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Daily industrial news and top headlines for plant and maintenance managers
Roche To Cut 4,800 Jobs For 'Operational Excellence'
November 17, 2010 3:59 am | by Frank Jordans, Associated Press | CommentsGENEVA (AP) — Swiss pharmaceutical company Roche will cut 4,800 jobs over two years, mostly in the U.S., to help save 2.4 billion Swiss francs ($2.4 billion) by 2012, the company said Wednesday. The cuts amount to six percent of its 82,000-strong global work force and will mainly affect positions in sales, marketing and manufacturing, Basel-based Roche Holding AG said in a statement.
Officals Call For Safer, Less Faulty Defibrillators
November 17, 2010 3:56 am | by Matthew Perrone, AP Health Writer | CommentsWASHINGTON (AP) — Federal health officials are calling on manufacturers of heart-zapping defibrillators to fix long-standing problems with the emergency devices that have triggered dozens of recalls and led to injuries and deaths. Defibrillators use electric shocks to jolt the heart back to normal after patients collapse from cardiac arrest.
Koss Executive Faces 20 Years For Embezzling Millions
November 17, 2010 3:53 am | CommentsMILWAUKEE (AP) — The former Koss Corp. executive accused of embezzling $34 million from the headphones manufacturer faces sentencing Wednesday in federal court in Milwaukee. Koss chief executive Michael Koss is asking the judge to sentence Sue Sachdeva (sah-CHEE'-vah) to the maximum 15 to 20 years.
Is GM's IPO Leaving Out The 'Little Guy'?
November 17, 2010 3:52 am | by Bernard Condon, AP Business Writer | CommentsNEW YORK (AP) — When General Motors finally offers stock to the public later this week, small investors will probably be left out in the cold. Pension funds, mutual funds and other big institutions all want a piece of the rehabilitated GM. That means the three dozen banks divvying up the new shares may not have much left for individual investors.
Industrial Output Down Overall, But Manufacturing Climbs
November 17, 2010 3:51 am | by Daniel Wagner, AP Business Writer | CommentsWASHINGTON (AP) — Industrial production in the U.S. was unchanged in October, as a sharp drop in utility output offset gains by manufacturers producing big-ticket goods for consumers and businesses. The Federal Reserve says that output at the nation's factories, mines and utilities was flat last month after falling by 0.
Despite Recession, Food Producers Expand, Invest
November 16, 2010 4:13 am | CommentsMILWAUKEE (AP) — While the recession took a toll on manufacturing and other industries, one part of the U.S. economy has remained a bright spot over the past few years: food production. Across the nation, food producers are seeing enough growth that many are expanding and investing in new equipment.
SPX Breaks Ground On $40M China Manufacturing Campus
November 16, 2010 4:06 am | CommentsSHANGHAI, Nov. 16, 2010/PRNewswire/ -- SPX Corporation today reiterated its long-term commitment to China and the Asia-Pacific region with an official ground-breaking ceremony marking the start of construction of its new 53-acre China manufacturing campus, which is being built in the FOHO Economic Development Zone.
Detroit Energy-From-Waste Plant Gets $50M Lifeline
November 16, 2010 3:55 am | CommentsDETROIT, Nov. 16, 2010 /PRNewswire/ -- A coalition of public and private enterprises, led by Detroit Renewable Energy LLC, the new parent company of Detroit Thermal, LLC; along with the City of Detroit, the Greater Detroit Resource Recovery Authority, the International Union of Operating Engineers Local 324, Utility Workers Union of America, AFL, CIO Local 223, and DTE Energy, has attracted a $50 million investment to Detroit in a deal that assures a long-term, cost-effective and eco-friendly supply of renewable energy from waste derived fuel to support the essential energy needs of Detroit's core business districts.
Industrial Production Falls Flat In October
November 16, 2010 3:45 am | CommentsWASHINGTON (AP) — Industrial production was unchanged in October, even as manufacturers revved up to produce more big-ticket goods for consumers and businesses. A drop in output by utilities offset factory growth. The Federal Reserve says that output at the nation's factories, mines and utilities was flat last month after falling by 0.
Gulfstream Aerospace Announces $500M Expansion
November 16, 2010 3:41 am | CommentsSAVANNAH, Ga. (AP) — Aircraft manufacturer Gulfstream Aerospace Corp. said Monday it plans to add 1,000 employees over the next seven years as part of a $500 million expansion plan. Management cited order bookings, which increased in the third quarter to the highest level since mid-2008.
GM Ups Share Price, Cites High Demand
November 16, 2010 3:36 am | CommentsDETROIT (AP) — A confident General Motors has added 20 million shares of preferred stock to its initial public offering, and it raised the estimated price range for common shares by about 14 percent to $32 to $33. The Detroit automaker, just 16 months out of bankruptcy protection, will now sell 80 million shares of preferred stock for $50 each when its offering takes place on Thursday.
Chinese Banks Ready To Turn The Tables, Invest In GM
November 15, 2010 4:08 am | by Sharon Silke Carty, AP Auto Writer | CommentsDETROIT (AP) — Among the banks helping General Motors with its initial public stock offering next week are two identified by initials only: ICBC and CICC. Americans uncomfortable with U.S. government ownership of General Motors may want to hear more: One of those banks is the Industrial and Commercial Bank of China, one of China's four big central government banks.
Belden Agrees To Buy Thomas & Betts Division
November 15, 2010 3:54 am | CommentsST. LOUIS (AP) — Belden Inc., an electronics components maker, said Thursday it agreed to buy Thomas & Betts Corp.'s communications products business for $78 million in cash. Memphis, Tenn.-based Thomas & Betts said the communications products business is part of its electric segment.
Supermarket Irony: Some Reusable Bags Tainted By Lead
November 15, 2010 3:51 am | by Michael Gormley, Associated Press | CommentsALBANY, New York (AP) — A U.S. senator is seeking a federal investigation after a newspaper's report of lead content in some reusable grocery bags. Sen. Charles Schumer of New York told The Associated Press that many of the reusable grocery bags sold nationwide are manufactured in China.
What Are The Red Flags For GM's IPO?
November 15, 2010 3:50 am | by Sharon Silke Carty, AP Auto Writer | CommentsDETROIT (AP) — General Motors executives are playing up three bright spots in the company's future as they try to persuade investors to buy GM stock: a better lineup of cars and trucks, potential for global growth and a new cost structure that enables the company to make money even when the economy dips.
