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MILLER ELECTRIC MFG. LLC AND NOVARC TECHNOLOGIES FORGE PARTNERSHIP

1. ITW's Miller Electric partners with Novarc for AI welding automation. 2. New Miller® Copilot™ system addresses skilled labor shortages and variability. 3. Collaboration targets enhanced productivity across shipbuilding, construction, and fabrication. 4. AI-powered welding aims to boost ROI and quality in industrial operations.

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Why Bullish?

This strategic AI partnership could improve ITW's competitive edge by modernizing welding processes. Similar historical tech integrations have led to improved operational efficiency and stock strength.

How important is it?

The news is significant due to its direct impact on ITW’s core welding business, yet execution and market adoption remain factors to watch.

Why Long Term?

The integration of advanced AI robotic systems is expected to yield benefits over several years as automation becomes more pervasive in industrial applications.

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Miller and Novarc will combine their expertise and AI to transform the future of welding automation February 25, 2025 09:00 ET  | Source: Novarc Technologies Inc. APPLETON, Wis. & VANCOUVER, B.C., Feb. 25, 2025 (GLOBE NEWSWIRE) -- Miller Electric Mfg. LLC, a leading worldwide manufacturer of arc welding products, and Novarc Technologies, a full-stack AI robotics company specializing in the design and manufacturing of automated welding solutions announced a strategic partnership aimed at transforming the welding industry with artificial intelligence (AI). The collaboration is set to drive game-changing advancements in automated welding for fabricators and contract manufacturers, as well as the shipbuilding, construction and fabrication, and heavy equipment manufacturing industries. Together, Miller and Novarc will innovate and deliver best-in-class, real-time adaptive welding solutions powered by AI as part of the Miller® Copilot™ collaborative welding line. These solutions will not only help combat skilled labor shortages currently facing the industry but also help welders by providing enhanced welding capabilities for part-to-part and fit-up variation challenges. “Miller and Novarc’s partnership will usher in a new era of welding automation solutions, giving welders access to next-generation AI-powered software on flexible, affordable and easy-to-use robots,” said Nate Leiteritz, group president at Miller. “Our collaboration, fusing welding, automation, and AI technology will advance the state of the art in the welding industry, achieve a new level of productivity and quality for our customers, and support the many industries so critical to our infrastructure and the global economy.” Miller’s extensive knowledge of customer needs and the ability to address them through innovation along with Novarc’s leadership position in AI-powered automated welding systems will also help customers automate tasks that could not be automated before — and increase the ROI of automated welding for operations. “This partnership between Miller and Novarc allows us to combine our expertise and pioneer new frontiers in automated welding technology together. Ultimately, our collaboration will pave the way for the creation of next-generation AI-based cobot solutions that would benefit all in welding automation,” added Soroush Karimzadeh, co-founder and CEO of Novarc. About MillerMiller Electric Mfg. LLC, headquartered in Appleton, Wisconsin, is a leading worldwide manufacturer of Miller®brand arc welding products and is a wholly owned subsidiary of Illinois Tool Works Inc. (NYSE: ITW). For more information, visit MillerWelds.com, call 1-800-4-A-Miller (800-426-4553), email info@millerwelds.com, fax 877-327-8132, or write to Miller Electric Mfg. LLC, P.O. Box 100, Lithonia, GA 30058. About Novarc Technologies Inc.As a proven pioneer in the field of welding automation, Novarc Technologies is a full-stack AI robotics company specializing in the design and manufacturing of automated welding solutions for challenging welding applications. Novarc’s Spool Welding Robot (SWR) is recognized by customers globally for its impact in the fabrication industry. For more information, visit www.novarc.ai. Miller and Novarc will combine their expertise and AI to transform the future of welding automation for cobots. Miller and Novarc will combine their expertise and AI to transform the future of welding automation ... “This will make it possible for the welding industry to achieve a new level of productivity and qual... NovAI™ Adaptive Welding Miller® Copilot™ Contact Data Debra Hadden Novarc Technologies Inc. + 604.240.3196 debra@novarctech.com Lauren Smith Hiebing for Miller +1 608.268.4408 lsmith@hiebing.com

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