- Generac Holdings Inc (NYSE:GNRC) has acquired Blue Pillar, an industrial internet of things (IoT) platform developer, for undisclosed financial terms.
- Generac said it shares a mutual customer base with Blue Pillar, with highly compatible product offerings that work together to provide a total connectivity solution to commercial and industrial customers.
- Generac aims to further integrate the Blue Pillar platform into its power generation products.
- Erik Wilde, EVP of Industrial – Americas at Generac, said, “As a result of the acquisition, we will be able to provide customers and utility partners with an even broader suite of services, including holistic site monitoring.”
- The acquisition was closed on October 3, 2022.
- GNRC held $467.1 million in cash and equivalents as of June 30, 2022.
- Price Action: GNRC shares are trading higher by 4.55% at $185.46 on the last check Tuesday.
Asia Mixed, Europe Slides, Crude Under $85 While Gold Hovers Around $2K – Global Markets Today While US Was Sleeping
On Tuesday, October 24, U.S. stock markets closed higher as investor sentiment improved due to favorable corporate earnings.
Under economic data, the U.S. manufacturing PMI rose to 50 in October, beating expectations, while the Services PMI increased to 50.9 in the same month, compared to 50.1 in the previous month.
