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AUGUST 2025 I SMT007 MAGAZINE 31 What does that mean for U.S.- owned companies' present and future? How will this change their competitive environment? The competitive environment is changing, anyway. I don't see for- eign ownership becoming more than 10–20% of the U.S. market. It's tough, but not impossible, for for- eigners to get into the U.S. mil/aero market because of both regula- tions and culture. That said, there's a movement away from founder- owned companies to corporate institutions—private equity-owned or otherwise. We're also seeing a huge influx of individuals—the 30, 40, and 50-year- olds—buying manufacturing busi- nesses. It's not just PC boards and EMS, but across every sector. Larger shops are more likely to be acquired by private equity, and smaller shops are acquired by individuals. It's beautiful because everything will be more institutional or professional. For better or worse, the younger generation runs things differently than the baby boomers. The seri- ous interest comes from individuals under $10 million in revenue. Over $10 million, and we're getting a lot more interest from private equity and other strategic buyers. Foreign buyers will make the U.S. more competitive, but that compet- itive trend is happening anyway. The number of companies is shrink- ing, whether in PC board, EMS, or wire harness. The companies that stay will be larger, more institu- tional, and stronger, and that will naturally create more competition. This seems to be how the industry will revitalize. Tom, thank you. It's always a pleasure to talk with you. Likewise. Thank you, Nolan. SMT007 Thicker battery electrodes pack in more active materials, promising higher energy density. However, when it comes to lithium-ion battery performance, electrode materials' thermo- dynamic properties matter more than their structural design. A team of Rice University researchers showed that even if the materials used in thick battery electrodes have nearly identical structures, their internal chemistry impacts energy flow—and performance—differently. This finding goes against conventional wisdom in the field, which holds that creating pore channels in the electrode material via different patterning techniques could mitigate poor reaction uniformity. According to a study published in Advanced Materials, the re- searchers compared two common lithium-ion battery electrode materials—lithium iron phosphate (LFP) and a nickel manganese cobalt oxide blend known as NMC—showing the latter performs better despite similar structural characteristics. "We found that LFP electrodes de- graded faster than NMC when tested under identical cy- cling conditions with more internal crack- ing and capacity loss due to lopsided lithium flow," said Li, who now works as a research assistant in the Mesoscale Materials Science Group led by Tang. "If uneven flow was only about pore channels' di- mensions and layout, the electrodes should behave similarly." The findings prompted the team to develop a new met- ric called the "reaction uniformity number" to help engineers evaluate how well a battery material will perform in thick elec- trodes. The number captures both structural and thermody- namic factors that influence reaction behavior. This discovery provides engineers with new guidance to pick the right recipe in terms of material, microstructure, geometry, etc., for improving thick electrodes' performance. (Source: Rice University) Thick Electrodes' Chemistry Matters More Than Structure for Battery Performance