Orders to U.S. factories declined broadly in May after nine straight months of gains, raising new concerns that the recovery is stalling. The Commerce Department said Friday that orders for manufactured goods decreased 1.4 percent in May. It was the biggest drop since March 2009.
Filed under: Manufacturing
Visit our Filed page for categories. To browse by specific topic, see our Inside page. For a list of companies covered on this site, visit our Companies page.
Smurfit-Stone Container out of Chapter 11
Paper packaging company Smurfit-Stone Container Corp. said Wednesday that it had emerged from bankruptcy after 17 months, having wiped around $3 billion of debt from its balance sheet.
The company issued new stock to investors who held about $3 billion of unsecured debt. That stock will begin trading on the New York Stock Exchange Thursday under the symbol “SSCC,” the company said in a statement.
Nearly a billion dollars of loans were paid in cash, in part with funds from a new $1.2 billion term loan.
June 30, 2010 at 10:00 a.m.
Comments Off
Filed under: Economy, Jobs/employment, Manufacturing, Updated Survey shows business activity is slowing
A monthly survey of members of the Institute for Supply Management-Chicago reported Wednesday a second month of slowing momentum.
The Chicago Business Barometer, a measure of manufacturing and non-manufacturing activity, slightly decreased from 59.7 to 59.1 in June. June marks the ninth consecutive month of a reading above 50, which indicates expansion. Get the full story »
Hartmarx CEO: Des Plaines factory staying open
From the Daily Herald | The parent of Hart Schaffner & Marx is “fully committed” to operating the company’s 123-year-old Des Plaines suit factory and does not plan to outsource production to India, HMX LLC CEO Doug Williams said.
Caterpillar to add plant in Brazil
Caterpillar Inc. announced Tuesday plans to open a new manufacturing plant in Brazil to meet growing customer demand in Latin America.
The Peoria-based company said the new facility will produce backhoe loaders and small wheel loaders, which are now made in Piracicaba, in the southeast part of the country. Get the full story »
Idex name Mrozek a director
Idex Corp. announced Monday the appointment of Ernest J. Mrozek as the company’s new director.vThe Northbrook-based firm said Mrozek will help “evaluate strategic alternatives as we grow our business model to include more applied engineering services,” said Larry Kingsley, Idex’s chairman and CEO, in a news release. Get the full story »
Caterpillar breaks ground on new China plant
Caterpillar Inc. said on Monday that it had broken ground in Xuzhou, China, for a plant that would build large excavators and that it had opened a plant there to make small and medium-size excavators.
Excavators are modern-day steam-shovels. They often have buckets and are used by builders to dig in confined areas.
Get the full story »
Boeing finds new 787 problem, grounds test fleet
A chase plane flies beside a Boeing 787 airplane on Dec. 15, 2009. (AP Photo/Ted S. Warren, file)
Boeing Co. says it inspecting all of its 787 jets after finding that some have improperly installed parts in a section of the tail.
In a statement late Thursday Boeing said it had ”identified a workmanship issue” with the horizontal tail, also called a stabilizer. Shims and fasteners weren’t installed correctly, the aircraft maker said. The stabilizer, the smaller wing on the plane’s tail, is built by Italian manufacturer Alenia.
Boeing said inspections will take one to two days. Any work required will take up to eight days for each plane. Get the full story »
Boeing may recommend more 767 inspections
Boeing says airlines that fly its 767 are likely to be asked to increase inspections for cracks where the engine attaches to the wing.
The move comes after the problem was found on at least two American Airlines jets.
Get the full story »
Caterpillar, Wacker Neuson partner on excavators
Caterpillar Inc. and Wacker Neuson SE, Munich, Germany said today they will work together on the design, manufacture, sale and support of Caterpillar mini hydraulic excavators in the under three-ton category. Get the full story »
Boeing receives $216M contract to upgrade tankers
Boeing Co. said Wednesday it received a $216 million contract from the U.S. Air Force to upgrade the cockpits in 59 KC-10 tanker aircraft. The upgrades will outfit the aircraft with new communication, navigation, surveillance and air traffic management systems.
Boston Scientific completes refinance of 2011 debt
Boston Scientific Corp. said on Wednesday it completed the refinancing of its debt due to mature in 2011 with new $3-billion bank facilities. It also arranged a $1-billion three-year term loan which will be used to prepay its $900 million term loan due to Abbott Laboratories Inc. in April 2011.
Boeing gets $1.53B U.S. contract for C-17s
Boeing Co. has received a $1.53 billion U.S. Air Force contract for eight C-17 transport planes, the Pentagon said on Tuesday in a daily list of contract awards.
It said $734 million has already been obligated toward the work.
The Obama administration has said it is opposed to Congress adding further funding for C-17 aircraft beyond those already budgeted for.
