Stockwatch...Intact Financial Corporation

Stockwatch...Intact Financial Corporation 

Intact Financial Corporation (TSX: IFC) is Canada's largest provider of property and casualty (P&C) insurance, with a growing international footprint. Here's a breakdown of its profile and operations:

🏢 Company Overview

• Headquarters: Toronto, Ontario

• Founded: Originally formed in 2004 as ING Canada Inc.; rebranded as Intact Financial in 2009

• Employees: Over 31,000 globally

• CEO: Charles Brindamour

📊 Business Scope

• Core Services: Offers personal auto, home, commercial, specialty lines, pet, and travel insurance

• Markets:

• 🇨🇦 Canada: Dominant market share in P&C insurance

• 🇺🇸 United States: Specialty lines and commercial insurance

• 🇬🇧 United Kingdom & 🇮🇪 Ireland: Commercial and specialty insurance

• Distribution Channels: Brokers, direct-to-consumer (e.g., belairdirect), managing general agents (MGAs)

Financial Highlights

• Annual Direct Premiums Written (DPW): ~$24 billion

• 2020 Revenue: CA$12.1 billion; Net Income: CA$1.08 billion

• Growth Strategy: Proven track record of acquisitions—19 successful P&C deals since 1988

🌱 Strategic Edge

• Competitive Advantages:

• Scale and disciplined underwriting

• In-house claims expertise

• Multi-channel distribution

• Performance Goals:

• Targeting 10% annual growth in net operating income per share

• Aims to outperform industry ROE by 500 basis points

Culture & Recognition

• Employer Awards: Named a Best Employer in Canada by Mercer for 9 consecutive years

• Purpose-Driven Culture: Focus on people, sustainability, and innovation

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Recent Acquisitions & Strategic Moves

• Jiffy Acquisition: Intact acquired Jiffy, a Canadian home maintenance platform, expanding its digital footprint and service offerings beyond traditional insurance.

• Cybersecurity Hub Launch: They launched the Intact Cybersecurity Hub, signaling a push into digital risk management and cyber insurance solutions.

• M&A Strategy: Intact has a long-standing acquisition strategy focused on specialty lines and geographic expansion. Past deals include RSA Insurance (UK/Ireland) and OneBeacon (US), which helped diversify its portfolio and strengthen its international presence.

Diversity & Inclusion:

• High internal promotion rates and leadership representation from diverse communities.

• Ongoing efforts to ensure employees reflect the communities they serve.

• Digital Claims Innovation:

• Enhancing customer experience through AI-driven claims processing and digital tools.

🏆 Competitive Positioning

• Market Leadership: Largest P&C insurer in Canada with strong broker relationships and direct-to-consumer brands like belairdirect.

• Specialty Lines Growth: Strong foothold in niche markets like marine, cyber, and professional liability insurance.

• Operational Efficiency: Leverages scale, data analytics, and disciplined underwriting to outperform industry ROE benchmarks.

• Brand Strength: Recognized as one of Canada’s most respected companies and a top employer.

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Intact Financial: Financial Metrics (2024)

• Total Revenue: CA$17.4 billion (TTM as of March 2025)

• Market Capitalization: ~CA$47 billion

• Direct Premiums Written (DPW): ~CA$24 billion

• Canada: CA$16.06B

• US: CA$2.89B

• UK & Ireland: CA$4.78B

• Operating Income Before Tax:

• Canada: CA$1.59B

• US: CA$310M

• UK & Ireland: CA$301M

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Strategic Plans for the Future

Intact’s leadership is focused on a multi-pronged strategy to drive sustainable growth and industry leadership:

1. Accelerated Digital Transformation

• Expand AI-driven claims processing and customer service

• Invest in data platforms and predictive analytics

• Enhance direct-to-consumer channels like belairdirect and Sonnet

2. Global Specialty Lines Expansion

• Grow niche insurance segments (cyber, marine, professional liability)

• Strengthen underwriting and risk selection capabilities

• Leverage the RSA and OneBeacon acquisitions for cross-border synergies

3. Climate & ESG Leadership

• Achieve net-zero emissions across operations and investments

• Fund climate adaptation projects in Canadian communities

• Embed ESG metrics into underwriting and investment decisions

4. Operational Excellence

• Maintain industry-leading ROE performance

• Optimize claims efficiency and cost ratios

• Continue disciplined capital deployment and dividend growth

Talent & Culture

• Foster a purpose-driven, inclusive workplace

• Promote internal mobility and leadership development

• Align employee incentives with long-term strategy

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The investment of the "float" is a crucial component of any successful property and casualty (P&C) insurer's business model.

Intact Financial Corporation (IFC) appears to be performing well with its float, but its strategy is generally conservative and focused on generating a stable stream of investment income to support its primary goal: superior underwriting results.

Here is a breakdown of their approach and performance:

1. The Core Strategy: Capital Preservation

Intact's investment strategy for the float (the premiums collected but not yet paid out in claims) is built around safety and liquidity first, which is standard for P&C insurers.

Fixed-Income Heavy: The vast majority of their invested assets are held in fixed-income securities (bonds), which are generally high quality (e.g., A-investment grade or higher). This conservative approach ensures the capital is available to pay claims when needed, regardless of market volatility.

Direct Management: Their investments are managed by their wholly-owned subsidiary, Intact Investment Management (IIM), which oversees a large portfolio (over $33 billion in assets as of their reporting).

2. Investment Income Performance

While Intact focuses on underwriting income (profit from insurance operations) as its main driver, its investment portfolio provides a stable and growing contributor:

Stable Income Growth: Quarterly results consistently show a positive and growing Operating Net Investment Income, which is primarily the interest and dividends generated by the fixed-income portfolio. For example, in recent reports, this income has increased due to higher book yields (the effective rate of return on their debt securities) as a result of higher interest rates.

Buffer for Underwriting: This stable investment income is critical, as it provides a buffer for the overall financial results, especially during periods of high catastrophe losses or challenging underwriting cycles.

3. Outperformance Targets

Intact's financial targets, which include the performance of both its float and underwriting, are ambitious and regularly met:

Outperforming the Industry: A core financial objective is to outperform the industry Return on Equity (ROE) by at least 500 basis points (5 percentage points) every year. Achieving this goal relies on both strong underwriting and effective capital/investment management.

Consistent ROE: Recent quarterly reports indicate a strong Operating ROE (Return on Equity) in the mid-to-high teens, which reflects a robust overall performance.

4. Strategic and Long-Term Investments

While the core float is managed conservatively, Intact has a separate venture capital arm, Intact Ventures, which invests a small portion of capital in higher-growth opportunities:

Focus on Insurtech: Intact Ventures invests in early-stage companies in areas like Insurtech, Fintech, Data & AI, and Mobility. This is a long-term strategic move to drive innovation and support the core insurance business, rather than being a primary driver of float return.

In summary, Intact Financial is not a "high-risk, high-return" investor of its float. Their investment of the float is highly effective in achieving its purpose: generating stable, predictable income to complement what they consider their main source of profit—disciplined underwriting.

Stockwatch...Toromont Industries

Stockwatch...Toromont Industries

Toromont Industries Ltd. is a prominent Canadian industrial company publicly traded on the Toronto Stock Exchange under the ticker symbol TIH.TO. Here's a detailed look at what makes Toromont a key player in its sector:

🏢 Company Overview

• Founded: 1961

• Headquarters: Concord, Ontario, Canada

• Employees: Approximately 7,300

• Website: toromont.com

📊 Business Segments

Toromont operates through two main divisions:

1. Equipment Group

• One of the largest Caterpillar dealerships in North America.

• Offers sales, rentals, and servicing of mobile equipment and engines.

• Serves industries like construction, mining, power generation, forestry, agriculture, and waste management.

• Covers a vast territory across Eastern Canada and parts of Nunavut.

2. CIMCO Refrigeration

• Specializes in industrial and recreational refrigeration systems.

• Provides design, engineering, fabrication, installation, and after-sales support.

• Key markets include food processing, cold storage, mining, and ice rinks.

Leadership

• CEO & President: Michael Stanley Howie McMillan

• CFO: John Marshall Doolittle

• Other key executives oversee strategy, operations, digital transformation, and legal affairs.

📈 Stock & Financials

• Stock Price (as of latest update): ~$152 CAD

• Toromont has a reputation for disciplined growth and strong shareholder returns.

• Recent initiatives include a normal course issuer bid and sustainability reporting.

🌱 Sustainability & Governance

• Toromont emphasizes corporate responsibility, with a focus on environmental stewardship and ethical governance.

• ISS Governance QualityScore: 3 (lower scores indicate better governance practices).

Toromont Industries has had a strong 2025 so far, showing resilience and strategic growth across its business segments. Here's a snapshot of their recent financial performance and investment outlook:

📈 Financial Highlights (Q2 2025)

• Revenue: $1.38 billion — beat expectations by $30 million

• Earnings Per Share (EPS): $1.53 — slightly above forecast of $1.52

• Stock Reaction: Rose 3.65% post-earnings, nearing its 52-week high

• Market Cap: ~$8.1 billion

🧊 Segment Performance

• Equipment Group: Revenue remained stable, supported by strong product support and rental activity.

• CIMCO Refrigeration: Revenue jumped 13%, driven by demand in data center cooling and industrial refrigeration.

📦 Backlog & Growth Drivers

• Backlog: $1.4 billion — a healthy pipeline for future revenue

• Strategic Focus: Investments in technician workforce and data center technologies are positioning Toromont for long-term growth.

 Investment Outlook

• Toromont continues to meet or exceed earnings forecasts, reflecting strong execution.

• Analysts view the stock as trading near fair value, with a low volatility profile and a solid current ratio of 2.68.

• Moderate debt levels and consistent dividend payments make it attractive for long-term investors.

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Regarding the public company Toromont Industries, what has their CEO & President: Michael Stanley Howie McMillan said about the ongoing future of the company?

Michael Stanley Howie McMillan, who became President and CEO of Toromont Industries in October 2023, has emphasized strategic growth through acquisitions and expansion, particularly in the Advanced Manufacturing Solutions (AMS) segment. His leadership is marked by a strong background in finance and operations, with prior roles including EVP & CFO at Toromont and SVP & CFO at Parkland Corp.

McMillan’s vision for Toromont includes:

• 📈 Strategic Acquisitions: He’s credited with executing transformative deals, aligning with Toromont’s push into high-demand sectors like data centers through AMS.

• ⚙️ Operational Challenges: Analysts note that while McMillan excels in deal-making, his ability to manage profitability amid cyclical pressures—especially in mining and construction—is still being tested.

• 🔄 Recurring Revenue Focus: He aims to grow recurring revenue streams to stabilize earnings and offset market volatility.

• 🧩 Integration & Margin Discipline: Key questions remain about his operational discipline and ability to integrate new businesses without sacrificing margins.

While McMillan hasn’t made extensive public statements detailing his long-term roadmap, his actions suggest a focus on scaling Toromont’s capabilities while navigating economic headwinds with financial rigor.

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A deeper dive into Toromont’s AMS strategy in the industrial equipment space?

Toromont Industries’ AMS (Advanced Manufacturing Solutions) strategy is shaping up to be a key growth engine under CEO Michael McMillan’s leadership. Here’s a breakdown of how it’s evolving and how it stacks up against competitors:

🔧 Toromont’s AMS Strategy

Toromont is leveraging AMS to diversify beyond its traditional Caterpillar dealership and refrigeration systems (CIMCO). The AMS segment focuses on:

• Data Center Infrastructure: Capitalizing on the surge in demand for digital infrastructure, especially in Canada and the U.S.

• Industrial Automation: Offering integrated solutions for manufacturing clients seeking efficiency and scalability.

• Recurring Revenue: Building service contracts and long-term maintenance agreements to stabilize earnings.

This strategy aligns with McMillan’s background in finance and deal-making, emphasizing high-margin, scalable business units that complement Toromont’s core strengths.

📊 Strategic Outlook

Toromont’s AMS push is seen as a smart pivot toward sectors with long-term growth potential. The challenge lies in:

- Execution Discipline: Integrating new acquisitions without margin erosion.

- Market Cyclicality: Managing exposure to mining and construction downturns.

- Innovation Pace: Keeping up with automation and digital infrastructure trends.

If McMillan can maintain profitability while scaling AMS, Toromont could carve out a defensible niche in high-tech industrial solutions.

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A deeper look into their data center strategy?

Toromont Industries’ AMS strategy—especially its expansion into data center infrastructure—is gaining traction under CEO Michael McMillan. Let’s unpack the latest developments and compare them to Finning International, its closest competitor.

🏗️ Toromont’s AMS & Data Center Strategy

Toromont is actively investing in data center cooling and infrastructure solutions through its AMS segment. Key highlights:

• Charlotte Facility Launch: A new data center-focused facility in Charlotte is expected to ramp up operations by Q4 2025.

• Organic Growth Preference: Management emphasized a preference for organic expansion in data center cooling technology, rather than aggressive M&A.

• Backlog Strength: Toromont reported a healthy $1.4 billion backlog, much of which is tied to AMS and infrastructure projects.

• Technician Workforce Investment: The company is scaling its technician base to support complex installations and long-term service contracts.

This positions Toromont to benefit from North American infrastructure spending and the rising demand for digital infrastructure.

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Stockwatch...Which Publicly traded companies in Canada manufacture Nitric Acid (HNO₃) and Ammonium Hydroxide (NH₄OH)?

Stockwatch...Which Publicly traded companies in Canada manufacture Nitric Acid (HNO₃) and Ammonium Hydroxide (NH₄OH)?

In Canada, two publicly traded companies stand out for their involvement in manufacturing Nitric acid (HNO₃) and Ammonium hydroxide (NH₄OH):

🧪 1. Nutrien Ltd. (TSX: NTR)

• Headquarters: Saskatoon, Saskatchewan

• Industry: Fertilizers and industrial chemicals

• Nitric Acid & Ammonium Hydroxide Production:

• Nutrien is one of the largest nitrogen producers globally, with facilities that manufacture ammonia, nitric acid, ammonium nitrate, and ammonium hydroxide.

• Their nitrogen products are used in agriculture, industrial manufacturing, and electronics.

• Facilities: Operates nine nitrogen production sites across Canada, the U.S., and Trinidad.

🧪 2. Chemtrade Logistics Income Fund (TSX: CHE.UN)

• Headquarters: Toronto, Ontario

• Industry: Industrial chemicals and services

• Nitric Acid & Ammonium Hydroxide Production:

• Chemtrade manufactures and distributes inorganic chemicals, including nitric acid and ammonium hydroxide, for use in water treatment, electronics, and chemical processing.

• Their products meet high-purity standards required for semiconductor and industrial applications.

• Distribution Reach: North America-wide, with multiple production and blending facilities.

These companies are key suppliers to industries like semiconductors, agriculture, mining, and electronics, where ultra-pure chemical inputs are essential. If you're exploring investment opportunities or sourcing options, both Nutrien and Chemtrade offer strong industrial footprints and diversified portfolios.

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Here's how Nitric acid and Ammonium hydroxide are used in semiconductor chip manufacturing:

🧪 Nitric Acid (HNO₃)

🔍 Primary Roles:

• Oxidizing Agent: Used to remove organic residues and metal contaminants from wafer surfaces.

• Etching: Helps etch silicon and metal layers, especially in combination with other acids like hydrofluoric acid.

• Surface Preparation: Prepares wafers for subsequent deposition or doping steps.

⚗️ Common Applications:

• Metal Etching: Particularly effective for aluminum and copper layers.

• Post-Implant Cleaning: Removes residues after ion implantation.

• Oxide Growth Support: Facilitates formation of thin oxide layers in thermal oxidation processes.

💧 Ammonium Hydroxide (NH₄OH)

🔍 Primary Roles:

• Base Component in RCA Clean: A standard cleaning protocol developed in the 1960s, still widely used today.

• Particle Removal: Excellent at lifting particles and organic contaminants from silicon wafers.

• Surface Conditioning: Helps maintain surface integrity before photolithography.

⚗️ Common Applications:

• RCA SC-1 Clean: A mixture of ammonium hydroxide, hydrogen peroxide, and deionized water. Removes organic residues and particles.

• Etching of Oxides: Can be used to etch silicon dioxide layers under controlled conditions.

• Post-Etch Cleaning: Neutralizes acidic residues and prepares surfaces for further processing.

🌍 Why Purity Matters

Both chemicals must meet ultra-high purity standards—often parts per trillion (ppt)—to avoid introducing defects into microchips. Even trace impurities can compromise performance or yield.

You can dive deeper into their roles in this Alliance Chemical guide or explore ammonium hydroxide’s evolution in chipmaking via this detailed report.

Would you like to explore how these chemicals are managed for environmental safety or how they're evolving for next-gen chips?

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Stockwatch...Chemtrade Logistics Income Fund

Stockwatch...Chemtrade Logistics Income Fund

Had the flu the last few days so I decided to ask Google Gemini some questions about one of my holdings...Chemtrade Logistics Income Fund which trades on the TSX up here in Canada. Symbol is CHE.UN...The following is what Gemini came up with. I asked questions that mattered to me as I knew there was a change in management a few years ago and that the operating metrics have improved over that time span. I pass it along here for whoever might be interested. AI could prove to be an interesting investing tool if used properly and asking the right questions.

Was there a recent change of senior management in the canadian company, 'Chemtrade Logistics Income Fund'?

Based on recent information, there have been some changes to the senior management and board of trustees at Chemtrade Logistics Income Fund.

Key Changes:

CEO Succession: The founding CEO, Mark Davis, retired in February 2021 and was replaced by Scott Rook, who had been the Chief Operating Officer. This change was part of a planned succession.

Board of Trustees Leadership: The former Chair of the Board of Trustees, Lorie Waisberg, retired and was succeeded by Douglas Muzyka in 2022.

New Trustees: In 2025, Chemtrade appointed Suzann Pennington to its Board of Trustees. Gary Merasty was also formally voted onto the Board in May 2024.

While the CEO transition happened a few years ago, the company has continued to make changes to its board of trustees and leadership structure.

What more can you tell me about the new CEO, Scott Rook?

Scott Rook is the President and CEO of Chemtrade Logistics Income Fund. He was appointed to this role in 2021 as part of a planned succession, replacing the founding CEO, Mark Davis.

Professional Background

Rook has extensive experience in the chemical industry, with a career spanning over 28 years in various leadership, commercial, and operational roles.

Chemtrade Logistics Income Fund: He first joined Chemtrade in September 2019 as the Chief Operating Officer (COO). In this position, he was responsible for improving profitability and cash generation across all of the company's business segments.

Prior Experience: Before his time at Chemtrade, he was the Senior Vice President, Commercial, at Ascend Performance Materials, where he oversaw corporate growth strategies and mergers and acquisitions (M&A) activities for a global business. He also held executive roles at Eastman Chemical Company.

Education

Scott Rook holds a Bachelor of Science degree in Industrial Engineering from the University of Tennessee and an MBA in Finance from Auburn University.

Has the operating performce of the business improved since Mr. Rook became the CEO?

Since Scott Rook took over as CEO in March 2021, Chemtrade Logistics Income Fund's operating performance has generally shown improvement. Here's a breakdown of the key indicators:

Overall Positive Trends:

Adjusted EBITDA Growth: The company has seen significant growth in its Adjusted EBITDA. In a Q1 2025 earnings call, Mr. Rook stated that from 2021 to 2024, the company's Adjusted EBITDA grew at a "note-worthy 19% compounding growth rate." This metric is often used to gauge a company's core operational profitability.

Raised Guidance: Based on a strong start to 2025, Chemtrade has raised its Adjusted EBITDA guidance for the year, indicating a positive outlook for continued performance.

Increased Revenue: Recent quarterly reports, such as Q1 and Q2 2025, have shown double-digit year-over-year revenue increases, driven by higher selling prices and volumes for several key products.

Stronger Balance Sheet: A major focus since 2021 has been strengthening the company's financial position. This has been achieved through strategic actions like asset sales, debenture offerings, and debt reduction.

Return of Capital to Unitholders: The company has been actively returning capital to unitholders through share buybacks and increases in its monthly distribution.

Specific Financial Highlights since 2021:

Revenue: Chemtrade's annual revenue has grown from C1.37billionin2021toC1.79 billion in 2024.

Adjusted EBITDA: Annual Adjusted EBITDA has climbed from C280.4millionin2021toC470.8 million in 2024.

Distributable Cash: The distributable cash after maintenance capital expenditures has also shown a strong upward trend, increasing from C84.1millionin2021toC213.1 million in 2024.

Total Shareholder Return: The company's total unitholder return has been strong, with a 63% return over the three years leading up to early 2025.

Factors Contributing to the Improvement:

Operational Excellence: Mr. Rook and his team have focused on improving operational efficiency and commercial strategies, which has helped to boost profitability.

Favorable Market Conditions: Higher selling prices for key products like water treatment chemicals, caustic soda, and sulphuric acid have positively impacted performance.

Strategic Divestitures: The sale of non-core businesses has helped to streamline operations and strengthen the balance sheet.

Foreign Exchange: A weaker Canadian dollar relative to the U.S. dollar has also provided a positive boost to revenue and EBITDA.

In summary, the company's financial results since Mr. Rook's appointment as CEO generally indicate a significant improvement in operating performance, driven by a combination of strategic initiatives and favorable market conditions.

Tell me more about the market for sulphuric acid?

The global market for sulphuric acid is a massive and essential industrial sector, with its performance closely tied to several key global trends. Here's a breakdown of the market:

Market Size and Growth

The global sulphuric acid market is estimated to be valued at around $18 billion to $20 billion and is projected to see significant growth, with some forecasts expecting a compound annual growth rate (CAGR) of over 10% in the coming years. This growth is driven by its critical role in various industries.

Asia-Pacific is the dominant region, leading the market in both consumption and production, with countries like China and India driving demand due to rapid industrialization and agricultural expansion.

Key Applications and Drivers

Sulphuric acid is often called the "King of Chemicals" because of its wide range of uses, but a few applications stand out as major market drivers:

Fertilizers (Dominant Use): This is by far the largest end-use segment, accounting for over 50% of the market. Sulphuric acid is a primary feedstock for the production of phosphate-based fertilizers (like MAP and DAP), which are crucial for enhancing crop yields and ensuring global food security. As the world's population grows, so does the demand for these fertilizers.

Metal Processing: It is widely used in "pickling" to clean the surface of steel before it is coated or processed. It is also essential for the extraction and processing of various metals, including copper, nickel, and zinc, particularly in leaching technologies.

Chemical Manufacturing: Sulphuric acid is a vital reactant, catalyst, and dehydrating agent in the production of a vast array of chemicals, including dyes, detergents, pigments, and other acids.

Automotive and Batteries: It serves as the electrolyte in traditional lead-acid batteries, a crucial component for cars and other vehicles. The increasing demand for electric vehicles (EVs) is also creating a new market for high-purity sulphuric acid used in the production of battery metals and their precursors.

Raw Materials and Supply Chain

The primary raw material for producing sulphuric acid is elemental sulfur. This sulfur is largely recovered as a byproduct of natural gas and petroleum refining.

The supply chain can be complex, and price volatility for elemental sulfur can directly impact the cost of sulphuric acid.

In Canada, a significant portion of sulphuric acid is produced as a byproduct of base metal smelting operations. Companies like Glencore (NorFalco) capture sulfur dioxide from their smelters and convert it into sulphuric acid, contributing to a "circular economy" and preventing the release of harmful gases into the atmosphere.

Canada is a major player in the global sulfur market, serving as a key exporter of both elemental sulfur and sulphuric acid, particularly to the United States.

Challenges and Constraints

Despite the strong demand, the sulphuric acid market faces several challenges:

Environmental and Health Concerns: The production and transport of sulphuric acid carry significant risks due to its corrosive and toxic nature. Strict environmental regulations aimed at controlling emissions (like sulfur dioxide) and ensuring safe handling can increase production costs.

Transportation Logistics: Moving large quantities of sulphuric acid is difficult and requires specialized, regulated transportation, primarily via railcars. Disruptions in rail services can severely impact the supply chain.

Raw Material Volatility: The price and availability of elemental sulfur are tied to the oil and gas industry, making the sulphuric acid market susceptible to fluctuations in the energy sector.

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How is Sulphuric acid used in relation to semi-conductor chips?

Sulfuric acid plays a critical role in semiconductor chip manufacturing, particularly in the cleaning and etching stages. Here's how it's used:

🧪 What Is Chip-Grade Sulfuric Acid?

• Also called electronic-grade or ultrapure sulfuric acid

• Purified to parts-per-billion (ppb) or parts-per-trillion (ppt) levels

• Even trace impurities like metal ions or organic compounds can ruin a chip, so extreme purity is essential

🧼 Key Applications in Semiconductor Fabrication

1. Wafer Cleaning

• Removes organic and inorganic contaminants from silicon wafers

• Often used in combination with hydrogen peroxide to form Piranha solution, which aggressively breaks down residues

2. Photoresist Stripping

• Dissolves the light-sensitive coating applied during photolithography

• Prepares the wafer for patterning and etching

3. Etching

• Helps selectively remove material layers to define circuit pathways

• Used in post-etch cleaning to eliminate leftover residues

4. Oxide Layer Formation

• Assists in forming insulating layers between semiconductor regions

🔬 Why It’s Indispensable

• Strong acidity helps break down complex organic materials

• Dehydrating nature removes water from surfaces

• Oxidizing power (especially when mixed with H₂O₂) clears stubborn carbon-based contaminants

• Thermal stability allows use in high-temperature cleaning baths

🌍 Market Impact

• Demand for electronic-grade sulfuric acid is rising with the growth of advanced electronics, data centers, and renewable energy systems

Figure Announces Strategic Partnership with Brookfield to Scale AI Infrastructure and Build World's Largest Humanoid Pretraining Dataset

Figure Announces Strategic Partnership with Brookfield to Scale AI Infrastructure and Build World's Largest Humanoid Pretraining Dataset

PR NewswireSep 17, 2025 9:00 AM EDT

Figure Announces Strategic Partnership with Brookfield to Scale AI Infrastructure and Build World's Largest Humanoid Pretraining Dataset

PR Newswire

SAN JOSE, Calif. , Sept. 17, 2025 /PRNewswire/ -- Figure, a California -based company developing autonomous humanoid robots, today announced a first-of-its-kind partnership with Brookfield , one of the world's largest alternative asset managers with over $1 trillion of assets and 100,000 residential units under management. Brookfield will help Figure develop the world's largest and most diverse real-world humanoid pretraining dataset and build critical AI infrastructure for scaling Helix, Figure's proprietary vision-language-action model, and facilitate deployment of humanoid robots in new commercial settings. Brookfield has also invested in Figure's Series C fundraising as part of the broader partnership.

"This partnership marks a major milestone in our journey to build general-purpose humanoid robots," said Brett Adcock , Founder and CEO of Figure. " Brookfield's scale gives us an unmatched platform to capture massive amounts of real-world, humanlike navigation and manipulation data across a variety of household environments necessary to unlock general-purpose humanoid robots."

The partnership reinforces Brookfield's position on the forefront of AI, unlocking deployment opportunities over time for its operating companies and advancing its leadership in the rapidly-scaling AI infrastructure space.

Bruce Flatt , CEO of Brookfield , said, "This approach to collaboration furthers Brookfield's position at the forefront of integrating artificial intelligence to drive productivity in real assets and business."

Stewart Upson , Head of Global Strategy for Brookfield , said, "We're proud to be collaborating with Figure on this, unlocking direct deployment opportunities over time with a view to enhancing our operations."

Building the Largest Pretraining Data Set for Helix

The project represents a historic advancement in the development of humanoid intelligence. Brookfield is one of the world's largest real estate owners globally with over 100,000 residential units. In addition, Brookfield has over 500 million square feet of commercial office space and 160 million square feet of logistics space. In partnership with Brookfield , these types of environments are strategic and critical to Figure's data collection project for Helix. Using human video capture in a variety of Brookfield environments, Figure will amass critical AI training data for Helix to teach humanoid robots how to move, perceive, and act across a spectrum of human-centric spaces. Figure has already launched data collection efforts in Brookfield environments and will continue to scale this program in the coming months.

Building the AI Infrastructure of the Future

In addition to data collection, the partnership will explore broader infrastructure collaboration — including support for next-generation GPU data centers, real estate for robotic training environments, and commercial use cases across Brookfield's global footprint.

Accelerating Commercial Deployment of Humanoid Robots

Brookfield and Figure will also explore opportunities to deploy humanoid robots within Brookfield's portfolio over time. Figure has initiated early commercial deployments with select customers, and the addition of use cases within Brookfield's platform will demonstrate the ability to scale utilization across different sectors and applications. Together, Figure and Brookfield are solving one of the most ambitious challenges in AI: enabling robots to perform a wide range of real-world tasks in human environments to improve productivity and efficiency.

About Figure

Figure is an AI robotics company developing autonomous general-purpose humanoid robots. The goal of the company is to ship humanoid robots with human level intelligence. Its robots are engineered to perform a variety of tasks in the home and commercial markets. Figure is headquartered in San Jose, CA.

About Brookfield

Brookfield is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. We have three core businesses: Asset Management, with over $1 trillion in assets under management; Wealth Solutions, our investment-led insurance business, and our Operating Businesses across infrastructure, renewable power, business and industrial services, and real estate.

We have delivered a 19% annualized compound return for shareholders since 1993, supported by our unrivaled investment and operational experience. Our conservatively managed balance sheet, extensive operational experience, and global sourcing networks allow us to consistently access unique opportunities. At the center of our success is the Brookfield Ecosystem, which is based on the fundamental principle that each group within Brookfield benefits from being part of the broader organization.

Brookfield Corporation is publicly traded in New York and Toronto (NYSE: BN, TSX: BN), and Brookfield Asset Management is publicly traded in New York and Toronto (NYSE: BAM, TSX: BAM). For more information, please visit our website at www.brookfield.com .

View original content: https://www.prnewswire.com/news-releases/figure-announces-strategic-partnership-with-brookfield-to-scale-ai-infrastructure-and-build-worlds-largest-humanoid-pretraining-dataset-302558414.html

SOURCE Figure AI Inc.

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Source

https://money.tmx.com/en/quote/BAM