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IMPO Insider

Daily industrial news and top headlines for plant and maintenance managers

Panasonic To Invest $30 Million In Tesla Motors

November 5, 2010 4:46 am | by Shino Yuasa, Associated Press Writer

TOKYO (AP) — Panasonic Corp. is investing $30 million in Tesla Motors Inc., the U.S. maker of electric sports cars, eyeing expansion in the global market for green vehicles, both sides said Thursday. Panasonic, Japan's biggest electronics maker, will acquire about a 2 percent stake in Tesla, purchasing Tesla common stock at $21.

Toyota's Profit Quadruples Despite Recall Woes

November 5, 2010 4:45 am | by Yuri Kageyama, AP Business Writer

TOKYO (AP) — Toyota's second quarter profit more than quadrupled despite lingering worries about the safety of its cars after massive recalls that are still dogging its sales in the U.S. Toyota reported July-September profit of 98.7 billion yen ($1.2 billion) on Friday, up dramatically from 21.

GM Predicts Massive Profits Post-Gov't Ownership

November 5, 2010 4:44 am | by Tom Krisher, AP Auto Writer

DETROIT (AP) — General Motors has the potential to make huge pretax profits once global auto sales fully recover, the company's chief financial officer said Thursday in a video presentation that was posted online. The video with CFO Chris Liddell's comments is the foundation for GM's "road show" — presentations that start Friday and aim to court investors for an initial public stock offering.

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Manufacturing Hiring, Optimism Remains Low

November 4, 2010 9:08 am

Business leaders in the manufacturing space are pessimistic, with only a third (33 percent) expecting the U.S. economy to improve in the next six months, according to Grant Thornton’s quarterly survey of U.S. business leaders. The hiring outlook for manufacturing companies is also gloomy — only 37 percent of manufacturing business leaders report that their companies will increase hiring in the next six months.

Wash. Voters Reject Private Workers' Compensation

November 3, 2010 5:04 am

SEATTLE (AP) — Washington voters have rejected an initiative that would have privatized workers' compensation insurance. With more than half of the expected vote counted in Tuesday's election, Initiative 1082 was being defeated by more than 16 points, with 58 percent of voters saying no on the ballot.

Factory Orders Grew In Sept., Breaking Streak Of Drops

November 3, 2010 4:48 am | by Daniel Wagner, AP Business Writer

WASHINGTON (AP) — Orders to U.S. factories rose broadly in September, propelled by business spending on commercial airplanes, boats and machines. The Commerce Department says that factory orders rose by 2.1 percent in September, the steepest increase since January. Orders were flat in August.

October Auto Sales To Rise Dramatically Over 2009

November 3, 2010 4:47 am

DETROIT (AP) — October auto sales are expected to rise substantially from the same month last year as once-stingy automakers loosened up on rebates and incentives, luring more customers into showrooms. Car price information service TrueCar.com predicts October sales rose 11 percent from a year ago, yet were down 3 percent compared with September.

Ten-Ton Asphalt Container Catches Fire

November 3, 2010 4:45 am

TUCSON, Ariz. (AP) — Northwest Fire District crews responded to a fire at a Tucson-area cement plantTuesday involving a ten-ton container of asphalt. Northwest Fire spokeswoman Katy Heiden tells The Associated Press the asphalt was in the process of being mixed when a hole developed in the container and some of the leaking asphalt ignited.

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Is GM Really Worth As Much As Ford?

November 3, 2010 4:44 am | by Sharon Silke Carty, AP Auto Writer

DETROIT (AP) — If investors pay what General Motors hopes to get for its stock in a planned IPO, they'll have to buy the logic that the company's stock-market value should be similar to its closest competitor, Ford Motor Co. But Ford is making far more money these days and its U.S. market share is rising while GM's is falling and its new management team has little auto industry experience.

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Harley's Restructuring: Efficiency Here, More Sales Overseas

November 3, 2010 4:43 am | by The Associated Press

Harley-Davidson Inc.'s restructuring plans are firmly in place and the motorcycle maker is on its way to saving money, being quicker to market with new products and expanding abroad, analysts said Wednesday. The motorcycle maker held an analyst meeting Tuesday in its hometown of Milwaukee to update investors on the first 18 months of its three-to-five year restructuring plan.

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Buying A Car? Try Holding Out Another Month Or Two

November 2, 2010 4:34 am | by Sharon Silke Carty, AP Auto Writer

DETROIT (AP) — If you're holding out for a bargain on a car, you could be rewarded this month or next. Automakers are more likely to offer promotions on certain makes and models — particularly luxury cars, SUVs and trucks — to clear out their older models and improve their year-end numbers.

Girl Scouts Uniforms Will Continue To Be U.S.-Made

November 2, 2010 4:30 am | by Samantha Henry, Associated Press

NEWARK, New Jersey (AP) — The Girl Scouts of the USA announced Monday its uniforms will continue to be made in America following a public uproar over reports it was considering bids from China or other overseasmanufacturers. The owners of a family-run Passaic, New Jersey, factory that has been the main supplier of Girl Scout uniforms and sashes for years were told recently that the organization would be seeking bids for the job — including from a company in China.

GM's Nov. 18 IPO Could Raise $10 Billion

November 2, 2010 4:29 am | by Sharon Silke Carty and Tom Krisher, AP Auto Writers

DETROIT (AP) — The sale of General Motors stock is expected to raise about $10 billion in an initial public offering that will reduce the U.S. government's stake in the automaker below 50 percent, three people briefed on the sale said Monday. GM common stock is expected to sell for between $26 and $29 a share when the IPO takes place around Nov.

Pfizer 3Q Profit Falls 70 Percent

November 2, 2010 4:28 am

NEW YORK (AP) — Pharmaceutical giant Pfizer Inc. said Tuesday that revenue in the third quarter jumped 39 percent due to its acquisition of fellow drugmaker Wyeth, but hefty charges related to that $68 billion purchase dragged its profit down 70 percent. The New York-based maker of cholesterol blockbuster Lipitor and impotence pill Viagra says net income was $866 million, or 11 cents per share.

12 Injured By 380-Degree Steam Burst

November 2, 2010 4:27 am

SALT LAKE CITY (AP) — Authorities say 12 workers were hurt when a steam pipe burst at the University of Utah and sprayed scalding water on subcontractors in an underground utility vault. Fire Capt. Michael Harp told The Associated Press the men were blasted by 380-degree steam that erupted from the end of a pipe opened Monday during upgrade work.

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BP's Oil Spill Costs Rise To $40 Billion

November 2, 2010 4:26 am | by Jane Wardell and Robert Barr, Associated Press Writers

LONDON (AP) — BP PLC says the cost of the devastating Gulf of Mexico oil spill has grown to $40 billion, dragging down its third quarter net profit by more than 60 percent despite higher oil and gas prices. The London-based company said Tuesday it returned to profit for the first time since the April spill, though the $1.

A Bi-Partisan Effort: Bashing On Chinese Manufacturing

November 1, 2010 4:48 am | by Tom Raum, Associated Press

WASHINGTON (AP) — In these angry political times, Democrats and Republicans agree on next to nothing. China is one exception. Democrats and Republicans alike are accusing each other of cozying up to Beijing and backing policies that send U.S. jobs and IOUs to the world's second-largest economy.

Apple Sues Motorola Over Smart Phone Patents

November 1, 2010 4:44 am

NEW YORK (AP) — Apple is suing Motorola for infringing on patents related to its smart phones. Apple Inc. said in a filing on Friday that Motorola's Droid, Cliq, BackFlip and other phones violate its patents related to the iPhone's touch screen and user interface. Apple says it wants Motorola Inc.

Immigration Laws And The I-9 Trip Up Manufacturers

November 1, 2010 4:39 am | by Manuel Valdes, Associated Press

SEATTLE (AP) — They cost clothing chain Abercrombie & Fitch $1 million in fines, tripped up Meg Whitman's campaign for California governor, prompted mass layoffs across the country and have been at the center of countless other workplace immigration disputes. An obscure federal document called the I-9 form has emerged as a contentious element in the national immigration debate since the Obama administration vowed to go after employers who hire undocumented workers.

Miss. Toyota Supplier Hiring 300 Workers

November 1, 2010 4:34 am

TUPELO, Miss. (AP) — A Toyota supplier in north Mississippi is taking applications for about 300 jobs at its Baldwyn facility. The job listings for Auto Parts Manufacturing Mississippi were posted on the Mississippi Department of Employment Security website Thursday. The company is looking for about 250 hourly workers and 50 supervisors that will work on salary.

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