Tag: Africa

Vista, California, July 31, 2023 (GLOBE NEWSWIRE) — Watkins Wellness, a leader in hot tubs and aquatic fitness systems, today announced the expansion of its portfolio of personal well-being products and entry into the sauna category as a result of the pending acquisition of Sauna360 Group Oy (“Sauna360”) by Watkins Wellness’ parent company, Masco Corporation. Sauna360 is a leading global manufacturer of sauna solutions, and its portfolio of products includes traditional, infrared, and wood-burning saunas as well as steam showers, rooms and generators. These products are sold primarily in the United States, Europe and throughout the rest of the world under the Tylö, Helo, Kastor, Finnleo, and Amerec brands. The transaction is expected to close in the third quarter, subject to regulatory approval.

“We are thrilled to welcome Sauna360 to our organization and to expand our portfolio of industry-leading products aimed at promoting wellness and helping our customers feel good and live well!” said Vijaikrishna (VJ) Teenarsipur, President of Watkins Wellness. “Sauna360 brings a wealth of industry knowledge and expertise to our business. We look forward to leveraging the synergies between our businesses, which will allow us to better serve our dealer partners, consumers and, ultimately, the growing wellness market.”

“I am very pleased for Sauna360 to become part of Watkins Wellness. Sauna360’s business has grown in recent years, and becoming part of Watkins Wellness will further strengthen our capability and ambition to be a leading sauna player. The dealer distribution strategy, common focus on wellness and similar company cultures make this a true strategic fit,” said Pekka Lettijeff, President & CEO of Sauna360 Group.

Founded in 2008 as a merger between two leading sauna companies, Helo and Tylö, Sauna360 brings decades of industry knowledge and experience resulting from a strong history, with Helo’s origin dating back to 1919 and Tylö’s to 1949. The company is headquartered in Finland and has approximately 180 employees located in Finland, Sweden, the United States, and England.

About Watkins Wellness

Watkins Wellness, established in 1977 in Vista, California, is dedicated to promoting wellness to consumers to help them feel good and live well. The company’s growing portfolio of well-being products for at-home use provides multiple pathways to wellness. Our portfolio of brands includes Hot Spring® Spas, Caldera® Spas, Freeflow® Spas, Fantasy® Spas, and Endless Pools® Fitness Systems, sold predominantly through a specialty dealer network of more than 1,000 dealer partners located in 70+ countries. Watkins Wellness is a wholly owned subsidiary of Masco Corporation (NYSE: MAS).

About Masco Corporation

Headquartered in Livonia, Michigan, Masco Corporation is a global leader in the design, manufacture and distribution of branded home improvement and building products. Our portfolio of industry-leading brands includes BEHR^® paint; Delta^® and Hansgrohe^® faucets, bath and shower fixtures; and Hot Spring^® Spas. We leverage our powerful brands across product categories, sales channels, and geographies to create value for our customers and shareholders. For more information about Masco Corporation, visit www.masco.com.

Safe Harbor Statement

Watkins Wellness is a subsidiary of Masco Corporation. As such, this press release contains statements that reflect views about Masco Corporation’s future performance and constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “outlook,” “believe,” “anticipate,” “appear,” “may,” “will,” “should,” “intend,” “plan,” “estimate,” “assume,” “seek,” “forecast,” and similar references to future periods. These views about future performance involve risks and uncertainties that are difficult to predict and, accordingly, Masco Corporation’s actual results may differ materially from the results discussed in these forward-looking statements. We caution you against relying on any of these forward-looking statements.

Risks and uncertainties include, among other things, the expected closing of the Sauna360 transaction and the expected benefits and synergies of the acquisition, including the expected impact on future financial and operating results and post-acquisition plans and intentions. Masco Corporation’s future performance may also be affected by the levels of residential repair and remodel activity, and to a lesser extent, new home construction, the ability to maintain strong brands and to develop innovative products, the ability to maintain its public reputation, the ability to maintain its competitive position in its industries, reliance on key customers, the cost and availability of materials, dependence on suppliers and service providers, extreme weather events and changes in climate, risks associated with international operations and global strategies, the ability to achieve the anticipated benefits of its strategic initiatives, the ability to successfully execute its acquisition strategy and integrate businesses that it has acquired and may in the future acquire, the ability to attract, develop and retain a talented and diverse workforce, risks associated with cybersecurity vulnerabilities, threats and attacks, risks associated with reliance on information systems and technology and the impact of the ongoing COVID-19 pandemic on its business and operations. These and other factors are discussed in detail in Item 1A. “Risk Factors” in Masco Corporation’s most recent Annual Report on Form 10-K, as well as in Masco Corporation’s Quarterly Reports on Form 10-Q and in other filings it makes with the Securities and Exchange Commission. The forward-looking statement in this press release speaks only as of the date of this press release. Factors or events that could cause Masco Corporation’s actual results to differ may emerge from time to time, and it is not possible to predict all of them. Unless required by law, Masco Corporation undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events or otherwise.

Attachment

• Watkins Wellness, a leader in hot tubs and aquatic fitness systems.

Krista Hydar
Watkins Wellness
760-814-0630
[email protected]

GlobeNewswire Distribution ID 8883225

Basseterre, July 27, 2023 (GLOBE NEWSWIRE) — Today, the Government of St Kitts and Nevis proudly announces further groundbreaking changes to its Citizenship by Investment Programme, a move that signals the country’s intention to remain as the reference point for the international investment migration industry. The monumental changes have been made to ensure that only high net worth investors and persons who value the citizenship of St Kitts and Nevis are attracted to the Programme.

For nearly 40 years, St Kitts and Nevis has been the pioneer of the global investor immigration industry, charting new territory with forward-looking solutions based on solid legislative principles and strict due diligence policies. The Programme has allowed the nation to thrive, giving Kittitians and Nevisians the opportunity to advance without overreliance on international financial aid.

The new changes, further to those made in December 2022, are aimed at safeguarding the nation’s integrity, making the Programme sustainable and preserving the privileged status of being a citizen of St Kitts and Nevis.

“Today, St Kitts and Nevis takes another bold step in reaffirming our intention to not only offer the best Citizenship by Investment Programme in the world, but also to offer a programme held together by a tight regulatory system designed to be a best-in-practice defence mechanism against illicit actors and those who try to bypass our high-end investment and contribution options. We are continuously committed to preserving the exclusivity and prestige associated with being a citizen of St Kitts and Nevis,” said Prime Minister the Hon. Dr. Terrence Drew.

“This Government has always taken a considered approach when making decisions that impact not only the people of St Kitts and Nevis, but the international community as well. We have done some deep introspection, analysed the Programme, spoken to our international partners and have decided that now is the right time to show the world, as we did in December 2022, that our citizenship is not accessible to those who do not value our citizenship or understand what St Kitts and Nevis has to offer the world. We will continue to engage with the international community to provide clarity and assurance to investors that St Kitts and Nevis is a safe destination for long term investments,” continued Prime Minister Drew.

“Since coming into office less than a year ago, I have sought to work with well-intentioned partners who share my vision of where we can take our island nation on the global stage. We have done everything in our power to protect and advocate for the good name of St Kitts and Nevis. We have continuously instituted changes that will not only alleviate the concerns of our international stakeholders and position us as a compelling emerging market destination for authentic foreign direct investment, but these changes are also aimed at ensuring that our people continue to be proud to be called a citizen of St Kitts and Nevis.”

The Government of St Kitts and Nevis has made further sweeping changes to its Citizenship by Investment Programme, which include the introduction of a new investment option called the Sustainable Island State Contribution (SISC). The SISC replaces the previous Sustainable Growth Fund (SGF) and investors contributing towards this option will be advancing St Kitts and Nevis into a Sustainable Island State based on the following seven pillars:

 

1. Increasing local food production;

2. Transitioning to Green Energy;

3. Diversifying the economy;

4. Attracting and supporting sustainable industries;

5. Evolving the Creative Economy;

6. Recovering from the impacts of the COVID-19 pandemic; and

7. Expanding social protection and safety nets to protect the most vulnerable.

 

Contributions start from US$250,000 for one applicant only and increase as a spouse or dependants are added. For a family of two, the contribution amount increases to US$300,000 and for a family of three or four, the minimum Sustainable Island State Contribution is US$350,000.

The minimum amount for investing in the Developer’s Real Estate Option is now US$400,000. The property must be held for a period of seven years and can be re-sold, once, to another purchaser who wants to apply for Citizenship by Investment.

An Approved Private Home, which can be a condominium or single-family dwelling, qualifies to be sold as a Citizenship by Investment option if a minimum investment of US$400,000 is paid to the condominium owner or US$800,000 is paid to the single-family dwelling owner, by the main applicant.

Again, the private home must be held for a period of seven years and cannot be sold to another purchaser who wants to apply for Citizenship by Investment unless the Federal Cabinet is satisfied that substantial further investment was injected into the real estate by way of further construction, renovation or otherwise.

A public benefit unit in an Approved Public Benefit Project will qualify for Citizenship by Investment, if a minimum contribution of US$250,000 is paid to the Approved Public Benefactor by the main applicant. This option is limited to Approved Public Benefactors who, by their projects, maximise local employment; embark upon programmes including transfer of technology and local capacity building; transfer all real estate to the State on substantial completion; and assume all financial risks.

Investors applying for Citizenship by Investment are now required to have a mandatory interview either virtually or in person at a location specified by the Citizenship by Investment Unit and approved by the Board of Governors. Interviews will be conducted by an independent professional firm commissioned by the Citizenship by Investment Unit, who will also perform background due diligence checks, or the Unit itself.

All background due diligence checks will be commissioned by the Citizenship by Investment Unit and will be conducted by independent professional firms from the United Kingdom, USA and Europe, and in accordance with the requirements set by the Board of Governors.

Once the Citizenship by Investment application has been approved, all processes and due diligence checks are finalised and the investment is made, a Certificate of Registration will be issued to the main applicant. The Certificate of Registration must be collected in person in St Kitts and Nevis or at an Embassy or Consulate specified by the Citizenship by Investment Unit as approved by the Board of Governors.

Further, the Board of Governors have been empowered to regulate all Authorised Agents and International Marketing Agents, who must have their businesses registered under the laws of St Kitts and Nevis. Major limitations have also been included with respect to the methods by which the St Kitts and Nevis Citizenship by Investment Programme is to be advertised internationally.

“In this ever-changing and unpredictable world, it is imperative that the Government of St Kitts and Nevis and its Citizenship by Investment Programme continue to adapt to the needs of our people and to attract the right kind of international investment necessary to uplift our country. While we have always been the benchmark of the global investor immigration industry, we understand that in order to remain as one of the most sought-after economic citizenship programmes in the world, we need to continue to evolve and forge a path for ourselves that is sustainable in the long term,” added Mr. Michael Martin, Head of the country’s Citizenship by Investment Unit.

The changes aim to boost international investor confidence and bolster St Kitts and Nevis’ reputation globally.

St Kitts and Nevis continues to demonstrate the traits that underpin its resilience, growth ambitions and willingness to cooperate with international counterparts. These include a competent, responsive, skilled and credible Citizenship by Investment Unit with several layers to solidify the integrity of the Unit including a Board of Governors and a Technical Committee. The country also has a stable political system and macroeconomic framework, consistency in the enforcement of law by the independent judiciary, a vibrant and resourceful private sector and a free and independent media.

St Kitts and Nevis wish to attract distinguished applicants who have demonstrated exceptional accomplishments, possess substantial investment capabilities, and are committed to making significant contributions to the country’s growth and development.

The primary objective of this approach is to ensure that St Kitts and Nevis maintains the highest standards of citizenship and fosters a vibrant community of nationals who share a common vision for the nation’s advancement. St Kitts and Nevis is on a path toward sustainable growth and the changes to the Citizenship by Investment Programme show a clear direction that the country is setting itself apart.

High net worth persons looking to invest in professionally regulated projects or contribute meaningfully towards societal advancement, should choose St Kitts and Nevis.

Secretary of St Kitts and Nevis Citizenship by Investment Programme
Government of St. Kitts and Nevis
001 (868) 467 1474
[email protected]

GlobeNewswire Distribution ID 8882238

DUBLIN, Ireland, July 27, 2023 (GLOBE NEWSWIRE) — The pandemic years brought record revenues from air cargo. With supply limited due to the grounding of passenger planes, and demand up thanks to booming ecommerce, prices per cargo kilogram soared. According to TAC Yields figures from the Trade and Transport Group, in 2019 air cargo from Hong Kong to North America cost $3.80/kg while the price from Europe to North America was $2.10/kg. By 2022, these same services cost $9.00/kg and $4.50/kg respectively.

Unsurprisingly, this situation transformed the position of air cargo providers. Cargo revenue more than doubled from $100 billion in 2019 up to $210 in 2021 (these are the IATA’s figures) while passenger revenue plummeted from $607 billion annually down to $239 billion. Cargolux’s annual revenue grew from $2.2 billion to $5.1 billion over the course of the pandemic, and Silkway more than doubled its revenue and saw its margin transform from -10% to +30%. These huge gains, plus the long-term potential of ecommerce (which has led Airbus and Boeing to make optimistic forecasts for growth in air cargo), led many airlines to focus more on cargo.

However, increased belly capacity has led cargo prices to drop steeply once more. The IATA forecasts that year-on-year cargo yield will fall by 28.6% this year. This means air cargo, a notoriously cyclical sector, is once again entering a period of turbulence. This is the context in which airlines are deciding whether to purchase new freight planes.

New freighters vs passenger-to-freighter conversions

Airlines and air cargo providers are pursuing different strategies when it comes to building up their freighter fleets. According to KPMG’s latest report, last year, 35 orders were made for new 777-200F aircraft, 33 were made for new 777-8Fs, and 20 providers bought new A350Fs. These orders were made by both dedicated air cargo providers (Cargolux, Silkway West, DHL, FedEx) and airlines (Lufthansa Cargo, Qatar, Air Canada, China Airlines, EVA, Air France, Etihad, SIA and Western Global). Meanwhile, annual passenger-to-freighter (P-to-F) conversions have reached historic highs with volume estimated to peak at 180 per year by 2025, and then settle at around 160 aircraft per year. This compares to 70 units per year before the COVID-19 pandemic.

A number of factors are affecting the choice of purchasing either new freighters or P-to-F conversions. Naturally, cost is a major one, taking into account variables like total order number, fuel burn and maintenance as well as the upfront production costs. Production lead times is another key factor, as is cargo volume and flexibility.

Factor 1: Leasing Costs

There is a massive difference in the baseline costs for new versus converter freighters. The upfront price for a brand new 777-200F or A350F is roughly $170 to $185 million, or a monthly lease rate of between $1.2 and $1.3 million. Looking at the order book of those who made purchases last year, the majority of these airlines have a significant amount of these types of aircraft in their fleet, particularly the combination carriers. In these cases, it is highly likely that the actual purchase cost was much lower than the $170 to $185 million range. Positive economies of scale will also be a factor in keeping costs down for these airlines. Nevertheless, despite these savings they will still be looking at monthly lease rates of $1 million.

By contrast, leasing a 777-300 P-to-F conversion will cost $0.6 million per month, or roughly $65 million to purchase outright. This aircraft is likely to compare well with its production rivals, but at a fraction of the cost.

Factor 2: MRO and operating costs

Airlines will make savings on P-to-Fs when it comes to MRO. With access to the second hand market for parts, maintaining these aircraft will be considerably less expensive than keeping new planes in operation.

Naturally, alongside cost savings, access to second hand parts can also accelerate and simplify the maintenance process for airlines.

Fuel burn is another consideration. Historically, we have seen significant improvements in fuel burn when new aircraft come online. When the 777F was introduced as a replacement to the 747-400F, its 6,800 kg/h fuel burn was a huge improvement on the 10,230 kg/h offered by the 747-400F. However, with the new 777X and A350 we are unlikely to see improvements in fuel burn to match the 30% reduction seen from the 747-400F to the 777F. A 10% to 15% change is the most we can realistically expect.

On balance, while improved fuel burn and (in some cases) economies of scale may be able to soften the financial blow of purchasing a new freighter, in terms of costs P-to-F conversions are a far more attractive option.

Factor 3: Delivery volume and flexibility

New freighter aircraft have the potential to offer benefits in terms of delivery capacity and flexibility. Nose loading in particular offers a huge advantage. It enables aircraft to deliver outsized cargo such as large generators, engines, trucks and specialized technology. Crucially, this outsized cargo is lucrative, offering higher profitability than normal pallet deliveries.

However, new freighters being produced such as the 777X and the A350F do not offer nose loading. This levels the playing field in terms of the advantages a dedicated freighter has over a conversion, as both are now restricted to cargo that can fit through the side doors.

How do conversions fare in terms of volume, packing density and gross payload? Let’s consider the 777-300ERCF compared to the 777F (which currently makes up half of the world’s large freighter fleet) using data from a 2022 comparison by Aircraft Commerce.

While the 777F offers a larger overall payload of 106.6 metric tonnes, in terms of volume the 777-300ERCF comfortably outperforms the 777F. The 777-300ERCF offers almost 6,000 cu ft. more in total volume than the 777F (28,739 cu ft. compared to 22,971). Revenue per payload is also considerably higher. At 6.5lbs, it is 186,804 cu ft. and at 7.5lbs it is 190,900 cu ft, which compares to the 777F’s 149,312 cu ft. and 172,283 cu ft. respectively. One important point to note with this comparison is that it is volume, not gross payload, that matters most in ecommerce express operations, which are likely to be an important growth driver in the future. And in this area, the 777-300ERCF offers a clear advantage.

Avoiding the trap of new freighter purchases

Airbus estimates that an additional 1,040 freighters will need to be added to the global cargo fleet by 2041 – Boeing’s forecasts are even more confident. Buying new cargo freighters to meet this need carries significant risk for airlines. With cargo prices having fallen significantly, the CAPEX investment in a new A350 or 777F represents a massive financial outlay at a time when prices are falling fast. Investing heavily in a new $185-million freighter might have made sense in 2021 when air cargo prices were at record levels. However, in 2023 this is no longer a prudent policy.

Furthermore, there is little to be gained in performance and capacity from purchasing a new freighter. P-to-F conversions are capable of matching new production freighters in terms of volume, and they have notable advantages when it comes to maintenance and production.

Ultimately, conversions represent a much lower financial risk, enabling airlines to sustainably ramp up their air cargo capacity. That is why we are seeing significant growth in P-to-F conversions, while the delivery of new freight aircraft has stagnated. Quite rightly, many airlines are not willing to take on the financial risk of a new aircraft as prices tumble, and see little upside compared to refurbished passenger planes.

About Gediminas Ziemelis

Gediminas Ziemelis (born April 4, 1977) is an accomplished Lithuanian entrepreneur, business consultant, and the founder and current Chairman of the Board of Avia Solutions Group, one of the largest global ACMI (Aircraft, Crew, Maintenance, and Insurance) provider, operating a fleet of 180 aircraft. He was selected twice among the top 40 most talented young industry leaders by Aviation Week & Space Technology.

Gediminas is known for his cosmopolitan mindset and exceptional management skills, which have contributed to his success in various business fields. Over his 26-year-long career, Gediminas has founded more than 100 start-ups, 50% of which are still in operation, led companies through 4 successful IPO/SPO processes, and raised over 800 million euros in global public capital and bond markets.

In December 2022, Gediminas Ziemelis was listed as the richest Lithuanian by TOP Magazine, with estimated assets worth 1.68 billion euros.

Gediminas is the largest donator of Rimantas Kaukenas Support Group, a charity and support fund, that provides help to children with oncological diseases and their families. He is also the biggest shareholder in the leading basketball club Wolves.

Media contact: 
Silvija Jakiene 
Chief Communications Officer 
Avia Solutions Group 
[email protected] 
+370 671 22697

GlobeNewswire Distribution ID 1000831891