Paloma, the parent company of Rheem, will acquire Fujitsu General, the HVAC subsidiary of Fujitsu, for up to $1.6 billion. The deal was approved by Fujitsu's board on January 6, 2025.

Kinderhook Industries, LLC acquired Jack Doheny Companies, Inc. (JDC), a Michigan-based distributor of specialized equipment for electric transmission, sewer inspection, and utility markets. The deal was financed by a consortium of banks.

Hongchuang Holdings (002379) announced a plan to issue shares to acquire 100% of Shandong Hongtuo Industrial Co., Ltd., a leading aluminum producer with 6.459 million tonnes of electrolytic aluminum and 17.5 million tonnes of alumina capacity. The deal aims to transform Hongchuang from a single aluminum processor into a full-chain aluminum industry leader.

FrenchFood Capital and Unexo have acquired stakes in Groupe JV, a French company specializing in consulting, engineering, distribution, installation and maintenance of industrial equipment for the food industry. Emmanuel Fischer has become the new President of Groupe JV.

ABB is buying Siemens Gamesa's power electronics business (Gamesa Electric) in Spain. The business has about 400 employees, factories in Madrid and Valencia, and revenues of around €170 million. The deal is expected to close in the second half of 2025.

L3Harris Technologies has completed the sale of its specialized materials business, Aerojet Ordnance Tennessee, Inc., to BWX Technologies for approximately $100 million. The business produces advanced specialized metal components for defense, aerospace and commercial products.

Holland Water has acquired a large part of the activities and assets of PB International, which develops ultrafiltration systems for legionella management.

Lyreco has acquired Groenendijk Workwear, a provider of workwear and footwear solutions based in the Netherlands and operating across the Benelux region.

Master Builders Solutions finalized the acquisition of a 51% stake in MBT Teknik Yapı Kimyasalları (MBT Tech), a Turkish construction chemicals company. The closing ceremony took place in Istanbul on December 18, 2024. Financial details were not disclosed.

Jorge Fernández, a Basque firm specializing in kitchens, bathrooms and ceramics, announced the acquisition of Loiu Materiales de Construcción (Loiumat), a construction materials company in Bizkaia. Financial details were not disclosed.

Stryker announced a definitive agreement to acquire Inari Medical for $80 per share in cash, representing a total equity value of approximately $4.9 billion. Inari provides mechanical thrombectomy solutions for peripheral vascular diseases.

Paloma Rheem Holdings announced a tender offer to acquire all outstanding shares of Fujitsu General, a maker of air conditioning solutions. Fujitsu Limited, holding 44.02% of Fujitsu General, agreed to sell its shares via a share repurchase after the tender offer.

Advanced Micro Devices (AMD) notified competition authorities of its proposed acquisition of 100% of shares in ZT Group Int’l, an ODM of server and storage solutions for data centers. The transaction was notified on 22 November 2024.

Indeed Oilfield Supply, a Houston-based distributor of pressure control equipment, has acquired AWC Frac Valves, a Conroe, Texas manufacturer of API 6A frac valves, from Pelican Energy Partners. The business will operate as AWC Indeed.

RMB Corvest and Dlondlobala Capital concluded a management buyout of Nampak Liquid Cartons, Nampak Zambia and Nampak Malawi, which will be held in the newly formed Diversified Liquid Packaging Group.

The Competition Commission of India has granted automatic approval to Avenue India Emergence Pte. Ltd. and Mavco Investments Private Ltd to jointly acquire 100% ownership of MHM Holding GmbH, parent company of Hubergroup, a global leader in printing inks and chemicals.

Ningbo Tuopu Group Co., Ltd. agreed to acquire Wuhu Changpeng Auto Parts Co., Ltd. from Wuhu Chery Technology Co. Ltd. and other sellers for CNY 330 million in cash. The deal was approved by the board on January 3, 2025.

John Bean Technologies Corporation (JBT) has completed its takeover of Icelandic food processing equipment manufacturer Marel. Shares of the combined company, JBT Marel Corporation, began trading on January 3, 2025 on the NYSE and Nasdaq Iceland.

Trane Technologies completed its acquisition of BrainBox AI, a developer of autonomous HVAC controls and generative AI building technology. The deal was previously announced on December 18, 2024.

U Plastics, part of the INITIUM Group, acquired a majority stake in Cuthings, a Hasselt-based company specializing in cutting, milling, and folding various materials.

Bradken sold its Specialty Products North America (SPNAM) business to investment firm TerraMar Capital. SPNAM manufactures castings for defense, rail, and industrial markets.

Cameron and CNPC agreed to establish a joint venture to manufacture pipeline ball valves, mainly for CNPC's pipeline build-out across China over the coming decade.

One Equity Partners finalized its investment in EthosEnergy, a provider of aftermarket MRO and outsourced operations and maintenance for power generation and industrial customers. The company employs over 3,600 people across 23 global sites.

ADNOC International Germany Holding AG, via XRG (a subsidiary of ADNOC), plans to acquire up to 100% of Covestro AG through a voluntary public purchase offer. The Moroccan Competition Council published a notice on 2 January 2025.

City Cement Co (CCC) has reached an agreement to acquire the entire stake of Umm Al Qura Cement Co by increasing capital through the issue of new shares. The deal was announced on 2 January 2025.

Amcor completed the sale of its 50% interest in the joint venture Bericap North America for $122 million, with proceeds used to reduce debt.

Troester GmbH & Co. KG acquired Turkish automation company SC Otomasyon, which now operates as TROESTER Robotics. The acquisition was completed in 2025 and strengthens Troester's automation and robotics capabilities for industrial production.

Pressta-Eisele GmbH and RSA cutting technologies GmbH have joined forces at the turn of the year 2024/2025 to form Europe's leading specialist for cold circular saws. The combined entity has over 280 employees and annual revenues of around 50 million euros.

Jakob Müller Group (JMG) acquired 100% of the shares of MEI International, an Italian manufacturer of wide label weaving machines, effective January 1, 2025. The acquisition expands JMG's narrow fabric weaving solutions portfolio.

DIAMANT Polymer GmbH acquired DIAMANT Polymers Inc. in Cincinnati, Ohio, on January 1, 2025, to expand into the North American market and plan future production of polymer products locally.

igus GmbH acquired elko Verbindungstechnik GmbH, a specialist in connection technology, in January 2025. The acquisition expands igus's assembly capacities in drive technology and strengthens its presence in southern Germany.

American Axle & Manufacturing (AAM) agreed to acquire Dowlais Group plc for approximately $1.44 billion in cash and stock, creating a leading global driveline and metal forming supplier.

SGB-SMIT Group has signed an agreement to acquire electrical component manufacturer and service provider Southwest Electric Co. in the United States, with closing expected in Q1 2025.

Kordsa Group finalized the acquisition of Microtex Composites S.r.l. in 2025, after an initial agreement in 2022. Microtex Composites, part of the Becagli Group, specializes in advanced composite materials including carbon fiber prepregs for various industries.

Tsubakimoto Europe B.V., a subsidiary of Japan's Tsubakimoto Chain Co., acquired all shares of Karl Jungbluth Kettenfabrik GmbH & Co. KG, a German conveyor chain manufacturer. The deal was signed in December 2024 and became effective January 1, 2025.

NOS A/S, a subsidiary of Grene WIS A/S, acquired SKS Kraner A/S, a crane industry leader, effective October 1, 2024. The acquisition aims to strengthen NOS's position as a nationwide provider of lifting equipment and cranes.

Sulzer acquired Davies and Mills, a Bahrain-based electromechanical services provider, expanding its presence in the Middle East in Q1 2025.

DXP Enterprises acquired Arroyo Process Equipment, a Florida-headquartered distributor of pumps and process equipment, in Q1 2025.

PSG, an operating company of Dover Corporation, acquired Cryogenic Machinery Corp (Cryo-Mach), a US maker of cryogenic centrifugal pumps and mechanical seals, in Q1 2025.

Svanehøj acquired the Netherlands-based European Pump Services BV, which integrates and services pump solutions for industrial, offshore and maritime sectors, in Q1 2025.

DESMI has announced the acquisition of Nordan Marine A/S, a Danish provider of pumps and service and repair solutions for cargo and fuel handling systems on LPG, LNG and alternative-fuel vessels. The deal strengthens DESMI's gas cargo and fuel pump portfolio.

In January 2025 TricorBraun reached an agreement to acquire family-owned Euroglas in Germany and Glaspack in Austria, suppliers of rigid packaging to the European market.

Tencarva Machinery Co. acquired Detroit Pump & Mfg. Co., a Warren, Michigan distributor of pumps and fluid handling equipment, expanding its reach into the Upper Midwest. Detroit Pump will retain its management team and terms were not disclosed.

Komatsu officially acquired German underground mining equipment manufacturer GHH Group GmbH in 2024, bolstering its underground hard rock mining portfolio.

Luxshare Precision completed the acquisition of a 50.1% stake in Leoni Group and 100% of Leoni Kabel GmbH for $572 million in 2024. The deal gives Luxshare access to Leoni's global wiring harness business serving over 80% of global automobile brands.

MAF RODA Group, a leader in fruit and vegetable sorting and packaging solutions, acquired Strauss, a German company specializing in asparagus processing and automation, formalized at the end of 2024.

GLE Scrap Metal acquired an interest in Mallin Companies, a 96-year-old family business operating two aluminum wire recycling lines in Kansas City, Missouri. The acquisition is effective December 31, 2024.

SWACRIT, via SWACRIT Technologies AG, acquired a strategic stake in Alumina Redwitz Holding GmbH, parent of Alumina Systems, a German ceramic components manufacturer. The deal was effective December 31, 2024.

COL Giovanni Paolo, a portfolio company of Oaktree, acquired 100% of IME SpA (Industrie Meccaniche Elettriche S.p.A.), a leading producer of switchgear for industrial applications, in December 2024. The acquisition was financed by BPER Banca and Generali Asset Management.

Dalian Onoda Cement Co., Ltd, a consolidated subsidiary of Taiheiyo Cement Corp in Dalian, China, announced an agreement to be acquired by Jilin Penglin Industry (Group) Co Ltd.