Factory Fever and Landmarks in Manufacturing Longevity: So That Happened

Editor’s note: Welcome to So That Happened, our editors’ takes on things going on in the manufacturing world that deserve some extra attention. This will appear regularly in the Member’s Only section of the site.

The IPO Market Catches Factory Fever 

Investing in manufacturing is sexy again. 

Investors have been clamoring for a while to capitalize on the strong demand for equipment related to artificial intelligence, data centers or electrification. This year, they’ve also started looking beyond those themes to companies focused on energy, aerospace, defense and basic-but-important components. And they’ve largely been rewarded early on: 

The leaders of Madison Air Solutions Corp. on April 15 completed the largest initial public offering for an industrial company since late last century, raising more than $2.2 billion. The company markets various air quality management products for commercial and residential use—it’s the home of Big Ass Fans as well as the Nortek and AprilAire brands, among others—and last year rang up $3.3 billion in sales.  

On the same day, investment firm Arcline brought to market Arxis Inc., a 47-brand manufacturer of everything from connectors and cable assemblies to sensors, self-lubricating bearings and gaskets. The company last year had revenues of $1.6 billion, nearly half of which came from defense and space-related customers. 

Worth noting: Both IPOs were priced at the top of the ranges investment bankers had projected and both stocks—ticker symbols MAIR and ARXS—were trading about 30% higher than those prices on the morning of April 22. It’s early days, for sure, but data from the IPO experts at research and investment management firm Renaissance Capital show that eight industrial companies have raised at least $300 million by going public this year and only construction gear rental firm EquipmentShare.com isn’t up at least 10% from its IPO price. 

If the environment holds up, investors can look forward to several blockbuster IPOs in the near(ish) future. Booming defense manufacturer Anduril, which has a reported valuation of more than $60 billion, is expected to go public in the next year and change. And the big fish still in the water is Elon Musk’s SpaceX: Recent reports say the company’s leaders plan to launch a marketing push in June for an IPO that could aim to raise a whopping $75 billion. 

— Geert De Lombaerde 

We Did the Washing Machine Math

Unlike smart TVs or phones, it’s easy to find a “Made in USA” washing machine or dishwasher if supporting American manufacturing jobs is one of your purchase criteria. The sheer weight of home appliances and the shipping costs involved help keep them close to home.

But Whirlpool Corp.’s “strengthening domestic manufacturing” posturing around its expansion in Ohio of late has a dishonest ring when it’s laying off employees elsewhere in the Midwest.

The home appliance company—which will receive as-yet-undisclosed incentives from the state of Ohio—has promised a $360 million investment and up to 500 to 750 new jobs in Ohio, with expansions at an existing plant in the town of Clyde and a new facility located in the former Toledo Solar plant in Perrysburg, Ohio. U.S. Trade Representative Jamieson Greer hosted a press conference celebrating domestic manufacturing at the Clyde plant in April.

“Whirlpool Corporation’s unwavering commitment to American manufacturing is a cornerstone of our identity,” said Chairman and CEO Marc Bitzer in a press release. “This $300 million investment in our Clyde and Marion facilities underscores our dedication to creating jobs, fostering innovation, and delivering high-quality, American-made appliances to U.S. consumers.”

No question those jobs, and the investments that come with them, are welcome in the northwestern part of the state.

But a few states over, in Iowa, there have been no trade representative visits at Whirlpool facilities—just a dwindling workforce.

Whirlpool laid off 341 union workers in Amana, Iowa in December, and in March announced plans to lay off 250 more. The International Association of Machinists union that represents Whirlpool workers claims that between layoffs and not replacing workers who leave, the Amana plant will lose 1,000 workers.

—Laura Putre

A Happy 100th to Two US Manufacturers

Congratulations to two U.S. manufacturers marking milestone achievements in longevity in 2026. Graco Inc. and SSP Fittings Corp. are celebrating their 100th anniversaries this year, joining an elite community of resilient manufacturers that have demonstrated remarkable staying power and survival skills through good times and bad.

Founded as Gray Co. in Minneapolis, Graco emerged on the scene when parking lot attendant Russell Gray got fed up with grease guns that failed to perform in cold Minneapolis winters while being used to service cars. His frustration, the story goes, led to the invention of an air-powered grease gun and the start of what is now a $2 billion global industrial technology company.

Twinsburg, Ohio-based SSP officially reaches its 100th anniversary in September. The producer of fittings and valves (also a 2019 IndustryWeek Best Plants Award winner) began life as a contract manufacturer of screw machine products made from brass and carbon steel. Purchased by the King family in 1950, the third-generation, family-owned business today manufactures fittings and valves for instrumentation, utility, control and process applications.

Happy anniversary.

—Jill Jusko

Woman Welder Forges a First 

The American Welding Society (AWS) and SkillsUSA have announced 21-year-old student Mikala Sposito will be the first woman to represent the United States as a welding competitor at the 48th WorldSkills Competition (WSC), an international competition for young skilled trades professionals from more than 80 countries. 

The Washtenaw Community College student was selected after placing first overall at the USA Weld Trials in Huntsville, Alabama. Competitors were evaluated on technical execution, precision, safety, craftsmanship and their ability to complete complex welding tasks to international standards under time constraints. 

A virtual welding demonstration sparked Sposito’s interest in the trade when she was just 10 years old. After winning the 2024 SkillsUSA Michigan state championship, she has spent the last two years training 60 to 80 hours per week under the instruction of former WorldSkills silver medalist Alex Pazkowski. 

“Competitors at this level demonstrate exceptional technical skill along with the discipline, mental toughness and consistency required to perform at the highest level under intense pressure,” says Martica Ventura, senior manager for competitions, events and conferences at AWS. “Mikala’s achievement reflects the high standards required to compete on a global stage and shows that excellence in welding is open to everyone.”  

The WSC, sometimes referred to as the “Olympics of skilled trades,” will be held in Shanghai, China, on Sept. 22–27, 2026, and feature trades such as CNC milling, mechatronics, plumbing and heating, heavy vehicle technology and more. 

—Anna Smith