Manufacturing merger and acquisition activity started strong in the first quarter, with leading deals including Honeywell's $2.2 billion acquisition of heatpump maker Sundyne and Siemens' $10 billion acquisition of Altair Engineering.
The industrial sector saw 437 deals in the first quarter, according to investment bank R.L. Hulett, which reviewed data from around the globe and in sectors including industrial supplies and parts, aerospace and defense, machinery and electrical equipment. M&A activity in the sector was up 5% year over year, from 416 deals in Q1 2024.
Looking ahead, however, deal activity could suffer as the Trump administration’s sweeping tariff policies take effect. Market uncertainty could limit companies' desire to push ahead with major expenses, including mergers and acquisitions, according to insights from law firm Nixon Peabody. KPMG first quarter 2025 data, which reviewed deals in all sectors through March 10, found M&A transactions down 7% compared to the previous quarter, hitting $376 billion.
Here are 10 deals from the first quarter that didn’t make earlier headlines on Manufacturing Dive. Deals span across six manufacturing sectors and include both major transaction values and M&A action that could have wider impacts on the industry.
Electronics and semiconductors
Onsemi acquired Qorvo's Silicon Carbide Junction Field-Effect Transistor business
- Deal value: $115 million
- Announcement date: Jan. 15
- Details: The deal adds to Onsemi's offerings for power supply units for AI data centers. The deal includes Qorvo's United Silicon Carbide subsidiary.
Skywater Technologies bought Infineon's Austin fab
- Deal value: Undisclosed
- Announcement date: Feb. 26
- Details: Skywater bought the 200 mm Austin, Texas, fab, with plans to operate it as a foundry. The two parties also signed a long-term supply agreement that allows Infineon to have a manufacturing presence in the U.S. The nearly 1,000 workers at the fab will become Skywater employees. **
Cohu closed acquisition of Tignis
- Deal value: Undisclosed
- Announcement date: Jan. 7
- Details: Cohu, a chip manufacturing supplier, bought the AI software maker as part of its bid to grow its reach in the semiconductor process control market.
Food and Beverage
Nonantum Capital Partners acquired MSI Express
- Deal value: Undisclosed
- Announcement date: March 26
- Details: The private equity firm acquired the contract food and beverage co-packing company, which operates 15 locations across the U.S. and services segments including dry foods, liquids, pet foods and vitamins and supplements.
JBT acquired Marel
- Deal value: Undisclosed
- Announcement date: Jan. 3
- Details: Illinois-based JBT bought the food processing company, rebranding as JBT Marel. Marel, based in Iceland, is the parent company of Kansas-based Wenger Manufacturing, which produces industrial equipment for cooking.
Medtech and pharmaceuticals
Thermo Fisher Scientific to acquire Solventum’s purification and filtration business
- Deal value: $4.1 billion
- Announcement date: Feb. 25
- Details: The medtech giant plans to buy the Solventum business, which generates more than $1 billion in revenue and operates sites across the Americas, Europe, the Middle East, Africa and the Asia-Pacific region. The acquisition will expand Thermo Fisher's biologics manufacturing and development capacity. The transaction is expected to close by the end of 2025.
Jabil completed acquisition of Pharmaceutics International
- Deal value: Undisclosed
- Announcement date: Feb. 4
- Details: The manufacturing giant bought the contract drugmaker as part of its strategy to grow its biopharmaceuticals portfolio. The deal includes the acquisition of Pharmaceutics' auto-injectors, pen injectors, inhalers, and on-body pumps production.
Chemicals
Pritzker Private Capital bought majority stake in Americhem
- Deal value: Undisclosed
- Announcement date: Feb. 20
- Details: The private equity group bought a majority stake in the family-owned compound solution manufacturer that serves healthcare, fiber, transportation and building sectors. Americhem has more than 1,500 customers globally and the deal is expected to close in Q1.
Aerospace and defense
Novaria bought Bandy Manufacturing
- Deal value: Undisclosed
- Announcement date: Jan. 21
- Details: Novaria, which makes specialty components and hardware for the aerospace and defense industries, bought Bandy, which produces tight tolerance aerospace and defense hinges and pins. Bandy's operations will remain in Burbank, California.
Mobix Labs to acquire SCP Manufacturing
- Deal value: Undisclosed
- Announcement date: Jan. 22
- Details: Mobix is set to close its acquisition of the aerospace electrical components manufacturer in Q2. The company plans to release more information regarding the value of the deal, which will be financed through both cash and equity, at the time of closing.
Building materials
James Hardie and Azek merge
- Deal value: $8.75 billion
- Announcement date: March 24
- Details: Building products manufacturer James Hardie Industries and outdoor living products firm The Azek Co. plan to merge, with James Hardie shareholders claiming 74% of the combined company. The deal, which is set to close during the second half of the year, is meant to further spur James Hardie’s growth in the North American market.
