A federal judge gave the final nod Friday to Hawker Beechcraft's reorganization plan, clearing the way for the plane-maker to exit bankruptcy later this month. Bankruptcy Judge Stuart Bernstein ruled Friday that the reorganization plan complied with the requirements of the bankruptcy code, finding the company proposed the plan in good faith to maximize the value of the estate and carry out the reorganization.
Eastman Kodak Co. said Friday that it has completed the sale of its digital imaging patents for net proceeds of $527 million. The deal will help the struggling photo company repay loans and emerge from bankruptcy protection, which it expects will happen during the middle of this year. The company said it received final court approval last week for interim and exit financing.
Mitsubishi Electric Corp. said Monday its group net profit in the April to December period dropped 40.1 percent from a year earlier to 49.14 billion yen due in part to expenses for refunds it paid for overcharging the Defense Ministry and others on defense-related contracts. Mitsubishi Electric, one of Japan's leading defense contractors, said it booked refunds of 75.7 billion yen in nonoperating expenses.
American Axle & Manufacturing Holdings Inc. said Friday that it will spend more than $100 million on a Michigan manufacturing plant to add new production lines, increase shipping capacity and other items. The investment is expected to create 500 jobs and help the company expand its product lineup and customer base in North America.
KSM Castings NC Inc., a German-based maker of light metal casting products for the automotive industry, is establishing its first U.S. plant in North Carolina, creating 189 jobs and investing more than $45 million. Gov. Pat McCrory and state Commerce Secretary Sharon Decker announced Friday that KSM plans to create the jobs by the end of 2018.
Other than conversation pieces, what’s the value in having decades-old machine tools occupy valuable floor space in a modern fab shop? The answer is “Plenty!” according to Ken Lennox, provided the machines are in suitable roles and were originally built with “the right stuff.”
Sentiment regarding the prospects for the U.S. economy in the year ahead increased among U.S. industrial manufacturers, while uncertainty around outlook for the world economy prevailed, according to the Q4 2012 Manufacturing Barometer released by PwC US. According to PwC’s survey, 48 percent of respondents expressed optimism about the 12-month outlook for the U.S. economy during the fourth quarter of 2012.
The MST Soft Starter with six SCR three phase voltage controls offers advanced protection for the motor, soft starter, and load for trouble-free operation.
CROSSING GUARD is the only forklift collision awareness system that requires the detection of two separate motions to trigger an alarm, says the company.
The new Digital FlexProbe® Models 400D and 4000D can be used for TRMS AC current measurements and are rated at 600V CAT IV.
The first ever remote controlled LAVINA® 32R-S features gyroscopic technology and new solutions for grinding and polishing, says the company.
The pallet control cones are available in thirteen colors with or without magnets, and numbered, lettered, or with dry erase decal for user’s own message.
The LXT 980/981 torque sensor allows the effective torque on the gauge bar to be measured bi-directionally independent from rotational speed, says the company.
Users can build their own anti-fatigue workstations using the Corner Tile and Side Tile with attached borders, and the interior tile with connectors on all four sides.
The Model 700’s 5/16-inch (8 millimeter) offset offers 25 percent faster material removal than previous models, says the company, adding that it is the ultimate tool for anyone looking for true sanding speed.
U.S. manufacturing activity grew at a faster pace in January, driven by an increase in new orders and more hiring at factories. The Institute for Supply Management said Friday that its index of manufacturing activity jumped to 53.1 in January from 50.2 in December. It was the highest reading since April, when the index hit 54.1. Any reading above 50 indicates expansion.
Most of the big car companies are reporting double-digit gains for January as last year's momentum in U.S. auto sales continues into 2013. Sales at Toyota rose 27 percent and they jumped 22 percent at Ford. GM and Chrysler each reported 16 percent gains compared with a year earlier. It was Chrysler's best January in five years. But Volkswagen, which reported a 31 percent increase in 2012, saw sales slow a bit, growing only 7 percent.
President Barack Obama is letting his jobs council expire, cutting off one source of input from business leaders while unemployment remains stubbornly high. Obama formed the Council on Jobs and Competitiveness in January 2011, when unemployment was about 9 percent. It's now 7.8 percent, though more than 12 million people are out of work.
Japan's industrial production picked up pace in December from the month before, in a sign the world's third-largest economy may be stabilizing thanks to stronger global demand and government spending. Increased output of large passenger cars and vehicle components and machinery for making semiconductors were the main factors helping to drive the improvement in manufacturing, the Ministry of Economy, Trade and Industry said.
Harman International Industries Inc. said Thursday it plans to cut about 1,000 jobs, or about 4 percent of its work force, to reduce operating expenses. The announcement came in the heels of fiscal second-quarter results that fell below Wall Street's expectations amid a slowdown in the automotive sector and economic challenges, especially in Europe.