Emerson Electric Valuation Multiples

Berkshire Hathaway is a holding company with a wide array of subsidiaries engaged in diverse activities. The firm's core business segment is insurance, run primarily through Geico, Berkshire Hathaway Reinsurance Group, and Berkshire Hathaway Primary Group. Berkshire has used the excess cash thrown off from its operations to acquire Burlington Northern Santa Fe (railroad), Berkshire Hathaway Energy (utilities and energy distributors), and the companies that make up its manufacturing, service, and retailing operations (which include Precision Castparts, Lubrizol, Clayton Homes, Marmon, and IMC/ISCAR). The conglomerate is unique in that it is run on a completely decentralized basis. Berkshire is expected to generate close to $375 billion in revenue in 2025.

Caterpillar is the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Its reporting segments are construction, resource, energy, and transportation. Market share approaches 20% across many products. Caterpillar operates a captive finance subsidiary to facilitate sales. The firm has a global reach that is approximately evenly balanced between the US and the rest of the world. Construction skews more domestic, while the other divisions are more geographically diversified. An independent network of over 150 dealers operates approximately 2,800 facilities, giving Caterpillar reach into about 190 countries for sales and support services.

Applied Materials is the largest semiconductor wafer fabrication equipment manufacturer in the world. It has a broad portfolio spanning nearly every corner of the WFE ecosystem. Applied Materials holds leading market share in deposition, which entails the layering of new materials on semiconductor wafers. It is more exposed to general-purpose logic chips made at integrated device manufacturers and foundries. It counts the largest chipmakers in the world as customers, including TSMC, Intel, and Samsung.

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.

IHC is an Abu Dhabi-listed diversified operating and investment holding company founded in 1998. Its subsidiaries and equity interests span real estate, healthcare, food, utilities, technology, financial services, marine activities and other industrial sectors. The group serves consumers, businesses and government counterparties through its operating companies. Revenue is generated from consolidated services, product sales, development activity and returns on investment holdings. IHC Capital acted as the group vehicle participating alongside ADQ in the transaction that formed the enlarged Modon Holding. Because IHC Capital carries the parent brand and is not a separately managed external investment house, it is resolved to the existing IHC record under the one-house rule. The listed parent allocates capital centrally while operating through separately managed subsidiaries and associates.

Deere is the world’s leading manufacturer of agricultural equipment and a major producer of construction machinery. The company is divided into four reporting segments: production & precision agriculture, or PPA, small agriculture & turf, or SAT, construction & forestry, or CF, and financial services, or FS, its captive finance subsidiary. The core PPA business is the largest contributor to sales and profits by far. Geographically, Deere sales are 60% US/Canada, 17% Europe, 14% Latin America, and 9% rest of the world. Deere goes to market through a robust dealer network that includes over 2,000 dealer locations in North America with reach into over 100 countries. John Deere Financial provides retail financing for machinery to its customers and wholesale financing for dealers.

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.

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.

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.

Safran is a Paris-listed aerospace and defence group formed in 2005 from the merger of Snecma and Sagem. Its propulsion division produces aircraft and helicopter engines and provides parts and maintenance over their operating lives. Other businesses supply landing gear, nacelles, electrical systems, avionics, defence equipment and aircraft interiors. Safran participates with GE Aerospace in CFM International, a major supplier of engines for narrow-body commercial aircraft. Airlines, airframers, armed forces and government customers buy the group’s products and services worldwide. Revenue comes from original equipment, aftermarket parts, maintenance and long-term service contracts. Safran acquired Indian test-systems specialist Captronic from Axon Partners in August 2022.

Siemens Energy manufactures a wide range of equipment used to generate and transmit energy. The group is a product of the spinout from Siemens in 2020, consisting of the power and gas segment and Siemens Gamesa, although its operations go back over 150 years. Approximately one-sixth of global electricity generation is based on its technology.

Founded in 1902, Air Liquide is one of the leading industrial gas companies in the world, serving over 3.8 million customers in 78 countries. The company generated approximately EUR 27.9 billion of revenue in 2025, serving a wide range of industries, including chemicals, energy, healthcare, food and beverage, and electronics. Air Liquide employs approximately 65,000 people.

Parker Hannifin started out in 1917 as Parker Appliance, selling pneumatic brakes. Through the acquisition of branded components, the firm has expanded into aerospace engines, agricultural and construction machinery, freight and passenger vehicles, and industrial automation equipment. Within these larger systems, Parker sells a wide array of small, critical pieces such as hydraulic, electromechanical, climate control, and filtration components. Many of its products are designed to work together, resulting in a high rate of cross-selling.

Zhongji Innolight Co Ltd is a China-based company engaged in the research & development, production, and sales of high-end optical communication transceiver modules, 5G wireless networks, telecom transmission, and fixed network access. The company pays attention to technology research and development and promotes products with high speed, Miniaturization, low power consumption, and low cost that are developed to provide cloud data centers of high-speed Optical transceivers for telecom equipment manufacturers 5G Fronthaul, midhaul, and backhaul optical modules are used to transmit optical on metro, backbone, and core networks modules as well as applications for fixed networks.

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.

Itochu is a general trading house, or sogo shosha, a conglomerate type unique to Japan. The primary driver for sogo shoshas is trading and intermediation between businesses and leveraging their wide domestic and global information and contact networks to extract value. Itochu has historical roots as a textile trader, but over the years has expanded its portfolio from upstream minerals production, to midstream industrial machinery, food processing, and information and communication technology, and all the way to downstream textiles, convenience stores (Family Mart), and realty. Among the Big Five sogo shoshas, Itochu has the highest exposure to nonresource businesses and to domestic business. It continues to skew its future investments toward the downstream and consumer businesses.

Atlas Copco is a 140-year-old Swedish company that pioneered air compression technology and remains a leading air compressor manufacturer. Atlas Copco is also a leading manufacturer of vacuum pump equipment, industrial power tools, and portable power and air compression equipment. The company's operations match the geographic breadth of its customers, with a presence in 180 countries. Atlas Copco's revenue is derived from three sources: initial equipment sales, spare parts, and maintenance.

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.

Mitsui is a 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 nonresources businesses, both industrial ones like machinery and nonindustrial ones like food, healthcare, and retail. In addition to acting as a trading intermediary (including midstream processing functions to convert inputs into final products), Mitsui participates in upstream production businesses and downstream distribution businesses. Among Japan’s large trading houses, Mitsui has the highest exposure to resources businesses.

Howmet Aerospace Inc offers engineered solutions for the aerospace and transportation industries. The company's products and solutions include investment castings for jet engines and industrial gas turbines; seamless rolled rings for jet engines; fastening systems for aerospace, industrial and commercial transportation applications; forged jet engine components (e.g., jet engine disks); machined and forged aircraft parts; and forged aluminum commercial vehicle wheels, all of which are sold directly to customers or through distributors. It has four reportable segments: Engine Products, which derives key revenue, Fastening Systems, Engineered Structures, and Forged Wheels. Geographically, the company derives maximum revenue from the USA, followed by France, Japan, Germany, 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.

3M is a Minnesota-based diversified technology and manufacturing company, founded on 13 June 1902 as the Minnesota Mining and Manufacturing Company in Two Harbors, Minnesota, and headquartered in Maplewood, a suburb of Saint Paul, since 1962. It makes roughly 60,000 products including adhesives, abrasives, laminates, passive fire protection and personal protective equipment, and consumer brands such as Scotch Tape, Post-it notes and Nexcare bandages. It reported revenue of $24.9 billion and net income of $3.25 billion in 2025 and employed about 60,500 people. In July 2022 it announced the separation of its health care business, which became the independent public company Solventum on 1 April 2024, with 3M initially keeping a 19.9% stake. In 2019 it bought wound care company Acelity for about $6.7 billion.

Mitsubishi Heavy Industries Ltd is engaged in the manufacturing and sale of ships, industrial machinery, and aircraft. The segments of the company are Energy; Plants and Infrastructure Systems; Logistics, Thermal and Drive Systems; and Aircraft, Defense, and Space. The company earns maximum revenue from the energy segment, which handles clean gas, steam power systems, nuclear power systems, compressors, and marine machinery. The Plants and Infrastructure Systems segment of the company deals with commercial ships, engineering, machine tools, and machinery systems; Logistics, Thermal, and Drive Systems provide material handling systems, engines, HVAC systems, and automotive air-conditioners; and the Aircraft, Defense, and Space cover commercial aircraft, defense aircraft, and others. The group also develops nuclear reactor technology and associated engineering capabilities. Its United States advanced pressurised water reactor design was selected for the proposed Comanche Peak expansion in Texas. A subsidiary participated in the development joint venture with Luminant, separately from the existing operating nuclear units.

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.

Founded in 1912, Illinois Tool Works has become a diversified industrial manufacturer through acquisitions and innovations that follow customer needs. ITW operates through seven business segments, with no segment representing more than one-fifth of revenue. ITW’s automotive OEM segment sells vehicle components; its food equipment segment sells commercial kitchen appliances; its test and measurement and electronics segment sells inspection and analysis equipment; its welding segment sells welding equipment and consumables; its polymers and fluids segment sells industrial and consumer adhesives, solvents, and coatings; its construction products segment sells building fasteners and tools; and its specialty products segment sells medical, packaging, HVAC, and airport ground equipment.

Cummins is a leading manufacturer of diesel and other engines used in heavy- and medium-duty commercial trucks, off-highway equipment, and locomotives, in addition to prime power and standby generators. The company also sells powertrain components, which include filtration products, transmissions, turbochargers, aftertreatment systems, and fuel systems. Sales are approximately 60% US and Canada and 40% rest of the world. Much of Cummins’ foreign sales (China, India, and so forth) are through joint ventures. The company operates 650 distributors and over 19,000 dealer locations across 190 countries. Cummins’ business model is unique as it competes with many of its heavy-duty truck manufacturer customers, which also make their own engines.

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.

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.

Based in Toronto, Barrick is one of the world's largest gold miners. In 2025, the firm sold about 3.3 million attributable ounces of gold and about 220,000 metric tons of copper. At end-2025, Barrick had about two decades of gold reserves along with significant copper reserves. After buying Randgold in 2019 and combining its Nevada mines in a joint venture with competitor Newmont later that year, it operates mines in the Americas, Africa, the Middle East, and Asia. The company also has growing copper exposure, driven by the expansion of its Lumwana mine in Zambia and the development of its Reko Diq copper and gold project in Pakistan. It intends to undertake an IPO of its joint venture stakes in Nevada Gold Mines and Pueblo Viejo along with its Fourmile deposit later in 2026.

TransDigm manufactures and services a broad set of specialized parts for commercial and military aircraft. The firm has three segments: power and control, airframes, and a small nonaviation segment, which serves mostly off-road vehicles and mining equipment. It is an acquisitive holding company focused on buying up smaller firms that make proprietary aerospace products with substantial aftermarket revenue. TransDigm regularly employs financial leverage to amplify its operating results.

Paccar is a leading manufacturer of medium- and heavy-duty trucks under the premium nameplates Kenworth and Peterbilt, which are primarily sold in the Americas and Australia, and DAF, which primarily services Europe and South America. The trucks segment (74% sales) goes to market through a network of 2,200 independent dealers. Paccar maintains an internal finance subsidiary that provides retail and wholesale financing for customers and dealers (6% sales). In recent years, Paccar has aggressively expanded its parts business (20% of sales), including engines, axles, and transmissions for its own truck brands as well as independent producers. The company commands 30% of the Class 8 market share in North America and 15% of the heavy-duty market share in Europe.

Elite Material Co Ltd is engaged in the manufacturing and selling of printed circuit boards, copper-clad laminates, electronic-industrial specialty chemicals, raw materials, work-in-progress, and finished goods of electronic components. The Group has three reportable segments: The domestic segment produces and sells different types of printed circuit board products, electronic-industrial specialty chemicals, and electronic components, the Foreign segment produces and sells prepreg for printed circuit board and copper-clad laminate, and the Other segment includes investment and product exchange business. Geographically, it operates in Taiwan, China, and Other countries.

Larsen & Toubro Ltd is a technology, engineering, manufacturing, and financial services conglomerate operating globally. It enters into contracts to construct various facilities, develop solutions for offshore and onshore hydrocarbon projects, serve power plants, build ships, and perform other engineering projects. Its integrated capabilities help customers throughout the entire value chain, from design to delivering a project. The company's operating segments are: Infrastructure projects, Energy projects, Hi-Tech Manufacturing, IT & Technology services, Financial services, Development projects, and other segments. A majority of its revenue is generated from the Infrastructure projects segment. Geographically, the group generates maximum revenue from its operations in India.

Sumitomo Corp. is a 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 resource businesses such as energy and metals as well as nonresource businesses, both industrial ones like machinery and nonindustrial ones like food, media, and retail. In addition to acting as a trading intermediary (including midstream processing functions to convert inputs into final products), Sumitomo also participates in upstream production businesses and downstream distribution businesses.

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.

Marubeni is a 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 such as energy and metals as well as nonresources businesses, both industrial ones like machinery and nonindustrial ones like food, real estate, and retail. In addition to acting as a trading intermediary (including midstream processing functions to convert inputs into final products), Marubeni also participates in upstream production businesses and downstream distribution businesses.

CITIC Limited is a Hong Kong-listed diversified group whose activities include financial services, resources and energy, manufacturing, real estate, infrastructure and engineering contracting. Its businesses operate principally in China, alongside activities in Hong Kong and other overseas markets. The group serves commercial, industrial, institutional and consumer customers through its operating subsidiaries. Revenue comes from financial services, manufactured products, resource-related activities, infrastructure and contracted services across those businesses. In 2015, CITIC Environment, within the group’s wholly owned corporate chain, invested alongside KKR in United Envirotech as part of an expansion into environmental services. The acquired platform combined wastewater-treatment engineering, water-plant investments and membrane manufacturing. CITIC’s 2015 transaction disclosures described environmental protection and stewardship of natural resources as a strategic development area. At June 2015, the broader group reported approximately HK$6.5 trillion of total assets and employed more than 120,000 people across its businesses.

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.

Coherent Corp is a vertically integrated manufacturing company that develops, manufactures, and markets lasers, transceivers, and other optical and optoelectronic devices, modules, and systems, as well as engineered materials, for use in the communications, industrial, instrumentation, and electronics markets. Its reporting segments are Datacenter Communications and Industrial. Its geographic areas are North America, Europe, China, Japan, and the rest of the world.

Carrier Global, spun out of United Technologies in 2020, manufactures and services commercial and residential HVAC systems and transportation refrigeration solutions under its flagship Carrier brand, as well as Bryant, Payne, Heil, and others across various price points. In 2024, Carrier acquired Viessmann Climate Solutions to expand its footprint in Europe with heat pumps, boilers, and solar PV equipment. Proceeds from the sale of Carrier’s fire and security (Honeywell) and commercial refrigeration (Haier) businesses reduced debt and focused the company on global HVAC and refrigeration solutions. Carrier generates 75% of sales from equipment and 25% from parts and services. The company derives 50% of revenue from the US, 30% from Europe, and 20% from the Asia-Pacific region.

Sandvik is a manufacturer of specialized tools and mining equipment used predominantly by global mining, engineering, and automotive customers. The group is composed of three segments: mining and rock solutions, rock processing, and machining. Sandvik was founded in 1862 and listed on the Nordic Exchange in Stockholm in 1901.

Toyota Tsusho Corp is a Japan-based company involved in trading diverse products, along with the manufacturing, processing, sales, investment, and related service activities. The company operates through segments including Africa, Circular Economy, Digital Solutions, Green Infrastructure, Lifestyle, Metal Plus, Mobility, Supply Chain, and Others. It generates the majority of its revenue from the Metal Plus segment, which processes, manufactures, treats, and sells steel products and nonferrous metal ingots, among others.

Mexico-based Femsa is a beverage and retail conglomerate in Central and South America. The holding company owns controlling stakes in bottler Coca-Cola Femsa (47% economic stake, 56% voting rights), in addition to operating 100%-owned retail assets, including convenience stores under the Oxxo banner, drugstores, and gas stations. The firm divested its 15% stake in Heineken and its distribution business in 2023. Coca-Cola Femsa and the Oxxo chain made up 75% of total company revenue and over 90% of profits in 2024.

ASM International is a Dutch company that supplies deposition equipment for chip fabrication. It is the leader in atomic layer deposition, a precise deposition technique that is required in the most advanced semiconductors. ASM’s main clients are logic foundries TSMC, Samsung, and Intel, as well as memory foundries SK Hynix and Micron Technology. Foundries and wafer fab equipment providers like ASM work closely, which gives the firm insight into the customer’s innovation and product roadmaps. Once a machine is established in a fab, it can generate service revenue for decades.

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.

Komatsu, headquartered in Tokyo, is the world’s second-largest manufacturer of construction, mining, and utility equipment, with a legacy dating back to 1921. Operating in over 150 countries, Komatsu delivers a full suite of heavy machinery, intelligent solutions, and lifecycle services across infrastructure, energy, natural resources, and industrial sectors.