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Shares of Brunswick Corp. fell Tuesday on worries that boat sales this year may be weaker than previously expected.
Raymond James analyst Joseph Hovorka said his firm’s survey of Florida, Texas and North Carolina — which represent about 23 percent of the U.S. retail boat market — showed retail boat sales fell 26 percent in May, putting year-to-date sales down 18 percent, less than the industry was expecting. Get the full story »
The era of cheap manufacturing in China is coming to an end.
Rising wages spurred by a series of labor disputes at factories in China, coupled with the country’s just-announced decision to allow its currency to rise in value — making it more expensive to build things there – will lead to higher prices for tech gadgets, cut into corporate bottom lines and force companies to rethink manufacturing strategies anchored in China, the world’s assembly line. Get the full story »
The U.S. Federal Aviation Authority Tuesday said it found structural cracks on at least two of AMR Corp’s American Airlines’ fleet of Boeing 767 wide-body planes during recent safety checks.
The FAA said cracks could have caused engines to fall from aircraft.
The cracks were discovered on engine pylons on three of American’s 73 767s. An AMR spokesman, however, said the cracks appeared on only two planes.
Get the full story »
Caterpillar equipment is seen at the Ziegler CAT dealer in Altoona, Iowa. Caterpillar Inc. said June 18 its machine sales worldwide jumped 11 percent in May. (AP Photo/Charlie Neibergall, File)
Caterpillar Inc. said Friday its machine sales worldwide jumped 11 percent in May compared with a year ago as a rebound in North American and Asian business markets helped offset declines in European sales.
Caterpillar is the world’s largest maker of construction and mining equipment. Because its iconic yellow-and-black equipment is used in many different sectors all over the world, the company’s sales are considered an indicator of global economic health. Get the full story »
The newly elected president of the United Auto Workers Friday said the union was “headed for a big fight” with truck maker Navistar International Corp over the terms of a new labor contract.
“We will get behind workers in the fight coming up with Navistar,” UAW President Bob King said in his keynote speech to about 1,100 delegates at a union convention in Detroit.
Get the full story »
Associated Press | Caterpillar Inc. plans to invest nearly $700
million in the next four years to start producing a mining shovel and
expand production of trucks at plants in Illinois and India.
The
world’s largest maker of construction and mining equipment said Thursday
that it plans to build the new mining shovel product line at its Aurora
plant and expand truck production in Decatur and Chennai, India.
Associated Press | Boeing workers in St. Louis say they could
walk out in as little as one week under a strike notice they plan to
deliver to the company on Wednesday. The workers voted down Boeing’s
last offer on Sunday. The notice says they could strike as soon as June
23.
Reuters | Diversified U.S. manufacturer Illinois Tool Works Inc raised the mid-point of its second-quarter earnings forecast Tuesday, citing “increasing demand across a broad set” of its customers inside and outside of North America.
Associated Press | Just days after a monthlong walkout ended at its California C-17 plant, Boeing Co. is facing another possible strike.
The plane maker’s machinists union in St. Louis has voted to reject a company offer that would have replaced a contract that expires Sunday. The International Association of Machinists and Aerospace Workers said on its website Sunday that members voted 1548-532 to reject the offer, and voted 1619-459 to strike.
Get the full story: Boeing machinists in St. Louis vote down contract.
Reuters | Caterpillar Inc and Navistar International Corp are finalising a 4
billion yuan ($586 million) truck and engine manufacturing tie-up with
China’s Jianghuai Automobile, a source with direct knowledge of the deal
said on Friday.
Initial investment in the project will be twice as much as the amount
previously disclosed — 2 billion yuan — as Jianghuai and Navistar are
also planning a separate 50-50 diesel engine tie, the source told
Reuters.
“There will actually be two joint ventures. The engine venture is meant
to be a supplier for the truck project,” said the source.
Reuters | Circuit protection products maker Littelfuse Inc.
raised its second-quarter outlook as electronics demand continued to
grow, but said third-quarter sales would be hit by $2 million to $3
million due to lower production at its Taiwan facility. Equipment
failure caused a fire in a limited area at its factory in Taiwan that
was brought under control, the company said.
From the Chicago Daily Herald | Lake Forest-based Solo Cup Co., a maker of plastic and paper tableware, won an appeals court ruling that may help consumer-goods companies fend off lawsuits over expired patents listed on their products.
Get the full story: dailyherald.com.
Dow Jones Newswires | Shares of Tenneco Inc. (TEN) jumped a day
after the auto-parts maker projected a much bigger market for its
emission control systems.
In a meeting with analysts Wednesday, Tenneco — which also makes
automotive ride control products — boosted the estimate for its market
for commercial-vehicle emissions control after-treatment to $8 billion
from previous expectations of $5 billion to $6 billion.
From The Wall Street Journal | Workers at a Boeing Co. facility that builds large cargo jets have ratified a new labor contract and will return to work Thursday, ending a month-long strike that jeopardized the expensive military program’s future.
Get the full story: wsj.com.
Associated Press | Caterpillar Inc. said Wednesday that its
board voted to raise the company’s quarterly dividend by 5 percent, as
the world’s largest maker of construction and mining equipment continues
to benefit from the global economic recovery.
The announcement came before the annual meeting. Caterpillar said the
dividend hike reflects improvement in the company’s balance sheet and
cash flow in 2009, as the U.S. and other nations pulled out of the
economic recession. The Wall Street Journal reports that this is the 17th year in a row that
the heavy-equipment maker has raised its dividend.
