工业行业报告：2025年夏季并购策略

C R E A T I N GS I N C E1 9 5 6 Table of ContentsMarket Observations ............................................................................... 3Transaction Highlights ............................................................................10Public Companies ..................................................................................13CFA Overview ..........................................................................................22 Industrials Industry News | Summer 2025 | Page 2 Market SummaryIndustrials MarketThe Global Industrial sector is on the rise with industrialization, urbanization, and demand for superior machinery globally,with growth being driven bythe Asia Pacific region at the helm in terms of manufacturing,automation, and logistics. While Europe and North America are concentrating onadvanced, sustainable chain technologies. The global industrial machinery market is expected to grow to $937.1 billion by 2033 at a CAGR of 3.4%. Theindustrial chain market of the global industrial chain industry, a key sub-segment selling mechanical chains to the power transmission and materialhandling industries, was worth $58.7 billion in 2023 and is projected to expand at a higher CAGR of 6.9% until 2032. The US Industrial Products &Services industry is expected to create value worth $196.5 billion and output worth $402.8 billion in 2025, with growth at aCAGR of 1.1-1.3% until 2029.However, May’s industrial production fell 0.2%, manufacturing rose just by 0.1% and capacity utilization dropped to 77.4%, indicating idle industrialcapacity. Europe's $936 billion ReArm initiative, Germany's $585 billion commitment, and higher UK defense expenditure are set to stimulatemanufacturing activity. Geopolitical tensions in the U.S. have the potential to raise emergency defense spending. Upgrades ininfrastructure, reshoring,automation, and booming data center spending are fueling demand for advanced industrial systems. The overall sector remains structurally stablewith broad-based global tailwinds supporting it.Public Company ValuationThe CFA Select Industrials index increased by 25.6% in the second quarter of 2025, and the 12-month return onthe indexincreased by 19.2%. For Q2 2025, the Selected Electrical Products Index increased by 41.8% and the DiversifiedIndustrials Index increased by 32.4% for the 12-month return. The Diversified Industrials Index had the highest medianEBITDA multiple of 19.3x, and the Electrical Products Index had the highest revenue multiple of 4.6x. The BuildingProducts Index and Heavy Machinery Index had the lowest median EBITDA multiple of 10.2x, and the Tool & HardwareManufacturing Index had the lowest revenue multiple of 1.4x. Automotive Parts, Specialty Chemicals, Electrical Products,and Tool & Hardware Manufacturing Index had median EBITDA multiples of 13.9x, 12.1x, 18.9x, and 10.6x. AutomotiveParts, Building Products, Specialty Chemicals, Diversified Industrials, and Heavy Machinery Index median revenuemultiples of 2.0x, 1.8x, 1.7x, 4.2x, and 1.5x, respectively.Mergers and AcquisitionsM&A in Industrials is moving ahead with a strategic focus on core strengths and tech-driven growth. 32% of Industrial and Services (I&S) respondentshalted or revisited deals due to tariff-trade tensions, according to the US Pulse Survey. Though it witnessed a 9% decrease in the overall deal volume byH1 2025, deal values rose by 9% due to large transactions in aerospace & defense (A&D) and engineering & construction (E&C), where the deal volumesincreased by 11% and 2% respectively. However, the business services saw a 15% drop in deal volume, dragged down by limited asset supply andvaluation gaps despite larger deal completions. Additionally, Automotive and industrial manufacturing volumes fell by 8% and12% with an increase invalues. Industrial manufacturing M&A remains active amid innovation, defense spending, and supply chain restructuring, with companies aimingacquisitions to boost digital competencies, operational resilience, and market proximity. Industrials Industry News | Summer 2025 | Page 4The publicindustrials marketincreased in thesecond quarter of2025... Employees' Upskilling and Human-AI AllianceIndustrial firms are increasingly facing diminishing pools of labor and rising skills shortages, problems that are predicted to worsen over the comingdecade. With workforces aging and leaving the industry and fewer skilled technicians joining the market, manufacturers are adopting a two-prongedapproach - workforce upskilling investment and collaborative automation adoption. Reskilling and training initiatives are being extended to enable workersto work in concert with AI systems and robots. This revolution redefines traditional jobs and unleashes new efficiencies with robots doing repetitive andmechanical labor while human operators take up more complicated and judgment-based tasks.Manufacturers are also testing flexible work models,augmented reality for training, and AI-enabled h