title: Bobby Beausoleil

text: Incarcerated for most of his adult life, Beausoleil has nonetheless produced a significant body of musical recordings, visual art, and writings. Among his most notable works is the soundtrack for the indie-underground film "Lucifer Rising" by filmmaker Kenneth Anger. This is a prog-rock symphony describing a fallen angel's mythical journey. To perform and record his score, Beausoleil put together The Magick Powerhouse of Oz band while in prison during the 1970s.


title: Bobby Beausoleil

text: The official Beausoleil soundtrack was originally released on LP by Lethal Records in 1980. A later 2004 CD, on the Arcanum label, included archival material from The Orkustra and The Magick Powerhouse of Oz. The "Lucifer Rising Suite" was released on The Ajna Offensive in 2009 and 2013. This anthology documents the Lucifer Rising soundtrack project from its beginnings in 1967 to its completion and delivery to the filmmaker in 1979. In addition to the soundtrack, some alternate themes, musical and soundscape experiments, and live performances are contained in the boxed set. In 2014, a CD version of the anthology boxed set was released.


title: Bobby Beausoleil

text: Beausoleil has subsequently composed and recorded additional original music albums. These have often correlated to his drawings and paintings. In 2014, a compilation titled "Whispers Through The Black Veil" was released on the Wyrd War label. It contains the song "The Wailing On Witch Mountain", which he composed, performed and recorded in 2012. His most recent musical release is "Voodoo Shivaya" (2018), a 2-disk concept album recorded between 2008 and 2015. It features both covers and original songs with vocal and instrumental tracks showcasing Beausoleil's instrumental and vocal skills. Guest performances, with the approval of the Oregon State Penitentiary administration, included Annabel Lee Moynihan, Michael Jenkins Moynihan, Robert Ferbrache, and Mike Behrenhausen, all members of the dark folk band Blood Axis. The triple gatefold LP and CD packaging integrates Nicholas Syracuse's photography with calligraphy by Timo Ketola.


title: Bobby Beausoleil

text: Truman Capote interviewed Beausoleil in 1972, while the latter was imprisoned in San Quentin State Prison. Capote published the interview in the form of a short story "Then It All Came Down", included in his 1980 book "Music for Chameleons". According to his biographers, Capote believed his memory to be infallible and did not keep notes. Following the book's publication, Beausoleil said that Capote took gross literary license in his reporting of the interview from eight years earlier.


title: Wool

text: Wool is the textile fibre obtained from sheep and other mammals, especially goats, rabbits, and camelids. The term may also refer to inorganic materials, such as mineral wool and glass wool, that have properties similar to animal wool.


title: Wool

text: As an animal fibre, wool consists of protein together with a small percentage of lipids. This makes it chemically quite distinct from cotton and other plant fibres, which are mainly cellulose.


title: Wool

text: Wool is produced by follicles which are small cells located in the skin. These follicles are located in the upper layer of the skin called the epidermis and push down into the second skin layer called the dermis as the wool fibers grow. Follicles can be classed as either primary or secondary follicles. Primary follicles produce three types of fiber: kemp, medullated fibers, and true wool fibers. Secondary follicles only produce true wool fibers. Medullated fibers share nearly identical characteristics to hair and are long but lack crimp and elasticity. Kemp fibers are very coarse and shed out.


title: Wool

text: Wool's crimp refers to the strong natural wave present in each wool fibre as it in presented on the animal. Wool's crimp, and to a lesser degree scales, make it easier to spin the fleece by helping the individual fibers attach to each other, so they stay together. Because of the crimp, wool fabrics have greater bulk than other textiles, and they hold air, which causes the fabric to retain heat. Wool has a high specific thermal resistance, so it impedes heat transfer in general. This effect has benefited desert peoples, as Bedouins and Tuaregs use wool clothes for insulation.


title: Wool

text: Felting of wool occurs upon hammering or other mechanical agitation as the microscopic barbs on the surface of wool fibers hook together. Felting generally comes under two main areas, dry felting or wet felting. Wet felting occurs when water and a lubricant (especially an alkali such as soap) are applied to the wool which is then agitated until the fibers mix and bond together. Temperature shock while damp or wet accentuates the felting process. Some natural felting can occur on the animals back.


title: Wool

text: The amount of crimp corresponds to the fineness of the wool fibers. A fine wool like Merino may have up to 40 crimps per centimetre (100 crimps per inch), while coarser wool like karakul may have less than one (one or two crimps per inch). In contrast, hair has little if any scale and no crimp, and little ability to bind into yarn. On sheep, the hair part of the fleece is called kemp. The relative amounts of kemp to wool vary from breed to breed and make some fleeces more desirable for spinning, felting, or carding into batts for quilts or other insulating products, including the famous tweed cloth of Scotland.


title: Wool

text: Wool fibers readily absorb moisture, but are not hollow. Wool can absorb almost one-third of its own weight in water.


title: Wool

text: Wool absorbs sound like many other fabrics. It is generally a creamy white color, although some breeds of sheep produce natural colors, such as black, brown, silver, and random mixes.


title: Wool

text: Wool ignites at a higher temperature than cotton and some synthetic fibers. It has a lower rate of flame spread, a lower rate of heat release, a lower heat of combustion, and does not melt or drip; it forms a char that is insulating and self-extinguishing, and it contributes less to toxic gases and smoke than other flooring products when used in carpets. Wool carpets are specified for high safety environments, such as trains and aircraft. Wool is usually specified for garments for firefighters, soldiers, and others in occupations where they are exposed to the likelihood of fire.


title: Wool

text: Sheep shearing is the process in which a worker (a shearer) cuts off the woolen fleece of a sheep. After shearing, wool-classers separate the wool into four main categories:


title: Wool

text: The quality of fleeces is determined by a technique known as wool classing, whereby a qualified person, called a wool classer, groups wools of similar grading together to maximize the return for the farmer or sheep owner. In Australia, before being auctioned, all Merino fleece wool is objectively measured for average diameter (micron), yield (including the amount of vegetable matter), staple length, staple strength, and sometimes color and comfort factor.


title: Wool

text: Wool straight off a sheep is known as "raw wool”, “greasy wool" or "wool in the grease". This wool contains a high level of valuable lanolin, as well as the sheep's dead skin and sweat residue, and generally also contains pesticides and vegetable matter from the animal's environment. Before the wool can be used for commercial purposes, it must be scoured, a process of cleaning the greasy wool. Scouring may be as simple as a bath in warm water or as complicated as an industrial process using detergent and alkali in specialized equipment.


title: Wool

text: In north west England, special potash pits were constructed to produce potash used in the manufacture of a soft soap for scouring locally produced white wool.


title: Wool

text: In less-processed wools, vegetable matter may be removed by hand and some of the lanolin left intact through the use of gentler detergents. This semigrease wool can be worked into yarn and knitted into particularly water-resistant mittens or sweaters, such as those of the Aran Island fishermen. Lanolin removed from wool is widely used in cosmetic products such as hand creams.


title: Wool

text: Raw wool has many impurities; vegetable matter, sand, dirt and yolk which is a mixture of suint (sweat), grease, urine stains and dung locks. The sheep's body yields many types of wool with differing strengths, thicknesses, length of staple and impurities. The raw wool (greasy) is processed into 'top'. 'Worsted top' requires strong straight and parallel fibres.


title: Wool

text: The quality of wool is determined by its fiber diameter, crimp, yield, color, and staple strength. Fiber diameter is the single most important wool characteristic determining quality and price.


title: Wool

text: Merino wool is typically in length and is very fine (between 12 and 24 microns). The finest and most valuable wool comes from Merino hoggets. Wool taken from sheep produced for meat is typically coarser, and has fibers in length. Damage or breaks in the wool can occur if the sheep is stressed while it is growing its fleece, resulting in a thin spot where the fleece is likely to break.


title: Wool

text: Wool is also separated into grades based on the measurement of the wool's diameter in microns and also its style. These grades may vary depending on the breed or purpose of the wool. For example:


title: Wool

text: Any wool finer than 25 microns can be used for garments, while coarser grades are used for outerwear or rugs. The finer the wool, the softer it is, while coarser grades are more durable and less prone to pilling.


title: Wool

text: The finest Australian and New Zealand Merino wools are known as 1PP, which is the industry benchmark of excellence for Merino wool 16.9 microns and finer. This style represents the top level of fineness, character, color, and style as determined on the basis of a series of parameters in accordance with the original dictates of British wool as applied by the Australian Wool Exchange (AWEX) Council. Only a few dozen of the millions of bales auctioned every year can be classified and marked 1PP.


title: Wool

text: In the United States, three classifications of wool are named in the Wool Products Labeling Act of 1939. Wool is "the fiber from the fleece of the sheep or lamb or hair of the Angora or Cashmere goat (and may include the so-called specialty fibers from the hair of the camel, alpaca, llama, and vicuna) which has never been reclaimed from any woven or felted wool product". "Virgin wool" and "new wool" are also used to refer to such never used wool. There are two categories of recycled wool (also called reclaimed or shoddy wool). "Reprocessed wool" identifies "wool which has been woven or felted into a wool product and subsequently reduced to a fibrous state without having been used by the ultimate consumer". "Reused wool" refers to such wool that "has" been used by the ultimate consumer.


title: Wool

text: Wild sheep were more hairy than woolly. Although sheep were domesticated some 9,000 to 11,000 years ago, archaeological evidence from statuary found at sites in Iran suggests selection for woolly sheep may have begun around 6000 BC, with the earliest woven wool garments having only been dated to two to three thousand years later. Woolly sheep were introduced into Europe from the Near East in the early part of the 4th millennium BC. The oldest known European wool textile, ca. 1500 BC, was preserved in a Danish bog. Prior to invention of shears—probably in the Iron Age—the wool was plucked out by hand or by bronze combs. In Roman times, wool, linen, and leather clothed the European population; cotton from India was a curiosity of which only naturalists had heard, and silks, imported along the Silk Road from China, were extravagant luxury goods. Pliny the Elder records in his "Natural History" that the reputation for producing the finest wool was enjoyed by Tarentum, where selective breeding had produced sheep with superior fleeces, but which required special care.


title: Wool

text: In medieval times, as trade connections expanded, the Champagne fairs revolved around the production of wool cloth in small centers such as Provins. The network developed by the annual fairs meant the woolens of Provins might find their way to Naples, Sicily, Cyprus, Majorca, Spain, and even Constantinople. The wool trade developed into serious business, a generator of capital. In the 13th century, the wool trade became the economic engine of the Low Countries and central Italy. By the end of the 14th century, Italy predominated. The Florentine wool guild, Arte della Lana, sent the imported English wool to the San Martino convent for processing. Italian wool from Abruzzo and Spanish merino wools were processed at Garbo workshops. Abruzzo wool had once been the most accessible for the Florentine guild, until improved relations with merchants in Iberia made merino wool more available. By the 16th century Italian wool exports to the Levant had declined, eventually replaced by silk production.


title: Wool

text: Both industries, based on the export of English raw wool, were rivaled only by the 15th-century sheepwalks of Castile and were a significant source of income to the English crown, which in 1275 had imposed an export tax on wool called the "Great Custom". The importance of wool to the English economy can be seen in the fact that since the 14th century, the presiding officer of the House of Lords has sat on the "Woolsack", a chair stuffed with wool.


title: Wool

text: Economies of scale were instituted in the Cistercian houses, which had accumulated great tracts of land during the 12th and early 13th centuries, when land prices were low and labor still scarce. Raw wool was baled and shipped from North Sea ports to the textile cities of Flanders, notably Ypres and Ghent, where it was dyed and worked up as cloth. At the time of the Black Death, English textile industries accounted for about 10% of English wool production. The English textile trade grew during the 15th century, to the point where export of wool was discouraged. Over the centuries, various British laws controlled the wool trade or required the use of wool even in burials. The smuggling of wool out of the country, known as owling, was at one time punishable by the cutting off of a hand. After the Restoration, fine English woolens began to compete with silks in the international market, partly aided by the Navigation Acts; in 1699, the English crown forbade its American colonies to trade wool with anyone but England herself.


title: Wool

text: A great deal of the value of woolen textiles was in the dyeing and finishing of the woven product. In each of the centers of the textile trade, the manufacturing process came to be subdivided into a collection of trades, overseen by an entrepreneur in a system called by the English the "putting-out" system, or "cottage industry", and the "Verlagssystem" by the Germans. In this system of producing wool cloth, once perpetuated in the production of Harris tweeds, the entrepreneur provides the raw materials and an advance, the remainder being paid upon delivery of the product. Written contracts bound the artisans to specified terms. Fernand Braudel traces the appearance of the system in the 13th-century economic boom, quoting a document of 1275. The system effectively bypassed the guilds' restrictions.


title: Wool

text: Before the flowering of the Renaissance, the Medici and other great banking houses of Florence had built their wealth and banking system on their textile industry based on wool, overseen by the Arte della Lana, the wool guild: wool textile interests guided Florentine policies. Francesco Datini, the "merchant of Prato", established in 1383 an "Arte della Lana" for that small Tuscan city. The sheepwalks of Castile were controlled by the Mesta union of sheep owners.


title: Wool

text: They shaped the landscape and the fortunes of the "meseta" that lies in the heart of the Iberian peninsula; in the 16th century, a unified Spain allowed export of Merino lambs only with royal permission. The German wool market – based on sheep of Spanish origin – did not overtake British wool until comparatively late. The Industrial Revolution introduced mass production technology into wool and wool cloth manufacturing. Australia's colonial economy was based on sheep raising, and the Australian wool trade eventually overtook that of the Germans by 1845, furnishing wool for Bradford, which developed as the heart of industrialized woolens production.


title: Wool

text: Due to decreasing demand with increased use of synthetic fibers, wool production is much less than what it was in the past. The collapse in the price of wool began in late 1966 with a 40% drop; with occasional interruptions, the price has tended down. The result has been sharply reduced production and movement of resources into production of other commodities, in the case of sheep growers, to production of meat.


title: Wool

text: Superwash wool (or washable wool) technology first appeared in the early 1970s to produce wool that has been specially treated so it is machine washable and may be tumble-dried. This wool is produced using an acid bath that removes the "scales" from the fiber, or by coating the fiber with a polymer that prevents the scales from attaching to each other and causing shrinkage. This process results in a fiber that holds longevity and durability over synthetic materials, while retaining its shape.


title: Wool

text: In December 2004, a bale of the then world's finest wool, averaging 11.8 microns, sold for AU$3,000 per kilogram at auction in Melbourne. This fleece wool tested with an average yield of 74.5%, long, and had 40 newtons per kilotex strength. The result was A$279,000 for the bale.


title: Wool

text: The finest bale of wool ever auctioned was sold for a seasonal record of AU$2690 per kilo during June 2008. This bale was produced by the Hillcreston Pinehill Partnership and measured 11.6 microns, 72.1% yield, and had a 43 newtons per kilotex strength measurement. The bale realized $247,480 and was exported to India.


title: Wool

text: In 2007, a new wool suit was developed and sold in Japan that can be washed in the shower, and which dries off ready to wear within hours with no ironing required. The suit was developed using Australian Merino wool, and it enables woven products made from wool, such as suits, trousers, and skirts, to be cleaned using a domestic shower at home.


title: Wool

text: In December 2006, the General Assembly of the United Nations proclaimed 2009 to be the International Year of Natural Fibres, so as to raise the profile of wool and other natural fibers.


title: Wool

text: Global wool production is about per year, of which 60% goes into apparel. Wool comprises ca 3% of the global textile market, but its value is higher owing to dyeing and other modifications of the material. Australia is a leading producer of wool which is mostly from Merino sheep but has been eclipsed by China in terms of total weight. New Zealand (2016) is the third-largest producer of wool, and the largest producer of crossbred wool. Breeds such as Lincoln, Romney, Drysdale, and Elliotdale produce coarser fibers, and wool from these sheep is usually used for making carpets.


title: Wool

text: In the United States, Texas, New Mexico, and Colorado have large commercial sheep flocks and their mainstay is the Rambouillet (or French Merino). Also, a thriving home-flock contingent of small-scale farmers raise small hobby flocks of specialty sheep for the hand-spinning market. These small-scale farmers offer a wide selection of fleece.


title: Wool

text: Organic wool has gained in popularity. This wool is limited in supply and much of it comes from New Zealand and Australia. Organic wool has become easier to find in clothing and other products, but these products often carry a higher price. Wool is environmentally preferable (as compared to petroleum-based nylon or polypropylene) as a material for carpets, as well, in particular when combined with a natural binding and the use of formaldehyde-free glues.


title: Wool

text: The British Wool Marketing Board operates a central marketing system for UK fleece wool with the aim of achieving the best possible net returns for farmers.


title: Wool

text: Less than half of New Zealand's wool is sold at auction, while around 45% of farmers sell wool directly to private buyers and end-users.


title: Wool

text: United States sheep producers market wool with private or cooperative wool warehouses, but wool pools are common in many states. In some cases, wool is pooled in a local market area, but sold through a wool warehouse. Wool offered with objective measurement test results is preferred. Imported apparel wool and carpet wool goes directly to central markets, where it is handled by the large merchants and manufacturers.


title: Wool

text: Shoddy or recycled wool is made by cutting or tearing apart existing wool fabric and respinning the resulting fibers. As this process makes the wool fibers shorter, the remanufactured fabric is inferior to the original. The recycled wool may be mixed with raw wool, wool noil, or another fiber such as cotton to increase the average fiber length. Such yarns are typically used as weft yarns with a cotton warp. This process was invented in the Heavy Woollen District of West Yorkshire and created a microeconomy in this area for many years.


title: Wool

text: Woolen is a soft, short-staple, carded wool yarn typically used for knitting. In traditional weaving, woolen weft yarn (for softness and warmth) is frequently combined with a worsted warp yarn for strength on the loom.


title: Wool

text: In addition to clothing, wool has been used for blankets, horse rugs, saddle cloths, carpeting, insulation and upholstery. Wool felt covers piano hammers, and it is used to absorb odors and noise in heavy machinery and stereo speakers. Ancient Greeks lined their helmets with felt, and Roman legionnaires used breastplates made of wool felt.


title: Wool

text: Wool as well as cotton has also been traditionally used for cloth diapers. Wool fiber exteriors are hydrophobic (repel water) and the interior of the wool fiber is hygroscopic (attracts water); this makes a wool garment suitable cover for a wet diaper by inhibiting wicking, so outer garments remain dry. Wool felted and treated with lanolin is water resistant, air permeable, and slightly antibacterial, so it resists the buildup of odor. Some modern cloth diapers use felted wool fabric for covers, and there are several modern commercial knitting patterns for wool diaper covers.


title: Wool

text: Initial studies of woolen underwear have found it prevented heat and sweat rashes because it more readily absorbs the moisture than other fibers.


title: Wool

text: As an animal protein, wool can be used as a soil fertilizer, being a slow-release source of nitrogen.


title: Wool

text: Researchers at the Royal Melbourne Institute of Technology school of fashion and textiles have discovered a blend of wool and Kevlar, the synthetic fiber widely used in body armor, was lighter, cheaper and worked better in damp conditions than Kevlar alone. Kevlar, when used alone, loses about 20% of its effectiveness when wet, so required an expensive waterproofing process. Wool increased friction in a vest with 28–30 layers of fabric, to provide the same level of bullet resistance as 36 layers of Kevlar alone.


title: Wool

text: A buyer of Merino wool, Ermenegildo Zegna, has offered awards for Australian wool producers. In 1963, the first Ermenegildo Zegna Perpetual Trophy was presented in Tasmania for growers of "Superfine skirted Merino fleece". In 1980, a national award, the Ermenegildo Zegna Trophy for Extrafine Wool Production, was launched. In 2004, this award became known as the Ermenegildo Zegna Unprotected Wool Trophy. In 1998, an Ermenegildo Zegna Protected Wool Trophy was launched for fleece from sheep coated for around nine months of the year.


title: Wool

text: In 2002, the Ermenegildo Zegna Vellus Aureum Trophy was launched for wool that is 13.9 microns or finer. Wool from Australia, New Zealand, Argentina, and South Africa may enter, and a winner is named from each country. In April 2008, New Zealand won the Ermenegildo Zegna Vellus Aureum Trophy for the first time with a fleece that measured 10.8 microns. This contest awards the winning fleece weight with the same weight in gold as a prize, hence the name.


title: Wool

text: In 2010, an ultrafine, 10-micron fleece, from Windradeen, near Pyramul, New South Wales, won the Ermenegildo Zegna Vellus Aureum International Trophy.


title: Wool

text: Since 2000, Loro Piana has awarded a cup for the world's finest bale of wool that produces just enough fabric for 50 tailor-made suits. The prize is awarded to an Australian or New Zealand wool grower who produces the year's finest bale.


title: Wool

text: The New England Merino Field days which display local studs, wool, and sheep are held during January, in even numbered years around the Walcha, New South Wales district. The Annual Wool Fashion Awards, which showcase the use of Merino wool by fashion designers, are hosted by the city of Armidale, New South Wales, in March each year. This event encourages young and established fashion designers to display their talents. During each May, Armidale hosts the annual New England Wool Expo to display wool fashions, handicrafts, demonstrations, shearing competitions, yard dog trials, and more.


title: Wool

text: In July, the annual Australian Sheep and Wool Show is held in Bendigo, Victoria. This is the largest sheep and wool show in the world, with goats and alpacas, as well as woolcraft competitions and displays, fleece competitions, sheepdog trials, shearing, and wool handling. The largest competition in the world for objectively measured fleeces is the Australian Fleece Competition, which is held annually at Bendigo. In 2008, 475 entries came from all states of Australia, with first and second prizes going to the Northern Tablelands, New South Wales fleeces.


title: Micron Technology

text: Micron Technology, Inc. is an American producer of computer memory and computer data storage including dynamic random-access memory, flash memory, and USB flash drives. It is headquartered in Boise, Idaho. Its consumer products, including the Ballistix line of memory modules, are marketed under the Crucial brand. Micron and Intel together created IM Flash Technologies, which produced NAND flash memory. It owned Lexar between 2006 and 2017.


title: Micron Technology

text: Micron was founded in Boise, Idaho, in 1978 by Ward Parkinson, Joe Parkinson, Dennis Wilson, and Doug Pitman as a semiconductor design consulting company. Startup funding was provided by local Idaho businessmen Tom Nicholson, Allen Noble, Rudolph Nelson, and Ron Yanke. Later it received funding from Idaho billionaire J. R. Simplot, whose fortune was made in the potato business. In 1981, the company moved from consulting to manufacturing with the completion of its first wafer fabrication unit ("Fab 1"), producing 64K DRAM chips.


title: Micron Technology

text: In 1994, founder Joe Parkinson retired as CEO and Steve Appleton took over as Chairman, President, and CEO.


title: Micron Technology

text: A 1996 3-way merger among ZEOS International, Micron Computer, and Micron Custom Manufacturing Services (MCMS) increased the size and scope of the company; this was followed rapidly with the 1997 acquisition of NetFrame Systems, in a bid to enter the mid-range server industry.


title: Micron Technology

text: In 2000, Gurtej Singh Sandhu and Trung T. Doan at Micron initiated the development of atomic layer deposition high-k films for DRAM memory devices. This helped drive cost-effective implementation of semiconductor memory, starting with 90 nm node DRAM. Pitch double-patterning was also pioneered by Gurtej Singh Sandhu at Micron during the 2000s, leading to the development of 30-nm class NAND flash memory, and it has since been widely adopted by NAND flash and RAM manufacturers worldwide.


title: Micron Technology

text: Micron and Intel created a joint venture in 2005, based in IM Flash Technologies in Lehi, Utah. The two companies formed another joint venture in 2011, IM Flash Singapore, in Singapore. In 2012, Micron became sole owner of this second joint venture.


title: Micron Technology

text: In 2008, Micron had converted the Avezzano chip fab, formerly a Texas Instruments DRAM fab, into a production facility for CMOS image sensors sold by Aptina Imaging.


title: Micron Technology

text: In 2008, Micron spun off Aptina Imaging, which was acquired by ON Semiconductor in 2014. Micron retained a stake in the spinoff. The core company suffered setbacks, however, requiring layoffs of 15 percent of its workforce in October 2008, during which period the company also announced the purchase of Qimonda's 35.6% stake in Inotera Memories for $400 million. The trend of layoffs and acquisitions continued in 2009 with the termination of an additional 2,000 employees, and the acquisition of the FLCOS microdisplay company Displaytech. Micron agreed to buy flash-chip maker Numonyx for $1.27 billion in stock in February 2010.


title: Micron Technology

text: On February 3, 2012, the CEO, Steve Appleton, died in a small Lancair plane crash in Boise, Idaho. Mark Durcan replaced Appleton as the CEO shortly thereafter, eliminating his former title of President.


title: Micron Technology

text: In the 2012–2014 period, Micron again went through an acquisition-layoff cycle, becoming the majority shareholder of Inotera Memories, purchasing Elpida Memory for $2 billion and the remaining shares in Rexchip, a PC memory chip manufacturing venture between Powerchip and Elpida Memory for $334 million, while announcing plans to lay off approximately 3,000 workers. Through the Elpida acquisition, Micron became a major supplier to Apple Inc. for the iPhone and iPad.


title: Micron Technology

text: In December 2016, Micron finished acquiring the remaining 67% of Inotera, making it a 100% subsidiary of Micron.


title: Micron Technology

text: In June 2017, Micron announced it was discontinuing the Lexar retail removable media storage business and putting some or all it up for sale. In August of that year the Lexar brand was acquired by Longsys, a flash memory company based in Shenzhen, China.


title: Micron Technology

text: On December 5, 2017, Micron sued rivals United Microelectronics Corporation and Fujian Jinhua Integrated Circuit Co. (JHICC) in the United States District Court for the Northern District of California, alleging infringement on its DRAM patents and intellectual property rights.


title: Micron Technology

text: In May 2018, Micron Technology and Intel launched QLC NAND memory to increase storage density. The company ranked 150th on the Fortune 500 list of largest United States corporations by revenue.


title: Micron Technology

text: In February 2019, the first microSD card with a storage capacity of 1 terabyte (TB) was announced by Micron.


title: Micron Technology

text: In September 2020, the company introduced the world's fastest discrete graphics memory solution. Working with computing technology leader NVIDIA, Micron debuted GDDR6X in the new NVIDIA® GeForce RTX™ 3090 and GeForce RTX 3080 graphics processing units (GPUs).


title: Micron Technology

text: In November 2020, the company unveiled a new 176-layer 3D NAND chip. It offers improved read and write latency and is slated to be used in the production of a new generation of solid state drives.


title: Micron Technology

text: On October 22, 2021, Micron closed the sale of IM Flash's Lehi, Utah fab to Texas Instruments for a sale price of US$900 million.


title: Micron Technology

text: With the passage of the CHIPS Act, Micron announced its pledge to invest billions in new manufacturing within the US. In September 2022, Micron announced they would invest $15billion in a new facility in Boise, Idaho. In October 2022, Micron announced a $100billion expansion in Clay, New York.


title: Micron Technology

text: Micron Technology reported total CO emissions (direct and indirect) for the twelve months ending 31 December 2020 at 7,141 Kt (+444/+6.6% year-on-year).


title: Mergers and acquisitions

text: Mergers and acquisitions (M&A) are business transactions in which the ownership of companies, other business organizations, or their operating units are transferred to or consolidated with another company or business organization. As an aspect of strategic management, M&A can allow enterprises to grow or downsize, and change the nature of their business or competitive position.


title: Mergers and acquisitions

text: Technically, a is a legal consolidation of two business entities into one, whereas an occurs when one entity takes ownership of another entity's share capital, equity interests or assets. A deal may be euphemistically called a "merger of equals" if both CEOs agree that joining together is in the best interest of both of their companies. From a legal and financial point of view, both mergers and acquisitions generally result in the consolidation of assets and liabilities under one entity, and the distinction between the two is not always clear.


title: Mergers and acquisitions

text: In most countries, mergers and acquisitions must comply with competition law, also known as antitrust law. In the United States, for example, the Clayton Act outlaws any merger or acquisition that may "substantially lessen competition" or "tend to create a monopoly", and the Hart–Scott–Rodino Act requires companies to get "pre-clearance" from the U.S. Department of Justice's Antitrust Division or the Federal Trade Commission for all mergers or acquisitions over a certain size.


title: Mergers and acquisitions

text: An acquisition/takeover is the purchase of one business or company by another company or other business entity. Specific acquisition targets can be identified through myriad avenues including market research, trade expos, sent up from internal business units, or supply chain analysis. Such purchase may be of 100%, or nearly 100%, of the assets or ownership equity of the acquired entity.


title: Mergers and acquisitions

text: A consolidation/amalgamation occurs when two companies combine to form a new enterprise altogether, and neither of the previous companies remains independently. Acquisitions are divided into "private" and "public" acquisitions, depending on whether the acquiree or merging company (also termed a "target") is or is not listed on a public stock market. Some public companies rely on acquisitions as an important value creation strategy. An additional dimension or categorization consists of whether an acquisition is "friendly" or "hostile".


title: Mergers and acquisitions

text: Achieving acquisition success has proven to be very difficult, while various studies have shown that 50% of acquisitions were unsuccessful. "Serial acquirers" appear to be more successful with M&A than companies who make an acquisition only occasionally (see Douma & Schreuder, 2013, chapter 13). The new forms of buy out created since the crisis are based on serial type acquisitions known as an ECO Buyout which is a co-community ownership buy out and the new generation buy outs of the MIBO (Management Involved or Management & Institution Buy Out) and MEIBO (Management & Employee Involved Buy Out).


title: Mergers and acquisitions

text: Whether a purchase is perceived as being a "friendly" one or "hostile" depends significantly on how the proposed acquisition is communicated to and perceived by the target company's board of directors, employees and shareholders. It is normal for M&A deal communications to take place in a so-called "confidentiality bubble" wherein the flow of information is restricted pursuant to confidentiality agreements. In the case of a friendly transaction, the companies cooperate in negotiations; in the case of a hostile deal, the board and/or management of the target is unwilling to be bought or the target's board has no prior knowledge of the offer. Hostile acquisitions can, and often do, ultimately become "friendly", as the acquirer secures endorsement of the transaction from the board of the acquiree company. This usually requires an improvement in the terms of the offer and/or through negotiation.


title: Mergers and acquisitions

text: "Acquisition" usually refers to a purchase of a smaller firm by a larger one. Sometimes, however, a smaller firm will acquire management control of a larger and/or longer-established company and retain the name of the latter for the post-acquisition combined entity. This is known as a reverse takeover. Another type of acquisition is the reverse merger, a form of transaction that enables a private company to be publicly listed in a relatively short time frame. A reverse merger occurs when a privately held company (often one that has strong prospects and is eager to raise financing) buys a publicly listed shell company, usually one with no business and limited assets.


title: Mergers and acquisitions

text: The combined evidence suggests that the shareholders of acquired firms realize significant positive "abnormal returns" while shareholders of the acquiring company are most likely to experience a negative wealth effect. The overall net effect of M&A transactions appears to be positive: almost all studies report positive returns for the investors in the combined buyer and target firms. This implies that M&A creates economic value, presumably by transferring assets to management teams that operate them more efficiently (see Douma & Schreuder, 2013, chapter 13).


title: Mergers and acquisitions

text: There are also a variety of structures used in securing control over the assets of a company, which have different tax and regulatory implications:


title: Mergers and acquisitions

text: The terms "demerger", "spin-off" and "spin-out" are sometimes used to indicate a situation where one company splits into two, generating a second company which may or may not become separately listed on a stock exchange.


title: Mergers and acquisitions

text: As per knowledge-based views, firms can generate greater values through the retention of knowledge-based resources which they generate and integrate. Extracting technological benefits during and after acquisition is ever challenging issue because of organizational differences. Based on the content analysis of seven interviews authors concluded five following components for their grounded model of acquisition:


title: Mergers and acquisitions

text: An increase in acquisitions in the global business environment requires enterprises to evaluate the key stake holders of acquisition very carefully before implementation. It is imperative for the acquirer to understand this relationship and apply it to its advantage. Employee retention is possible only when resources are exchanged and managed without affecting their independence.


title: Mergers and acquisitions

text: A corporate acquisition can be structured legally as either an "asset purchase" in which the seller sells business assets and liabilities to the buyer, an "equity purchase" in which the buyer purchases equity interests in a target company from one or more selling shareholders or a "merger" in which one legal entity is combined into another entity by operation of the corporate law statute(s) of the jurisdiction of the merging entities. In a transaction structured as a merger or equity purchase, the buyer acquires all of the assets and liabilities of the acquired entity. In a transaction structured as an asset purchase, the buyer and seller agree which assets and liabilities the buyer will acquire from the seller.


title: Mergers and acquisitions

text: Asset purchases are common in technology transactions where the buyer is most interested in particular intellectual property rights but does not want to acquire liabilities or other contractual relationships. An asset purchase structure may also be used when the buyer wishes to buy a particular division or unit of a company which is not a separate legal entity. There are numerous challenges particular to this type of transaction, including isolating the specific assets and liabilities that pertain to the unit, determining whether the unit utilizes services from other units of the selling company, transferring employees, transferring permits and licenses, and ensuring that the seller does not compete with the buyer in the same business area in the future.


title: Mergers and acquisitions

text: The form of merger most often employed is a triangular merger, where the target company merges with a shell company wholly owned by the buyer, thus becoming a subsidiary of the buyer. In a "forward triangular merger", the target company merges into the subsidiary, with the subsidiary as the surviving company of the merger; a "reverse triangular merger" is similar except that the subsidiary merges into the target company, with the target company surviving the merger.


title: Mergers and acquisitions

text: Mergers, asset purchases and equity purchases are each taxed differently, and the most beneficial structure for tax purposes is highly situation-dependent. Under the U.S. Internal Revenue Code, a forward triangular merger is taxed as if the target company sold its assets to the shell company and then liquidated, whereas a reverse triangular merger is taxed as if the target company's shareholders sold their stock in the target company to the buyer.


title: Mergers and acquisitions

text: The documentation of an M&A transaction often begins with a letter of intent. The letter of intent generally does not bind the parties to commit to a transaction, but may bind the parties to confidentiality and exclusivity obligations so that the transaction can be considered through a due diligence process involving lawyers, accountants, tax advisors, and other professionals, as well as business people from both sides.


title: Mergers and acquisitions

text: After due diligence is complete, the parties may proceed to draw up a definitive agreement, known as a "merger agreement", "share purchase agreement" or "asset purchase agreement" depending on the structure of the transaction. Such contracts are typically 80 to 100 pages long and focus on five key types of terms:


title: Mergers and acquisitions

text: Post-closing, adjustments may still occur to certain provisions of the purchase agreement, including the purchase price. These adjustments are subject to enforceability issues in certain situations. Alternatively, certain transactions use the 'locked box' approach where the purchase price is fixed at signing and based on seller's equity value at a pre-signing date and an interest charge.


title: Mergers and acquisitions

text: The assets of a business are pledged to two categories of stakeholders: equity owners and owners of the business’ outstanding debt. The core value of a business, which accrues to both categories of stakeholders, is called the Enterprise Value (EV), whereas the value which accrues just to shareholders is the Equity Value (also called market capitalization for publicly listed companies).


title: Mergers and acquisitions

text: Enterprise Value reflects a capital structure neutral valuation and is frequently a preferred way to compare value as it is not affected by a company's, or management's, strategic decision to fund the business either through debt, equity, or a portion of both. Five common ways to "triangulate" the enterprise value of a business are:


title: Mergers and acquisitions

text: Professionals who value businesses generally do not use just one method, but a combination. Valuations implied using these methodologies can prove different to a company's current trading valuation. For public companies, the market based enterprise value and equity value can be calculated by referring to the company's share price and components on its balance sheet. The valuation methods described above represent ways to determine value of a company independently from how the market currently, or historically, has determined value based on the price of its outstanding securities.


title: Mergers and acquisitions

text: Most often value is expressed in a Letter of Opinion of Value (LOV) when the business is being valued informally. Formal valuation reports generally get more detailed and expensive as the size of a company increases, but this is not always the case as the nature of the business and the industry it is operating in can influence the complexity of the valuation task.


title: Mergers and acquisitions

text: Objectively evaluating the historical and prospective performance of a business is a challenge faced by many. Generally, parties rely on independent third parties to conduct due diligence studies or business assessments. To yield the most value from a business assessment, objectives should be clearly defined and the right resources should be chosen to conduct the assessment in the available timeframe.


title: Mergers and acquisitions

text: As synergy plays a large role in the valuation of acquisitions, it is paramount to get the value of synergies right; as briefly alluded to re DCF valuations. Synergies are different from the "sales price" valuation of the firm, as they will accrue to the buyer. Hence, the analysis should be done from the acquiring firm's point of view. Synergy-creating investments are started by the choice of the acquirer, and therefore they are not obligatory, making them essentially real options. To include this real options aspect into analysis of acquisition targets is one interesting issue that has been studied lately.


title: Mergers and acquisitions

text: Mergers are generally differentiated from acquisitions partly by the way in which they are financed and partly by the relative size of the companies. Various methods of financing an M&A deal exist:


title: Mergers and acquisitions

text: Payment by cash. Such transactions are usually termed acquisitions rather than mergers because the shareholders of the target company are removed from the picture and the target comes under the (indirect) control of the bidder's shareholders.


title: Mergers and acquisitions

text: Payment in the form of the acquiring company's stock, issued to the shareholders of the acquired company at a given ratio proportional to the valuation of the latter. They receive stock in the company that is purchasing the smaller subsidiary. See Stock swap, Swap ratio.


title: Mergers and acquisitions

text: There are some elements to think about when choosing the form of payment. When submitting an offer, the acquiring firm should consider other potential bidders and think strategically. The form of payment might be decisive for the seller. With pure cash deals, there is no doubt on the real value of the bid (without considering an eventual earnout). The contingency of the share payment is indeed removed. Thus, a cash offer preempts competitors better than securities. Taxes are a second element to consider and should be evaluated with the counsel of competent tax and accounting advisers. Third, with a share deal the buyer's capital structure might be affected and the control of the buyer modified. If the issuance of shares is necessary, shareholders of the acquiring company might prevent such capital increase at the general meeting of shareholders. The risk is removed with a cash transaction. Then, the balance sheet of the buyer will be modified and the decision maker should take into account the effects on the reported financial results. For example, in a pure cash deal (financed from the company's current account), liquidity ratios might decrease. On the other hand, in a pure stock for stock transaction (financed from the issuance of new shares), the company might show lower profitability ratios (e.g. ROA). However, economic dilution must prevail towards accounting dilution when making the choice. The form of payment and financing options are tightly linked. If the buyer pays cash, there are three main financing options:


title: Mergers and acquisitions

text: M&A advice is provided by full-service investment banks- who often advise and handle the biggest deals in the world (called bulge bracket) - and specialist M&A firms, who provide M&A only advisory, generally to mid-market, select industries and SBEs.


title: Mergers and acquisitions

text: The dominant rationale used to explain M&A activity is that acquiring firms seek improved financial performance or reduce risk. The following motives are considered to improve financial performance or reduce risk:


title: Mergers and acquisitions

text: Megadeals—deals of at least one $1 billion in size—tend to fall into four discrete categories: consolidation, capabilities extension, technology-driven market transformation, and going private.


title: Mergers and acquisitions

text: On average and across the most commonly studied variables, acquiring firms' financial performance does not positively change as a function of their acquisition activity. Therefore, additional motives for merger and acquisition that may not add shareholder value include:


title: Mergers and acquisitions

text: The M&A process results in the restructuring of a business's purpose, corporate governance and brand identity.


title: Mergers and acquisitions

text: ″The two elements are complementary and not substitutes. The first element is important because the directors have the capability to act as effective and active bargaining agents, which disaggregated stockholders do not. But, because bargaining agents are not always effective or faithful, the second element is critical, because it gives the minority stockholders the opportunity to reject their agents' work. Therefore, when a merger with a controlling stockholder was: 1) negotiated and approved by a special committee of independent directors; and 2) conditioned on an affirmative vote of a majority of the minority stockholders, the business judgment standard of review should presumptively apply, and any plaintiff ought to have to plead particularized facts that, if true, support an inference that, despite the facially fair process, the merger was tainted because of fiduciary wrongdoing.″


title: Mergers and acquisitions

text: A Strategic merger usually refers to long-term strategic holding of target (Acquired) firm. This type of M&A process aims at creating synergies in the long run by increased market share, broad customer base, and corporate strength of business. A strategic acquirer may also be willing to pay a premium offer to target firm in the outlook of the synergy value created after M&A process.


title: Mergers and acquisitions

text: The term "acqui-hire" is used to refer to acquisitions where the acquiring company seeks to obtain the target company's talent, rather than their products (which are often discontinued as part of the acquisition so the team can focus on projects for their new employer). In recent years, these types of acquisitions have become common in the technology industry, where major web companies such as Facebook, Twitter, and Yahoo! have frequently used talent acquisitions to add expertise in particular areas to their workforces.


title: Mergers and acquisitions

text: Merger of equals is often a combination of companies of a similar size. Since 1990, there have been more than 625 M&A transactions announced as mergers of equals with a total value of US$2,164.4 bil. Some of the largest mergers of equals took place during the dot.com bubble of the late 1990s and in the year 2000: AOL and Time Warner (US$164 bil.), SmithKline Beecham and Glaxo Wellcome (US$75 bil.), Citicorp and Travelers Group (US$72 bil.). More recent examples this type of combinations are DuPont and Dow Chemical (US$62 bil.) and Praxair and Linde (US$35 bil.).


title: Mergers and acquisitions

text: An analysis of 1,600 companies across industries revealed the rewards for M&A activity were greater for consumer products companies than the average company. For the period 2000–2010, consumer products companies turned in an average annual TSR of 7.4%, while the average for all companies was 4.8%.


title: Mergers and acquisitions

text: Given that the cost of replacing an executive can run over 100% of his or her annual salary, any investment of time and energy in re-recruitment will likely pay for itself many times over if it helps a business retain just a handful of key players that would have otherwise left.


title: Mergers and acquisitions

text: Organizations should move rapidly to re-recruit key managers. It's much easier to succeed with a team of quality players that one selects deliberately rather than try to win a game with those who randomly show up to play.


title: Mergers and acquisitions

text: Mergers and acquisitions often create brand problems, beginning with what to call the company after the transaction and going down into detail about what to do about overlapping and competing product brands. Decisions about what brand equity to write off are not inconsequential. And, given the ability for the right brand choices to drive preference and earn a price premium, the future success of a merger or acquisition depends on making wise brand choices. Brand decision-makers essentially can choose from four different approaches to dealing with naming issues, each with specific pros and cons:


title: Mergers and acquisitions

text: The factors influencing brand decisions in a merger or acquisition transaction can range from political to tactical. Ego can drive choice just as well as rational factors such as brand value and costs involved with changing brands.


title: Mergers and acquisitions

text: Beyond the bigger issue of what to call the company after the transaction comes the ongoing detailed choices about what divisional, product and service brands to keep. The detailed decisions about the brand portfolio are covered under the topic brand architecture.


title: Mergers and acquisitions

text: Most histories of M&A begin in the late 19th century United States. However, mergers coincide historically with the existence of companies. In 1708, for example, the East India Company merged with an erstwhile competitor to restore its monopoly over the Indian trade. In 1784, the Italian Monte dei Paschi and Monte Pio banks were united as the Monti Reuniti. In 1821, the Hudson's Bay Company merged with the rival North West Company.


title: Mergers and acquisitions

text: The Great Merger Movement was a predominantly U.S. business phenomenon that happened from 1895 to 1905. During this time, small firms with little market share consolidated with similar firms to form large, powerful institutions that dominated their markets, such as the Standard Oil Company, which at its height controlled nearly 90% of the global oil refinery industry. It is estimated that more than 1,800 of these firms disappeared into consolidations, many of which acquired substantial shares of the markets in which they operated. The vehicle used were so-called trusts. In 1900 the value of firms acquired in mergers was 20% of GDP. In 1990 the value was only 3% and from 1998 to 2000 it was around 10–11% of GDP. Companies such as DuPont, U.S. Steel, and General Electric that merged during the Great Merger Movement were able to keep their dominance in their respective sectors through 1929, and in some cases today, due to growing technological advances of their products, patents, and brand recognition by their customers. There were also other companies that held the greatest market share in 1905 but at the same time did not have the competitive advantages of the companies like DuPont and General Electric. These companies such as International Paper and American Chicle saw their market share decrease significantly by 1929 as smaller competitors joined forces with each other and provided much more competition. The companies that merged were mass producers of homogeneous goods that could exploit the efficiencies of large volume production. In addition, many of these mergers were capital-intensive. Due to high fixed costs, when demand fell, these newly merged companies had an incentive to maintain output and reduce prices. However more often than not mergers were "quick mergers". These "quick mergers" involved mergers of companies with unrelated technology and different management. As a result, the efficiency gains associated with mergers were not present. The new and bigger company would actually face higher costs than competitors because of these technological and managerial differences. Thus, the mergers were not done to see large efficiency gains, they were in fact done because that was the trend at the time. Companies which had specific fine products, like fine writing paper, earned their profits on high margin rather than volume and took no part in the Great Merger Movement.


title: Mergers and acquisitions

text: One of the major short run factors that sparked the Great Merger Movement was the desire to keep prices high. However, high prices attracted the entry of new firms into the industry.


title: Mergers and acquisitions

text: A major catalyst behind the Great Merger Movement was the Panic of 1893, which led to a major decline in demand for many homogeneous goods. For producers of homogeneous goods, when demand falls, these producers have more of an incentive to maintain output and cut prices, in order to spread out the high fixed costs these producers faced (i.e. lowering cost per unit) and the desire to exploit efficiencies of maximum volume production. However, during the Panic of 1893, the fall in demand led to a steep fall in prices.


title: Mergers and acquisitions

text: Another economic model proposed by Naomi R. Lamoreaux for explaining the steep price falls is to view the involved firms acting as monopolies in their respective markets. As quasi-monopolists, firms set quantity where marginal cost equals marginal revenue and price where this quantity intersects demand. When the Panic of 1893 hit, demand fell and along with demand, the firm's marginal revenue fell as well. Given high fixed costs, the new price was below average total cost, resulting in a loss. However, also being in a high fixed costs industry, these costs can be spread out through greater production (i.e. higher quantity produced). To return to the quasi-monopoly model, in order for a firm to earn profit, firms would steal part of another firm's market share by dropping their price slightly and producing to the point where higher quantity and lower price exceeded their average total cost. As other firms joined this practice, prices began falling everywhere and a price war ensued.


title: Mergers and acquisitions

text: One strategy to keep prices high and to maintain profitability was for producers of the same good to collude with each other and form associations, also known as cartels. These cartels were thus able to raise prices right away, sometimes more than doubling prices. However, these prices set by cartels provided only a short-term solution because cartel members would cheat on each other by setting a lower price than the price set by the cartel. Also, the high price set by the cartel would encourage new firms to enter the industry and offer competitive pricing, causing prices to fall once again. As a result, these cartels did not succeed in maintaining high prices for a period of more than a few years. The most viable solution to this problem was for firms to merge, through horizontal integration, with other top firms in the market in order to control a large market share and thus successfully set a higher price.


title: Mergers and acquisitions

text: In the long run, due to desire to keep costs low, it was advantageous for firms to merge and reduce their transportation costs thus producing and transporting from one location rather than various sites of different companies as in the past. Low transport costs, coupled with economies of scale also increased firm size by two- to fourfold during the second half of the nineteenth century. In addition, technological changes prior to the merger movement within companies increased the efficient size of plants with capital intensive assembly lines allowing for economies of scale. Thus improved technology and transportation were forerunners to the Great Merger Movement. In part due to competitors as mentioned above, and in part due to the government, however, many of these initially successful mergers were eventually dismantled. The U.S. government passed the Sherman Act in 1890, setting rules against price fixing and monopolies. Starting in the 1890s with such cases as Addyston Pipe and Steel Company v. United States, the courts attacked large companies for strategizing with others or within their own companies to maximize profits. Price fixing with competitors created a greater incentive for companies to unite and merge under one name so that they were not competitors anymore and technically not price fixing.


title: Mergers and acquisitions

text: The economic history has been divided into "Merger Waves" based on the merger activities in the business world as:


title: Mergers and acquisitions

text: During the third merger wave (1965–1989), corporate marriages involved more diverse companies. Acquirers more frequently bought into different industries. Sometimes this was done to smooth out cyclical bumps, to diversify, the hope being that it would hedge an investment portfolio.


title: Mergers and acquisitions

text: Starting in the fifth merger wave (1992–1998) and continuing today, companies are more likely to acquire in the same business, or close to it, firms that complement and strengthen an acquirer's capacity to serve customers.


title: Mergers and acquisitions

text: In recent decades however, cross-sector convergence has become more common. For example, retail companies are buying tech or e-commerce firms to acquire new markets and revenue streams. It has been reported that convergence will remain a key trend in M&A activity through 2015 and onward.


title: Mergers and acquisitions

text: Buyers aren't necessarily hungry for the target companies’ hard assets. Some are more interested in acquiring thoughts, methodologies, people and relationships. Paul Graham recognized this in his 2005 essay "Hiring is Obsolete", in which he theorizes that the free market is better at identifying talent, and that traditional hiring practices do not follow the principles of free market because they depend a lot upon credentials and university degrees. Graham was probably the first to identify the trend in which large companies such as Google, Yahoo! or Microsoft were choosing to acquire startups instead of hiring new recruits, a process known as acqui-hiring.


title: Mergers and acquisitions

text: Many companies are being bought for their patents, licenses, market share, name brand, research staff, methods, customer base, or culture. Soft capital, like this, is very perishable, fragile, and fluid. Integrating it usually takes more finesse and expertise than integrating machinery, real estate, inventory and other tangibles.


title: Mergers and acquisitions

text: The top ten largest deals in M&A history cumulate to a total value of 1,118,963 mil. USD. (1.118 tril. USD).


title: Mergers and acquisitions

text: In a study conducted in 2000 by Lehman Brothers, it was found that, on average, large M&A deals cause the domestic currency of the target corporation to appreciate by 1% relative to the acquirer's local currency. Until 2018, around 280,472 cross-border deals have been conducted, which cumulates to a total value of almost 24,069 bil. USD.


title: Mergers and acquisitions

text: The rise of globalization has exponentially increased the necessity for agencies such as the Mergers and Acquisitions International Clearing (MAIC), trust accounts and securities clearing services for Like-Kind Exchanges for cross-border M&A. On a global basis, the value of cross-border mergers and acquisitions rose seven-fold during the 1990s. In 1997 alone, there were over 2,333 cross-border transactions, worth a total of approximately $298 billion.


title: Mergers and acquisitions

text: The vast literature on empirical studies over value creation in cross-border M&A is not conclusive, but points to higher returns in cross-border M&As compared to domestic ones when the acquirer firm has the capability to exploit resources and knowledge of the target's firm and of handling challenges.


title: Mergers and acquisitions

text: In China, for example, securing regulatory approval can be complex due to an extensive group of various stakeholders at each level of government. In the United Kingdom, acquirers may face pension regulators with significant powers, in addition to an overall M&A environment that is generally more seller-friendly than the U.S. Nonetheless, the current surge in global cross-border M&A has been called the "New Era of Global Economic Discovery".


title: Mergers and acquisitions

text: In little more than a decade, M&A deals in China increased by a factor of 20, from 69 in 2000 to more than 1,300 in 2013.


title: Mergers and acquisitions

text: In 2014, Europe registered its highest levels of M&A deal activity since the financial crisis. Driven by U.S. and Asian acquirers, inbound M&A, at $320.6 billion, reached record highs by both deal value and deal count since 2001.


title: Mergers and acquisitions

text: Approximately 23 percent of the 416 M&A deals announced in the U.S. M&A market in 2014 involved non-U.S. acquirers.


title: Mergers and acquisitions

text: For 2016, market uncertainties, including Brexit and the potential reform from a U.S. presidential election, contributed to cross-border M&A activity lagging roughly 20% behind 2015 activity.


title: Mergers and acquisitions

text: In 2017, the controverse trend which started in 2015, decreasing total value but rising total number of cross border deals, kept going. Compared on a year on year basis (2016-2017), the total number of cross border deals decreased by -4.2%, while cumulated value increased by 0.6%.


title: Mergers and acquisitions

text: Even mergers of companies with headquarters in the same country can often be considered international in scale and require MAIC custodial services. For example, when Boeing acquired McDonnell Douglas, the two American companies had to integrate operations in dozens of countries around the world (1997). This is just as true for other apparently "single-country" mergers, such as the 29 billion-dollar merger of Swiss drug makers Sandoz and Ciba-Geigy (now Novartis).


title: Mergers and acquisitions

text: M&A practice in emerging countries differs from more mature economies, although transaction management and valuation tools (e.g. DCF, comparables) share a common basic methodology. In China, India or Brazil for example, differences affect the formation of asset price and on the structuring of deals. Profitability expectations (e.g. shorter time horizon, no terminal value due to low visibility) and risk represented by a discount rate must both be properly adjusted. In a M&A perspective, differences between emerging and more mature economies include: i) a less developed system of property rights, ii) less reliable financial information, iii) cultural differences in negotiations, and iv) a higher degree of competition for the best targets.


title: Mergers and acquisitions

text: If not properly dealt with, these factors will likely have adverse consequences on return-on-investment (ROI) and create difficulties in day-to-day business operations. It is advisable that M&A tools designed for mature economies are not directly used in emerging markets without some adjustment. M&A teams need time to adapt and understand the key operating differences between their home environment and their new market.


title: Mergers and acquisitions

text: Despite the goal of performance improvement, results from mergers and acquisitions (M&A) are often disappointing compared with results predicted or expected. Numerous empirical studies show high failure rates of M&A deals. Studies are mostly focused on individual determinants. A book by Thomas Straub (2007) "Reasons for frequent failure in Mergers and Acquisitions" develops a comprehensive research framework that bridges different perspectives and promotes an understanding of factors underlying M&A performance in business research and scholarship. The study should help managers in the decision making process. The first important step towards this objective is the development of a common frame of reference that spans conflicting theoretical assumptions from different perspectives. On this basis, a comprehensive framework is proposed with which to understand the origins of M&A performance better and address the problem of fragmentation by integrating the most important competing perspectives in respect of studies on M&A. Furthermore, according to the existing literature, relevant determinants of firm performance are derived from each dimension of the model. For the dimension strategic management, the six strategic variables: market similarity, market complementarities, production operation similarity, production operation complementarities, market power, and purchasing power were identified as having an important effect on M&A performance. For the dimension organizational behavior, the variables acquisition experience, relative size, and cultural differences were found to be important. Finally, relevant determinants of M&A performance from the financial field were acquisition premium, bidding process, and due diligence. Three different ways in order to best measure post M&A performance are recognized: synergy realization, absolute performance, and finally relative performance.


title: Mergers and acquisitions

text: Employee turnover contributes to M&A failures. The turnover in target companies is double the turnover experienced in non-merged firms for the ten years after the merger.


title: Mergers and acquisitions

text: M&As involving small businesses are particularly problematic and have been found to take longer and cost more than expected with organisation cultural and effective communication with employees being key determinants of success and failure


title: Mergers and acquisitions

text: Many M&A fail due to lack of planning or execution of the plan. An empirical research study conducted between 1988-2002 found that “Successful acquisitions, as defined by return on investment and time to market, are more likely to involve complex products but minimal uncertainty about whether the product is functional and whether there is an appetite in the market.” But failed mergers and acquisitions are caused by “hasty purchases where information platforms between companies were incompatible and the product was not yet tested for release.” A recommendation to resolve these failed mergers is to wait for the product to become established in the market and research has been completed.


title: Mergers and acquisitions

text: Deloitte determines most companies do not do their due diligence in determining whether a M&A is the correct move due to these four reasons:


title: Mergers and acquisitions

text: A considerable body of research suggests that many mergers fail due to human factors such as issues with trust between employees of the two organizations or trust between employees and their leaders.


title: Mergers and acquisitions

text: Any M&A transaction, no matter the size or structure, can have a significant impact on the acquiring company. Developing and implementing a robust due diligence process can lead to a much better assessment of the risks and potential benefits of a transaction, enable the renegotiation of pricing and other key terms, and smooth the way towards a more effective integration.


title: Mergers and acquisitions

text: M&A can hinder innovation by mismanagement or cultural differences between companies. They can also create bottlenecks when they disrupt the flow of innovation with too many company policies and procedures. Market dominant companies can also be their own demise when presented with an M&A opportunity. Complacency and lack of due diligence may cause the market dominant company to miss the value of a innovative product or service.


title: Aneurin Barnard

text: Aneurin Barnard (; ; born 8 May 1987) is a Welsh actor and musician. He is known for playing Davey in "Hunky Dory", Claude in "The Truth About Emanuel", Bobby Willis in "Cilla", Tim in "Thirteen", King Richard III in "The White Queen", William in "Dead in a Week (Or Your Money Back)," Gibson in "Dunkirk," and Boris Pavlikovsky in "The Goldfinch".


title: Aneurin Barnard

text: Barnard was born in Bridgend in Wales in the United Kingdom on 8 May 1987, the son of factory worker June and coal miner Terry Barnard. His first language is Welsh. He attended Ysgol Gyfun Llanhari in Rhondda Cynon Taf during his secondary school years. He starred in HTV Wales series "Jacob's Ladder" as a 16-year-old, and then trained at the Royal Welsh College of Music & Drama, graduating in 2008.


title: Aneurin Barnard

text: Barnard played Melchior, one of the three leads, in the London premiere of the Tony Award-winning musical "Spring Awakening", which opened in February 2009 at the Lyric Hammersmith. The play later transferred to the Novello Theatre in March 2009, running until May 2009. Barnard won a Laurence Olivier Award for his role in "Spring Awakening" in 2010. He has appeared in guest roles in TV series "Doctors", "Casualty", "Shameless", "Y Pris" and "Jacob's Ladder". He has also appeared in the short TV films "The Big Day", "Night on the Tiles" and the BAFTA Cymru-winning "Owl Creek Bridge".


title: Aneurin Barnard

text: Barnard's theatre work in Wales includes "Singin’ in the Rain", playing Don Lockwood, for Bridgend County Youth Theatre and "Il Miracolo" for Elan Wales. At drama school, he appeared in productions of "The Caucasian Chalk Circle", "Hobson’s Choice", "The Importance of Being Earnest" and "West Side Story", in which he played Tony. He was also involved in a radio production of "Under Milk Wood".


title: Aneurin Barnard

text: In 2011 Barnard starred in "Hunky Dory". Barnard played the role of Davey and in the film sang songs from the era such as David Bowie's "Life on Mars" and The Who's "Love Reign O'er Me".


title: Aneurin Barnard

text: In January 2012 Barnard starred as photographer David Bailey in the television film "We'll Take Manhattan". He also appeared in the 2012 horror movie "Elfie Hopkins".


title: Aneurin Barnard

text: Barnard then appeared in the lead role in Vertigo Films's "Guinea Pigs", a micro-budget horror film about volunteers fighting for their lives after a drug trial goes wrong. Later in 2012 he starred in the horror-thriller film "Citadel".


title: Aneurin Barnard

text: In April–June 2012 Barnard filmed the fantasy adventure movie "" throughout the South West of England, playing the title role of Mariah Mundi. The movie was released in 2014. Barnard also featured in "Trap for Cinderella" (2013), and as Claude in Francesca Gregorini's drama thriller, "The Truth About Emanuel".


title: Aneurin Barnard

text: Barnard portrayed King Richard III of England in the television series "The White Queen" on BBC One. He also appeared as John Trenchard in a two-part adaptation of "Moonfleet" that was broadcast on Sky1 in December 2013.


title: Aneurin Barnard

text: He also appeared in the 2017 film "Bitter Harvest". He played the music manager Bobby Willis in ITV's 3-part drama "Cilla".


title: Aneurin Barnard

text: In 2016 he starred as Prince Boris Drubetskoy in Andrew Davies's television adaptation of Leo Tolstoy's "War and Peace", broadcast on BBC One, and as Tim Hobson in the BBC 5 part drama "Thirteen".


title: Aneurin Barnard

text: In 2017 Barnard had the lead role as Wolfgang Amadeus Mozart in "Interlude in Prague". The following year, he played William in British comedy, "Dead In A Week (or your money back)".


title: Claude Makélélé

text: Claude Makélélé Sinda (born 18 February 1973) is a French football manager and former professional player who played as a defensive midfielder. He is currently a youth coach and technical mentor at Chelsea, having formerly been the head coach of Belgian First Division A club Eupen.


title: Claude Makélélé

text: In his playing career, which ended at Paris Saint-Germain, Makélélé also played for Nantes, Marseille, Celta Vigo, Real Madrid and Chelsea. He won league titles in France, Spain and England, as well as the 2001–02 UEFA Champions League during his time with Real Madrid.


title: Claude Makélélé

text: Makélélé was a French international for 13 years, and was part of the France national team which reached the final of the 2006 FIFA World Cup. He also represented his nation at the 2002 FIFA World Cup, two UEFA European Championships and the 1996 Summer Olympics.


title: Claude Makélélé

text: Regarded as one of the greatest players in his position, Makélélé has been credited with redefining the defensive midfield role in English football, especially during the 2004–05 FA Premier League season, where he played a key role in helping Chelsea win the title with 95 points. In homage, the defensive midfield position is sometimes colloquially known as the "Makelele Role".


title: Claude Makélélé

text: Makélélé was born in Kinshasa, Zaire (now the Democratic Republic of the Congo). "Makélélé" means "noises" in Lingala, one of the languages spoken in the country. He moved to Savigny-le-Temple, a suburb of Paris in Seine-et-Marne, in 1977, when he was four years old. His father, André-Joseph Makélélé, was also a football player. He represented DR Congo, and ended his career in the third division of Belgium with Union Royale Namur.


title: Claude Makélélé

text: At age 15, Makélélé signed for Sporting Melun-Dammarie 77. He played one year there, and left at the age of 16, when he joined the training centre of Brest-Armorique in Brittany. According to him, it was not easy to adapt to the new life in Brest. The training academy life was tough, especially as it was the first time he was far from his family.


title: Claude Makélélé

text: He worked very hard in Brest, but it was in the city of Nantes where he discovered the real pleasure of playing. Makélélé was recruited by FC Nantes in December 1991, when he was still 18 years old. Robert Budzynski, Nantes' sporting director, confessed that once he had discovered Makélélé in Brest, he was sure he would become the new Emmanuel Petit.


title: Claude Makélélé

text: At the beginning of the 1992–93 season, Makélélé was already in the Nantes first-team, then playing in the French first division. He played at Nantes for five seasons, winning the French championship in 1995 and helped the club to the semi-final of the UEFA Champions League the following season. This earned him a move to Marseille for whom he played for one season.


title: Claude Makélélé

text: Makélélé was transferred to Celta Vigo where he spent two successful seasons at the Galician club. While playing alongside Aleksandr Mostovoi, Valeri Karpin, Haim Revivo and Míchel Salgado, Celta achieved historic victories such as 4–1 against Liverpool and 4–0 against Juventus in the UEFA Cup.


title: Claude Makélélé

text: In 2000, he was recruited by Real Madrid. His transfer was controversial because Celta did not want to sell Makélélé unless a substantial improvement on their offer was made. Makélélé refused to train until there was resolution of his contract. Finally, Celta were reluctantly forced to sell him for €14 million, far less than their valuation of the player and only after a falsified police report was made by his agent, Marc Roger.


title: Claude Makélélé

text: At Real, Makélélé substantially added to his medal tally, winning two Spanish La Liga championships, the Champions League, the Supercopa de España, the UEFA Super Cup and the Intercontinental Cup. As an ever-present in Vicente del Bosque's Real Madrid side, Makélélé also established himself as one of the best defensive midfielders in the world.


title: Claude Makélélé

text: Despite his value to the team, however, Makélélé was one of its most (relatively) under-paid members, earning a fraction of that paid to teammates like Zinedine Zidane, Luís Figo, Raúl, Ronaldo, Roberto Carlos, Steve McManaman, and Guti. In the summer of 2003, feeling that his position at the club was insecure after the shock sacking of Del Bosque and the arrival of David Beckham, and encouraged by teammates Zidane, Raúl, McManaman and Fernando Morientes, Makélélé decided to ask for an improved contract. The Real management flatly refused to consider his request. Upset, Makélélé handed in a transfer request, whereupon he was signed by Chelsea. Club president Florentino Pérez infamously poured scorn on Makélélé's footballing abilities and proclaimed that Makélélé would not be missed:


title: Claude Makélélé

text: In his autobiography, published in 2006, McManaman described Makélélé as the most important and yet least appreciated midfielder at Real. Retired former Real Madrid player and captain Fernando Hierro also criticised Pérez for both Makélélé's departure and the manner of his departure, saying:


title: Claude Makélélé

text: In the summer of 2003, Makélélé signed for Chelsea for £16.8 million, where then manager Claudio Ranieri proclaimed that Makélélé would be the "battery" of the team.


title: Claude Makélélé

text: Chelsea finished second in the 2003–04 FA Premier League and were eliminated by Monaco in the semi-finals of the 2003–04 UEFA Champions League.


title: Claude Makélélé

text: Following the sacking of Ranieri and his succession by José Mourinho, Makélélé was a key player in Chelsea's successful 2004–05 season, winning both the FA Premier League and the League Cup. His defensive qualities allowed the likes of Frank Lampard, Joe Cole, Arjen Robben, Damien Duff, Eiður Guðjohnsen and Didier Drogba to parade their attacking skills. Makélélé's importance was recognised by Mourinho, who declared him Chelsea's "Player of the Year".


title: Claude Makélélé

text: To cap off the 2004–05 season for the Frenchman, he was allowed to take a penalty awarded to Chelsea in the game against Charlton Athletic on the day the Premier League trophy was due to be presented. Charlton goalkeeper Stephan Andersen saved it, but Makélélé scored on the rebound. In September 2005, he was selected as a member of the World XI at the FIFPro awards. The team was chosen by a vote of professional footballers in 40 countries. He added to his sizeable medal haul the following season, winning both the FA Community Shield and the Premier League.


title: Claude Makélélé

text: In March 2006, Fulham defeated Chelsea 1–0 in a Premier League game in which Fulham manager Chris Coleman's tactics centered on bypassing Makélélé on the wings when Fulham had possession and putting midfielders on Makélélé when Chelsea were in possession. With Makélélé struggling to function effectively, Chelsea lost the game. Coleman later explained that Makélélé was more than a mere defensive midfielder; that he was actually Chelsea's deep-lying playmaker, and that Chelsea's attacks were channelled through him. Thus, denying him possession was instrumental in unravelling Chelsea. Mourinho was subsequently forced to counter this tactic by withdrawing Lampard and Michael Essien further back in midfield to relieve the pressure on Makélélé.


title: Claude Makélélé

text: On 5 November 2006, in a league encounter with Tottenham Hotspur, Makélélé scored his second goal for the club, a difficult curling volley from the edge of the 18-yard box which sped past goalkeeper Paul Robinson into the left-hand side of the goal to cue a bench-clearing celebration. Although Tottenham sprang a comeback to beat Chelsea 2–1, this goal got him the best shot to goals percentage that year with one shot and one goal – 100%.


title: Claude Makélélé

text: On 5 December 2006, in a League Cup game against Newcastle United, Makélélé wore the captain's armband in John Terry's absence and with Frank Lampard rested. He was substituted at half-time for Lampard. Makélélé also wore the captain's armband the following season, when Terry, Lampard, and Michael Ballack were all unavailable. Makélélé was captain even when Terry and Lampard returned for a crucial Champions League tie against Olympiacos, but Terry returned as captain the following weekend for the League Cup defeat against Tottenham.


title: Claude Makélélé

text: The 2007–08 season was a period of renaissance for the 35-year-old Makélélé, as he played in the majority of Chelsea's fixtures. Despite an ear infection that made him miss an early part of the season, he regained his place and forced Michael Essien into the right-back position, effectively pushing Juliano Belletti out of the team. Makélélé was instrumental in Chelsea's run to the 2008 UEFA Champions League Final under the guidance of manager Avram Grant; the team were defeated by Manchester United in a penalty-shootout, after a 1–1 deadlock following both regulation and extra time.


title: Claude Makélélé

text: On 18 July 2008, it was reported that Makélélé was about to take a medical the following day in Paris ahead of a proposed move back to French football. On 21 July, Chelsea announced they had released Makélélé on a free transfer, while Paris Saint-Germain confirmed that the player would join them and would be unveiled at a press conference that afternoon.


title: Claude Makélélé

text: On 25 February 2010, he announced that he would retire at the end of the season, but in June, he retracted his statement and re-signed with PSG for an additional season. He won the Coupe de France with PSG at the end of the 2009–10 season. He later retired at the end of the campaign. The next season, he was appointed the assistant manager to Carlo Ancelotti, who had just joined PSG from Makélélé's previous club, Chelsea.


title: Claude Makélélé

text: Makélélé was first capped for France in a match against Norway in July 1995, and went on to represent his country at the 1996 Summer Olympics.


title: Claude Makélélé

text: Makélélé was not selected for France's 1998 World Cup and Euro 2000 successes, making his tournament debut at the 2002 World Cup, where he started the team's final Group A match against Denmark. At Euro 2004, Makélélé was a first-choice player in midfield, starting in three of France's four matches.


title: Claude Makélélé

text: Makélélé decided to retire from international football in September 2004 in order to focus on club football with Chelsea, but 11 months later, in August 2005, he and compatriots Zinedine Zidane and Lilian Thuram were persuaded out of retirement to help France qualify for the 2006 World Cup in Germany.


title: Claude Makélélé

text: As a member of the France squad competing at the 2006 World Cup, Makélélé's performances as a tireless midfield spoiler were invaluable to France's progress to the final as they defeated Spain, the defending champions Brazil and Euro 2004 finalists Portugal in the knock-out rounds. His partnership with Patrick Vieira in the defensive midfield proved effective as the team conceded only three goals in seven games and took four clean-sheets, a tally only bested by world champions Italy.


title: Claude Makélélé

text: After a defeat to Italy on penalties in the World Cup Final, Makélélé initially commented that he was again going to retire from international football. However, he was called up to the squad by French national team manager Raymond Domenech for qualification matches for Euro 2008 against Georgia and Italy. On being asked about Makélélé being called up to his national squad despite being retired during an interview on Sky Sports, Chelsea manager José Mourinho accused France national coach Domenech of treating Makélélé like a slave and refusing to honour his retirement. Mourinho said Domenech "has been very objective – very objective – and said you have to play Georgia and you have to play Italy. Makélélé wants to retire but the national coach won't allow him to retire." FIFA confirmed that any club that refuses to release a player for national team duty is barred from using the player for two matches, a rule which is intended to discourage clubs from pretending that the player is injured.<ref name="https://www.theguardian.com/football/2006/aug/29/newsstory.sport3"></ref> On the same evening as the Mourinho interview, Makélélé told French TV station TPS Star, "Even if my club doesn't agree, I will humbly honor the call."


title: Claude Makélélé

text: Makélélé went on to continue playing with the French national team through the qualifications and then the finals for the Euro 2008 tournament, where France exited in the group stage after finishing bottom of their group. He and Thuram announced their retirement from international football on 17 June 2008, after France's 2–0 defeat to Italy.


title: Claude Makélélé

text: Regarded as one of the best players ever in his position, Makélélé revolutionised the role of the defensive midfielder in the Premier League; as such, this position frequently came to be known colloquially as "the Makélélé role" in England. A combative and hard-working player, although he was capable of getting forward and playing in more advanced positions, he usually played in front of his team's back-line, where he mainly served as a defensive foil for his more offensive teammates, due to his aggressive tackling, as well as his ability to read the game, break down plays, mark and anticipate opponents, and time his challenges. In this role, he was known in particular for his acceleration, positional sense, tactical discipline, intelligence, energy, and ball-winning ability; although he was not the fastest, most talented, technically skilled player on the ball, or particularly good in the air, he was also highly regarded throughout his career for being capable of functioning as a deep-lying playmaker for his team, due to his ability to dictate the tempo of his team's play in midfield with his short, efficient passing game, which allowed him to link up the defence with the attack effectively after winning back possession. His physical strength in spite of his small stature, combined with his low centre of gravity, also gave him excellent balance on the ball in limited spaces, which allowed him to retain possession against more physical opponents. In addition to his defensive skills, Makélélé was also known for his tenacity, awareness, consistency, and strong mentality. Jonathan Wilson, when writing for "The Guardian" in 2013, labelled Makélélé as a type of holding midfielder he described as a "destroyer," a player who is primarily tasked with running, winning back possession, and distributing the ball to other players.


title: Claude Makélélé

text: Makélélé became head coach of Bastia on 24 May 2014. After less than six months in charge, however, he was sacked on 3 November 2014 following a 1–0 defeat to Guingamp on 1 November, due to his inability to make an impact on the club as coach. Prior to Bastia, Makélélé was an assistant coach at Paris Saint-Germain alongside Paul Clement. In January 2016, Monaco appointed Makélélé as technical director. Makélélé joined Clement as his assistant coach at Premier League club Swansea City in January 2017.


title: Claude Makélélé

text: Makélélé then joined Belgian side Eupen as their head coach in November 2017. He left Eupen in August 2019 after almost 2 full seasons as head coach to return to his former club Chelsea as a youth coach and technical mentor.


title: Claude Makélélé

text: In the spring of 2004, Makélélé began dating French model Noémie Lenoir. Lenoir gave birth to a boy, Kelyan (born 24 January 2005). The couple split in early 2009. Despite widespread reports that Lenoir was married to Makélélé, she wrote a blog in 2009 clarifying their former relationship, saying, "I'm not and have never been married. I do have a son. I have a wonderful baby's father and have a great relationship with him, however I've been single for some time now." In May 2010, Lenoir attempted to commit suicide outside Makélélé's Paris home by ingesting a lethal amount of drugs and alcohol. Reports after the suicide attempt implied that it was related to Makélélé finally calling it quits with Lenoir and moving on with his then pregnant fiancée, which he vehemently denies. Lenoir has had a long battle with substance abuse and later checked into rehab.


title: 2022 Ohio gubernatorial election

text: The 2022 Ohio gubernatorial election was held on November 8, 2022, to elect the governor of Ohio. Incumbent Republican Governor Mike DeWine won reelection to a second term in a landslide, defeating Democrat nominee Nan Whaley, the former mayor of Dayton, 62.8% to 37.2%. DeWine's 25-point victory marked the continuation of a trend in which every incumbent Republican Governor of Ohio since 1978 has won reelection by a double digit margin.


title: 2022 Ohio gubernatorial election

text: This was the first time since 1994 in which Trumbull and Mahoning counties have gone to the Republican candidate by over 60%.


title: 2022 Ohio gubernatorial election

text: Incumbent Governor Mike DeWine faced backlash from Republicans due to having implemented strict COVID-19 restrictions, such as a statewide stay at home order and mask mandates. Due to this, on April 30, 2021, farmer Joe Blystone became the first candidate to announce a primary challenge to DeWine. On June 9, former U.S. Representative Jim Renacci also announced a run, later being followed up by former state representative Ron Hood. As a result, DeWine became the first incumbent Ohio governor to face a primary challenger since Jim Rhodes in 1978 and the first to have multiple challengers since Michael Disalle in 1962. Initial polling showed Renacci in the lead; however his lead soon evaporated, as DeWine attempted to appeal to conservatives angry with his COVID response by attacking President Joe Biden's policies and signing Constitutional carry into law, allowing permitless carry of firearms. Incumbent governors rarely ever lose their primaries. Ultimately, DeWine prevailed in the May 3rd primary election, however only won with a plurality of the vote, which suggests that he could have lost had his opponents not split the vote.


title: 2022 Ohio gubernatorial election

text: According to a survey conducted by NORC for Fox News and the Associated Press, most white people (68% to 32%), Latinos (64% to 33%), and other minorities (60% to 36%) voted for DeWine, while most African Americans voted for Whaley (73% to 27%).


title: Human chorionic gonadotropin

text: Human chorionic gonadotropin (hCG) is a hormone for the maternal recognition of pregnancy produced by trophoblast cells that are surrounding a growing embryo (syncytiotrophoblast initially), which eventually forms the placenta after implantation. The presence of hCG is detected in some pregnancy tests (HCG pregnancy strip tests). Some cancerous tumors produce this hormone; therefore, elevated levels measured when the patient is not pregnant may lead to a cancer diagnosis and, if high enough, paraneoplastic syndromes, however, it is not known whether this production is a contributing cause, or an effect of carcinogenesis. The pituitary analog of hCG, known as luteinizing hormone (LH), is produced in the pituitary gland of males and females of all ages.


title: Human chorionic gonadotropin

text: Various endogenous forms of hCG exist. The measurement of these diverse forms is used in the diagnosis of pregnancy and a variety of disease states. Preparations of hCG from various sources have also been used therapeutically, by both medicine and quackery. , the United States Food and Drug Administration has prohibited the sale of "homeopathic" and over-the-counter hCG diet products and declared them fraudulent and illegal.


title: Human chorionic gonadotropin

text: Human chorionic gonadotropin is a glycoprotein composed of 237 amino acids with a molecular mass of 36.7 kDa, approximately 14.5kDa αhCG and 22.2kDa βhCG.


title: Human chorionic gonadotropin

text: It is heterodimeric, with an α (alpha) subunit identical to that of luteinizing hormone (LH), follicle-stimulating hormone (FSH), thyroid-stimulating hormone (TSH), and β (beta) subunit that is unique to hCG.


title: Human chorionic gonadotropin

text: The two subunits create a small hydrophobic core surrounded by a high surface area-to-volume ratio: 2.8 times that of a sphere. The vast majority of the outer amino acids are hydrophilic.


title: Human chorionic gonadotropin

text: beta-hCG is mostly similar to beta-LH, with the exception of a Carboxy Terminus Peptide (beta-CTP) containing four glycosylated serine residues that is responsible for hCG's longer half-life.


title: Human chorionic gonadotropin

text: Human chorionic gonadotropin interacts with the LHCG receptor of the ovary and promotes the maintenance of the corpus luteum for the maternal recognition of pregnancy at the beginning of pregnancy. This allows the corpus luteum to secrete the hormone progesterone during the first trimester. Progesterone enriches the uterus with a thick lining of blood vessels and capillaries so that it can sustain the growing fetus.


title: Human chorionic gonadotropin

text: It has been hypothesized that hCG may be a placental link for the development of local maternal immunotolerance. For example, hCG-treated endometrial cells induce an increase in T cell apoptosis (dissolution of T cells). These results suggest that hCG may be a link in the development of peritrophoblastic immune tolerance, and may facilitate the trophoblast invasion, which is known to expedite fetal development in the endometrium. It has also been suggested that hCG levels are linked to the severity of morning sickness or Hyperemesis gravidarum in pregnant women.


title: Human chorionic gonadotropin

text: Because of its similarity to LH, hCG can also be used clinically to induce ovulation in the ovaries as well as testosterone production in the testes. As the most abundant biological source is in women who are presently pregnant, some organizations collect urine from pregnant women to extract hCG for use in fertility treatment.


title: Human chorionic gonadotropin

text: Human chorionic gonadotropin also plays a role in cellular differentiation/proliferation and may activate apoptosis.


title: Human chorionic gonadotropin

text: Like any other gonadotropins, it can be extracted from the urine of pregnant women or produced from cultures of genetically modified cells using recombinant DNA technology.


title: Human chorionic gonadotropin

text: In Pubergen, Pregnyl, Follutein, Profasi, Choragon and Novarel, it is extracted from the urine of pregnant women. In Ovidrel, it is produced with recombinant DNA technology.