The Most Current Reports Regarding Manufacturing


SEC Investigating Former Chair of Auditing Industry Regulator The recently dismissed head of the PCAOB is under scrutiny for the handling of internal complaints William Duhnke, former chair of the PCAOB, said in a written statement that ‘every single allegation of wrongdoing that has been made against me is false.’ Photo: Denny Henry for The Wall Street Journal The Securities and Exchange Commission is investigating whether the recently dismissed chairman of the auditing industry’s oversight board violated any rules in his handling of internal complaints at the regulator, according to people familiar with the matter. The SEC’s enforcement investigation is examining the actions of William Duhnke, who was dismissed from his job as chairman of the Public Company Accounting Oversight Board two weeks ago, according to the people. The investigation is the latest sign of trouble for the struggling regulator, which oversees the accounting firms that audit U.S.-listed companies. Mr. Duhnke, a former senior Republican congressional aide, was appointed by the SEC in December 2017. His tenure was marked by turmoil at the agency, with staff departures and complaints that Mr. Duhnke created “a sense of fear,” according to a whistleblower complaint and people familiar with the situation. It isn’t clear how the SEC could punish Mr. Duhnke—if an investigation found misconduct—since commissioners already dismissed him. The 2002 Sarbanes Oxley law, which created the PCAOB after the Enron Corp. accounting scandal, gives the SEC authority to censure board members or remove them from office if they shirk their duties or abuse their authority. The SEC’s examinations arm is also looking into how the PCAOB has been run, including its handling of whistleblowers and other employees, the people familiar with the matter said. Mr. Duhnke allegedly retaliated against employees he disagreed with by forcing them out of their jobs and, in certain cases, making it hard for them to get other jobs in government, whistleblowers alleged. One letter, sent to the PCAOB’s board in May 2019, said it was written by a group of current and former PCAOB employees. They later sent it to the SEC.

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Refresco to acquire three production facilities in the US from The Coca-Cola Company Rotterdam, the Netherlands, August 3, 2021 – Refresco, the world's largest independent bottler for retailers and A-brands in Europe and North America, today announces it has entered into an agreement with The Coca-Cola Company to acquire three of its production locations in the United States. This transaction is subject to regulatory approval. Hans Roelofs, CEO Refresco, comments: “The ongoing trend of A-brands outsourcing their production capabilities continues to provide opportunities for us as an independent beverage solutions provider. With manufacturing and supply chain being at the heart of our business, the acquisition of three Coca-Cola facilities in the US is another step forward in our growth strategy.” click for source Brad Goist, COO Refresco North America, adds: “Adding three hotfill production sites to our footprint is a great opportunity to further enhance our offering. I am convinced that our Retail and A-brand customers across North America will be able to benefit from our extended capabilities and broadened geographical footprint.” The prospective transaction includes three production facilities in Truesdale (Missouri), Waco (Texas) and Paw Paw (Michigan), and involves long-term agreements for contract manufacturing activities. Refresco will become one of Coca-Cola’s strategic third-party contract manufacturers in the United States. This acquisition is well aligned with Refresco’s buy-and-build strategy, focused on further expanding and strengthening its manufacturing footprint across Europe and North America to service both retailers and A-brands. All three hotfill production locations are highly complementary to Refresco North America’s current manufacturing footprint. Through the acquisition, Refresco further improves its proximity to its existing customer base and expands its technological capabilities. The transaction is subject to regulatory approval. Refresco will finance the transaction from its existing cash position. The financial terms of the transaction are not disclosed. _________________________________________________ Refresco is an independent bottler of beverages for retailers and A-brands with production in Europe and North America. The company has full year volumes and revenue of circa 12 billion liters and circa €4.1 billion, respectively. Refresco offers an extensive range of product and packaging combinations from 100% fruit juices to carbonated soft drinks and mineral waters in carton, PET, Aseptic PET, cans and glass. Focused on innovation, Refresco continuously searches for new and alternative ways to improve the quality of its products and packaging combinations in line with consumer and customer demand, environmental responsibilities and market demand. Refresco is headquartered in Rotterdam, the Netherlands and has more than 10,000 employees.