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Jobs at risk in US advertising mega-merger: Omnicom and Interpublic to join forces in £10bn deal By CALUM MUIRHEAD Updated: 17:01 EST, 9 December 2024 e-mail View comments WPP’S status as the world’s largest advertising firm is under threat after two US rivals agreed a multi-billion-pound mega-merger. New York-based Omnicom and Interpublic, the second and fourth largest ad agencies, have struck a £10billion deal to join forces in a move that will de-throne FTSE 100 member WPP. The tie-up is likely to spark fears of job losses in the UK as both entities employ thousands of people across their various ad agencies and PR firms across Britain, and are planning to save £585million in costs through the merger. Globally, Omnicom has over 75,000 staff while Interpublic employs more than 57,000. Under the terms of the deal, Interpublic shareholders will receive 0.344 Omnicom shares for each share they hold in the business, giving them control of 39.4 per cent of the enlarged group. Tie-up: Omnicom, led by CEO John Wren (left) and Interpublic, led by CEO Maurice Levy (right), the second and fourth largest ad agencies, have struck a £10bn deal to join forces Omnicom chief executive John Wren said: ‘Now is the perfect time to bring together our technologies, capabilities, talent and geographic footprints to bring clients superior, data-driven outcomes.’ The merger is expected to attract intense scrutiny from competition regulators given the firm’s potential dominance over the sector. If it is completed, it will mean WPP will be overtaken in terms of advertising sales for the first time in 16 years. RELATED ARTICLES Previous 1 Next Kill the Royal Mail deal: Don't sell our postal service on... Nvidia sees value drop £80bn as Chinese regulators probe... Share this article Share HOW THIS IS MONEY CAN HELP How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing account The London-based firm will be dwarfed by its combined rivals in terms of sales and market capitalisation, with Omnicom valued at £15.8billion while Interpublic is worth £8.5billion compared to WPP’s £9.4billion. Combined, the two US firms reported revenues of around £20billion last year compared to £14.8billion for WPP. The deal would also see the world’s ‘Big Four’ ad agencies reduced to three, with WPP competing with the newly merged firm, as well as French giant Publicis Group, which owns ad agency Saatchi & Saatchi. WPP’s shares have struggled following the departure of its founder and long-serving boss Sir Martin Sorrell in 2018. But shares rose 2.8 per cent, or 24p, to 891.6p yesterday as investors considered whether the merger could provide opportunities for the group. DIY INVESTING PLATFORMS AJ Bell AJ Bell Easy investing and ready-made portfolios Learn More Learn More Hargreaves Lansdown Hargreaves Lansdown Free fund dealing and investment ideas Learn More Learn More interactive investor interactive investor Flat-fee investing from £4.99 per month Learn More Learn More Saxo Saxo Get £200 back in trading fees Learn More Learn More Trading 212 Trading 212 Free dealing and no account fee Learn More Learn More Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence. Compare the best investing account for you Share or comment on this article: Jobs at risk in US advertising mega-merger: Omnicom and Interpublic to join forces in £10bn deal e-mail Add comment Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence. More top stories
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Manufacturer marks Official Supplier status with 5 millionth tankless water heater donation and 50-year anniversary milestone PEACHTREE CITY, Ga. , Dec. 19, 2024 /PRNewswire/ -- Rinnai America Corporation — manufacturer of a leading brand of tankless gas water heaters in North America — is proud to announce a landmark partnership with Homes For Our Troops (HFOT), a nonprofit organization dedicated to building and donating specially adapted custom homes nationwide for severely injured post-9/11 Veterans, to enable them to rebuild their lives. The new agreement makes Rinnai the Official Supplier of water heaters for new homes across the country through 2027. This exclusive collaboration strengthens both organizations' shared commitment to providing Veterans and their families with the resources they need to rebuild their lives after service. Also celebrating 50 years in North America , Rinnai marked the occasion by donating the 5 millionth tankless water heater manufactured at its state-of-the-art facility in Griffin, Georgia for a new home under construction in Texas . "Celebrating 50 years and reaching 5 million tankless water heaters sold in the North American market are significant milestones for us but knowing that our donation is helping a Veteran and their family start a new chapter in life is incredibly meaningful," said Frank Windsor , President, Rinnai America Corporation. "We are honored to help restore some of the freedom and independence to the brave men and women who have sacrificed so much defending our country. Our continued partnership with Homes For Our Troops is a powerful way for us to give back and deliver our brand promise of 'Creating a healthier way of living'." Since its inception in 2004, HFOT has built over 400 homes. Each specially adapted energy efficient home is designed to comfortably raise a family while limiting future expenses. Equipped with Rinnai's durable and highly energy efficient products, the homes constructed as part of this partnership will help reduce the families' long-term utility costs and serve as a safe and welcoming place to call home for years to come. "We are incredibly proud to extend our partnership with Rinnai. The company's passion for assisting Veterans and their families significantly helps us advance our mission of Building Homes and Rebuilding Lives for severely injured post-9/11 Veterans," said HFOT President/CEO, Brig. Gen., USA (Ret) Tom Landwermeyer . "These Veterans face enormous challenges, and through this partnership, we are also providing the comfort and convenience of a high-quality water heater to help create a home that promotes healing and independence." Army SGT Christopher Leverkuhn will receive the 5 millionth product, a SENSEI ® RX Series, for his home currently under construction in Kerrville, Texas . The most advanced condensing tankless water heater on the market, it sets the standard for efficiency at 0.98 UEF and creates a healthier way of living by delivering the ultimate in comfort, smart design and unlimited hot water. Over the next three years, Rinnai will donate appropriate products with features ideal for the hot water demands of each Veterans' home. Many will receive Rinnai's newest condensing tankless water heater, the SENSEI RXP. This product comes equipped with a built-in recirculation pump to deliver faster hot water to the faucet. Rinnai will also provide its RWM200 WiFi module, which can be used with the Rinnai Central TM app to control temperature and recirculation patterns. Veterans may also receive Rinnai's new electric heat pump water heater , one of the most sustainable electric water heating solutions available, meeting highest efficiency standards while reducing energy usage and costs. The agreement highlights the growing commitment of the sustainable manufacturer's corporate responsibility and charitable giving in addressing the needs of Veterans and their families. In addition to HFOT, Rinnai partners with Folds of Honor, a nonprofit organization that provides educational scholarships to the spouses and children of military members who have fallen or been disabled while serving in the United States Armed Forces. These organizations prove that partnerships can lead to lasting change and help those who have given so much for their country. About Homes For Our Troops: Homes For Our Troops (HFOT) is a publicly funded 501(c)(3) nonprofit organization that builds and donates specially adapted custom homes nationwide for severely injured post-9/11 Veterans, to enable them to rebuild their lives. Most of these Veterans have sustained injuries including multiple limb amputations, partial or full paralysis, and/or severe traumatic brain injury (TBI). These homes restore some of the freedom and independence our Veterans sacrificed while defending our country, and enable them to focus on their family, recovery, and rebuilding their lives. Since its inception in 2004, nearly 90 cents of every dollar spent has gone to our program services for Veterans. HFOT builds these homes where the veteran chooses to live and continues its relationship with the Veterans after home delivery to assist them with rebuilding their lives. www.hfotusa.org . About Rinnai: Rinnai America Corporation, a subsidiary of Rinnai Corporation in Nagoya, Japan , was established in 1974 and is headquartered in Peachtree City, Georgia . Rinnai Corporation manufactures gas appliances, including tankless water heaters, a wide range of kitchen appliances, and heating and air conditioning units. As the technology leader in its industry, Rinnai is the largest gas appliance manufacturer in Japan and is the No. 1 selling brand of tankless gas water heaters in the United States and Canada . Annual corporate revenues, including those of its subsidiaries, are in excess of $3.3 billion . With a global perspective to create 21st-century products for the home and business, Rinnai Corporation commits itself to safety and Creating a healthier way of living ® . For more information about Rinnai's entire product line, visit www.rinnai.us . Copyright 2024. All rights reserved. Rinnai ® and Creating a healthier way of living ® are the registered trademarks of Rinnai Corporation used under license by Rinnai America Corporation. View original content to download multimedia: https://www.prnewswire.com/news-releases/rinnai-america-joins-forces-with-homes-for-our-troops-to-aid-injured-veterans-302336611.html SOURCE Rinnai America Corporation