Wesco International Inc
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Industrials : Trading Companies & Distributors | Mid Cap Blend
Company profile

WESCO International, Inc. is a provider of business-to-business distribution, logistics services and supply chain solutions. The Company conducts its business through three segments: Electrical & Electronic Solutions (EES), Communications & Security Solutions (CSS) and Utility & Broadband Solutions (UBS). The EES segment supplies a range of products and solutions primarily to the construction, industrial and original equipment manufacturer (OEM) markets. Its EES segment supplies various products, including electrical equipment and supplies, automation and connected devices (the Internet of Things), security, lighting, wire and cable, safety, and maintenance, repair and operating (MRO) products. Its CSS segment operates in the network infrastructure and security markets. The UBS segment provides products and services to investor-owned utilities, public power companies, including municipalities, as well as global service providers, wireless providers and broadband operators.

Price
Delayed
$143.07
Day's Change
1.35 (0.95%)
Bid
--
Ask
--
B/A Size
--
Day's High
145.41
Day's Low
140.60
Volume
(Light)

Today's volume of 280,110 shares is on pace to be much lighter than WCC's 10-day average volume of 708,643 shares.

280,110

Lockheed Martin Ventures Invests in On-Demand Manufacturing Pioneer Machina Labs

8:00 am ET January 26, 2023 (BusinessWire) Print

Machina Labs today announced the completion of an investment by Lockheed Martin Ventures (LMV), the venture arm of Lockheed Martin Corporation (NYSE: LMT), a global security and aerospace company. Machina Labs combines AI and robotics to rapidly manufacture advanced sheet metal products. This latest funding brings the total raised by Machina Labs to $21.8M.

The investment will be used to accelerate company growth to meet customer demand, and to expand R&D into additional processes and metallurgical offerings.

"At Machina Labs, we are creating the factory of the future; one where a variety of designs and physical products can be produced on-demand and at scale," according to Edward Mehr, CEO and Co-Founder of Machina Labs. "With Lockheed Martin's investment, we can accelerate development of our sheet metal Roboforming to better serve the need of the defense sector and give the United States a competitive advantage in speed of development for national security and defense products."

"We aim to operationalize and scale solutions with speed and effectiveness so the U.S. and our allies can stay ahead of emerging threats," said Chris Moran, vice president and general manager of Lockheed Martin Ventures. "We are excited to work with Machina Labs in bringing their advanced and agile manufacturing platform to our customers."

Machina Labs uses robots the way a blacksmith uses a hammer creatively to manufacture different designs and material, introducing unseen flexibility and agility to the manufacturing industry. The companies' manufacturing platform combines the latest advances in robotics and AI so great ideas can quickly and affordably turn to reality and businesses can benefit from rapid iteration to bring more innovative products to market, faster.

Machina Labs combines the latest advances in AI and robotics to deliver finished metal products in days - not months or years - and gives customers unprecedented time to market and competitive advantage.

Robotic sheet forming is the first process enabled by Machina's patented manufacturing platform. Using material- and geometry-agnostic technology, the platform outperforms traditional sheet forming methods that rely on custom molds or dies.

About Machina Labs

Founded in 2019 by aerospace and automotive industry veterans, Machina Labs is an advanced manufacturing company based in Los Angeles, California. Enabled by advancements in artificial intelligence and robotics, Machina Labs is developing Software-Defined Factories of the Future. The mission of the company is to develop modular manufacturing solutions that can be reconfigured to manufacture new products simply by changing the software. For more information, please visit https://www.machinalabs.ai/

About Lockheed Martin Ventures

Lockheed Martin Ventures makes strategic investments in companies that are developing cutting edge technologies in core businesses and new markets important to Lockheed Martin. More than a source of capital, Lockheed Martin Ventures provides portfolio companies with access to our world-class engineering talent, state-of-the-art technologies, and research and access to the company's international business relationships and supply chain. For more information visit: www.lockheedmartinventures.com

About Lockheed Martin

Headquartered in Bethesda, Maryland, Lockheed Martin Corporation is a global security and aerospace company that employs approximately 114,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.

Please follow @LMNews on Twitter for the latest announcements and news across the corporation

View source version on businesswire.com: https://www.businesswire.com/news/home/20230126005214/en/

SOURCE: Machina Labs">

Tim Smith
Element Public Relations, for Machina Labs
415-350-3019
tsmith@elementpr.com
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COMTEX_423337726/1006/2023-01-26T08:00:07

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