Technology

Avantor® Reports Second Quarter 2024 Results

Published

2 years ago

July 26, 2024

Net sales of $1.70 billion, decrease of 2.4%; organic decline of 2.0%Net income of $93 million; Adjusted EBITDA of $306 millionDiluted GAAP EPS of $0.14; adjusted EPS of $0.25Operating cash flow of $281 million; free cash flow of $235 million

RADNOR, Pa., July 26, 2024 /PRNewswire/ — Avantor, Inc. (NYSE: AVTR), a leading global provider of mission-critical products and services to customers in the life sciences and advanced technology industries, today reported financial results for its second fiscal quarter ended June 30, 2024.

“Our teams delivered another solid quarter with sequential improvements to all key financial metrics. Improved mix from increased bioprocessing revenue together with the accelerated impact of our cost transformation initiative drove more than 100 basis points of sequential Adjusted EBITDA margin expansion, while disciplined working capital management led to free cash flow conversion above 100%,” said Michael Stubblefield, President and Chief Executive Officer.

“We are reaffirming our fiscal year 2024 guidance and remain focused on executing our long-term growth strategy and delivering value to our customers and shareholders,” Stubblefield concluded.

Second Quarter 2024

For the three months ended June 30, 2024, net sales were $1,702.8 million, a decrease of 2.4% compared to the second quarter of 2023. Foreign currency translation had a negative impact of 0.4%, resulting in a sales decline of 2.0% on an organic basis.

Net income increased to $92.9 million from ($7.3) million in the second quarter of 2023, and adjusted net income was $168.0 million as compared to $186.4 million in the comparable prior period. Net Income margin was 5.5%. Adjusted EBITDA was $305.6 million and Adjusted EBITDA margin was 17.9%. Adjusted Operating Income was $277.2 million and Adjusted Operating Income margin was 16.3%.

Diluted earnings per share on a GAAP basis was $0.14, while adjusted EPS was $0.25.

Operating cash flow was $281.1 million, while free cash flow was $235.3 million. Adjusted net leverage was 3.9x as of June 30, 2024.

Second Quarter 2024 – Segment Results

Laboratory Solutions

Net sales were $1,155.7 million, a reported decrease of 3.2%, as compared to $1,193.8 million in the second quarter of 2023. Sales declined 2.7% on an organic basis.Adjusted Operating Income was $150.9 million as compared to $179.7 million in the comparable prior period. Adjusted Operating Income margin was 13.1%.

Bioscience Production

Net sales were $547.1 million, a reported decrease of 0.5%, as compared to $550.1 million in the second quarter of 2023. Sales declined 0.3% on an organic basis.Adjusted Operating Income was $144.0 million, as compared to $154.2 million in the comparable prior period. Adjusted Operating Income margin was 26.3%.

Adjusted Operating Income is Avantor’s segment reporting profitability measure under generally accepted accounting principles and is used by management to measure and evaluate the performance of our Company’s business segments.

Conference Call
We will host a conference call to discuss our results today, July 26, 2024, at 8:00 a.m. Eastern Time. The live webcast and presentation, as well as a replay, will be available on the investor section of Avantor’s website.

About Avantor
Avantor® is a leading life science tools company and global provider of mission-critical products and services to the life sciences and advanced technology industries. We work side-by-side with customers at every step of the scientific journey to enable breakthroughs in medicine, healthcare, and technology. Our portfolio is used in virtually every stage of the most important research, development and production activities at more than 300,000 customer locations in 180 countries. For more information, visit avantorsciences.com and find us on LinkedIn, X (Twitter) and Facebook.

Use of Non-GAAP Financial Measures
To evaluate our performance, we monitor a number of key indicators. As appropriate, we supplement our results of operations determined in accordance with U.S. generally accepted accounting principles (“GAAP”) with certain non-GAAP financial measures that we believe are useful to investors, creditors and others in assessing our performance. These measures should not be considered in isolation or as a substitute for reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly titled measures reported by other companies. Rather, these measures should be considered as an additional way of viewing aspects of our operations that provide a more complete understanding of our business. We strongly encourage investors to review our consolidated financial statements included in reports filed with the SEC in their entirety and not rely solely on any one single financial measure or communication.

The non-GAAP financial measures used in this press release are sales growth (decline) on an organic basis, Adjusted Operating Income, Adjusted Operating Income margin, Adjusted EBITDA, Adjusted EBITDA margin, adjusted net income, adjusted EPS, adjusted net leverage, free cash flow, and free cash flow conversion.

Sales growth (decline) on an organic basis eliminates from our reported net sales growth (decline) the impacts of revenues from any acquired businesses that have been owned for less than one year and changes in foreign currency exchange rates. We believe that this measure is useful to investors as a way to measure and evaluate our underlying commercial operating performance consistently across our segments and the periods presented. This measure is used by our management for the same reason.Adjusted Operating Income is our net income or loss adjusted for the following items: (i) interest expense, (ii) income tax expense, (iii) amortization of acquired intangible assets, (iv) losses on extinguishment of debt, (v) charges associated with the impairment of certain assets, (vi) and certain other adjustments. Adjusted Operating Income margin is Adjusted Operating Income divided by net sales as determined under GAAP. We believe that these measures are useful to investors as ways to analyze the underlying trends in our business consistently across the periods presented. These measures are used by our management for the same reason. Additionally, Adjusted Operating Income is our segment reporting profitability measure under GAAP.Adjusted EBITDA is our net income or loss adjusted for the following items: (i) interest expense, (ii) income tax expense, (iii) amortization of acquired intangible assets, (iv) depreciation expense, (v) losses on extinguishment of debt, (vi) charges associated with the impairment of certain assets, (vii) and certain other adjustments. Adjusted EBITDA margin is Adjusted EBITDA divided by net sales as determined under GAAP. We believe that these measures are useful to investors as ways to analyze the underlying trends in our business consistently across the periods presented. These measures are used by our management for the same reason.Adjusted net income is our net income or loss first adjusted for the following items: (i) amortization of acquired intangible assets, (ii) losses on extinguishment of debt, (iii) charges associated with the impairment of certain assets, (iv) and certain other adjustments. From this amount, we then add or subtract an assumed incremental income tax impact on the above-noted pre-tax adjustments, using estimated tax rates, to arrive at Adjusted Net Income. We believe that this measure is useful to investors as a way to analyze the business consistently across the periods presented. This measure is used by our management for the same reason.Adjusted EPS is our adjusted net income divided by our diluted GAAP weighted average share count adjusted for anti-dilutive instruments. We believe that this measure is useful to investors as an additional way to analyze the underlying trends in our business consistently across the periods presented. This measure is used by our management for the same reason.Adjusted net leverage is equal to our gross debt, reduced by our cash and cash equivalents, divided by our trailing 12-month Adjusted EBITDA (excluding stock-based compensation expense and including the expected run-rate effect of cost synergies and the incremental results of completed acquisitions as if those acquisitions had occurred on the first day of the trailing 12-month period). We believe that this measure is useful to investors as a way to evaluate and measure the Company’s capital allocation strategies and the underlying trends in the business. This measure is used by our management for the same reason.Free cash flow is equal to our cash flow from operating activities, plus acquisition-related costs paid in the period, less capital expenditures. Free cash flow conversion is free cash flow divided by adjusted net income. We believe that these measures are useful to investors as they provide a view on the Company’s ability to generate cash for use in financing or investment activities. These measures are used by our management for the same reason.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables accompanying this release.

Forward-Looking and Cautionary Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial condition, results of operations, plans, including our cost transformation initiative, objectives, future performance and business. These statements may be preceded by, followed by or include the words “aim,” “anticipate,” “assumption,” “believe,” “continue,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “intend,” “likely,” “long-term,” “near-term,” “objective,” “opportunity,” “outlook,” “plan,” “potential,” “project,” “projection,” “prospects,” “seek,” “target,” “trend,” “can,” “could,” “may,” “should,” “would,” “will,” the negatives thereof and other words and terms of similar meaning.

Forward-looking statements are inherently subject to risks, uncertainties and assumptions; they are not guarantees of performance. You should not place undue reliance on these statements. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that our assumptions made in connection with the forward-looking statements are reasonable, we cannot assure you that the assumptions and expectations will prove to be correct. Factors that could contribute to these risks, uncertainties and assumptions include, but are not limited to, the factors described in “Risk Factors” in our most recent Annual Report on Form 10-K, and subsequent quarterly reports on Form 10-Q, as such risk factors may be updated from time to time in our periodic filings with the SEC.

All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. In addition, all forward-looking statements speak only as of the date of this press release. We undertake no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise other than as required under the federal securities laws.

Investor Relations Contact
Christina Jones
Vice President, Investor Relations
Avantor
+1 805-617-5297
Christina.Jones@avantorsciences.com

Media Contact
Emily Collins
Vice President, External Communications
Avantor
+1 332-239-3910
Emily.Collins@avantorsciences.com

Avantor, Inc. and subsidiaries

Unaudited condensed consolidated statements of operations

(in millions, except per share data)

Three months ended
June 30,

Six months ended
June 30,

2024

2023

2024

2023

Net sales

$ 1,702.8

$ 1,743.9

$ 3,382.6

$ 3,524.2

Cost of sales

1,121.3

1,153.9

2,230.6

2,309.4

Gross profit

581.5

590.0

1,152.0

1,214.8

Selling, general and administrative expenses

405.7

357.5

829.9

751.1

Impairment charges

—

160.8

—

160.8

Operating income

175.8

71.7

322.1

302.9

Interest expense, net

(60.9)

(73.4)

(125.2)

(147.1)

Loss on extinguishment of debt

(1.9)

(1.6)

(4.4)

(3.9)

Other income, net

1.6

2.0

2.7

2.6

Income (loss) before income taxes

114.6

(1.3)

195.2

154.5

Income tax expense

(21.7)

(6.0)

(41.9)

(40.3)

Net income (loss)

$ 92.9

$ (7.3)

153.3

114.2

Earnings (Loss) per share:

Basic

$ 0.14

$ (0.01)

$ 0.23

$ 0.17

Diluted

$ 0.14

$ (0.01)

$ 0.22

$ 0.17

Weighted average shares outstanding:

Basic

679.4

675.3

678.7

675.0

Diluted

682.6

675.3

681.9

677.9

Avantor, Inc. and subsidiaries

Unaudited condensed consolidated balance sheets

(in millions)

June 30, 2024

December 31, 2023

Assets

Current assets:

Cash and cash equivalents

$ 272.6

$ 262.9

Accounts receivable, net

1,129.0

1,150.2

Inventory

795.6

828.1

Other current assets

132.0

143.7

Total current assets

2,329.2

2,384.9

Property, plant and equipment, net

753.8

737.5

Other intangible assets, net

3,582.8

3,775.3

Goodwill, net

5,659.6

5,716.7

Other assets

368.1

358.3

Total assets

$ 12,693.5

$ 12,972.7

Liabilities and stockholders’ equity

Current liabilities:

Current portion of debt

$ 258.4

$ 259.9

Accounts payable

657.4

625.9

Employee-related liabilities

146.1

133.1

Accrued interest

49.9

50.2

Other current liabilities

352.8

411.2

Total current liabilities

1,464.6

1,480.3

Debt, net of current portion

4,856.6

5,276.7

Deferred income tax liabilities

575.4

612.8

Other liabilities

361.9

350.3

Total liabilities

7,258.5

7,720.1

Stockholders’ equity:

Common stock including paid-in capital

3,897.5

3,830.1

Accumulated earnings

1,644.8

1,491.5

Accumulated other comprehensive loss

(107.3)

(69.0)

Total stockholders’ equity

5,435.0

5,252.6

Total liabilities and stockholders’ equity

$ 12,693.5

$ 12,972.7

Avantor, Inc. and subsidiaries

Unaudited condensed consolidated statements of cash flows

(in millions)

Three months ended
June 30,

Six months ended
June 30,

2024

2023

2024

2023

Cash flows from operating activities:

Net income (loss)

$ 92.9

$ (7.3)

$ 153.3

$ 114.2

Reconciling adjustments:

Depreciation and amortization

102.6

202.2

203.7

Impairment charges

—

160.8

—

160.8

Stock-based compensation expense

11.1

9.2

23.8

21.9

Provision for accounts receivable and inventory

15.5

30.6

39.5

43.1

Deferred income tax benefit

(34.8)

(38.3)

(52.7)

(64.7)

Amortization of deferred financing costs

2.8

3.3

5.8

6.7

Loss on extinguishment of debt

1.9

1.6

4.4

3.9

Foreign currency remeasurement (gain) loss

(2.2)

(1.9)

3.1

(0.1)

Changes in assets and liabilities:

Accounts receivable

(2.7)

60.1

—

7.9

Inventory

(3.2)

(8.8)

(14.2)

(1.7)

Accounts payable

89.5

(75.0)

45.9

(74.4)

Accrued interest

9.2

9.9

(0.3)

(0.6)

Other assets and liabilities

(2.9)

(78.4)

6.4

(34.3)

Other

1.4

(0.2)

5.5

1.3

Net cash provided by operating activities

281.1

168.2

422.7

387.7

Cash flows from investing activities:

Capital expenditures

(45.8)

(30.1)

(80.5)

(58.1)

Other

0.9

0.7

1.4

Net cash used in investing activities

(44.9)

(29.4)

(79.1)

(56.7)

Cash flows from financing activities:

Debt borrowings

(28.9)

—

12.3

—

Debt repayments

(172.7)

(190.8)

(383.0)

(460.3)

Payments of debt refinancing fees and premiums

—

(2.3)

—

(2.3)

Proceeds received from exercise of stock options

5.3

2.1

50.8

4.7

Shares repurchased to satisfy employee tax
obligations for vested stock-based awards

(0.8)

(5.2)

(7.4)

(13.3)

Net cash used in financing activities

(197.1)

(196.2)

(327.3)

(471.2)

Effect of currency rate changes on cash and cash equivalents

(1.6)

(0.7)

(7.3)

4.1

Net change in cash, cash equivalents and restricted cash

37.5

(58.1)

9.0

(136.1)

Cash, cash equivalents and restricted cash, beginning of period

259.2

318.9

287.7

396.9

Cash, cash equivalents and restricted cash, end of period

$ 296.7

$ 260.8

$ 296.7

$ 260.8

Avantor, Inc. and subsidiaries

Reconciliations of non-GAAP measures

Adjusted EBITDA and Adjusted EBITDA Margin

(dollars in millions)

Three months ended June 30,

Six months ended June 30,

2024

2023

2024

2023

Net income (loss)

$ 92.9

5.5 %

$ (7.3)

(0.4) %

$ 153.3

4.5 %

$ 114.2

3.2 %

Amortization

74.9

4.4 %

78.9

4.5 %

150.2

4.4 %

157.3

4.5 %

Loss on extinguishment of debt

1.9

— %

1.6

0.1 %

4.4

0.1 %

3.9

0.1 %

Integration-related expenses1

—

— %

(0.6)

— %

—

— %

8.1

0.2 %

Restructuring and severance charges2

9.7

0.6 %

7.2

0.4 %

32.9

1.0 %

11.9

0.3 %

Transformation expenses3

16.2

1.0 %

—

— %

29.5

0.9 %

—

— %

Other4

(0.3)

— %

(0.7)

— %

(0.8)

— %

(0.8)

— %

Impairment charges5

—

— %

160.8

9.2 %

—

— %

160.8

4.6 %

Income tax benefit applicable to
pretax adjustments

(27.3)

(1.6) %

(53.5)

(3.1) %

(50.9)

(1.5) %

(73.6)

(2.1) %

Adjusted net income

168.0

9.9 %

186.4

10.7 %

318.6

9.4 %

381.8

10.8 %

Interest expense, net

60.9

3.6 %

73.4

4.2 %

125.2

3.7 %

147.1

4.2 %

Depreciation

27.7

1.5 %

23.7

1.4 %

52.0

1.6 %

46.4

1.4 %

Income tax provision applicable
to Adjusted Net income

49.0

2.9 %

59.5

3.4 %

92.8

2.7 %

113.9

3.2 %

Adjusted EBITDA

$ 305.6

17.9 %

$ 343.0

19.7 %

$ 588.6

17.4 %

$ 689.2

19.6 %

━━━━━━━━━

Represents direct costs incurred with third parties and the accrual of a long-term retention incentive to integrate acquired companies. These expenses represent incremental costs and are unrelated to normal operations of our business. Integration expenses are incurred over a pre-defined integration period specific to each acquisition.

Reflects the incremental expenses incurred in the period related to restructuring initiatives to increase profitability and productivity. Costs included in this caption are specific to employee severance, site-related exit costs, and contract termination costs. The expenses recognized in 2024 represent costs incurred to achieve the Company’s publicly-announced cost transformation initiative.

Represents incremental expenses directly associated with the Company’s publicly-announced cost transformation initiative, primarily related to the cost of external advisors.

Represents net foreign currency (gain) loss from financing activities, other stock-based compensation expense (benefit) and charges and legal costs in connection with certain litigation and other contingencies that are unrelated to our core operations and not reflective of on-going business and operating results.

Related to impairment of the Ritter asset group.

Avantor, Inc. and subsidiaries

Reconciliations of non-GAAP measures (continued)

Adjusted Operating Income and Adjusted Operating Income Margin

(dollars in millions)

Three months ended June 30,

Six months ended June 30,

2024

2023

2024

2023

Net income (loss)

$ 92.9

5.5 %

$ (7.3)

(0.4) %

$ 153.3

4.5 %

$ 114.2

3.2 %

Interest expense, net

60.9

3.6 %

73.4

4.2 %

125.2

3.7 %

147.1

4.2 %

Income tax expense

21.7

1.3 %

6.0

0.3 %

41.9

1.2 %

40.3

1.1 %

Loss on extinguishment of debt

1.9

— %

1.6

0.1 %

4.4

0.1 %

3.9

0.1 %

Other income, net

(1.6)

(0.1) %

(2.0)

(0.1) %

(2.7)

— %

(2.6)

— %

Operating income

175.8

10.3 %

71.7

4.1 %

322.1

9.5 %

302.9

8.6 %

Amortization

74.9

4.4 %

78.9

4.5 %

150.2

4.4 %

157.3

4.5 %

Integration-related expenses1

—

— %

(0.6)

— %

—

— %

8.1

0.2 %

Restructuring and severance charges2

9.7

0.6 %

7.2

0.4 %

32.9

1.0 %

11.9

0.3 %

Transformation expenses3

16.2

1.0 %

—

— %

29.5

0.9 %

—

— %

Other4

0.6

— %

0.9

0.1 %

0.9

— %

1.0

— %

Impairment charges5

—

— %

160.8

9.2 %

—

— %

160.8

4.6 %

Adjusted Operating Income

$ 277.2

16.3 %

$ 318.9

18.3 %

$ 535.6

15.8 %

$ 642.0

18.2 %

━━━━━━━━━

Represents incremental expenses directly associated with the Company’s publicly-announced cost transformation initiative, primarily related to the cost of external advisors.

Represents other stock-based compensation expense (benefit) and charges and legal costs in connection with certain litigation and other contingencies that are unrelated to our core operations and not reflective of on-going business and operating results.

Related to impairment of the Ritter asset group.

Avantor, Inc. and subsidiaries

Reconciliations of non-GAAP measures (continued)

Earnings per share

(shares in millions)

Three months ended
June 30,

Six months ended
June 30,

2024

2023

2024

2023

Diluted earnings (loss) per share (GAAP)

$ 0.14

$ (0.01)

$ 0.22

$ 0.17

Dilutive impact of convertible instruments

—

Fully diluted earnings (loss) per share (non-GAAP)

0.14

(0.01)

0.22

0.17

Amortization

0.11

0.12

0.22

0.23

Loss on extinguishment of debt

—

0.01

Integration-related expenses

—

0.01

Restructuring and severance charges

0.02

0.01

0.05

0.02

Transformation expenses

0.02

—

0.04

—

Other

—

Impairment charges

—

0.24

—

0.24

Income tax benefit applicable to pretax adjustments

(0.04)

(0.08)

(0.07)

(0.12)

Adjusted EPS (non-GAAP)

$ 0.25

$ 0.28

$ 0.47

$ 0.56

Weighted average shares outstanding:

Diluted (GAAP)

682.6

675.3

681.9

677.9

Incremental shares excluded for GAAP

—

2.4

—

Share count for Adjusted EPS (non-GAAP)

682.6

677.7

681.9

677.9

Free cash flow

(in millions)

Three months ended
June 30,

Six months ended
June 30,

2024

2023

2024

2023

Net cash provided by operating activities

$ 281.1

$ 168.2

$ 422.7

$ 387.7

Capital expenditures

(45.8)

(30.1)

(80.5)

(58.1)

Free cash flow (non-GAAP)

$ 235.3

$ 138.1

$ 342.2

$ 329.6

Adjusted net leverage

(dollars in millions)

June 30, 2024

Total debt, gross

$ 5,148.3

Less cash and cash equivalents

(272.6)

$ 4,875.7

Trailing twelve months Adjusted EBITDA

$ 1,208.5

Trailing twelve months ongoing stock-based compensation expense

42.3

$ 1,250.8

Adjusted net leverage (non-GAAP)

3.9 x

Avantor, Inc. and subsidiaries

Reconciliations of non-GAAP measures (continued)

Net sales by segment

(in millions)

June 30,

Reconciliation of net sales growth
(decline) to organic net sales growth
(decline)

Net sales
growth
(decline)

Foreign
currency
impact

Organic
net sales
growth
(decline)

2024

2023

Three months ended:

Laboratory Solutions

$ 1,155.7

$ 1,193.8

$ (38.1)

$ (5.4)

$ (32.7)

Bioscience Production

547.1

550.1

(3.0)

(1.3)

(1.7)

Total

$ 1,702.8

$ 1,743.9

$ (41.1)

$ (6.7)

$ (34.4)

Six months ended:

Laboratory Solutions

$ 2,312.8

$ 2,396.8

$ (84.0)

$ 3.6

$ (87.6)

Bioscience Production

1,069.8

1,127.4

(57.6)

1.7

(59.3)

Total

$ 3,382.6

$ 3,524.2

$ (141.6)

$ 5.3

$ (146.9)

Adjusted Operating Income by segment

(in millions)

Three months ended
June 30,

Six months ended
June 30,

2024

2023

2024

2023

Laboratory Solutions

$ 150.9

$ 179.7

$ 299.1

$ 351.9

Bioscience Production

144.0

154.2

270.9

321.7

Corporate

(17.7)

(15.0)

(34.4)

(31.6)

Total

$ 277.2

$ 318.9

$ 535.6

$ 642.0

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SOURCE Avantor and Financial News

Technology

Meridian Singapore Immigration Launches New Website to Simplify the PR Application Journey for Foreigners in Singapore

Published

6 hours ago

April 30, 2026

New online platform provides clear, structured guidance for Employment Pass and S Pass holders navigating Singapore’s residency and Permanent Residency pathways

SINGAPORE, April 30, 2026 /PRNewswire/ — Meridian Singapore Immigration Pte. Ltd. has officially launched its new website at meridianimmigration.sg, a resource built specifically for foreigners living and working in Singapore who are exploring Permanent Residency or long-term residency options.

The platform arrives at a time when Singapore’s expatriate and foreign professional community is growing rapidly, yet many EP and S Pass holders report struggling to find clear, reliable information on the PR application process. Singapore’s immigration framework is among the most structured in Southeast Asia, with eligibility criteria, documentation requirements, and submission windows that change frequently. For individuals navigating this process without professional guidance, the stakes are high and the margin for error is narrow.

Meridian’s website was built to address that gap directly. The platform offers detailed explanations of available immigration pathways, structured consultation options, and educational resources developed by the firm’s team of immigration specialists. Rather than presenting a services catalogue, the site walks users through the considerations relevant to their specific situation, whether they hold an Employment Pass, S Pass, or are planning for their family’s long-term residency in Singapore.

“We built this platform because we saw how overwhelming and confusing the immigration process can be for people who genuinely want to build their lives here,” said a spokesperson for Meridian Singapore Immigration. “Our goal is to be the trusted partner that walks them through every step with clarity and integrity.”

Singapore’s continued attractiveness as a regional hub for multinational corporations, financial institutions, and technology firms means the pipeline of foreigners seeking long-term residency options remains substantial. At the same time, the ICA’s PR application framework has grown more nuanced, with factors such as economic contributions, family ties, and community integration weighed during assessment. Applicants who proceed without a clear understanding of these criteria often submit applications that are either premature or structurally incomplete.

Meridian’s approach centres on preparation and transparency, helping applicants understand where they stand before they apply and what supporting documentation strengthens their case.

Meridian Singapore Immigration Pte. Ltd. is a professional immigration consultancy dedicated to guiding individuals and families through Singapore’s immigration process. Specialising in Permanent Residency (PR) applications, residency pathways, and compliance support, Meridian offers clear, structured solutions tailored to each client’s unique circumstances. Founded on the values of Guidance, Integrity, and Success, Meridian is committed to making immigration simple, transparent, and accessible for everyone. For more information, visit meridianimmigration.sg or contact info@meridianimmigration.sg / +65 8873 1113.

View original content:https://www.prnewswire.com/apac/news-releases/meridian-singapore-immigration-launches-new-website-to-simplify-the-pr-application-journey-for-foreigners-in-singapore-302757392.html

SOURCE Meridian Singapore Immigration Pte. Ltd.

Technology

Socomec, Daitron team up to meet Japan’s growing power demands

Published

6 hours ago

April 30, 2026

TOKYO, April 30, 2026 /PRNewswire/ — Socomec, a century-old electrical group specialising in mission-critical energy, and Japan’s Daitron, an electronics components distributor, have signed a partnership to deliver power conversion solutions and service backup power and electrical-switching systems across Japan.

The deal combines Socomec’s equipment with Daitron’s on-the-ground engineering team, which has more than 74 years of experience in the Japanese market. The two companies will handle everything from project delivery to ongoing maintenance and spare parts.

The partnership covers three product areas: uninterruptible power supplies (UPS), which keep facilities running during outages; power conversion systems, which ensure the availability and continuity of high-quality energy; and static transfer switches, which automatically reroute power loads between sources without interruption.

Beyond equipment sales, the agreement includes training, spare parts, long-term service contracts and a full range of expert services covering prevention, measurement and analysis, consultancy, deployment and optimisation. Socomec will provide product and technical training to Daitron’s team, while Daitron handles installation, servicing and day-to-day client support in Japan.

The target market spans data centres, semiconductor plants, industrial facilities, hospitals and green buildings, all areas where even brief power interruptions can prove costly. Data center demand in particular is surging, driven by the rapid expansion of artificial intelligence infrastructure, with colocation and enterprise facilities among the primary targets.

“Daitron knows the Japanese market inside and out. They have the people, the relationships, and the hands-on experience, and we bring the technology to match,” said Socomec Asia-Pacific CEO O’Niel Dissanayake. “It’s a natural fit, and together we can offer something neither company could deliver alone.”

“Japan’s data centres, chip factories and industrial plants all require power systems they can count on,” said Masaharu Kato, corporate officer of Daitron. “Socomec’s technology is exactly what these customers need, and our job is to make sure it’s installed, maintained and supported properly. That’s what we do best.”

The partnership comes as Japan faces a step change in power demand. Electricity consumption is expected to grow 5.3% over the next decade, driven by data centres and semiconductor factories, according to the country’s grid operator. Industrial energy demand alone is forecast to rise 18.3% over the same period.

That growth is creating strong demand for reliable power infrastructure. Data centres, for example, run around the clock and cannot afford downtime, making backup power and efficient energy management essential. Socomec’s systems are designed to reduce power consumption without sacrificing reliability, a balance that is becoming increasingly important as operators look to manage both costs and environmental commitments.

Both companies say project planning and bids are already underway, with a long-term goal of expanding the partnership’s reach across Japan as demand grows.

About Daitron

Daitron Co., Ltd. is a Japanese engineering and trading company founded in 1952 and headquartered in Osaka. Listed on the Tokyo Stock Exchange (TYO: 7609), Daitron sells and manufactures electronic components, semiconductor processing equipment and power supply systems. The company has more than seven decades of experience serving Japan’s electronics and manufacturing industries.

SOCOMEC: When energy matters

Founded in 1922, SOCOMEC is an independent industrial group of more than 4,800 experts spread across the world in 30 subsidiaries. Our vocation: design, manufacture and sale of electrical equipment, with a strong expertize in critical power applications. In 2025, SOCOMEC achieved a turnover of 997 million euros (not yet audited).

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SOURCE Socomec

Technology

Multi-Destination Travel Surges Across Asia-Pacific This Labour Day, Trip.com Group Data Shows

Published

6 hours ago

April 30, 2026

Multi-city travel across Asia-Pacific grew 35% year-on-yearMulti-city travel outpaces single-destination growth by more than 2xSoutheast Asia sees strong double-digit growth, with Thailand up to 52% YoY

SINGAPORE, April 29, 2026 /CNW/ — Multi-city travel across Asia-Pacific grew 35% year-on-year this Labour Day period, according to data from Trip.com Group. Several Asia-Pacific markets including Japan, South Korea, parts of Southeast Asia and Mainland China celebrate Labour Day, driving strong cross-border and domestic travel flows across the region.

Over 30% of international trips now span multiple destinations, highlighting a continued shift towards more complex, itinerary-led travel. This shift reflects a growing preference to maximise time and value with multiple destinations within a single trip rather than a single location.

Multi-destination trips become a defining travel pattern

While single-destination travel continues to account for most bookings, growth is increasingly driven by more complex itineraries. Multi-destination bookings are growing at more than twice the pace of single-destination travel, reflecting stronger demand for flexibility and deeper exploration.

Travellers are increasingly structuring trips across multiple cities to maximise both time and value, with popular combinations including:

Tokyo – Osaka – Kyoto (Japan)Seoul – Busan (South Korea)Bangkok – Phuket (Thailand)

These itineraries reflect a growing preference for multi-stop journeys that blend urban experiences with leisure destinations.

Southeast Asia sees fast growth in multi-destination travel

Across Southeast Asia, demand for multi-destination travel is rising steadily, with strong growth across key markets of Thailand: 52%, Malaysia: 40%, and Singapore: 17%, according to Trip.com Group data.

Top outbound destinations across Southeast Asian markets include Japan (Tokyo, Osaka), South Korea (Seoul), China (Shanghai, Beijing), Thailand (Bangkok), Indonesia (Bali).

In other parts of Asia such as Hong Kong SAR, multi-destination travel also grew by over 50% year-on-year, highlighting growing preference for more complex itineraries over traditional single-destination trips, particularly in well-connected urban markets.

In Mainland China, domestic travel remains a strong base, while overseas journeys are increasingly shaped by multi-destination itineraries, with over 40% of outbound trips spanning multiple destinations and continuing to grow.

This suggests that travellers in this region are increasingly combining multiple cities within a single trip, supported by strong regional connectivity.

Japan’s domestic travel momentum on the rise

Japan is also seeing shifts in domestic travel behaviour, even as outbound demand continues to grow.

In Japan, domestic travel is growing rapidly, indicating rising interest in travelling within the country, accounting for one-quarter of all flight bookings, and to cities such as Tokyo, Sapporo and Okinawa.

Intra-Asia travel dominates Labour Day demand

The Labour Day holiday period continues to be driven by regional travel within Asia-Pacific, with travellers favouring destinations that offer ease of access, diverse experiences, and flexible itineraries.

The Group’s data highlights the continued strength of short-haul travel, supported by strong connectivity and shorter flight durations.

More broadly, the way people travel across Asia-Pacific is evolving. Travellers taking a more deliberate approach to how they plan their trips. While cross-border journeys are increasingly shaped by multi-city itineraries, domestic travel remains a strong and steady part of the landscape. Together, these patterns point to a more flexible and value-conscious mindset, as travellers look to make the most of both time and budget.

About Trip.com Group

Trip.com Group is a leading global travel service provider comprising of Trip.com, Ctrip, Skyscanner, and Qunar. Across its platforms, Trip.com Group helps travellers around the world make informed and cost-effective bookings for travel products and services and enables partners to connect their offerings with users through the aggregation of comprehensive travel-related content and resources, and an advanced transaction platform consisting of apps, websites and 24/7 customer service centres. Founded in 1999 and listed on NASDAQ in 2003 and HKEX in 2021, Trip.com Group has become one of the best-known travel groups in the world, with the mission “to pursue the perfect trip for a better world”. Find out more about Trip.com Group here: group.trip.com.