Kickstart: Segway rolls into retirement

Time to say so long to Segway. Not the entire company, but the two-wheeled "personal transporter" that garnered a lot of hype and a lot more mall cop-inspired jokes.

Ninebot, which bought Segway a few years ago, has announced it is halting production of the PT, which debuted in 2001 along with claims by its inventor that it would revolutionize personal transportation, with fleets of Segways taking over urban areas. While Segways have become part of city tours, they never won widespread acclaim.

It's an expected, but still sad, end for a product that had involved breakthroughs for some of the companies involved in making the many plastic components in it. GE Plastics (now Sabic) developed new materials for it. Injection molders Mack and Nypro were involved, along with smaller firms such as C&J Industries Inc.

And the whole product was such a secret that most of those suppliers were never told what, exactly, they were making. Until inventor Dean Kamen introduced the Segway live on "Good Morning America," companies like C&J were completely in the dark, only knowing they were molding a "wheel assembly to go on a device that uses a wheel," the then-Marketing Manager Mark Fuhrman told Joe Pryweller for a 2002 feature story in Plastics News. Design engineers had even wondered idly whether it was a miniature golf cart or even a personal hovercraft like that used by the Jetsons.

"We had gone for a long time on blind faith,'' Fuhrman said. "It was the most tightly controlled project I had ever been involved with."

Sometimes, an IPO is timed just right.

Consider Azek Co. Inc., the maker of wood-plastic composite decking that launched its initial public offering on the New York Stock Exchange earlier this month.

Normally, 2020 would be less than ideal for the timing, considering the wild swings stock prices have taken since the coronavirus spread around the world. But in a time when homeowners are spending a lot more time in their own backyards, decks are a hot commodity. So while Azek began selling shares to the public on June 12 — the day after a 7 percent plunge in the stock market — its primary business model focusing on home improvements looked very strong to investors seeking options.

The stock began selling at $23 on June 12. Since then, it has climbed steadily. It closed the trading day June 24 at $31.15, up from $30.67, on a day when the overall market average fell by more than 2 percent.

That's not a surprise, according to Freedonia Group analyst Matt Zielenski. First of all, Azek has brand recognition for both its Azek and TimberTech lines.

And then there's the new focus on home projects.

"There is certainly an expectation that many Americans, once conditions become more like those of the pre-COVID-19 era, will seriously consider home improvement projects," Zielenski wrote. "In many cases, homeowners will look at installing a deck, which can be an ideal spot for 'staycations' or family gatherings."

That combination of pandemic, staycations and home improvements probably weren't on anyone's radar when Azek first filed paperwork for a possible IPO in early February — or when it first began internal discussions prior to that — but it is definitely favoring the company's first weeks as a public firm.

Virginia may soon have working safety requirements specifically geared at providing safe work environments during the coronavirus pandemic.

As the Washington Post reports, the state's Department of Labor and Industry has drafted a temporary standard as directed by Gov. Ralph Northam.

"The governor's office said the rules were prompted in large part by the lack of enforcement from the federal agency tasked with upholding workplace safety, the Occupational Safety and Health Administration," the Post wrote.

The standards would require employers to develop policies for workers with viruslike symptoms, force companies to notify workers of possible exposure and mandate distancing and sanitation processes. They would not carry the same level of fines as permanent workplace safety rules.

At least some organizers are pushing for the standards to include personal protective equipment. In written comments, union official Sarah Jacobson noted: "I recommend more explicit requirements in your standard, for example for plastic face shields in addition to masks, and plexiglass shields between workstations."