Motives for acquisitions among engineering consulting firms

Many empirical studies across various industry sectors show a high failure rate of mergers and acquisitions (M&A), suggesting that this instrument of corporate development is rather risky. Since engineering consulting firms usually have a low tangible asset base as well as good educated and highly mobile professionals, carrying out an M&A transaction in this particular service sector creates an even higher risk. It is evident from the relevant construction and engineering literature that a large number of engineering consulting firms engage in M&A for their corporate development. Owing to the uniqueness of that service sector combined with the high failure rate of M&A, a survey among the top 100 engineering consulting firms in Europe was conducted to investigate the motives behind M&A transactions. Findings suggest that diversification into new service/client markets as well as the penetration into new geographic markets were the most important motives. Further, increasing the firm's market share and the acceleration of growth were the next most popularly rated motives, while tax reasons or spending the firm's excess cash were both seen as relatively unimportant motives. The results show that - compared to other industry sectors - engineering consulting firms had some very different motives or another emphasis was placed on those motives when conducting an M&A transaction. Results also show that some motives were just as important for engineering consulting firms as for firms of other industry sectors, for example the increase of market share or the acceleration of firm growth.     

Growth effects of regional policy in Germany: results from a spatially augmented multiplicative interaction model

Private investment subsidies are a key instrument for regional policy making to foster the economic development in lagging regions. In this paper, we analyze their effect on labor productivity growth for German labor market regions for the period from 1994 to 2006. A spatially augmented multiplicative interaction model based on neoclassical growth theory is used, which allows us to assess the marginal effect of regional policy proxied by overall payments of the main German regional development program on the region’s convergence speed conditional on its initial income position as well as policy-related spillovers from its spatial neighborhood. Our results show a statistically significant positive effect of regional policy on labor productivity growth, which increases, the further away the supported region is from its steady-state income level, and the more grants are provided to its geographical neighborhood. The latter effect highlights the existence of positive spatial spillover effects from regional policy in Germany, which enhance the attractiveness of the whole macro region for private sector investments. The additional growth stimulus provided by a 1 % increase in the region’s funding volume is thereby related to an up to 0.3 % gain in terms of labor productivity growth. For regions with the highest initial gaps to steady-state income in the sample distribution, the regional policy stimulus accounts for almost 8 % of the regions’ productivity growth performance.     

Identification of the Trail Pheromone of the Pavement Ant Tetramorium immigrans (Hymenoptera: Formicidae)

Journal of Chemical Ecology - Four species of Tetramorium pavement ants are known to guide foraging activities of nestmates via trail pheromones secreted from the poison gland of worker ants, but...     

Rheology of natural fibers thermoplastic compounds: Flow length and fiber distribution

The presented study investigates the flow length and the corresponding fiber content distribution in the injection‐moulded natural fiber reinforced thermoplastics and its relation to fiber type and processing parameters such as injection pressure, temperature, injection rate and mould tempering by increasing die temperature. In this research, polypropylene compounds with nominally 30 wt % hemp and sisal fibers are investigated. The influence of the injection pressure (500 and 1000 bar), melt temperature (180°C, 200°C, and 220°C), and die temperature (23°C and 80°C) on the fiber content distribution all over the sample is investigated. An increasing linear trend of fiber content along the spiral length is observed as an evidence of a fiber/polymer multiflow system. A pattern for fiber content distribution with respect to the fiber length along the injected spiral can be distinguished, where the longer fibers are usually found at the end of the injected part and the shorter fibers remain near mould entrance point. © 2013 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2014 , 131, 39861.     

Aerosol Process for the In Situ Coating of Nanoparticles with a Polymer Shell

This article presents a novel method to encapsulate gas-borne nanoparticles with a polymeric shell. This method implies heterogeneous condensation of monomer vapor around the surface of nanoparticles as nuclei and polymerization is then subsequently started by addition of NH₃ as aerosol initiator. Ag and SiO₂ nanoparticles were generated as inorganic core by spark discharge and nebulization, respectively, and glycidyl methacrylate (GMA) was used as organic monomer. The effect of several parameters, including vapor pressure of monomer and properties of inorganic core such as morphology, material, particle size, and production method on the thickness of polymeric shell and morphology of resulting nanocomposites has been investigated. The particle size distribution and morphology of the resulting core-shell nanoparticles have been studied via scanning mobility particle sizer (SMPS) and transmission electron microscope (TEM). Finally, the coating efficiency was determined by aerosol photoemission (APE) and the results show that monomer and polymer coating efficiency are 99% and 60%, respectively.

Copyright 2014 American Association for Aerosol Research     

Demonstration of the monolithic interconnection on CIS solar cells by picosecond laser structuring on 30 by 30 cm2 modules

In this paper, we present the selective structuring of all three patterns (P1, P2 and P3) of a monolithic interconnection of CIS (Cu(In,Ga)(S,Se)₂) thin film solar cells by picosecond laser pulses at a wavelength of 1064 nm. We show results for single pulse ablation threshold values and line scribing of molybdenum films on glass (P1), CIS on molybdenum (P2) and zinc oxide on CIS (P3). The purposes of these processes are the p‐type isolation (P1), cell interconnect (P2) and n‐type isolation (P3), which are required for complete cell architecture. The half micron thick molybdenum back electrode can be structured with a process speed of more than 15 m/s at about 15 W average power without detectable residues and damage by direct induced laser ablation from the back side (P1). The CIS layer can be structured selectively down to the molybdenum at process speeds up to 1 m/s at about 15 W average power, due to the precision of direct laser ablation in the ultrashort pulse regime (P2). The ZnO front electrode layer is separated by clean trenches with straight side walls at process speeds of up to 15 m/s at about 10 W average power, as a result of indirect induced laser ablation (P3). A validation of functionality of all processes is demonstrated on CIS solar cell modules (30 × 30 cm²). By replacing one state‐of‐the‐art process by a picosecond laser process at a time, solar efficiencies could be increased for P1 and P2 and stayed on a similar level for P3. After an optimization of the patterning processes in the R&D pilot line of AVANCIS, we achieved a new record efficiency for an all‐laser‐patterned CIS solar module: 14.7% as best value for the aperture area efficiency of a 30 × 30 cm² sized CIS module was reached. Copyright © 2014 John Wiley & Sons, Ltd.     

Pyryliumverbindungen. 31 [1]. Reaktion 3-alkylsubstituierter 2,4,6-Triaryl-pyryliumsalze mit 1,3-Diketonaten: Ein Weg zur Darstellung 3-acylsubstituierter Benzophenone

Pyrylium Compounds. 31. Reaction of 3-Alkyl-2,4,6-triarylpyrylium Salts with 1,3-Diketonates: A Method for the Preparation of 3-Acylsubstituted Benzophenones Reaction of 3-alkyl-2,4,6-triarylpyrylium salts with 1,3-diketones in the presence of one equivalent of triethylamine or potassium tert-butoxide does not lead — as originally suspected — to the primary adducts of 2H-pyran structure 6 , but to the open-chain valence isomers 7 . Treatment of the latter with one equivalent of tert-butoxide in tert-butyl alcohol gives the same 3-alkyl-2,4,6-triarylacetophenones 9 which are obtained directly from 5 , 1,3-diketones and two equivalents of potassium tert-butoxide. However, on treating 7 with aqueous ethanolic sodium hydroxide 3-acylsubstituted benzophenones 10 are formed in good yields. The reaction sequence 5→7→10 can also be performed through a one-pot-procedure. — The i.r., u.v., n.m.r. and mass spectroscopic data of the novel products 7, 9 , and 10 are reported.