Industrial Machine News Archives

Clones for dinner? Iowa Gaming Association lights up over smoking proposal Family Resources facing federal cuts Galesburg man arrested for child sexual assault Getting ready to roll Bettendorf police ... via WQAD-TV Moline

Shares of insurance giant American International Group, a member of the Dow Jones Industrial Average, fell about 7% in early trade Friday after the firm reported a more than $5 billion loss after the close of ... via MarketWatch

“It's not a Plan B, it's a Plan A -- that's our standalone option.”

If Delta's consolidation talks with Northwest Airlines Corp. fall apart, the airline isn't committed to finding a replacement deal, said Chief Financial Officer Ed Bastian. via WXIA-TV Atlanta

Cooper Tire & Rubber Co. today reported net income of $51 million, or 82 cents per share, for the quarter ended December 31, 2007. via Rubber World

“We continue to focus on convenience-oriented products”

Pork producer Smithfield Foods said Thursday that third-quarter profits fell about 10 percent on lower live hog prices and a higher tax rate, but results beat expectations handily. via Chicago Tribune

Merrill Lynch & Co Inc plans to wind down most of its First Franklin subprime mortgage lending unit, responding to continued deterioration in U.S. mortgage markets, business news channel CNBC reported ... via Boston Globe

“While markets for wood products remain challenging, market conditions for pulp and paper products are improving significantly and we are pleased with our ongoing progress to make our company a more globally competitive organization”

Hurt by the downturn in its paper and wood businesses, forest products company AbitibiBowater Inc. via CBC News

A boost in energy stocks helped lift the Toronto stock market in early Thursday trading as investors pored over earnings reports from three of the big Canadian banks. via CFRB

Deere & Co., the Moline-based farm-equipment maker currently riding the crest of a farm-sector boom, said Thursday that it will spend $90 million to expand manufacturing capacity at its Waterloo, Iowa tractor plant.

'Deere has experienced strong global customer demand' for the kind of large, high-horsepower tractors made at the Waterloo facility, the company said.

The investment won't add new floor space at the plant, Deere said, but it will increase the Iowa factory's ability to build the large tractors by about 25 percent. The expansion plans will be largely completed by 'early 2010,' Deere said. Read more

The senior trial judge in Hinds County says he's reviewing previous rulings in a trade secrets lawsuit and what role, if any, a former prosecutor may have played in the case. via WREG-TV Memphis

“We have been working with Coca-Cola Enterprises since 2003 to assess our systems”

Click here to enlarge image Diversified industrial manufacturer Eaton Corporation today announced that Coca-Cola Enterprises will purchase 120 new trucks in 2008 powered by Eaton's hybrid electric drivetrain ... via Utility Products

- Systems test engineering firm Averna has acquired Mindready Solutions Inc. (TSX:MNY) for an undisclosed price.

Averna said Wednesday the acquisition of Montreal-based Mindready will expand its radio-frequency and communications product portfolio, reinforce its leadership in test engineering.

It will also help Averna establish a footprint in the European market.

Under the deal, Averna will acquire Mindready's intellectual property, hardware and software products including the company's universal radio tester and SedNet IEEE-1394/FireWire, as well as 50 employees in Canada and Ireland. Read more

“Despite the best efforts of our management team and employees, boxboard manufacturing operations are not living up to our expectations”

- Acquiring the remaining half interest in Norampac helped Cascades Inc. (TSX:CAS) to overcame challenging operating conditions in 2007 as its annual profit increased to $95 million, up from $3 million in 2006.

The Quebec-based container and packaging producer said Wednesday its annual profit was 95 cents per share, up from four cents per share, as sales increased 20 per cent to $3.92 billion.

Its fourth-quarter earnings were $12 million or 12 cents per share, up from a year-earlier net loss of $46 million, 56 cents per share. Read more

“The acquisition greatly increased our generating capacity and diversified our geographic reach and the fuels and technologies we use to generate electricity”

Power provider Dynegy Inc. said Wednesday its fourth-quarter loss narrowed, as revenue more than doubled and the company recorded a gain on facility sales. via Examiner.com

Chrysler LLC will continue to get parts from supplier Plastech Engineered Products Inc. via Battle Creek Enquirer

Merrill Lynch announced today that it has appointed Eugene M. McQuade vice chairman and president of Merrill Lynch ' s U.S. banks. via Business Wire

“The concept for this type of real time image capture system evolved with the demand for rapid data during 9-11 and Hurricane Katrina”

ROCHESTER, NY February 25, 2008 Pictometry International Corp., the worldwide leader in digital, aerial oblique imagery and measuring software systems, along with Rochester-based subcontractors ITT Corporation ... via GISCafe

Ceradyne Inc. reported lower profit Tuesday for the last quarter of 2007,and the defense contractor's stock plunged almost 27 percent in very active trading.

Declining military orders for the ceramic body armor that the company makes in Lexington and California were cited by Ceradyne as one reason for the decline.

Ceradyne, a California company that has two ceramics plants in Lexington, said it earned $35.2 million, or $1.28 a share, for the three months ended Dec. 31, compared with $37.7 million, or $1.38 a share, a year earlier. Sales for the latest quarter totaled 191.4 million versus $178.7 million a year earlier. Read more

“The first two quarters (of 2008) are going to be especially tough in these two states”

Office Depot Inc., the second biggest North American office-supply chain, said Tuesday its fourth-quarter profit slid 85 per cent as sales slumped in Florida and California due in large part to the weak housing ... via CBC News

“This additional capacity would make TC Debica one of our largest suppliers of tires in the world”

Goodyear Tire & Rubber Co. said it will increase its stake in TC Debica, a Polish contract tiremaker, and will ask the company to nearly triple its commercial tire production for Goodyear. via Crain's Cleveland Business

Stocks were mixed in early trading Tuesday after the government said core wholesale prices shot up more than expected last month, reinforcing the market's worries about rising inflation.

Uncertainty about the retail sector also weighed on stocks. Home Depot Inc. said it expects sales to decline up to 5 percent this year as it contends with a slowing housing market.

Stocks had rallied Monday after ratings agency Standard & Poor's affirmed investment grade 'AAA' ratings for bond insurers Ambac Financial Group Inc and MBIA Inc. Market sentiment in recent sessions has been influenced to a large degree by the plight of the insurers who appear undercapitalized and could have trouble paying back bond holders if default levels are too high. Read more

“We want to immediately begin negotiations with the employee side in Germany about settling interests, and hope to conclude these talks as quickly as possible to give employees the greatest possible certainty about what awaits them in the future”

Siemens AG said Tuesday it will reorganize its corporate telecom unit, a move that will cut 3,800 jobs and transfer another 3,000 to partners or other units.

The company said in a statement that the decision is part of the conglomerate's plan to reorient and restructure its Siemens Enterprise Networks unit, or SEN, and are 'intended to accelerate the company's transformation from a hardware supplier to a software and solutions provider to fit changed market conditions.'

The cuts will be global and affect nearly 40 percent of the unit's 17,500 workers. Read more

“We're in the middle of negotiations, and cannot provide details until the announcement”

Mitsubishi Heavy Industries Ltd, Asia's largest aerospace company, is in talks to win its first commercial orders for satellite launches using its H-2A rocket, a Japanese newspaper reported yesterday. via People's Daily

“Sikorsky Aerospace Services will offer customer solutions that are tailored to fit each customer's requirements”

Sikorsky Aircraft Corp. today launched a comprehensive solution for customer support with the introduction of Sikorsky Aerospace Services at Heli-Expo. Sikorsky Aircraft is a subsidiary of United Technologies ... via The South Mississippi Sun Herald

MBIA Inc. is no longer under review for a downgrade by Standard & Poor's, indicating the bond insurer is a step further away from losing its AAA insurance credit rating. via Bloomberg

About CB&I CB&I combines proven process technology with global capabilities in engineering, procurement and construction to deliver comprehensive solutions to customers in the energy and natural resource ... via PR-inside.com

While I was experiencing connection issues because my ISP sucks, Japan was busy launching the Kizuna satellite, which is hoped will bring high-speed internet access to Japan and neighboring countries. via Gizmonews

Japan's benchmark Nikkei index jumped 3 percent Monday, rising to a month-and-a-half high as players snapped up banks and insurers amid eased concerns about the U.S. financial sector. via PR-inside.com

“The driver behind the current repricing is KKR Financial Holdings delaying repayment of CP for the second time”

NEW YORK : KKR Financial Holdings, Kohlberg Kravis Roberts's only publicly traded fixed-income fund, has delayed repaying debt for a second time in six months after failing to find buyers for commercial paper ... via International Herald Tribune

“They've (the RBA) indicated they'll hike rates again. "That expectation of an interest rate hike has underpinned the currency.”

The Australian dollar opened stronger today after rumours about US banks working on a bail-out package for a bond insurer boosted high-yielding currencies. via The Sydney Morning Herald

“Throughout 2007, the aircraft made excellent additional build and subsystem test progress, re-entering vehicle ground testing in November 2007. Extensive test instrumentation is also being installed as preparation for its first flight”

Sikorsky Aircraft Corp. today unveiled its X2 Technology Demonstrator at the George R. Brown Convention Center at Heli-Expo 2008. via The South Mississippi Sun Herald

“With the overall financial crunch we've experienced, this brings new confidence in the sector.”

Wall Street staged a dramatic turnaround Friday, shooting higher in the last half-hour of trading after word that a bailout plan for troubled bond insurer Ambac Financial could be announced next week. The major indexes ended a week of choppy trading mixed.

CNBC reported shortly before the closing bell that a plan to help shore up the finances of Ambac Financial Group Inc. could be announced Monday or Tuesday. Ambac shares jumped on the report and finished up $1.48, or 16 percent, at $10.71. Read more

Stocks turned higher late in the session, after spending much of Friday in negative territory. via KXLY-TV Spokane

BMO hires 5 former LaSalle sales and trading professionals in Chicago CHICAGO, Feb. via Canada NewsWire

George David earned his age. In millions. In 2007, his last full year as chief executive of United Technologies Corp. via Connecticut's WB 20

“We're going into a downturn now, so everybody holding this stuff is getting a little panicked, and we'll see how the market does.”

NEW YORK An economy already reeling from the sub-prime mortgage mess could be in for a big hit from another type of financial instrument, experts warn. via CBS 5

Chairman and CEO Maurice M. Taylor Jr. announced today in his Tire Industry Association OTR Conference keynote speech in Hawaii that the company expects to produce more than twice as many giant OTR tires as ... via PR-inside.com

“It is clear to me that Obama is the best candidate to go to bat for working families, especially those represented by the trade union movement in the United States”

A retired United Steelworkers union vice president on Friday became the fourth Pennsylvania superdelegate to endorse Sen. via Cumberlink.com

U.S. stocks rallied in the final 30 minutes of trading, helping the market post its second straight weekly gain, as speculation bond insurer Ambac Financial Group Inc. via Bloomberg

Mobile Mini Inc., which makes portable storage containers and mobile offices, said Friday its fourth-quarter profit dipped 11%, hurt by higher costs and interest expenses. via CNN

United Technologies Corp.'s departing chief executive, George David, received compensation valued at nearly $27 million in 2007, up by about 14 percent from 2006 following a year of double-digit growth for the ... via Digital Producer

After a day of relentless losses, buyers entered U.S. markets in the final minutes of trading Friday to stage a massive turnaround. via South Africa News.Net

“This is clearly pointing to an economy that is in recession”

NEW YORK : U.S. Mid-Atlantic factory production slumped to its lowest level since the last recession, while an index of future economic activity pointed to even tougher times ahead. via International Herald Tribune

“Some companies have great employee relations. Some companies have exemplary human rights records. CRO's '100 Best Corporate Citizens' list answers the question: which companies do best across a wide variety of citizenship issues?”

AKRON, Ohio, Feb. 20 /PRNewswire-FirstCall/ -- The Goodyear Tire & Rubber Company was named one of the "100 Best Corporate Citizens" in the current issue of CRO magazine. via Earth Times

A six-county region of eastern Iowa will get a grant of $250,000 from the U.S. Department of Labor to develop strategies to soften the impact of job losses at Deere & Co. via Chicago Tribune

“We see this exercise as a valuable way to decipher companies' performance on things like governance and sustainability issues, especially when looking at how they did when measured against other companies in the marketplace”

Deere & Co. achieved its highest rank ever in the annual "100 Best Corporate Citizens" list, which scored Deere 4th among more than 1,000 publicly traded, large-cap U.S. companies. via Waterloo Courier

Flowserve Corp., a maker of pumps and valves for the energy sector, has agreed to pay more than $10.5 million in penalties for making illegal kickbacks through the United Nations' oil-for-food program, the ... via Denton Record-Chronicle

“We don't see it getting any better, but look, it wasn't good at all in '07. It's not going to be worse in '08 than it was in '07.”

Heavy-equipment dealer Finning International Inc. reported record fourth-quarter profit and revenues thanks largely to strong sales in Canada, but some analysts expected better results out of the company's ... via Canadian Business Magazine

“Despite the clouds hanging over the economic environment, we are setting clear targets: strengthened by our Siemens VDO acquisition, in 2008 we intend to improve the total calculated sales generated in 2007 of around 26.4 billion”

German auto part and tire maker Continental AG said Thursday its full-year profit rose nearly 4 percent on greater efficiency and increased auto production, and that it will move the U.S. headquarters of its ... via WCNC

OMRON Corporation will release a new MEMS flow sensor designed to optimize efficiency in fuel cell systems from April 2008. via Fuelcellworks

“Nor should subprime problems cause taxpayers to unnecessarily pay more to borrow for essential capital projects.”

Troubled monoline insurer Ambac Financial Group hasn't yet given up on saving its ratings, even if the company is split up; the guarantor will look to raise $2 billion in an emergency rights issue, the Wall ... via Housing Wire

“We are delighted to have the performance, fuel efficiency and low emissions of the PW4000 for our new A330-300 aircraft”

Air Caraibes has selected Pratt & Whitney PW4000-100" engines to power three new Airbus A330-300 aircraft. via The South Mississippi Sun Herald

NEW YORK : A unit of Kohlberg Kravis Roberts & Co., one of the world's largest private equity firms, on Wednesday said it has delayed payment on billions in loans and opened debt restructuring talks with ... via International Herald Tribune

“The move to South Carolina is an important step in our overall growth strategy”

Continental Tire North America Inc. will move its corporate headquarters from Charlotte, N.C., to Lancaster County, S.C., in 2009. via Modern Tire Dealer

“The intent is to promote customers using conservation strategies all year so that we can preserve the water supply in Jordan Lake and reduce high-peak demand days that strain our water system”

Chatham County officials revised water ordinances Tuesday, allowing some customers to use automated irrigation systems. via NBC17.com

“The actions recently announced give the company a better chance to achieve the cash flow necessary to refinance/meet significant maturities (over $2 billion) coming due in the 2009-2011 period.”

- Newly merged forest products company AbitibiBowater Inc. (TSX:ABH) says a one-week delay in its quarterly results is due to the complexity of the deal, not problems with bank financing.

The Montreal-based company said Tuesday it rescheduled the release of its fourth-quarter and year-end results to Feb. 28 in order to take additional time to finalize the results for the first period of combined operations of Abitibi-Consolidated Inc. and Bowater Inc.

"We planned on giving an update on refinancing tomorrow (Wednesday) and now that we're postponing until next week, we'll do the same next week," company spokesman Seth Kursman said in an interview. Read more

“She says speeches don't put food on the table. You know what? NAFTA didn't put food on the table, either”

NILES -- Democratic presidential candidate Barack Obama took his presidential campaign to northeast Ohio -- a key region for Democratic votes in the state -- on Monday, one day after former President Bill ... via The Advocate

“But consumers need to read between the lines of everything they're saying.”

The mortgage market may be in a historic upheaval, but mortgage companies continue to pump out upbeat advertisements. via HendersonvilleNews.com

“We are very pleased to reach an agreement with TimberStar on the acquisition of these excellent and highly productive timberlands. We look forward to managing them on behalf of our investors following the closing”

- A subsidiary of Manulife Financial Corp. (TSX:MFC), Canada's largest insurance company, is adding to the portfolio of U.S. forest land that it manages in a deal valued at US$1.71 billion, including the assumption of debt.

The deal was announced Tuesday in New York by IStar Financial Inc. (NYSE: SFI), which said the partners in the TimberStar Southwest venture had agreed to sell the 900,000-acre (364,220-hectare) land portfolio.

TimberStar Southwest's lands are in Arkansas, Louisiana and Texas. They were purchased in October 2006 from International Paper for US$1.19 billion. Read more

Bridgestone Corp. said Tuesday its net profit for the 2007 calendar year jumped 55 percent as its brisk tire sales and a weaker yen offset a rise in raw material costs. via New York Times

“One of RTI's main strengths, from the client's point of view, in the area of forensic science is our multi-disciplinary approach, which blends forensic science with social science and allows us to approach these problems from multiple perspectives”

RTI International will provide Web-based training for forensic scientists under a two-year contract with the National Institute of Justice. via Local Tech Wire

“We don't want to be the party of yesterday”

' Saying that wherever he goes he hears struggles of hardship, Sen. Barack Obama emphasized a populist economic message this afternoon, as he started his campaign for Ohio's March 4 primary. via The Swamp

“Kitchener Frame is on life support right now, but this agreement also offers more time to secure a new product that could keep the plant open”

- Union members at Martinrea International Inc.'s Kitchener Frame Ltd. auto parts plant (TSX:MRE) have ratified a wind-down agreement that will keep the plant open until the summer of 2010, more than a year longer than planned.

A vote was held Sunday at meetings for the plant and office units, with the agreement ratified by 80 per cent, Canadian Auto Workers Local 1451 said Monday.

Last week, Martinrea said it intended to close the Kitchener Frame plant in April 2009 - with a loss of about 1,200 jobs - unless it found new work. Read more

“They will see losses ballooning. But supporting the economy and defending the currency is a primary concern.”

Central bankers in Thailand, Malaysia, Singapore and the Philippines are in the same situation as faster inflation raises the odds that Asian central banks will increase interest rates, bolstering the appeal of ... via Business Times

A Marysville auto-parts manufacturer is making another attempt to get its feet back on the ground after almost three years of financial instability. via Times Herald