By William Schwarck,
Editor-in-Chief,
ReMaTecNews
In any industry some weeks are obviously more newsworthy than others. Actually, some months, even years, can be more newsworthy than others. It’s all part and parcel of the flow of news, events and developments that constitute the lifeblood of an industry.
Automotive remanufacturing is no exception. Although perhaps not the most innovative of industries, reman is ultimately about preserving existing components and has its share of newsworthy, even momentous, weeks. The past week was one.
The announcement that the Cardone family of Philadelphia has decided to sell a majority share of Cardone Industries, the world’s largest independent remanufacturer, to the investment group TPG Capital, merits more than passing attention. Since all indications are that Michael Cardone Jr., the company’s Chairman and CEO and his son Michael III, will remain in day-to-day charge of the business for the foreseeable future, the repercussions, if any, may be more evident inside the company than outside.
Even so, the injection of new capital, perhaps also an element of new thinking at the top, could spur important new initiatives by Cardone in the market place. It’s hardly unknown that a strongly competitive streak runs through its corporate veins and it would be surprising, indeed, if the change in ownership would lessen this in any way.
So barring unforeseen developments, Cardone Industries will, as it has had for more than forty years, have a Cardone at the helm - and the reman industry will maintain the services of a leader, Michael Cardone Jr. who has been a dynamic force in remanufacturing for almost as long.
This, however, is not the only interesting aspect of the deal between the Cardone family and TPG, a global investment firm with offices worldwide, a history of shrewd investments in a broad range of leading businesses and an instinct for backing winners.
With Cardone Industries, its leaders clearly believe they are backing another winner - as they probably are. But, more importantly, they are also showing huge confidence in the future of automotive remanufacturing and a willingness to back that confidence with their own, or their investor’s, cool cash. That is certainly one key message from the announcement coming out of Philadelphia over the past few days. Cardone is here to stay but so is remanufacturing.
Again, some weeks are more newsworthy than others. This was one of them.
Editor-in-Chief,
ReMaTecNews
In any industry some weeks are obviously more newsworthy than others. Actually, some months, even years, can be more newsworthy than others. It’s all part and parcel of the flow of news, events and developments that constitute the lifeblood of an industry.
Automotive remanufacturing is no exception. Although perhaps not the most innovative of industries, reman is ultimately about preserving existing components and has its share of newsworthy, even momentous, weeks. The past week was one.
The announcement that the Cardone family of Philadelphia has decided to sell a majority share of Cardone Industries, the world’s largest independent remanufacturer, to the investment group TPG Capital, merits more than passing attention. Since all indications are that Michael Cardone Jr., the company’s Chairman and CEO and his son Michael III, will remain in day-to-day charge of the business for the foreseeable future, the repercussions, if any, may be more evident inside the company than outside.
Even so, the injection of new capital, perhaps also an element of new thinking at the top, could spur important new initiatives by Cardone in the market place. It’s hardly unknown that a strongly competitive streak runs through its corporate veins and it would be surprising, indeed, if the change in ownership would lessen this in any way.
So barring unforeseen developments, Cardone Industries will, as it has had for more than forty years, have a Cardone at the helm - and the reman industry will maintain the services of a leader, Michael Cardone Jr. who has been a dynamic force in remanufacturing for almost as long.
This, however, is not the only interesting aspect of the deal between the Cardone family and TPG, a global investment firm with offices worldwide, a history of shrewd investments in a broad range of leading businesses and an instinct for backing winners.
With Cardone Industries, its leaders clearly believe they are backing another winner - as they probably are. But, more importantly, they are also showing huge confidence in the future of automotive remanufacturing and a willingness to back that confidence with their own, or their investor’s, cool cash. That is certainly one key message from the announcement coming out of Philadelphia over the past few days. Cardone is here to stay but so is remanufacturing.
Again, some weeks are more newsworthy than others. This was one of them.
No comments:
Post a Comment