MEMPHIS, Tenn. (AP) -- International Paper Co. said Monday it has launched an unsolicited tender offer for smaller rival Temple-Inland Inc. for about $3.3 billion. The offer, at $30.60 per share in cash, is effective Tuesday and ends Aug. 9. It is a 46 percent premium to Temple-Inland's closing price on June 6, the day Temple-Inland rejected International Paper's initial offer at the same price.
NEW YORK (AP) -- Alcoa Inc.'s second-quarter earnings rose as improvement in the manufacturing sector brought higher sales and prices that offset rising raw material costs. The aluminum manufacturing giant reported double-digit increases in sales to the packaging, commercial transportation, and building and construction industries.
WASHINGTON (AP) -- The U.S. trade deficit surged in May to the highest level in more than two and a half years, driven upward by a big increase in oil imports. The Commerce Department said Tuesday that the deficit increased 15.1 percent to $50.2 billion in May. That's the largest imbalance since October 2008.
WATSEKA, Ill (AP) — An Illinois metal products company has been cited with safety violations after two workers suffered amputation injuries at the firm's Watseka metal stamping facility. T&D Metal Products was cited by the U.S. Department of Labor's Occupational Safety and Health Administration.
PITTSBURGH, July 11, 2011 /PRNewswire-USNewswire/ -- The United Steelworkers (USW) today said it was very disappointed to learn that Goodyear Tire issued a WARN notice to its members at Local 878L, informing them that their services would no longer be needed at the Union City, Tenn. facility scheduled for shutdown.
NEW YORK (AP) — Industrial metals fell Monday on fears that a growing debt crisis in Europe and weak job growth in the United states would dampen demand at the world's factories. Copper for September delivery fell 4.4 cents to settle at $4.368 a pound, October platinum dropped $5.
Yuri Kageyama, AP Business Writer YOKOHAMA, Japan (AP) — Japanese automaker Nissan is testing a super-green way to recharge its Leaf electric vehicle using solar power, part of a broader drive to improve electricity storage systems. Nissan's Leaf went on sale late last year, but the automaker is looking ahead to about five years time when aging Leaf vehicles may offer alternative business opportunities in using their lithium-ion batteries as a storage place for electricity.
LIVONIA, Mich. (AP) — TRW Automotive Holdings Corp. said Monday that some of its occupant safety systems business unit locations in Germany were visited by European authorities last month as part of an ongoing antitrust investigation. TRW, which makes brake, steering and safety systems, said it also received a related subpoena from the U.
PLYMOUTH, Minn. (AP) — Fertilizer manufacturer Mosaic Co. said Monday that it expects to incur $200 million in pretax expenses in fiscal 2012 due to a Florida court injunction that prevents mining activity in a Central Florida region where one of its mines is located. The news sent shares of Mosaic down $3.
Eva Vergara, AP SANTIAGO, Chile (AP) — The world's largest copper producer is shut down in a 24-hour strike that has the potential to cause severe losses for Chile's state mining company. Codelco says it could lose $41 million from today's strike, which comes on the 40th anniversary of Chile's decision to nationalize its mining industry.
LANCASTER, OH - U.S. Sen. Sherrod Brown (D-OH) visited Anchor Hocking in Lancaster today, where he toured the facility and met with workers to discuss manufacturing and the need for strong trade enforcement against countries like China that provide unfair subsidies to its glass producers. Headquartered in Lancaster since its inception in 1905, Anchor Hocking employs more than 1,500 Ohioans and is a leading manufacturer of Made-in- the-USA glass tableware and bakeware.
Francesca Levy, AP Business Writer NEW YORK (AP) — Stocks fell sharply Monday as investors feared that Europe's debt crisis would spread. The Dow Jones industrial average fell 150 points, or 1.2 percent, to 12,508, in afternoon trading. The Standard & Poor's 500 index fell 22, or 1.
CLEVELAND , OH (June 28, 2011) – Applied Industrial Technologies (NYSE: AIT) has announced the publication of its 2011 / 2012 Applied® Product Catalog with nearly 2,500 new products. This full-line catalog includes more than 36,000 industrial products for MRO, OEM and government applications, including bearings, power transmission products, fluid power products, belts, hoses, tools, janitorial supplies, safety items and much more.
PEORIA, Ill. (AP) -- Caterpillar Inc. avoided paying more than $2 billion in federal income taxes from 2000 to 2009 by accounting fraudulently for billions in dollars of profits, according to a lawsuit filed by a manager of the heavy equipment maker. Daniel Schlicksup, who was a global tax strategy manager for the company from 2005 to 2008, alleges that the company wrongly attributed at least $5.
Elaine Kurtenbach, AP Business Writer SHANGHAI (AP) — Working around the clock, China's biggest heavy machinery maker put the final touches Monday on sections of the new east span of the San Francisco Bay Bridge, the biggest project so far for the state-run giant expanding in the global construction market.
LINCOLN, R.I. (AP) — Two members of Rhode Island's congressional delegation are set to announce new legislation intended to boost manufacturing in the state. U.S. Senator Sheldon Whitehouse and Congressman David Cicilline are expected to announce Monday the introduction in Congress of the House version of the "Off-shoring Prevention Act.
AKRON, Ohio (AP) — Goodyear Tire & Rubber Co. said Monday that it has stopped production at its tire manufacturing facility in Union City, Tenn. The tire maker announced plans in February to close the plant by the end of the year, but said Monday that it was able to transfer production to other facilities faster than expected.
LOVELL, Wyo. (AP) — An employee at a Wyoming bentonite plant is recovering at a Denver hospital after severing his hand while operating a conveyor. Steve Wilkerson, who manages American Colloid in Lovell, says the employee was injured at about 9 p.m. Monday and is doing well and is in "good spirits.
Ben Feller, AP White House Correspondent WASHINGTON (AP) — Immersed in an intense struggle to cut the national debt, President Barack Obama faces a dilemma that will stay with him even if he succeeds in striking a grand deal with Congress: convincing Americans that the entire effort will do anything to create desperately needed jobs.
TIPTON, Ind. (AP) — A solar panel manufacturer says its plans remain on track to start production at an unfinished auto parts factory in central Indiana a year after President Barack Obama announced $400 million in federal loan guarantees for the company. Abound Solar took control of the vacant factory near Tipton after gaining final loan approval in December and has since added production at its existing plant in Longmont, Colo.