PRNewswire/ -- Modine (NYSE: MOD), a global leader in thermal management technology and solutions, announced the acquisition of Climate by Design International (CDI), a Minnesota-based manufacturer specializing in desiccant dehumidification technology and critical process air handlers. This strategic acquisition builds on Modine's capabilities in specialty commercial indoor air quality (IAQ) solutions, broadening the company's ability to serve a wider range of customer needs. "Acquiring CDI advances our strategy to grow our Commercial IAQ business with fit-for-purpose solutions," said Neil D. Brinker, President and CEO of Modine. "CDI brings deep expertise in desiccant-based dehumidification and a strong reputation for engineering excellence. Combined with our acquisition of Napps Technology in 2023 and Scott Springfield in 2024, CDI's technology expands Modine's Commercial IAQ product portfolio to new markets." CDI's specialized technologies provide critical humidity control in low-temperature environments such as pharmaceutical manufacturing and healthcare, filling a gap in Modine's existing Commercial IAQ product portfolio. The acquisition also gives Modine access to new end markets in food processing, cold storage, battery manufacturing, and ice arenas, and additional manufacturing capacity in the U.S. for air-handling systems. "We're focused on delivering HVAC solutions that not only meet today's performance standards but also anticipate tomorrow's environmental and operational demands," said Eric McGinnis, President of Climate Solutions at Modine. "CDI's desiccant-based technologies are a powerful addition to our portfolio, enabling us to meet customer needs for precise humidity control and air handling manufacturing capabilities. This acquisition enhances our ability to deliver integrated, high-performance systems to customers in healthcare, industrial, and food processing markets, sectors where Modine is expanding." Management expects CDI to be accretive to earnings before synergies, while also driving incremental growth through deployment of Modine's 80/20 operating model. CDI will be a part of Modine's comprehensive Commercial IAQ portfolio. Oppenheimer & Co. Inc. served as exclusive financial advisor to Modine. More information about the transaction is available on Modine's Investor Relations website. About ModineFor more than 100 years, Modine has solved the toughest thermal management challenges for mission-critical applications. Our purpose of Engineering a Cleaner, Healthier World™ means we are always evolving our portfolio of technologies to provide the latest heating, cooling, and ventilation solutions. Through the hard work of more than 11,000 employees worldwide, our Climate Solutions and Performance Technologies segments advance our purpose with systems that improve air quality, reduce energy and water consumption, lower harmful emissions, enable cleaner running vehicles, and use environmentally friendly refrigerants. Modine is a global company headquartered in Racine, Wisconsin (U.S.), with operations in North America, South America, Europe, and Asia. For more information about Modine, visit Media Contact: pr@ Investor Contact: Kathleen Powers (262) 636-1687 Forward-Looking Statements This press release contains statements, including information about future financial performance and market conditions, accompanied by phrases such as "believes," "estimates," "expects," "plans," "anticipates," "intends," "projects," and other similar "forward-looking" statements, as defined in the Private Securities Litigation Reform Act of 1995. Modine's actual results, performance or achievements may differ materially from those expressed or implied in these statements because of certain risks and uncertainties, including, but not limited to those described under "Risk Factors" in Item 1A of Part I of the Company's Annual Report on Form 10-K for the year ended March 31, 2025 and under Forward-Looking Statements in Item 7 of Part II of that same report. Other risks and uncertainties include, but are not limited to, the following: the impact of potential adverse developments or disruptions in the global economy and financial markets, including impacts related to inflation, energy costs, government incentive or funding programs, supply chain challenges or supplier constraints, logistical disruptions, tariffs, sanctions and other trade issues or cross-border trade restrictions; the impact of other economic, social and political conditions, changes and challenges in the markets where we operate and compete, including foreign currency exchange rate fluctuations, changes in interest rates, tightening of the credit markets, recession or recovery therefrom, restrictions associated with importing and exporting and foreign ownership, public health crises, and the general uncertainties, including the impact on demand for our products and the markets we serve from regulatory and/or policy changes that have been or may be implemented in the U.S. or abroad, including those related to tax and trade, climate change, public health threats, and military conflicts, including the conflicts in Ukraine and in the Middle East and tensions in the Red Sea; the overall health and pricing focus of our customers; changes or threats to the market growth prospects for our customers; our ability to successfully realize anticipated benefits, including improved profit margins and cash flow, from our strategic initiatives and our application of 80/20 principles across our businesses; our ability to be at the forefront of technological advances and the impacts of any changes in the adoption rate of technologies that we expect to drive sales growth; our ability to accelerate growth organically and through acquisitions and successfully integrate acquired businesses; our ability to successfully exit portions of our business that do not align with our strategic plans; our ability to effectively and efficiently manage our operations in response to sales volume changes, including maintaining adequate production capacity to meet demand in our growing businesses while also completing restructuring activities and realizing benefits thereof; our ability to fund our global liquidity requirements efficiently and comply with the financial covenants in our credit agreements; operational inefficiencies as a result of product or program launches, unexpected volume increases or decreases, product transfers and warranty claims; the impact on Modine of any significant increases in commodity prices, particularly aluminum, copper, steel and stainless steel (nickel) and other purchased components and related costs, and our ability to adjust product pricing in response to any such increases; our ability to recruit and maintain talent in managerial, leadership, operational and administrative functions and to mitigate increased labor costs; our ability to protect our proprietary information and intellectual property from theft or attack; the impact of any substantial disruption or material breach of our information technology systems; costs and other effects of environmental investigation, remediation or litigation and the increasing emphasis on environmental, social and corporate governance matters; our ability to realize the benefits of deferred tax assets; and other risks and uncertainties identified in our public filings with the U.S. Securities and Exchange Commission. Forward-looking statements are as of the date of this press release, and we do not assume any obligation to update any forward-looking statements. View original content to download multimedia: SOURCE Modine
