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Reuters | Boeing Co. accused Europe’s EADS of having sought to do business with Iran, sharpening their campaign for a potential $50 billion U.S. Air Force refueling plane contract.
EADS North America’s parent company “continues to do business with countries that are not friendly to the United States,” Timothy Keating, Boeing’s vice president of government operations, told a small group of reporters.
Tribune staff | Ryerson Inc. Chief Executive Stephen E. Makarewicz told its board of directors he plans to retire before the end of 2012 and the company announced Tuesday it had begun a global search for his successor.
Makarewicz, 63, who has been CEO and president of the Chicago-based company since August 2008, said he plans to retire by age 65. He previously served as president of Ryerson South from June 2000 to October 2007 and was president, CEO and chief operating offer of J.M. Metals Co., Inc. from October 1994 until its January 2006 merger with Ryerson.
Dow Jones Newswires | AAR Corp. predicted fiscal fourth-quarter earnings below Wall Street’s
expectations, but forecast higher revenue, citing a slower-than-expected
recovery in demand in its commercial aviation business.
Shares dropped 9 percent to $20.05 in after-hours trading. The stock is flat
this year.
The aircraft-leasing and maintenance company expects earnings of 25
cents to 30 cents on revenue of $355 million to $365 million, while
analysts estimated 38 cents and $340 million, respectively, according to
a poll by Thomson Reuters.
Associated Press via Forbes | Moody’s Investors Service upgraded boat maker Brunswick Corp.’s rating outlook on Monday to “stable” from “negative” based on a belief that Brunswick’s credit will not deteriorate further and might even improve over the near- to midterm. At the same time, Moody’s raised Brunswick’s speculative-grade liquidity rating to “SGL1.”
By Mary Ellen Podmolik
| Smurfit-Stone Container Corp. said Monday it expects to emerge
from Chapter 11 bankruptcy protection by early summer, now that it has
ironed out an agreement with stockholders who objected to some terms of
its reorganization.
Under the agreement, some of the new common stock of the reorganized
company, which was going to be distributed to the general unsecured
creditors of the company, will instead be distributed to current
stockholders. The original proposal had been opposed by Mariner
Investment Group LLC and Senator Investment Group LP, both of which
acted as investment adviser to funds under management as holders of the
company’s preferred stock, and by the funds and accounts managed by P.
Schoenfeld Asset Management LP and Fir Tree Inc., as holders of common
stock.
Reuters | Boeing Co. said its 787 Dreamliner aircraft and other plane programs would help drive growth as global air travel demand re-surges and U.S. defense spending growth slows.
Boeing, the second-largest commercial plane maker behind EADS unit Airbus, also said Thursday that it planned to look overseas for opportunities to increase its defense business and would move more aggressively to expand aircraft services.
Still, the company said the carbon-composite 787 Dreamliner would hold back margin performance in the commercial plane division initially, even as it produces growth longer term. Boeing shares were off more than 4 percent in morning trading.
Dow Jones Newswires | Navistar Financial Owner Trust is in the market with a $919 million auto sector bond, according to a person familiar with the matter.
The bond, dubbed NAVOT 2010-A, has five tranches and is expected to price this week. It is backed by retail truck, bus and trailer loans. Joint leads on the bond include Credit Suisse, Deutsche Bank and J.P. Morgan.
From Bloomberg News | Shares of Pactiv Corp., the maker of Hefty bags, hit a 20-month high Wednesday afternoon on talk that Georgia-Pacific and Rank Group had joined bidding for the company.
Read the full story: bloomberg.com
From the Daily Herald | A Lisle man has filed a lawsuit claiming state procedures weren’t followed properly in considering Navistar’s proposal to move to the former Alcatel-Lucent building at 2600 Warrenville Road. Navistar had no comment on the suit.
Get the full story: dailyherald.com
Associated Press | Deere says its second-quarter profit jumped
16 percent as sales of farm and construction equipment improved and is
raising its outlook for the second time this year.
The Moline.-based company says it generated $547.5 million in net
income, or $1.28 per share, in the quarter. That’s up from net income
of $472.3 million, or $1.11 per share, a year earlier. Excluding a
charge related to health care legislation, profit was $1.58 per share.
Dow Jones Newswires | Boeing Co. announced Monday it will boost production rates on the
aircraft maker’s 737 next-generation planes in early 2012, citing strong
customer demand as the global economy continues to recover.
The company’s production rate, which is currently at 31.5 planes per
month, will be increased to 34 planes. Boeing, which along with European
rival Airbus has been eyeing production increases as airline and
finance market conditions improve, on Monday said it could increase
production again, depending on demand.
Dow Jones Newswires | Illinois Tool Works Inc. said its revenue
jumped 19 percent in the latest three-month period ended April 30,
continuing a recent trend of rising sales as all of its segments saw
improvement from last year’s woes.
Associated Press via Bloomberg | Industrial equipment maker Illinois Tool Works Inc. spent $213,000 to
lobby Congress on trade policy for manufacturing and other topics,
according to a recent disclosure filing. The company’s spending was 25 percent more than the $170,000 it
spent on lobbying in the fourth quarter of last year but 7 percent less
than the $230,000 it spent in the first quarter of 2009.
Get the full story: businessweek.com.
From Zach’s Investment Research | Boeing plans to sell the U.S. Navy 124 F-18 aircraft in a deal worth up to $5.4 billion, according to a Bloomberg report, which cited the Pentagon.
Get the full story: zacks.com.
Associated Press | Industrial production logged a stronger-than-expected gain in April, more evidence that manufacturing is playing a lead role in powering the economic recovery. The 0.8 percent increase in output at the nation’s factories, mines and utilities reported by the Federal Reserve on Friday marked an improvement from the 0.2 percent rise registered in March. It was the best showing since a 1.2 percent jump in January. The performance of the industrial sector in April was even stronger than the 0.6 percent gain that economists were predicting.
Get the full story: April industrial output rises.
