Category: 3. Business

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Acquisition to expand Boston Scientific’s cardiovascular portfolio and further address increasing prevalence of vascular diseases

Provides scaled entry into mechanical thrombectomy and neurovascular, key strategic adjacencies

Conference call at 8:00 a.m. ET to discuss details of the transaction

MARLBOROUGH, Mass. and ALAMEDA, Calif., Jan. 15, 2026 /PRNewswire/ — Boston Scientific Corporation (NYSE: BSX) and Penumbra, Inc., (NYSE: PEN) today announced the companies have entered into a definitive agreement under which Boston Scientific will acquire Penumbra in a cash and stock transaction that values Penumbra at $374 per share, reflecting an enterprise value of approximately $14.5 billion.ⁱ

“Penumbra is a well-established company with an experienced, high-performing team and this acquisition offers Boston Scientific an opportunity to enter new, fast-growing segments within the vascular space,” said Mike Mahoney, chairman and chief executive officer, Boston Scientific. “I’m thrilled to combine the talents and shared values of our teams – including welcoming Penumbra’s chairman and chief executive officer, Adam Elsesser, to our board of directors upon close. The addition of Penumbra can expand access for these novel technologies to more patients and customers around the world, further enhancing our revenue and margins over time with proven offerings that have a history of growth and innovation.”

Cardiovascular diseases are the leading cause of death globallyⁱⁱ and include disorders of the heart and blood vessels that can restrict blood flow and increase the risk of clots throughout the body. To address the escalating prevalence of these complex diseases, Penumbra has developed a comprehensive portfolio that includes differentiated devices to treat conditions such as pulmonary embolism, stroke, deep vein thrombosis, acute limb ischemia, heart attack and aneurysms.

Penumbra offers innovative mechanical thrombectomy products for use in peripheral vascular procedures to remove blood clots causing blockages in arterial, venous and pulmonary vessels, including the Lightning Bolt^® and Lightning Flash^® computer assisted vacuum thrombectomy (CAVT™) systems. The company’s vascular portfolio also includes a minimally invasive peripheral embolization system, which is designed to stop blood flow to control hemorrhaging and bleeding or to close blood vessels.

Neurovascular offerings from Penumbra currently include differentiated solutions for access, stroke revascularization and neuro embolization. The company is continuing to innovate in these areas and add meaningful clinical evidence to support expanded access for more patients worldwide.

“Our decades-long development of therapies for challenging medical conditions has focused on deep innovation for complex diseases so that we can offer physicians novel solutions to transform patient care,” said Adam Elsesser. “I am grateful for the amazing people who have contributed to this work and look forward to uniting our efforts and shared values as we come together with Boston Scientific.”  

Penumbra expects to deliver fourth quarter reported revenue growth in the range of approximately 21.4% – 22.0% and full year 2025 reported revenue of approximately $1.4 billion, representing growth in the range of approximately 17.3% – 17.5% over the prior fiscal year.ⁱⁱⁱ Penumbra continues to advance its technologies with a multi-year research and development plan and ongoing clinical programs.

Under the terms of the agreement, which has been approved by the board of directors of each company, the transaction values each Penumbra share at $374, with Penumbra stockholders having the right to elect to receive $374 in cash or 3.8721 shares of Boston Scientific common stock (valued at $374 based on the volume weighted average price of Boston Scientific common stock over the last 10 trading days, as of January 13, 2026), subject to proration, so that the total transaction consideration is paid approximately 73% in cash and approximately 27% in shares of Boston Scientific common stock. Adam Elsesser has indicated that he will elect to receive Boston Scientific shares for all his Penumbra shares.

Boston Scientific expects to finance the approximately $11 billion cash portion of the transaction consideration with a combination of cash on hand and new debt. The transaction is expected to be $0.06-0.08 dilutive to adjusted earnings per share for Boston Scientific in the first full year following the close of the acquisition, neutral to slightly accretive in the second year and more accretive thereafter. The impact to GAAP earnings per share is expected to be dilutive in the first full year following the close, and less dilutive or increasingly accretive thereafter, as the case may be, due to amortization expense and acquisition-related net charges. 

The transaction is expected to be completed in 2026, subject to receipt of Penumbra’s stockholder approval and the satisfaction of other customary closing conditions.

Boston Scientific will be discussing this announcement on a conference call today at 8:00 a.m. ET, which can be accessed on the Events and Presentations section of the Boston Scientific investor relations website along with additional information about this transaction.  

Allen Overy Shearman & Sterling LLP and Arnold & Porter Kaye Scholer LLP are serving as legal advisors to Boston Scientific.

Perella Weinberg Partners is serving as exclusive financial advisor to Penumbra and Davis Polk & Wardwell LLP is serving as legal advisor.

About Boston Scientific
Boston Scientific transforms lives through innovative medical technologies that improve the health of patients around the world. As a global medical technology leader for more than 45 years, we advance science for life by providing a broad range of high-performance solutions that address unmet patient needs and reduce the cost of healthcare. Our portfolio of devices and therapies helps physicians diagnose and treat complex cardiovascular, respiratory, digestive, oncological, neurological and urological diseases and conditions. Learn more at www.bostonscientific.com and follow us on LinkedIn.  

About Penumbra
Penumbra, Inc., the world’s leading thrombectomy company, is focused on developing the most innovative technologies for challenging medical conditions such as ischemic stroke, venous thromboembolism such as pulmonary embolism, and acute limb ischemia. Our broad portfolio, which includes computer assisted vacuum thrombectomy (CAVT), centers on removing blood clots from head-to-toe with speed, safety and simplicity. By pioneering these innovations, we support healthcare providers, hospitals and clinics in more than 100 countries, working to improve patient outcomes and quality of life. For more information, visit www.penumbrainc.com and connect on Instagram, LinkedIn, and X.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  Forward-looking statements may be identified by words like “anticipate,” “expect,” “project,” “believe,” “plan,” “estimate,” “intend” and similar words.  These forward-looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance.  These forward-looking statements include, among other things, statements regarding the financial and business impact of the transaction and anticipated benefits of the transaction, the closing of the transaction and the timing thereof, business plans and strategy, product launches and product performance and impact, clinical programs, and expected financial results.  If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by our forward-looking statements.  These factors, in some cases, have affected and in the future (together with other factors) could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the statements expressed in this press release.  As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements. 

Factors that may cause such differences include, among other things: economic conditions, including the impact of foreign currency fluctuations; future U.S. and global political, competitive, reimbursement and regulatory conditions, including changing trade and tariff policies; geopolitical events; manufacturing, distribution and supply chain disruptions and cost increases; disruptions caused by cybersecurity events; disruptions caused by public health emergencies or extreme weather or other climate change-related events; labor shortages and increases in labor costs; variations in outcomes of ongoing and future clinical trials and market studies; new product introductions; expected procedural volumes; the closing and integration of acquisitions, including the ability to achieve the anticipated benefits of the proposed transaction and successfully integrate Penumbra’s operations; business disruptions (including disruptions in relationships with employees, customers or suppliers) following the announcement and/or closing of the proposed transaction; demographic trends; intellectual property; litigation; financial market conditions; future business decisions made by us and our competitors; the conditions to the completion of the proposed transaction, including the receipt of the required regulatory approvals and clearances, may not be satisfied at all or in a timely manner; and the closing of the proposed transaction may not occur or may be delayed.  All of these factors are difficult or impossible to predict accurately and many of them are beyond our control.  For a further list and description of these and other important risks and uncertainties that may affect each of Boston Scientific’s and Penumbra’s businesses and future operations, see Part I, Item 1A – Risk Factors in Boston Scientific’s and Penumbra’s respective most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, which may be updated in Part II, Item 1A – Risk Factors in Quarterly Reports on Form 10-Q each company has filed or will file hereafter.  Boston Scientific and Penumbra each disclaim any intention or obligation to publicly update or revise any forward-looking statements to reflect any change in our expectations or in events, conditions or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements, except as required by law.  This cautionary statement is applicable to all forward-looking statements contained in this document.

Important Information and Where to Find It

In connection with the proposed transaction, Boston Scientific will file with the Securities and Exchange Commission (the “SEC“) a registration statement on Form S-4 that will include a proxy statement/prospectus (the “Proxy Statement/Prospectus“) for the stockholders of Penumbra, and Penumbra will mail the Proxy Statement/Prospectus to its stockholders and file other documents regarding the proposed transaction with the SEC. This communication is not a substitute for any proxy statement, registration statement, proxy statement/prospectus or other documents Boston Scientific and/or Penumbra may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE, ANY AMENDMENTS OR SUPPLEMENTS TO THE PROXY STATEMENT/PROSPECTUS, AND OTHER DOCUMENTS FILED BY BOSTON SCIENTIFIC OR PENUMBRA WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the Proxy Statement/Prospectus and other documents filed with the SEC by Boston Scientific and/or Penumbra through the website maintained by the SEC at www.sec.gov. Security holders will also be able to obtain free copies of the documents filed by Boston Scientific with the SEC on Boston Scientific’s website at investors.bostonscientific.com or by contacting Boston Scientific Investor Relations at BSXInvestorRelations@bsci.com or by calling 508-683-4479. Security holders will also be able to obtain free copies of the documents filed by Penumbra with the SEC on Penumbra’s website at https://www.penumbrainc.com/investors/sec-filings/ or by contacting Penumbra Investor Relations at investors@penumbrainc.com.

No Offer or Solicitation

This communication is for informational purposes only and not intended to and does not constitute an offer to subscribe for, buy or sell, the solicitation of an offer to subscribe for, buy or sell or an invitation to subscribe for, buy or sell any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

Participants in the Solicitation

Boston Scientific, Penumbra and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Penumbra’s stockholders in connection with the proposed transaction. Information regarding Boston Scientific’s directors and executive officers, including a description of their respective direct or indirect interests, by security holdings or otherwise, will be set forth in the Joint Proxy Statement/Prospectus and other relevant materials when they are filed with the SEC. These documents (when available) may be obtained free of charge from the SEC’s website at www.sec.gov or by accessing the Investor Relations section of the Boston Scientific website at investors.bostonscientific.com. Information regarding the Boston Scientific’s directors and executive officers is contained in the sections entitled “Election of Directors” and “Securities Ownership of Director and Executive Officers” included in Boston Scientific’s proxy statement for its 2025 annual meeting of stockholders, which was filed with the SEC on March 19, 2025 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/885725/000088572525000017/bsx-20250319.htm), in the section entitled “Directors, Executive Officers and Corporate Governance” included in Boston Scientific’s Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 18, 2025 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/885725/000088572525000011/bsx-20241231.htm), in Boston Scientific’s Form 8-K filed on April 23, 2025 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/885725/000088572525000024/bsx-20250418.htm), in Boston Scientific’s Form 8-K filed on September 4, 2025 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/885725/000088572525000043/bsx-20250829.htm), and in the Boston Scientific’s Form 8-K filed on October 23, 2025 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/885725/000088572525000048/bsx-20251022.htm). To the extent holdings of Boston Scientific securities by the directors and executive officers of Boston Scientific have changed from the amounts of securities of Boston Scientific held by such persons as reflected therein, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Information regarding Penumbra’s directors and executive officers is contained in the sections entitled ““Proposal No. 1: Election of Directors“, “Information Regarding the Board of Directors and Corporate Governance“, and “Other Information Related to Penumbra, Its Directors and Executive Officers” included in Penumbra’s proxy statement for its 2025 annual meeting of stockholders, filed with the SEC on April 16, 2025 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1321732/000132173225000074/pen-20250416.htm), in the section entitled “Directors, Executive Officers and Corporate Governance” included in Penumbra’s Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 18, 2025 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1321732/000132173225000012/pen-20241231.htm), and in Penumbra’s Form 8-K filed on August 27, 2025 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1321732/000132173225000101/pen-20250822.htm). To the extent holdings of Penumbra securities by the directors and executive officers of Penumbra have changed from the amounts of securities of Penumbra held by such persons as reflected therein, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC.

CONTACTS

Boston Scientific:
Laura Aumann
Media Relations
+1 (651) 582-4251
laura.aumann@bsci.com   

Lauren Tengler
Investor Relations
+1 (508) 683-4479
BSXInvestorRelations@bsci.com

Penumbra:
Jennifer Heth
Media Relations
+1 (510) 995-9791
jheth@penumbrainc.com

Jason Mills 
Investor Relations
+1 (925) 826-7933
jmills1@penumbrainc.com

ⁱ Enterprise value based on 39.2 million common shares outstanding and vesting of shares under Penumbra’s equity incentive plans for a total fully diluted share count of approximately 40.0 million shares, implying $15 billion for 100% of the fully diluted equity, minus approximately $470 million net cash and short-term investments as of September 30, 2025.
ⁱⁱ Cardiovascular diseases (CVDs) (who.int)
ⁱⁱⁱ Penumbra, Inc. (2025). Penumbra, Inc. Provides Preliminary Update on Fourth Quarter and Full Year 2025 Financial Results. https://www.penumbrainc.com/investors/press-releases/.

 

SOURCE Boston Scientific Corporation

However, the equation is not yet balanced.

75% state current telecom infrastructure limits the ability to deliver on those ambitions. 45% suggest these limitations would delay, constrain, or entirely limit investments.

There is clearly a disconnect between the ambition and the ability to deliver. 

At present, Europe lags the US and parts of Asia in areas such as network deployment, related investment levels, and scale.

What we must remember primarily is that AI does not happen without advanced, trusted and future-proofed networks. Infrastructure is not a “nice to have” it is a fundamental part. 

If AI does not reach its full potential, EU competitiveness will suffer, economic growth will have a ceiling, the creation of new jobs will have a limit, and consumers will not see the benefits.

When we asked businesses during for our research, out of 15 potential options, the lack of adequate connectivity infrastructure came fourth.

Our telecom connectivity regulatory approach must be more closely aligned with the goal of fostering AI. That means progressing towards a genuine telecom single market, adopt a novel approach to competition policy to allow market consolidation leading to more investments, and ensuring connectivity is always secure and trusted.

Leading global law firm Baker McKenzie has published its annual Global Disputes Forecast, highlighting the challenges of operating in a global environment. Geopolitical pressures are heavily influencing disputes risks, and 82% of organizations are concerned about being subject to a cross-border or multiagency investigation in 2026. In addition, respondents point to cybersecurity and tax as their top dispute and investigation risk areas this year across a diverse, high-stakes risk portfolio. 

The Firm’s Forecast, now in its ninth year, is based on a survey of 600 senior in-house lawyers from industry-leading multinationals across several sectors, including industrials, manufacturing and transportation; consumer goods and retail; healthcare and life sciences; technology, media and telecoms; financial institutions; and energy, mining and infrastructure.

Key Findings

The latest Global Disputes Forecast highlights that organizations are entering 2026 feeling disputes pressures from all sides. Alongside technology-related risk and operational and supply chain disruption, geopolitics and trade policy are also central concerns, with 79% of respondents identifying tariffs, sanctions and export controls as major external market factors increasing their exposure to disputes. This geopolitical reality is driving fears of cross-border and multi-agency investigations, with 82% of organizations worried about being subject to such scrutiny in the coming year. At the same time, threats across cybersecurity, tax, employment, and ESG disputes remain top of mind for legal leaders.

Sunny Mann, Global Chair of Baker McKenzie, said, “We find ourselves in a paradox. Organizations are more globally connected than ever, yet operating in an increasingly fragmented and unpredictable geopolitical environment that is fundamentally altering risk calculations. 
 
The challenge for multinationals is that global integration, once seen as a hedge against risk, has become a vulnerability: supply chains cross contested borders, data flows encounter sovereignty barriers and business relationships can become compliance liabilities overnight as political alignments shift.

A primary mitigation technique among our clients is one of diversification across supply chains, customer base, funds flows, data storage and business and investment partners. Overreliance on a single party or market is a vulnerability.”

Addressing such an expansive set of risks necessitates  a delicate balancing act as organizations manage competing pressures, often with increasingly limited resources. 38% of respondents say their disputes budget for 2026 is inadequate to meet current risk levels, with funding and resourcing constraints cited as the top barrier to litigation preparedness. 

The Forecast also highlights that tax emerged as the second greatest area of concern for both disputes and investigations, likely attributed to the growing complexity of cross-border tax compliance, new international tax frameworks, and increased scrutiny from authorities, which are leading to more frequent and high-stakes tax controversies. 

Key Disputes Trends: 2026 Snapshot

According to respondents, the following types of disputes present the greatest risk to their organization in 2026 (ranked by the percentage of respondents identifying the below as their single greatest risk):

• Data privacy/cybersecurity: 18%
• Tax: 12%
• Trade sanctions/export controls: 11%
• ESG: 9%
• Employment: 8%
• Product liability and consumer disputes: 7%
• AI-related (e.g., bias, liability, misuse): 6%
• Antitrust/competition: 6%
• Commercial/contract: 6%
• Intellectual property/patents/trademark: 6%
• Brand/reputation: 6%

In 2026, organizations’ top risks for both disputes and investigations are the same— cybersecurity and tax. 

Cybersecurity and data privacy disputes (18%) and investigations (17%) are now an inescapable reality of more digitized processes and operations in the face of an ever increasing and more complex cross-border regulatory matrix and cyber-attacks that grow in sophistication almost daily.   
 
Tax emerged as both the second greatest dispute (12%) and investigations (11%) risk, reflecting the complexity of navigating cross-border tax compliance, transfer pricing scrutiny and shifting international tax frameworks. For example, notwithstanding the January 5 Side-by-Side Package, which introduced a number of favorable safe harbors, the OECD’s Pillar Two global minimum tax will continue to add a layer of tax complexity worldwide for both US and non-US parented multi-nationals. The roll out of the global minimum tax has added layers of complexity, and jurisdictions around the world are still grappling with how to balance implementing the global tax mandate into domestic law, and establishing effective and manageable reporting and compliance mechanisms. Additional concerns include developing the necessary skills to be able to administer and audit a regime that requires familiarity with the nuances of multiple accounting standards and domestic tax systems. Against this backdrop, businesses should prepare for Pillar Two disputes in all material jurisdictions. 

Trade sanctions and export controls, ESG and employment also ranked among top concerns, emphasizing that, alongside urgent pressures, organizations are addressing a diverse portfolio of risk more broadly. 

Technology, geopolitics and supply chain disruption drive external disputes risk

The rapid deployment of AI and the increasingly complex cybersecurity threats and data privacy regulations have made data-driven risk the top external driver of disputes exposure in 2026, with 80% of respondents citing it as a concern. Governments are seeking to shore up national security interests, particularly in critical infrastructure sectors such as energy, water, food, technology, health and financial services. This is prompting the creation of cyber laws that impose new reporting obligations, such as the EU’s NIS2 Directive, the US CIRCIA and Singapore’s Cybersecurity Act. These laws require critical infrastructure operators to report major cyber incidents within a stipulated time frame to protect national security and essential services.

At the same time, 79% of organizations view geopolitics and trade policy as a threat, as sanctions, tariffs and export controls disrupt global operations and create uncertainty in cross-border contracts and enforcement. Concerns over geopolitics and trade policy are felt particularly acutely in Germany (84%) and the UK (84%), reflecting the vulnerability of foreign trade-heavy economies. 

Operational and supply chain disruption, a concern for 78% of respondents, also continues to test organizational resilience.

Resource constraints expose vulnerabilities in organizations’ risk-readiness

Over one-third, 38%, of organizations report that their 2026 disputes budget is insufficient to meet current risks, which can lead to slower and less effective responses to disputes. Organizations with limited resources struggle to investigate issues thoroughly, engage specialist counsel or manage multiple cases at once. These constraints reduce flexibility and increase the risk of delayed or reactive decision-making when disputes escalate unexpectedly. Funding and resource constraints (55%) and inability to keep pace with regulatory developments (52%) have also emerged as organizations’ greatest barriers to litigation preparedness. Barriers such as addressing supply chain vulnerabilities (47%) are felt most acutely by sectors with complex and sensitive supply chains, such as industrials, manufacturing and transportation.

Cross-border investigations pose a significant threat in 2026

A remarkable 82% of respondents fear that they may be subject to a cross-border investigation in 2026, while data preservation/forensics (52%) and cross-border coordination (48%) come out as the top areas organizations say present a challenge for their preparedness for investigations. This underlines a disconnect between the looming reality of cross-border investigation risk and organizations’ ability to overcome it. Concerns over the likelihood of being subject to a cross-border investigation are felt particularly acutely by respondents in Singapore (88%) and Hong Kong (85%). This is likely due to their positions as major regional hubs for cross-border trade, financial flows and data movement, as well as a surge in whistleblowing activity in the Asia Pacific region.

Modern arbitration requires adapting to complexity

International arbitration continues to be a cornerstone of cross-border dispute resolution, valued for its flexibility, neutrality, confidentiality and enforceability across borders. In the medium term, organizations expect the greatest challenges for international arbitration to arise from digital transformation and data security, cost and duration, and geopolitical issues. Adoption and integration of technology and data security, particularly cybersecurity threats and the ethical use of AI, are expected to present challenges in areas such as virtual hearings, digital evidence management and legal research.

* * *

Baker McKenzie’s 2026 Global Disputes Forecast surveyed 600 senior decision-makers with responsibility for, or with a key role in, disputes and investigations at large organizations (annual revenue greater than USD 500 million). Respondents are based in the US, the UK, Germany, Singapore, Hong Kong and Brazil.  

With more than 1,000 battle-tested lawyers specializing in disputes and investigations, who have roots in their home jurisdictions and deep sector knowledge, Baker McKenzie’s Dispute Resolution Practice is one of the largest and most recognized in the world. Consistently top-ranked by leading market surveys, the practice supports multinational clients with their most complex and business-critical challenges across the world, particularly high-stakes multijurisdictional disputes. The Firm’s cases frequently involve novel and precedent-setting issues in countries around the world, including markets where competing law firms do not have a local presence.

 

View Report

The Bank for International Settlements has reviewed the content of the FX Global Code and acknowledges that the Code represents a set of principles generally recognised as good practice in the wholesale foreign exchange (FX) market. The BIS confirms that it acts as a market participant as defined by the Code, and is committed to conducting its FX market activities in a manner consistent with the principles of the Code. To this end, the BIS has taken appropriate steps, based on the size and complexity of its activities, and the nature of its engagement in the FX market, to align its activities with the principles of the Code.

For 12 consecutive years, the Top Employers Institute has certified Samsung as the 2026 Top Employer of the Year. The global electronics giant has yet again been applauded for its consistent and exceptional performance in employee relations, workplace culture and human resources practices.

 

This Institute’s Certification Programme is a standout benchmark for HR excellence – recognising Samsung for its positive, inclusive and supportive environment that fosters teamwork, respect and a sense of belonging. Samsung’s certification was awarded after a rigorous, data-driven assessment of the organisation’s HR best practices across various domains, including people strategy, work environment, talent acquisition and employee well-being.

 

Some of the common factors that contributed to the distinction in this prestigious award included employee satisfaction, a clear indication of high levels of overall morale within Samsung coupled with engagement and job satisfaction – often measured through independent, employee surveys. This certification also provides organisations such as Samsung with insights to help them focus on any areas for improvement. 

 

Loren Naicker, People Group Head at Samsung South Africa said: “For us at Samsung, this recognition is quite significant – a testament of our continued dedication to our employees’ wellbeing, innovative work culture and strong career development opportunities. As a company, we would like to express our genuine gratitude to our people because this award is a direct result of their hard work and dedication.”

 

Samsung views its people as its greatest asset and strength. For this reason, the company supports its employees through its continued commitment to providing opportunities, fostering an inclusive culture and developing their full potential through various programmes. These professional development initiatives include some of Samsung’s most robust training programmes, clear paths for career advancement and ongoing investment in employees’ long-term growth and skills development.

 

Naicker adds: “This award is a strong external validation that our company is indeed a great place to work for. As Samsung, we pride ourselves on people-centric policies and initiatives that support a healthy equilibrium between professional and personal life. Importantly, this recognition continues to help in boosting our employees’ morale and enables us to attract the best talent that this country has to offer.”

A labour rights organisation claims it has found evidence of worker exploitation in a Chinese factory that makes the viral Labubu dolls.

China Labor Watch (CLW), a US-based non-governmental organisation, alleges that its investigation found that one of Pop Mart’s suppliers made employees work excessive overtime shifts, sign blank or incomplete contracts and did not give them paid leave.

The furry Labubu dolls have surged in popularity around the world in recent years and are best known for selling toys in “blind boxes”, which hide its content from buyers until it is opened.

Pop Mart told the BBC that it is investigating the claims.

The Beijing-based toy retailer said it appreciated the details from the review and that it will “firmly” require companies making its toys to correct their practices if the allegations are found to be true.

Pop Mart added that it conducts regular audits of its suppliers, including yearly independent third-party reviews carried out by internationally recognised inspectors.

CLW said in its report that it had carried out the in-depth probe into Labubu-maker, Shunjia Toys Co Ltd, in the southern Chinese province Guangdong.

The BBC has been unable to contact Shunjia Toys Co Ltd for comment.

CLW said its researchers conducted 51 in-person interviews with the factory’s employees to discuss matters of recruitment, contracts and their working conditions.

The factory is a “core manufacturing facility” of Pop Mart toys and employed more than 4,500 workers, according to CLW.

The organisation flagged labour issues at Shunjia Toys Co Ltd’s factory in Xinfeng County, including what it said were illegal overtime hours, unclear contract practices and a lack of safety training and protections.

No child labour was identified at the factory, but it had employed 16-year-old workers who were subject to the same working conditions as adults, without special care that is required under Chinese law, said CLW.

It urged Pop Mart to take “immediate action” to address the issues in its supply chain. The non-profit said the firm should compensate affected workers and ensure that its production line complies with Chinese labour laws and internationally recognised labour standards.

Such facilities, called original equipment manufacturers (OEM), make products according to pricing and production schedules set by the client.

“As a result, labour conditions in OEM facilities are closely shaped by brand sourcing practices,” said CLW.

Labubus – the fictional elf-like creatures with a row of jagged teeth have become hugely popular. The craze has sparked long queues in shops worldwide.

Celebrity endorsements from the likes of Kim Kardashian and Lisa from K-pop group Blackpink have helped Pop Mart to become a major toy retailer.

At CES 2026, Siemens’ keynote marked a new era of technology for industry and infrastructure, showcasing how customers and partners are harnessing artificial intelligence to transform their businesses. With AI-enabled technologies, deep domain expertise, and trusted partnerships, Siemens is converting this technological leap into measurable benefits for customers, partners, and society.

“Just as electricity once revolutionized the world, industry is shifting toward elements where AI powers products, factories, buildings, grids and transportation. Industrial AI is no longer a feature; it’s a force that will reshape the next century. Siemens is delivering AI-native capabilities, intelligence embedded end-to-end across design, engineering and operations, to help our customers anticipate issues, accelerate innovation and reduce cost,” said Roland Busch, President and CEO of Siemens AG. “From the most comprehensive digital twin and AI-powered hardware to copilots on the shop floor, we’re scaling intelligence across the physical world, so businesses realize speed, quality and efficiency all at once. This is how we scale a once-in-a generation technology shift into measurable outcomes.”

Siemens highlighted its long-standing partnership with NVIDIA at CES 2026: The companies are expanding their partnership to build the Industrial AI Operating System – helping customers revolutionize how they design, engineer, and operate physical systems. Siemens and NVIDIA will work together to build AI-accelerated industrial solutions across the full lifecycle of products and production, enabling faster innovation, continuous optimization, and more resilient, sustainable manufacturing. The companies also aim to build the world’s first fully AI-driven, adaptive manufacturing sites globally, starting in 2026 with the Siemens Electronics Factory in Erlangen, Germany, as the first blueprint.

To support development, NVIDIA will provide AI infrastructure, simulation libraries, models, frameworks and blueprints, while Siemens will commit hundreds of industrial AI experts and leading hardware and software. The companies have identified impact areas to make this vision a reality: AI-native EDA, AI-native Simulation, AI-driven adaptive manufacturing and supply chain, and AI-factories.

Siemens also announced that it will be integrating NVIDIA NIM and NVIDIA Nemotron open AI models into its electronic design automation (EDA) software offerings to advance generative and agentic workflows for semiconductor and PCB design. This will both maximize accuracy through domain specialization and significantly lower operational costs by enabling the most efficient model to handle and adapt to every specific need.

“Generative AI and accelerated computing have ignited a new industrial revolution, transforming digital twins from passive simulations into the active intelligence of the physical world,” said Jensen Huang, founder and CEO of NVIDIA. “Our partnership with Siemens fuses the world’s leading industrial software with NVIDIA’s full-stack AI platform to close the gap between ideas and reality — empowering industries to simulate complex systems in software, then seamlessly automate and operate them in the physical world.”

New Technology Connects Digital Twin with Real-Time, Real-World Data

Siemens’ primary product launch at CES 2026 is the Digital Twin Composer, available on the Siemens Xcelerator Marketplace mid-2026. This new technology brings together Siemens’ comprehensive digital twin, simulations built using NVIDIA Omniverse libraries, and real-time, real-world engineering data.

With the Digital Twin Composer, companies can create a virtual 3D model of any product, process, or plant; put it in a 3D scene of their choosing; then move back and forth through time, precisely visualizing the effects of everything from weather changes to engineering changes.

With Siemens’ software as the data backbone, the Digital Twin Composer builds Industrial Metaverse environments at scale, empowering organizations to apply industrial AI, simulation and real-time physical data to make decisions virtually, at speed and scale. Digital Twin Composer is part of Siemens Xcelerator, an industry proven portfolio of software used by companies worldwide to develop digital twins.

PepsiCo and Siemens are digitally transforming select U.S. manufacturing and warehouse facilities by converting them into high-fidelity 3D digital twins that simulate plant operations and the end-to-end supply chain to establish a performance baseline. Within weeks, teams optimized and validated new configurations to boost capacity and throughput, giving PepsiCo a unified, real-time view of operations with flexibility to integrate AI-driven capabilities over time.

Leveraging Siemens’ Digital Twin Composer, NVIDIA Omniverse libraries and computer vision, PepsiCo can now recreate every machine, conveyor, pallet route and operator path with physics level accuracy, enabling AI agents to simulate, test, and refine system changes – identifying up to 90 percent of potential issues before any physical modifications occur. This approach has already delivered a 20 percent increase in throughput on initial deployment and is driving faster design cycles, nearly 100 percent design validation and 10 to 15 percent reductions in capital expenditure (Capex) by uncovering hidden capacity and validating investments in a virtual environment.

New Industrial Copilots Streamline Manufacturing Operations

Siemens also spotlighted its partnership with Microsoft, in a conversation with Jay Parikh, executive vice president for CoreAI at Microsoft. Together, Siemens and Microsoft are bridging the worlds of IT and operations, with a collaboration centered on using AI to help organizations across industries improve productivity, resilience, and innovation. Among the highlights: cobuilding the award-winning industrial copilot.

Siemens also announced that it is expanding its set of AI-powered copilots across the industrial value chain. This will embed intelligence that extends from design and simulation to product lifecycle management, manufacturing, and operations.

Siemens will deploy nine new AI-powered copilots for its software offerings, this will include Teamcenter, Polarion, and Opcenter. These copilots, respectively, streamline product data navigation, reducing errors and accelerating time to market; automate compliance, helping to ensure faster regulatory approvals and lower risk; and transform manufacturing processes, driving cost savings and operational efficiency.

These copilots, along with the rest of Siemens’ expanding portfolio of industrial AI solutions, are available to companies of every size on the Siemens Xcelerator Marketplace.

AI-Driven Innovations in Life Sciences, Energy and Manufacturing

In life sciences, the acquisition of Dotmatics has enabled the integration of vast research data in AI solutions of Siemens, fueling drug discovery and development. With Dotmatics’ Luma platform, scientists can unify billions of data points generated across instruments and labs, creating a coherent foundation for AI-driven exploration. Combined with Siemens Simcenter simulation and digital twins, teams can rapidly test molecules, identify promising candidates, and virtually scale production to help life-changing therapies reach patients up to 50% faster and at a lower cost. In energy, Bob Mumgaard, CEO and co-founder of Commonwealth Fusion Systems, described how the company uses Siemens’ technologies as it leads the path to commercial fusion. Commonwealth Fusion Systems uses design software and a strong data backbone to help it accelerate the development of fusion machines that promise clean, limitless energy for generations to come.

In manufacturing, Siemens announced a collaboration to bring Industrial AI to Meta Ray-Ban AI Glasses. With hands-free, real-time audio guidance, safety insights, and feedback, shop floor workers will feel empowered to solve problems efficiently and confidently.

Technology to Transform the Everyday for Everyone

At the Siemens booth in the North Hall of the Las Vegas Convention Center, Siemens is showcasing how its technology transforms the everyday, for everyone. Featured solutions from Siemens and its customers that bring together design, simulation, automation, AI, and digital twin technology:

• PepsiCo is modernizing its global operations to meet evolving customer demands with greater speed and flexibility. With Siemens, the company is digitalizing manufacturing and warehousing processes, enabling faster innovation, more agile production, and smarter decision-making across its supply chain.
• Commonwealth Fusion Systems is pioneering the future of clean energy with commercial fusion. Faced with the challenges of building an entirely new industry, CFS partnered with Siemens to build a comprehensive data backbone and to accelerate the design and manufacturing of this clean, safe, and nearly limitless energy source.
• Haddy is reshaping manufacturing through AI-powered 3D printing and localized micro factories that deliver sustainable, high-quality products faster and closer to customers. Facing challenges around supply chain disruption, sustainability, and production agility, Haddy partnered with Siemens to streamline design, optimize operations, and scale efficiently.

Siemens is also revolutionizing how industrial automation is experienced with the launch of its eXplore tour mobile experience in North Hall. Housed in an 18-wheel vehicle, the eXplore tour delivers an interactive experience that highlights how Siemens technologies converge to drive continuous operational optimization and unlock new levels of efficiency. After CES, the eXplore tour will continue across the U.S. with stops including Realize LIVE in Detroit and Automate in Chicago.

For the first time, Siemens is hosting its autonomous vehicle experience located at West Hall 4352. The experience will feature Siemens’ new PAVE360 Automotive technology, a systemlevel digital twin, to accelerate the development of software-defined vehicles. It will demonstrate how this new technology works, with a real vehicle on site, operating autonomously in a completely virtual environment.

A recording of Siemens’ 2026 keynote is available via LinkedIn

About Siemens

Siemens AG (Berlin and Munich) is a leading technology company focused on industry, infrastructure, mobility, and healthcare. The company’s purpose is to create technology to transform the everyday, for everyone. By combining the real and the digital worlds, Siemens empowers customers to accelerate their digital and sustainability transformations, making factories more efficient, cities more livable, and transportation more sustainable. A leader in industrial AI, Siemens leverages its deep domain know-how to apply AI – including generative AI – to real-world applications, making AI accessible and impactful for customers across diverse industries. Siemens also owns a majority stake in the publicly listed company Siemens Healthineers, a leading global medical technology provider pioneering breakthroughs in healthcare. For everyone. Everywhere. Sustainably. In fiscal 2025, which ended on September 30, 2025, the Siemens Group generated revenue of €78.9 billion and net income of €10.4 billion. As of September 30, 2025, the company employed around 318,000 people worldwide on the basis of continuing operations. Further information is available on the Internet at www.siemens.com.

Notes and forward-looking statements

This document contains statements related to our future business and financial performance and future events or developments involving Siemens that may constitute forward-looking statements. These statements may be identified by words such as “expect,” “look forward to,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project” or words of similar meaning.

We may also make forward-looking statements in other reports, in prospectuses, in presentations, in material delivered to shareholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Siemens’ management, of which many are beyond Siemens’ control. These are subject to a number of risks, uncertainties and factors, including, but not limited to those described in disclosures, in particular in the chapter Report on expected developments and associated material opportunities and risks in the Combined Management Report of the Siemens Report.

Should one or more of these risks or uncertainties materialize, should decrees, decisions, assessments or requirements of regulatory or governmental authorities deviate from our expectations, should events of force majeure, such as pandemics, unrest or acts of war, occur or should underlying expectations including future events occur at a later date or not at all or assumptions prove incorrect, actual results, performance or achievements of Siemens may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Siemens neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.

This document includes – in the applicable financial reporting framework not clearly defined – supplemental financial measures that are or may be alternative performance measures (non-GAAP-measures). These supplemental financial measures should not be viewed in isolation or as alternatives to measures of Siemens’ net assets and financial positions or results of operations as presented in accordance with the applicable financial reporting framework in its Consolidated Financial Statements.

Other companies that report or describe similarly titled alternative performance measures may calculate them differently.

Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. All information is preliminary.

Ramadan brings visible shifts in how people spend their time, money and attention. Across the UAE, KSA and Türkiye, routines slow down, evenings get busier at home, and priorities lean into faith, family and giving.

For brands, these moments shape decisions across shopping, media, travel and charitable behaviour.

What this snapshot covers

This consumer insight snapshot highlights early Ramadan 2026 signals, including:

• Expected changes in daily routines
• Travel and at home behavior
• Brand choice and switching patterns
• Preferences around Ramadan advertising
• Changes in media habits during the month

And there is more available for purchase

This snapshot is a sneak peek. The full Ramadan 2026 dataset is already available.

It covers deeper insights across share of wallet, shopping behavior, travel plans, giving and media consumption, alongside audience and shopper profiles for the UAE, KSA and Türkiye. Get in touch with YouGov experts today for more insights.