From the Peoria Journal-Star | Texas judge halves verdict against Caterpillar Inc. to $23.8 million in the injury of a construction worker who was injured while using a Caterpillar vehicle. The company said it plans to continue its appeal.
Get the full story: pjstar.com
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Caterpillar injury verdict lowered
Peerless Industries to merge operations in Aurora
By Sandra M. Jones | Peerless Industries Inc., a manufacturer of audio visual equipment, said it is closing its China plant and consolidating operations at a new 22.5-acre headquarters campus in Aurora, a move aimed at cutting costs and exerting more control over operations.
The Melrose Park-based company plans to begin manufacturing at the site in May. The move to the 307,813-square-foot office complex replaces four older buildings in Illinois along with the plant in China, the company said.
Caterpillar to cut trading ties with Iran
From the Financial Times | Construction equipment maker Caterpillar said it would cut its trading
ties with Iran, after becoming the target of a lobbyist’s campaign. Caterpillar will not allow it’s non-U.S.
subsidiaries to accept orders for products which they know are going to
be delivered to Iran.
Get the full
story: ft.com
Peerless Industries to move to Aurora, add 85 jobs
Associated Press | Peerless Industries, a manufacturer of audiovisual mounting solutions, plans to stay in Illinois and add at least 85 new jobs to its 405-person work force over the next three years.
Peerless will move from two campuses in Melrose Park to a single larger facility in Aurora beginning in May. Illinois provided a $2.9 million investment package to leverage nearly $17.5 million in private investment to facilitate the move.
Northrop likely to leave air tanker to Boeing
Associated Press | Seven years and two jail convictions later, the Pentagon revealed on
Wednesday its latest attempt to get a $35 billion contract for
refueling planes off the ground.
Within moments, the proposal was at risk of a crash and burn after a
major contractor considered withholding its bid because it believed the
terms unfairly favored its competitor.
With thousands of jobs possibly at stake for the southern state of
Alabama, the state’s two senators weighed in as well, saying the latest
proposal appeared to do little to satisfy Northrop Grumman Corp.’s
suspicions that the terms were skewed against its larger, more
expensive plane in favor of the aircraft maker Boeing Co.
Deere shareholders vote against CEO pay cap
From Bloomberg News | Deere & Co. shareholders voted decisively against a resolution that would have capped the pay of the farm equipment-makers chief executive.
Get the full story: bloomberg.com
Pactiv announces acquisition, share buyback
Dow Jones Newswires | Pactiv Corp. added 10 million shares to its share-buyback effort.
The company also announced the planned $200 million purchase of PWP
Industries, whose products include containers, trays and bottles. It
had 2009 revenue of about $140 million. The purchase, set to close this
quarter, is expected to “modestly” add to Pactiv’s 2010 earnings.
RC2 profits higher, outlook lower
From Reuters | RC2 Corp. said its fourth-quarter profit beat analyst expectations on lower costs and higher margins. But shares dropped 6 percent in after-market trading after the Oak Brook-based toymaker
forecast 2010 earnings below analysts’ expectations..
Get the full story: reuters.com
Chrysler to restart production at Belvidere
The Chrysler plant in Belvidere. (AP Photo/Paul Beaty, File)
From the Detroit News | Chrysler expects to put its 2,300 workers in Belvidere back to work Friday, assembling the Dodge Caliber, Jeep Compass and Jeep Patriot. The plant has been closed for three days because of a parts shortage.
Read the full story: detnews.com
Deere boosts outlook as 1Q profit jumps 19%
Deere & Co. John Deere 6870 STS combine on display at the World Agriculture Expo earlier this month. (AP)
Associated Press | Heavy equipment maker Deere & Co. reported a 19 percent jump in
first-quarter profit Wednesday despite the “stubbornly weak” economy as
lower costs and favorable exchange rates helped offset a 6 percent drop
in revenue.
The company also boosted its outlook for 2010, which helped send shares up 7.6 percent to $57.85 in premarket trading Wednesday.
Moody’s raises outlook on Illinois Tool Works
Dow Jones Newswires | Moody’s Investors Service raised its
ratings outlook on Illinois Tool Works Inc., lessening the threat of a
downgrade for the bellwether maker of products ranging from fasteners
to food-service items.
Boeing may update 737, its best-seller
Visitors look at a display model of a Boeing 737 passenger plane during the Singapore Airshow. N (Roslan Rahmna/Getty)
Associated Press | Expect a decision by midsummer on a new
version of the world’s most popular jetliner, the 737, Boeing chairman
Jim McNerney said Thursday.
If the company moves forward with an updated 737 with new-technology
engines, McNerney told analysts at a conference put on by investment
firm Cowen and Company, the new version should be rolling off the
assembly lines by the middle of the decade.
Foes of Navistar move appeal to DuPage board
From the Naperville Sun | The DuPage County Board was asked
to revoke approval of Navistar International Corp.’s plan to move its
international headquarters from Warrenville to the former
Alcatel-Lucent property in Lisle.
Read the full story: suburbanchicagonews.com
Rubicon losses shrink in fourth quarter
By Mary Ellen Podmolik | Strong
demand for its crystalline products used by LED chip manufacturers
enabled Rubicon Technology Inc. of Franklin Park, to lessen its
fourth-quarter loss.
The company said it lost $755,000, or 4 cents a share, compared to a
loss of $1.8 million, or 10 cents a share, in 2008’s fourth quarter.
Revenues during the quarter increased 49 percent to $8.5 million.
Stepan Co. profit quadruples
Tribune staff report | Stepan Co. on Tuesday reported a strong fourth quarter and record annual earnings as a result of improved cost controls, lower raw materials costs and better results in all its business units.
The Northfield-based maker of chemicals used in household, industrial and agricultural products said it earned $8.8 million, or 80 cents a share, compared with $1.7 million, or 15 cents a share in the year-ago period. For the year, Stepan’s net earnings rose 70 percent to $63 million, or $5.84 a diluted share.
