Carrier Global Valuation Multiples

Tesla is a vertically integrated battery electric vehicle automaker and developer of real-world artificial intelligence software, which includes autonomous driving and humanoid robots. The company has multiple vehicles in its fleet, which include a midsize sedan and crossover SUV in the entry-level luxury category, a luxury light truck, and a semitruck. Tesla also runs a robotaxi service in four US metropolitan areas. Global deliveries in 2025 were nearly 1.64 million vehicles. Additionally, the company sells batteries for stationary storage for residential and commercial properties, including utilities, solar panels, and solar roofs for energy generation. Tesla also owns a fast-charging network and a US auto insurance business.

Siemens is a German industrial technology group headquartered in Munich that supplies automation, electrification, rail and healthcare equipment, software and services. It was founded in Berlin on October 1, 1847 by Werner von Siemens and Johann Georg Halske as Telegraphen-Bauanstalt von Siemens & Halske. The group reports through Digital Industries (factory automation and industrial software), Smart Infrastructure (buildings and electrical distribution), Siemens Mobility (rolling stock, signalling and rail systems) and Siemens Financial Services, and holds about 75% of separately listed Siemens Healthineers. It sells mainly to manufacturers, utilities, infrastructure owners, transit operators and hospitals, and in fiscal 2025 generated revenue of €78.9 billion and net income of €10.4 billion with about 327,000 employees. In 2020 it spun off Siemens Energy, keeping a 17.1% stake, and bought Varian Medical Systems for US$16.4 billion; in 2025 it added Altair Engineering for about US$10 billion, its largest acquisition, and Dotmatics for US$5.1 billion. Roland Busch has been chief executive since February 2021, and the shares trade on the Frankfurt Stock Exchange as a DAX member.

Amphenol is a United States manufacturer of electrical, electronic and fiber-optic interconnect products, sensors and cable systems. Its connector portfolio supports applications involving high-speed data, electrical power, radio-frequency signals and operation in demanding environments. The company also supplies cable assemblies, wiring harnesses, antennas, power distribution components and flexible or rigid printed circuit boards. Its sensors measure conditions such as pressure, temperature, position, moisture and vibration. Customers use these products in automotive systems, industrial equipment, communications networks, computing infrastructure, aerospace and other electronic applications. Revenue comes from sales of components and assemblies to business customers that incorporate them into larger products and systems. Amphenol offers both standard products and customized designs, with manufacturing and technical capabilities supporting customers across international markets.

CATL, headquartered in Ningde, Fujian Province, is a global leading battery manufacturer founded in 2011. The company specializes in the development and production of lithium-ion batteries for electric vehicle and energy storage systems. CATL is the largest EV battery manufacturer in the world and leads the industry in innovative battery technology development for higher-energy density and safety, longer battery service life, and super-fast charging. CATL is also involved in the manufacturing of cathode and other related battery materials. Through subsidiary Brunp, it works with customers to create a closed-loop battery life cycle from production, application, to recycling.

ABB is a Swiss-Swedish electrification and automation group headquartered in Zurich and incorporated in Switzerland as ABB Ltd. It was formed in 1988 by the merger of Sweden's ASEA, founded in 1883, and Switzerland's Brown, Boveri & Cie, founded in 1891, creating a group with about $15 billion of revenue and 160,000 employees at the time. Its roughly 20 divisions sit in four business areas: Electrification, Motion, Process Automation, and Robotics & Discrete Automation. It sells electrical distribution products such as circuit breakers, motors and drives, industrial robots and automation systems to industrial, utility, building and infrastructure customers. ABB sold its power grids business to Hitachi in 2020, spun off its turbocharging business in 2022, and in October 2025 agreed to sell its industrial robotics unit, with about 7,000 employees and $2.3 billion of 2024 revenue, to SoftBank Group for $5.4 billion. Major 21st-century acquisitions include Baldor Electric, Thomas & Betts and GE Industrial Solutions. The shares are listed on the SIX Swiss Exchange and Nasdaq Stockholm, and Morten Wierod has been chief executive since August 2024.

Schneider Electric is a French energy technology company headquartered in Rueil-Malmaison, near Paris, whose products cover electrification, automation and digitalisation for buildings, homes, data centers, infrastructure and industry. It sells electrical distribution equipment, switches and sockets, building and home automation, industrial control and process safety systems, grid automation, critical power and cooling for data centers, and energy management and industrial software, under brands including Square D, APC, AVEVA, Clipsal, Merlin Gerin, Telemecanique and Modicon. The company earns most of its revenue from product and system sales to distributors, panel builders, contractors, utilities, data-center operators and industrial customers. It reported revenue of 40.15 billion euros and net income of 4.35 billion euros for 2025 and employed about 177,000 people in 2024. Schneider Electric is registered as a Societas Europaea, trades on Euronext Paris as part of the CAC 40 and Euro Stoxx 50 indices, and is led by chief executive Olivier Blum and chairman Jean-Pascal Tricoire. Its history begins in 1836, when brothers Adolphe and Eugène Schneider took over an iron foundry in Le Creusot and founded Schneider-Creusot, a maker of steel, heavy machinery and transport equipment that later refocused on electrical equipment.

Founded in 1911 by Joseph Eaton, the eponymous company began by selling truck axles in New Jersey. Eaton has since become an industrial powerhouse largely through acquisitions in various end markets. Eaton's portfolio can broadly be divided into two parts: its electrical and industrial businesses. Its electrical portfolio (representing around 70% of company revenue) sells components within data centers, utilities, and commercial and residential buildings, while its industrial business (30% of revenue) sells components within commercial and passenger vehicles and aircraft. Eaton receives favorable tax treatment as a domiciliary of Ireland, but it generates over half of its revenue within the US.

Hitachi Ltd is engaged in diverse businesses spanning industries, energy, IT, and real estate. The company operates through four business segments. The Connective Industries segment covers elevators, escalators, home appliances, air conditioning, semiconductor manufacturing equipment, medical analyzers, industrial and distribution solutions, water and environmental solutions, and industrial equipment. The Digital Systems & Services segment offers system integration, consulting, cloud services, IT products, software, and ATMs. The Green Energy & Mobility segment focuses on power grids, renewable energy, nuclear power, and railway systems. The Others include real estate management, sales, and leasing. It generates the majority of its revenue from the Green Energy & Mobility segment.

Mitsubishi Corp. is Japan’s largest general trading house, or sogo shosha, a type of conglomerate unique to Japan. Its core role is that of a trading intermediary in a variety of industrial sectors, including resources businesses like energy and metals as well as non-resources businesses, both industrial ones like automotive and non-industrial ones like food, healthcare, and retail. In addition to acting as a trading intermediary (including midstream processing functions to convert inputs into final products), Mitsubishi also participates in upstream production businesses and downstream distribution businesses.

Trane Technologies is a climate-control manufacturer domiciled in Dublin, Ireland, with most of its business in North America, that makes heating, ventilation and air-conditioning systems and transport refrigeration equipment. Its brands include Trane and American Standard for commercial and residential HVAC and Thermo King for refrigerated trucks, trailers and containers. The company sells equipment, parts, controls and services to building owners, contractors and fleet operators, with equipment accounting for roughly 70% of sales and parts and services about 30%. It reported revenue of about US$19.8 billion in 2024. Trane Technologies is the renamed Ingersoll-Rand plc, an industrial group whose roots go back to 1871: in March 2020 it merged its industrial segment with Gardner Denver, which took the Ingersoll Rand name, and kept the climate business as Trane Technologies. As Ingersoll-Rand it co-founded the Dresser-Rand compressor joint venture with Dresser Industries in 1986, bought full control in 2000 and sold the business to First Reserve in 2004.

Delta Electronics (Thailand) PCL manufactures and distributes power supplies, electronic equipment, and components such as DC fans, EMI filters, solenoids, etc. The group's reportable segments are: Power electronics, Mobility, Infrastructure, Automation, and Others. The majority of its revenue is generated from the Power electronics segment, which designs, manufactures, and sells power supplies applied to computer, server, office automation equipment, and household electric appliances. The Mobility segment makes EV power systems, the Infrastructure segment builds ICT and energy systems, and the Automation segment offers industrial and building automation. Geographically, the group generates maximum revenue from the United States, followed by Singapore, Germany, Taiwan, and other markets.

Following Johnson Controls’ divestiture of its residential and light commercial HVAC businesses to Bosch in 2025, nearly all of its revenue comes from commercial HVAC (60%) and fire and security products and services (40%). A 2016 merger joined Johnson Controls’ HVAC and Tyco’s fire and security businesses with the premise that there is synergy in offering a broader variety of automation products and solutions to commercial buildings. We estimate Johnson Controls’ pro forma revenue mix will be one-third products, one-third installation, and one-third services.

Cadence Design Systems is a provider of electronic design automation software, intellectual property, and system design and analysis products. EDA software automates and aids in the chip design process, enhancing design accuracy, productivity, and complexity in a full-flow end-to-end solution. Cadence offers a portfolio of design IP, as well as system design and analysis products, which enables system-level analysis and verification solutions.

Vertiv has roots tracing back to 1946 when its founder, Ralph Liebert, developed an air-cooling system for mainframe data rooms. As computers started making their way into commercial applications in 1965, Liebert developed one of the first computer room air conditioning, or CRAC, units, enabling the precise control of temperature and humidity. The firm has slowly expanded its data center portfolio through internal product development and the acquisition of thermal and power management products like condensers, busways, and switches. Vertiv has global operations today; its products can be found in data centers in most regions throughout the world.

Emerson Electric is an American industrial technology company headquartered in St. Louis, Missouri, that makes automation and control systems, measurement and analytical instruments, test equipment, industrial software and professional tools. Its products serve process and discrete industries such as oil and gas, power generation, chemicals, pharmaceuticals, water treatment and heating and air conditioning in more than 150 countries, and it also makes radar and avionics equipment for aerospace and defence. The company was founded on September 24, 1890 by John Wesley Emerson as Emerson Electric Manufacturing Co. to build electric motors, and in 1892 became the first to sell electric fans in the United States. Over the past decade it has reshaped itself around automation: it sold its Network Power business, now Vertiv, to Platinum Equity in 2016, sold its climate technologies business to Blackstone in stages between 2022 and 2024, and bought National Instruments for $8.2 billion in 2023; Aspen Technology is also a subsidiary. Emerson earns its revenue mainly by selling equipment, systems and software to industrial customers. In 2025 it reported revenue of $18.02 billion, operating income of $2.475 billion and net income of $2.293 billion, with about 71,000 employees. It is listed on the New York Stock Exchange and is led by chief executive Lal Karsanbhai and chairman Jim Turley.

Lumentum Holdings Inc is a California-based technology firm. The company provides two types of optical and photonic products: optical components that are used in telecommunications networking equipment, and commercial lasers for manufacturing, inspection, and life-science lab uses. Its segments are Optical Communications and Commercial Lasers. The firm is also expanding into new optical applications, such as 3-D sensing laser diode for consumer electronics. It generates maximum revenue from the OpComms segment. The OpComms segment products include a wide range of components, modules, and subsystems to support customers including carrier networks for access (local), metro (intracity), long-haul, and submarine (undersea) applications.

Bloom Energy is a San Jose-based energy-technology company founded in 2001. It designs and manufactures solid-oxide fuel-cell systems that generate electricity on site from natural gas, biogas or hydrogen without conventional combustion. Commercial and government customers use Bloom Energy Servers for resilient distributed power at data centres, industrial sites, campuses and other facilities. The company also develops electrolyser systems for hydrogen production and provides installation and long-term service support. Revenue comes from equipment and installation sales, electricity arrangements and recurring service contracts. Bloom was privately held when NZ Super Fund made its 2013 and 2014 investments and later became publicly listed, but the recorded transactions concern its private growth phase.

LG Energy Solution is the third-largest battery maker for electric vehicles with about 11% global share in 2024, according to SNE Research. The EV battery segment is the largest revenue contributor, which accounted for more than 60% of total revenue in 2024. LGES also manufactures batteries for mobility, mobile phones, laptops, electrical devices, and energy storage systems. The company was spun off from LG Chem’s battery division in December 2020 and listed on the Korea Exchange in January 2022. It has global manufacturing facilities in Korea, China, Poland, and the United States. Key customers include General Motors, Tesla, Volkswagen, Hyundai, and Stellantis.

Mitsubishi Electric is a Tokyo diversified industrial manufacturer founded in 1921 and publicly listed in Japan. It designs and sells factory-automation equipment, power and energy systems, building systems, transportation products, automotive equipment, semiconductors, communications equipment and consumer appliances. Industrial companies, utilities, infrastructure operators, governments, commercial-building owners and households use its products. Revenue comes primarily from equipment and component sales, supported by installation, maintenance, engineering and other services. The group operates manufacturing, research, sales and service networks across Asia, Europe, the Americas and other regions. Its space and defence business supplies satellite, communications and related aerospace systems. Mitsubishi Electric also invests strategically where partnerships can expand technology and commercial access. It co-invested with COFIDES in PLD Space's 2026 Series C financing and was identified as a lead investor in that round.

Honeywell traces its roots to 1885 with Albert Butz’s firm, Butz Thermo-Electric Regulator, which produced a predecessor to the modern thermostat. Other inventions by Honeywell include biodegradable detergent and autopilot. Today, Honeywell is a global multi-industry behemoth with one of the largest installed bases of equipment. It operates through four business segments: aerospace technologies, industrial automation, energy and sustainability solutions, and building automation. Recently, Honeywell has made several portfolio changes to focus on fewer end markets and align with a set of secular growth trends. The firm is working diligently to expand its installed base, deriving around one third of its revenue from recurring aftermarket services.

Teradyne provides testing equipment, including automated test equipment for semiconductors, system testing for hard disk drives, circuit boards, and electronics systems, and wireless testing for devices. The firm entered the industrial automation market in 2015 and sells collaborative and autonomous robots for factory applications. Teradyne serves numerous end markets and geographies, directly and indirectly, through its products, but its most significant exposure is to semiconductor testing. Teradyne serves vertically integrated, fabless, and foundry chipmakers with its equipment.

Comfort Systems USA Inc provides comprehensive mechanical contracting services, including heating, ventilation, & air conditioning, or HVAC; plumbing; piping & controls; construction; and other electrical components. Projects are mainly for commercial, industrial, & institutional buildings, & tend to be geared toward HVAC. Revenue is roughly split between installation services for newly constructed facilities & maintenance services for existing buildings. The company installs & repairs products and systems throughout the United States. It operates in two segments, Mechanical services & Electrical services, the majority is from the Mechanical services segment.

Vistra Corp. is one of the largest power producers and retail energy providers in the US. It owns 44 gigawatts of generation capacity, including natural gas (27 GW), nuclear (6.5 GW), coal (8.7 GW), and solar and battery storage (1.3 GW). The Cogentrix acquisition will add 5.5 GW of gas generation. Vistra's retail electricity business serves 5 million customers in 20 states, including almost a third of all Texas electricity consumers. Vistra emerged from the Energy Future Holdings bankruptcy as a stand-alone entity in 2016.

CRH is a global building materials group headquartered in Dublin, Ireland and New York, which moved its primary stock listing to the New York Stock Exchange in June 2023. It was formed on 20 October 1970 through the merger of Cement Limited and Roadstone Limited and listed on the Irish Stock Exchange in 1973. It operates through CRH Americas, covering materials and building solutions across 48 US states and 7 Canadian provinces, and CRH International, with operations in Europe, Australia and the Philippines, from about 3,961 locations in 28 countries. For 2025 it reported revenue of US$37.4 billion and net income of US$3.75 billion with about 83,000 employees, and it earns revenue from aggregates, cement, asphalt, ready-mixed concrete and building products. Its acquisitions include the EUR 6.5 billion Lafarge and Holcim assets in 2015, which included Tarmac in the UK, and Ash Grove Cement for US$3.5 billion in 2018. Jim Mintern is chief executive.

Founded in 2004, Luxshare Precision is one of the world’s largest manufacturers of cables and connectors and is a major supplier to Apple, which accounts for over 50% of revenue. Of Luxshare’s 2025 sales, 80% is derived from the consumer electronics end market, while the remaining 20% is spread across the computer, communication, and automobile verticals. In nonconsumer businesses, Luxshare supplies cooling systems, optical interconnects, cables, power supplies, and other electric hardware. Luxshare employs almost 420,000 people. It has 105 manufacturing bases in 29 countries, with the largest clusters in China and Vietnam.

Fujikura Ltd is a Japan-based company mainly engaged in the manufacturing and sales of telecommunication and other electronics equipment. The company operates through five segments. The Automotive division covers wiring harnesses and electrical components. The Electronics division provides printed wiring boards, electronic wires, connectors, and hard disk components. The Energy division includes power and communication cables, aluminum, and coated wires. The Information and Communication division offers optical fibers, cables, components, equipment, network solutions, and construction services. The Real Estate division engages in leasing. It generates the majority of its revenue from the Information and Communication Business Division segment.

Thales is a French aerospace and defense industrial and one of Europe’s largest defense contractors. The company has three segments: defense and security provides sensors, mission systems, communications, and control systems to European and export defense customers; aerospace sells avionics and satellites to the civil, defense, and governmental markets; and digital identity and security provides biometric, data, and identity security solutions, payments services, and the manufacturing of SIM cards.

Rheinmetall is an international defense group supplying military vehicles, weapons and ammunition, air-defense systems, digital military solutions and naval platforms. Following the classification of power systems as discontinued operations in December 2025, all continuing-operation sales are generated by defense activities. The group reports through five segments: vehicle systems; weapons and ammunition; air defense; digital systems; and naval systems. The portfolio spans combat, support and logistics vehicles; weapons, ammunition and propellants; ground-based air and drone defense; military communications, soldier systems, aviation and simulation; and military surface vessels, maintenance and autonomous maritime systems.

Founded in 1982, Autodesk is a multinational software company best known for pioneering computer-aided design, or CAD, with its AutoCAD product. Nowadays, Autodesk provides design software for a variety of verticals, including architecture & construction, manufacturing, and media & entertainment. Autodesk products have been used in some of the world's most iconic landmarks, like Burj Khalifa, and well-known movie titles like Avatar.

With roots tracing back to the early 1900s, Rockwell Automation is the successor to Rockwell International, which spun off its avionics segment in 2001. It is a pure-play industrial automation company that operates through three segments. Its largest segment by revenue, intelligent devices, sells factory floor-level devices such as motors, drives, sensors, relays, and actuators. Its software and control segment sells visualization, simulation, and human-machine interface software and control products such as programmable controllers, computers, and operator terminals. Its smallest segment, lifecycle services, offers digital consulting, engineered-to-order services, and other outsourced services such as remote monitoring, cybersecurity, and asset and plant maintenance and optimization.

Hangzhou Hikvision Digital Technology is the world’s largest manufacturer of video surveillance equipment. Since then, the company has been growing its software and analytics offerings, as customers are increasingly seeking customized total solutions. Hikvision is also developing its Innovative businesses, which accounted for 21% of overall 2023 revenue. The smart-home business is powered by the EZVIZ consumer brand. Innovative business includes the development of industrial robotics, automotive electronics, X-ray sensors, infrared sensors, memory products and medical systems. Hikvision employs more than 58,000 people.

Constellation Software is an acquirer, manager, and developer of vertical market software, or VMS, businesses globally. VMS differentiates from horizontal software in that it provides mission critical solutions within a specific industry for customers in a particular market. Constellation operates through a decentralized model in which each business operates as its own independent entity. Managers of individual businesses are incentivized to optimize their business for returns on invested capital and revenue growth. Excess cash generated by the individual businesses is repatriated to portfolio managers who focus on allocating as much capital as possible on new acquisitions. As of 2025, Constellation consisted of over 1,000 individual businesses and 64,000 employees.

Sumitomo Electric Industries Ltd manufactures and sells electric wires and cables, and other products. The company operates through five segments. The Automotive related business covers wire harnesses, anti-vibration rubber, hoses, electrical parts, and traffic control systems. The Electronics related business provides electronic wires, flexible printed circuits, fluoropolymer products, and metal components. The Environment and Energy related business handles power transmission equipment, substation systems, vacuum and beam equipment, and conductive products. The Industrial Materials business includes steel wire, tools, optical components, and sintered parts. The Information and Communication business offers fiber optic cables, communication equipment, and optical devices.

In addition to its legacy software-defined radio franchise, L3Harris Technologies has through a series of acquisitions established franchises producing uncrewed aerial vehicles, sensors, avionics, space-based systems, missiles, and solid rocket motors. It also adapts civilian aircraft for military use and provides military and commercial training services, and maintains the US Federal Aviation Administration's communications infrastructure.

Holcim is a publicly listed building-materials group headquartered in Zug, Switzerland. Following the 2025 separation of its North American business, the group operates across Europe, Latin America, Asia, the Middle East and Africa. It manufactures cement, aggregates and ready-mixed concrete and also sells building systems and lower-carbon construction products. Customers include ready-mix producers, contractors, infrastructure developers, industrial users and distributors, producing predominantly product-sales revenue. Holcim UK owns the Cauldon cement plant in Staffordshire, one of the four manufacturing sites planned to connect to Peak Cluster. Cement production releases carbon dioxide both from fuel use and from the chemical conversion of limestone, making capture infrastructure relevant to continued plant operation under tighter emissions constraints. Holcim UK Cement Limited is the named project-company shareholder, while the database reference resolves that subsidiary to the listed Holcim group.

Weg SA produces and sells electric motors, generators, control systems, and other industrial devices world-wide. The company has three reportable segments: industry, energy, and foreign (outside of Brazil). The industry segment manufactures various motors, drives, controls, and equipment for industrial automation. Energy segment products consist of electricity generators, alternators, wind turbines, hydraulic and thermal steam turbines (biomass), substations, transformers, measuring instruments, control panels, and systems integration services. The foreign segment consists of operations carried out through subsidiaries located in different countries.

Prysmian SpA is an Italian manufacturer of electric power transmission and telecommunications cables and systems. Its business is organized in three segments--Projects, which focuses on the execution of underground and submarine cable projects; Energy Products, which provides power distribution, and industrial and network components; and Telecom, which makes cable systems and connectivity products. More than half of the firm's revenue is generated in the Europe, Middle East, and Africa regions, with the rest coming from North America, Latin America, and Asia-Pacific regions.

Legrand is a French manufacturer of electrical and digital building infrastructure headquartered in Limoges. Its operating business dates to 1904, while the current listed holding company was incorporated in December 1998. The group supplies wiring devices, electrical installation products, cable management systems, data and communications infrastructure, power-distribution equipment and building-control solutions. Its products are used in residential, commercial and industrial buildings, including data centers. Legrand sells manufactured products through electrical distributors and other channels serving installers and professional customers. The group expanded internationally through acquisitions of local and specialist manufacturers, adding product technologies and distribution positions. KKR and Wendel acquired the business from Schneider Electric, and Legrand returned to the stock market in 2006. KKR disposed of its remaining shares in March 2012 while Legrand continued as an independent listed operating group.

Assa Abloy is the world’s largest supplier of locking and physical access solutions, sporting the world’s largest installed base of locks that protect some of the most security-sensitive buildings, such as the European Parliament in Brussels. Some 70% of the group's revenue is derived from commercial, government, and other nonresidential customers. The company's product base is centered on electromechanical locks, which require identification to unlock with a keycard, biometric scan, or personal identification number. Assa Abloy's products are sold directly to security systems integrators, locksmiths, hardware stores, and original equipment manufacturers.

Yageo is a Taiwanese manufacturer of passive electronic components used in electronic circuits. Its products include resistors, capacitors and inductors that manage electrical signals, voltage and current in customer products. The business supplies electronics manufacturers and supply-chain customers across consumer electronics and industrial applications. It earns revenue from the manufacture and sale of physical electronic components. Yageo is listed on the Taiwan Stock Exchange, and its global depositary receipts were also traded in Luxembourg at the time of KKR’s investment. In June 2007 KKR acquired zero-coupon convertible instruments due in 2014, providing an investment exposure that could convert into newly issued common shares or depositary receipts. Counsel described the instruments as representing a potential 16.1 percent shareholding upon full conversion based on the then-current capital structure. The investment therefore initially involved convertible securities rather than an immediately completed acquisition of that percentage of ordinary shares.

Established in Osaka, Japan, in 1924, Daikin Industries is one of the world’s largest residential and commercial heating, ventilation, and air conditioning product and service companies. North America, Japan, China, and Europe are Daikin’s four biggest markets, with North America accounting for over 30% of the company’s revenue over the years. The air conditioning segment represents about 90% of Daikin’s revenue and operating income, while chemicals and others account for the remaining 10%.

Ibiden Co Ltd is a provider of electronic and ceramic products. The company operates through three segments: Ceramic, Electron, and other. The Ceramic segment provides environment-related ceramics products, graphite and specialty products, ceramic fibre, and fine ceramics products. The Electron segment offers package substrates in computers, information technology infrastructure, mobile device wiring boards, mobile devices, and home appliances. The other segment includes the processing of agriculture, livestock, and fisheries, the sale of oil products, and synthetic resin production. It generates the majority of its revenue from the Electronic segment.

Founded in 1935, TDK has its origin in magnetic materials, being the first company to commercialize ferrite in the world, and it used to be known as one of the major cassette-tape manufacturers. TDK is now the only external supplier for magnetic recording heads for hard disk drives, and the company intends to expand its magnetic sensor business for handsets and automobiles by leveraging its expertise. It is also one of the global top suppliers of passive components for autos and polymer rechargeable batteries for smartphones. The company acquired InvenSense in 2017, making it third largest MEMS sensor company in the world.

Fanuc's primary products include industrial robots, computerized numerical control systems (CNC), and compact machining centers (Robodrills) globally. The company had its beginnings as part of Fujitsu developing early numerical control systems and commands the top global market share with its CNC systems and industrial robots.

Compagnie Saint-Gobain is a manufacturer of building materials that are mostly supplied to the construction industry. The company offers a vast range of products including glass, roofing, insulation, and a distribution business. Saint-Gobain has a well-documented history stretching back to the 17th century, with traces of its products visible across France’s most prominent landmarks. Approximately two thirds of sales are generated in Europe, with France contributing 25% of group sales.

Heico is an aerospace and defense supplier that focuses on creating replacement parts for commercial aircraft and components for defense products. In commercial aerospace, Heico is the largest independent producer of replacement aircraft parts. In the defense market, the company produces niche subcomponents used in targeting technology as well as simulation equipment, among other categories. It operates two segments: the flight support group and the electronic technologies group. Both supply the aerospace and defense sectors to different degrees. Heico is persistently acquisitive, focusing on companies in similar or adjacent markets that offer strong cash flow and profitable growth potential.

EMCOR Group Inc is a specialty contractor in the United States and a provider of electrical and mechanical construction and facilities services, building services, and industrial services. Its services are provided to a broad range of commercial, technology, manufacturing, industrial, healthcare, utility, and institutional customers through approximately 100 operating subsidiaries. The company's operating subsidiaries are organized into reportable segments: United States mechanical construction and facilities services, which derives key revenue; United States electrical construction and facilities services; United States building services; United States industrial services; and United Kingdom building services. Geographically, its key revenue is derived from the United States.

Axon was founded in 1993, but its roots trace back to the invention of the Taser in 1974 by Jack Cover. Over the decades, Axon has expanded its product suite to include police body-worn cameras, a cloud-based evidence repository, AI-driven report-drafting software, drones and counter-drone sensors, and 911 dispatching software. The firm sells its products to end markets such as local and federal law enforcement, enterprise, corrections, and healthcare. It derives around four-fifths of its revenue from the US, with the remainder from international countries.