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Daily industrial news and top headlines for plant and maintenance managers
Royalty Pharma Raises Offer To Buy Drugmaker Elan
June 7, 2013 12:34 pm | by Tom Murphy, AP Business Writer | CommentsShares of Elan Corp. PLC jumped Friday after Royalty Pharma once again raised its offer to buy the Irish drugmaker in an increasingly bitter takeover fight. Royalty said it will now pay $13 in cash for each Elan share, and it will give stockholders the right to receive up to an additional $2.50 per share in milestone-based payments. That's up from a previous bid of $12.50 per share.
Nixon Announces Incentives For MO Company
June 7, 2013 12:33 pm | by The Associated Press | CommentsA southeast Missouri business that makes chrome-plated plastic auto parts is receiving state aid to train its employees. Gov. Jay Nixon said Thursday that Missouri is providing up to $809,000 of job training services for 350 employees at SRG Global in Portageville. He says the training incentives are part of a $4.2 million capital investment by the company.
Arraignment In Kevlar Trade Secrets Case Postponed
June 7, 2013 12:31 pm | by The Associated Press | CommentsA South Korean company's arraignment on charges of stealing the Kevlar body armor recipe from the DuPont Co. has been postponed. Kolon Industries was set for arraignment Friday in U.S. District Court in Richmond. That hearing has been changed to a status conference.
May U.S. Jobs Report In Spotlight At Time Of Concern
June 7, 2013 12:30 pm | by Christopher S. Rugaber, AP Economics Writer | CommentsThe government's release Friday of the May jobs report comes at a time of anxiety over the U.S. economy and whether the Federal Reserve will soon scale back its extraordinary support. Economists expect another month of job gains roughly in line with April's increase of 165,000. The unemployment rate is expected to remain at 7.5 percent, a four-year low but still historically high.
U.S. Treasury Sets Price For GM Stock Shares
June 7, 2013 11:02 am | by Martin Crutsinger, AP Economics Writer | CommentsThe U.S. Treasury Department on Thursday set a price of $34.41 per share for the sale of 30 million shares of General Motors stock. Treasury said the sale will result in aggregate proceeds to the government of $1.03 billion. A United Autoworkers retiree health care trust fund was selling 20 million of its GM shares as well, bringing total sales to 50 million shares.
IN Pushes Ahead With Fertilizer Plant
June 7, 2013 11:02 am | by The Associated Press | CommentsThe Pakistan-based developers of a fertilizer plant have won a southwestern Indiana county's initial approval for the project, weeks after the state pulled its support. Posey County's Board of Commissioners and Council voted last week to give preliminary approval to Midwest Fertilizer Corp. for its proposed plant, including a $1.3 billion bond issue to help finance the project in the county just west of Evansville.
Dubuque John Deere Plant Lays Off 65 Employees
June 7, 2013 11:02 am | by The Associated Press | CommentsA John Deere plant in Dubuque has laid off 65 employees in its manufacturing section. John Deere spokesman Ken Golden says despite recent strong earnings, the decision is based on sales and demand in its construction and forestry division.
Safety At Deadly China Plant 'Extremely Chaotic'
June 7, 2013 11:02 am | by Christopher Bodeen, Associated Press | CommentsChina's workplace safety agency said negligence among factory managers and government inspectors caused "extremely chaotic" work-safety conditions at a poultry plant where a deadly fire killed 120 workers this week. Safety exits were blocked at the Jilin Baoyuanfeng Poultry Co. plant and managers neglected to hold required safety drills or worker education, State Administration of Work Safety head Yang Dongliang said.
Arraignment Set In Kevlar Trade Secrets Case
June 7, 2013 11:02 am | by The Associated Press | CommentsAttorneys for a South Korean company accused of stealing the Kevlar body armor recipe from the DuPont Co. are due in federal court in Virginia. Kolon Industries will be arraigned Friday morning in U.S. District Court in Richmond. Kolon is charged in a six-count federal indictment with theft of trade secrets, conspiracy to convert trade secrets and obstruction of justice.
U.S. Employers Add 175K Jobs, Rate Up To 7.6 Percent
June 7, 2013 11:02 am | by Christopher S. Rugaber, AP Economics Writer | CommentsThe U.S. economy added 175,000 jobs in May, a gain that shows employers are hiring at a still-modest but steady pace despite government spending cuts and higher taxes. The unemployment rate rose to 7.6 percent from 7.5 percent in April, the Labor Department said Friday.
GM CEO: Dividend, Share Buyback Possible
June 6, 2013 2:10 pm | by Tom Krisher, AP Auto Writer | CommentsGeneral Motors CEO Dan Akerson says the company's finances are sound enough to consider paying a dividend or even buying more stock from the U.S. government. The CEO, in comments after GM's annual meeting Thursday, also said the company first has to keep investing in new vehicles and equipment.
Chrysler To Recall 630,000 SUVs Worldwide
June 6, 2013 2:09 pm | by Tom Krisher, AP Auto Writer | CommentsJust two days after refusing a government request to recall 2.7 million older-model Jeeps, Chrysler has decided to do two other recalls totaling 630,000 vehicles worldwide. The automaker will recall more than 409,000 Jeep Patriot and Compass small SUVs across the globe from the 2010 and 2012 model years to fix air bag and seat-belt problems.
Toyota To Exempt Workers With Young Kids From Nightshifts
June 6, 2013 2:07 pm | by The Associated Press | CommentsToyota Motor Corp. is planning to exempt factory workers with preschool-age children from working nightshifts to support childcare, starting in September, sources familiar with the matter have said. The measure has already been introduced for some Toyota plant workers on a trial bases, kicking off October last year.
Lenovo Marks First U.S. Manufacturing Plant
June 6, 2013 2:05 pm | by Emery P. Dalesio, AP Business Writer | CommentsThree business reasons — quicker, closer and custom — prompted computer maker Lenovo Group to open its first U.S. manufacturing operation in North Carolina instead of low-cost foreign locations like Mexico or China, its North American president said.
Feds: Engineer Tried To Steal Firm's Trade Secrets
June 6, 2013 2:03 pm | by The Associated Press | CommentsFederal authorities say a Mahwah man was planning to go to India with a New Jersey company's stolen trade secrets for self-administered disposable pens. U.S. Attorney Paul Fishman announced Wednesday that 36-year-old Ketan Maniar, an Indian national, was charged with stealing trade secrets for his own economic benefit from a worldwide medical technology company headquartered in Franklin Lakes.
