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Manufacturing Quarterly

Q3 2020 UPDATE

Headline Transactions

ANALOG DEVICES TO ACQUIRE MAXIM INTEGRATED PRODUCTS FOR $21B

July 13, 2020: Analog Devices, Inc. (Nasdaq: ADI) announced to acquire rival chipmaker Maxim Integrated Products, Inc. (Nasdaq: MXIM). The transaction will strengthen ADI as an analog semiconductor leader with increased breadth and scale across multiple attractive end markets. The deal was worth ~$21 billion (EV/Revenue: 9.69x and EV/EBITDA: 26.13x).

PATRICIA INDUSTRIES TO ACQUIRE ADVANCED INSTRUMENTS FOR $780M

September 28, 2020: Patricia Industries, a company owned by Investor AB, has agreed to buy U.S. based manufacturer of analytical test and measurement tools Advanced Instruments in a deal worth $780 million. Advanced Instruments makes instruments that measure the number of dissolved particles in a fluid to diagnose medical conditions and assess product quality. Its products are used in biotech applications, including bioprocessing, cell and gene therapies, food and beverage quality and safety testing markets. The deal sees Patricia Industries buy Advanced Instruments from Windjammer Capital and it is expected to close in the fourth quarter of 2020.

FIRST BRANDS GROUP ACQUIRES BRAKE PARTS INC. FOR $510M

July 31, 2020: First Brands Group, LLC (formerly TRICO Group), a global auto parts producer, announced the acquisition of Brake Parts Inc. (BPI), which includes the Raybestos line of brake parts, and Champion Laboratories Inc., a filtration manufacturer. The new brands join First Brands Group’s existing brands Fram filtration products, Trico wiper blades, Carter fuel and water pumps, Anco wiper blades, StrongArm lift supports, and Autolite spark plugs. The deal was worth ~$510 million.

DUPONT DIVESTS ITS TRICHLOROSILANE BUSINESS TO HEMLOCK FOR $725M

September 9, 2020: DuPont (NYSE:DD) announced that it has divested its trichlorosilane (TCS) business and its equity interest in the Hemlock Semiconductor joint venture to Hemlock for $725 million. TCS business produces trichlorosilane, a key raw material for Hemlock Semiconductor Operation's production of high purity polysilicon and other industrial chemicals. Hemlock is a supplier of high purity polysilicon for the semiconductor and solar industries, enabling customers to produce high tech electronics and solar panels.

PUBLIC FINANCIAL METRICS

EBITDA Multiples

One-Year Stock Performance & Revenue Growth (9-30-2020)

LTM Gross & EBITDA Margin

LTM Debt/EBITDA

YoY, LTM and Previous 3-year Performance Benchmarks