Business Talk: Manufacturing Moves From ICONICS, Bailey, Baltimore Aircoil, and IFS
Business Talk is a recurring round-up where each installment tracks the latest manufacturing business developments and strategic moves within the industry.
What You'll Learn:
- ICONICS' rebrand to MEIDS and its role as Mitsubishi Electric's global SCADA/digitalization hub.
- Baltimore Aircoil selects Morin Process Equipment to boost cooling solutions representation in the Southeast.
- Industrial AI demand fueled IFS's recent €15B valuation for enterprise software.
- Bailey unified hydraulic (Hydrolico) and electronic control (Sure Grip) brands under one banner.
ICONICS Rebrands as Mitsubishi Electric Iconics Digital Solutions
ICONICS, a developer of SCADA industrial automation, digitalization, and smart building software, has officially changed its name to Mitsubishi Electric Iconics Digital Solutions (MEIDS).
This rebranding follows the company's full acquisition by Mitsubishi Electric Corporation in 2019 and signifies deeper integration within the global Mitsubishi Electric Group. MEIDS will serve as Mitsubishi Electric's global platform for SCADA, digitalization, and smart building solutions.
While the name is new, MEIDS states its core mission remains focused on delivering SCADA automation, smart building software, and digitalization solutions. The company emphasizes that customers can expect continued innovation, citing its flagship GENESIS platform and regular updates to its Intelligent Building Software Stack (IBSS).
According to MEIDS President & CEO Ted Hill, the change combines ICONICS' agility with Mitsubishi Electric's global scale and resources, enhancing its ability to support industrial automation and smart, sustainable infrastructure projects worldwide. Customers are expected to benefit from expanded resources, global reach, and deeper integration with Mitsubishi Electric’s broader ecosystem of industrial automation, energy management, and intelligent infrastructure offerings.
Baltimore Aircoil Taps Morin Process Equipment for Southeast Representation
Baltimore Aircoil Company (BAC), a manufacturer of cooling solutions, has appointed Morin Process Equipment (MPE) as its new representative for the industrial, power, and process sectors.
MPE, headquartered in Pelham, AL, will now handle BAC's representation in Alabama, Georgia, Mississippi, Tennessee, Kentucky, and Arkansas. With a team of over 100, MPE provides equipment sales, distribution, repair, and service.
According to BAC, this partnership aims to strengthen its presence and customer support for its cooling solutions within these six states.
IFS Valuation Reaches €15 Billion Amid Industrial AI Demand
IFS, a cloud-based enterprise software and industrial AI applications provider, has attracted a major investment that has increased its valuation to over €15 billion. This comes from the rapidly growing demand for AI-driven tools to automate workflows, improve operational efficiency, and easily manage assets and supply chains. IFS also recently reported strong performance, surpassing €1 billion in annual recurring revenue with growth exceeding 30% year-over-year.
The transaction involves investment firm Hg increasing its stake to become a co-control shareholder alongside EQT. TA Associates (TA) remains a minority shareholder, and new investors include a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and Canada Pension Plan Investment Board (CPP Investments). These investors are mainly acquiring shares from EQT, TA, and other minority holders.
In the past year, IFS has attracted major industrial clients like Exelon (for grid asset maintenance), Rolls-Royce Power Systems (for service delivery transformation), and TotalEnergies (for global asset portfolio management), often displacing legacy vendors. The transaction is expected to close by the end of Q2 2025, subject to regulatory approvals.
Bailey Consolidates Sure Grip, Hydrolico for Expanded Component Portfolio
Mobile hydraulics provider Bailey International has unified its subsidiaries—electronic controls manufacturer Sure Grip Controls and custom hydraulics specialist Hydrolico International—under a single brand identity: Bailey.
This move consolidates the three companies' capabilities, offering customers a single source for a comprehensive portfolio that now includes hydraulic cylinders, pumps, valves, manifolds, motors, and electronic control systems. Leadership stated the goal is to simplify the customer experience and offer a broader range of solutions, from electronic controls ("fingertip") to hydraulic components ("tooltip"), under one strengthened market presence.
Customers can expect continued access to the products and services previously offered by the individual companies, but now through the unified Bailey brand and website (baileyintl.com).