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IMPO Insider

Daily industrial news and top headlines for plant and maintenance managers

BP Replaces Hayward, Posts $17 Billion 2Q Loss

July 27, 2010 5:08 am | by Jane Wardell, AP Business Writer

LONDON (AP) — BP's much-criticized CEO Tony Hayward will be replaced by American Robert Dudley on Oct. 1, the company said Tuesday as it reported a record quarterly loss and set aside $32.2 billion to cover costs of the devastating Gulf of Mexico oil spill. BP said the decision to replace Hayward, 53, with the company's first ever non-British chief executive was made by mutual agreement.

DuPont's Income Triples, Revenue Surges

July 27, 2010 4:57 am

NEW YORK (AP) — Chemical maker DuPont Co. said Tuesday its net income nearly tripled in the second quarter as revenue surged in most of its businesses and it raised prices. The Wilmington, Del., company also raised its earnings forecast for the year, saying it expects to continue to benefit from higher prices, growing sales and better efficiency.

U.S. Steel Posts 2Q Loss, But Sales Double

July 27, 2010 4:46 am

NEW YORK (AP) — United States Steel Corp. on Tuesday posted a second-quarter loss, although it was far smaller than a year ago as sales more than doubled. The company said the results indicate "a sharp turnaround" from last year, but it sees some hurdles ahead. US Steel expects to post a third-quarter profit, but the Pittsburgh company said operating results will fall from the second quarter because of declines in orders from spot market customers.

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Foxconn Closes Indian Plant For Widespread Illness

July 27, 2010 4:44 am

TAIPEI, Taiwan (AP) — Foxconn Technology Group temporarily shut down a plant in India on Monday after some 250 workers became sick, possibly from a pesticide sprayed at the facility. The Chennai, India, plant could end up suspending operations for about a week to address whatever caused the sickness, the company said in a statement.

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Case Against Body Armor Fraudsters Nears Close

July 27, 2010 4:43 am | by Frank Eltman, Associated Press Writer

CENTRAL ISLIP, N.Y. (AP) — Two former top executives of the nation's leading supplier of body armor to the U.S. military shared a limitless appetite to steal from the company and cover up their wrongdoing, a federal prosecutor said Monday in closing arguments at the pair's fraud and insider trading trial.

Joint-Venture To Build EVs In Iowa, Create 300 Jobs

July 27, 2010 4:42 am

WEBSTER CITY, Iowa (AP) — A manufacturing company said Monday it plans to build electric cars in Webster City, a project that officials said will create up to 300 new jobs in the north-central Iowa community. Webster City and AMS Inc., a new division of Eagle Manufacturing, jointly announced the signing of a contract with Envision Motor Company, of Ames.

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GE Paying Dearly For PCB Dumping In 1930's

July 26, 2010 4:56 am | by Bob Salsberg, Associated Press Writer

LENOX, Mass. (AP) — Once a dumping ground for chemicals, a stretch of the Housatonic River that winds near this Berkshires hamlet is being scoured in a lengthy, expensive cleanup. Now, dredging other parts of the riverbed is under consideration, but the fishers, bird watchers and swimmers who would benefit are wondering how much effort is too much.

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21st Century 'Chicken-And-Egg': EVs And Chargers

July 26, 2010 4:53 am | by Joel Schectman, AP Business Writer

NEW YORK (AP) — The auto industry calls it range anxiety: Drivers want electric cars but worry they won't have enough juice to make long trips. After all, what good is going green if you get stranded with a dead battery? It's a fear that automakers must overcome as they push to sell more battery-powered cars.

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Manufacturing Best Practices? Take Up Yoga

July 26, 2010 4:51 am | by Diane Mastrull, AP Writer

CONSHOHOKEN, Pa. (AP) — As the region stumbles around in a recession hangover, Dean Jerrehian is an odd assemblage of calm, cheerfulness, and optimism for a guy making a living in one of the economy's hardest-hit sectors — manufacturing. He credits yoga. No, not his practice of it, though he does an impressive downward dog.

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Minn. Town Looks Forward To Explosions

July 26, 2010 4:51 am | by Bob Kelleher, AP Writer

NASHWAUK, Minn. (AP) — For the first time in nearly 25 years, the Itasca County town of Nashwauk has been rattled by explosions this summer. That's not unusual in northeast Minnesota's iron mining country, but in Nashwauk, the sound has been a long time in coming. After more than a decade of planning, blasting is a first step toward Essar Steel's huge project that will combine an iron mine, taconite pellet plant and steel mill.

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Is Your Smartphone A Killer?

July 26, 2010 4:50 am | by Peter Svensson, AP Technology Writer

NEW YORK (AP) — Does that smart phone in your pocket contribute to rape and murder in the depths of Africa? Soon, you'll know: A new U.S. law requires companies to certify whether their products contain minerals from rebel-controlled mines in Congo and surrounding countries. It's a move aimed at starving the rebels of funds and encouraging them to lay down their arms.

Ford Announces Car-Based Explorer, No More V-8

July 26, 2010 4:49 am | by Dee-Ann Durbin, AP Auto Writer

DEARBORN, Mich. (AP) — The Ford Explorer, the hulking family-hauler that helped launch the SUV boom in the early 1990s, is back. And it hopes to define a new generation of more streamlined, fuel-efficient sport utility vehicles. Ford begins a marketing campaign Monday for the 2011 Ford Explorer, which will be in dealerships this winter.

Mohawk Settles Suit With Workers Over Illegal Immigrants

July 23, 2010 5:02 am

CALHOUN, Ga. (AP) — Employees of Mohawk Industries who sued claiming the carpet manufacturer hired illegal immigrants to keep wages low could be getting settlement checks this fall. Judge Harold Murphy issued an administrative closure in the six-year-old case in U.S. District Court in Rome on Thursday.

Kestrel To Overtake Naval Base, Create 250 Jobs

July 23, 2010 5:00 am

AUGUSTA, Maine (AP) — A company plans to bring a manufacturing operation to Maine's former Brunswick Naval Air Station after the base closes, creating up to 250 jobs. Gov. John Baldacci says Kestrel aircraft company will start with 50 to 75 jobs, and then expand. U.S. Rep. Chellie Pingree said Friday at the announcement in the Augusta State Airport that "any time you talk about new jobs coming to Maine — that's good news.

What Should Taxpayers Expect Of GM's Subprime Lending?

July 23, 2010 4:34 am | by David Pitt and Tom Krisher, AP Business Writers

DETROIT (AP) — General Motors is getting into the subprime lending business. And that means taxpayers are, too. But these car loans aren't as risky as you might think. GM, majority owned by taxpayers, is buying a company that makes car loans to shoppers with poor credit. Unlike home loans, though, the risk in subprime auto lending is relatively low and may reward GM.

Dell To Pay $100 Million Over Wall Street Fraud

July 23, 2010 4:32 am | by Marcy Gordon, AP Business Writer

WASHINGTON (AP) — Computer maker Dell Inc. is paying $100 million to settle civil charges that it fraudulently used payments from Intel to pump up its profits to meet Wall Street targets over five years, the government announced Thursday. Under the settlement with the Securities and Exchange Commission, company Chairman and CEO Michael Dell also agreed to pay a separate $4 million civil penalty.

Zinc Smelter Explodes, 2 Dead, 1 Injured

July 23, 2010 4:31 am | by Joe Mandak, Associated Press Writer

MONACA, Pa. (AP) — An explosion Thursday at a zinc smelting plant in western Pennsylvania killed two people and injured at least one, authorities said. A worker who initially had been reported missing was among the dead, Beaver County emergency dispatcher Kevin Joy said. The rest of the work force at the Horsehead Corp.

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Ford Posts 2Q Profit, Sales Rise 28 Percent

July 23, 2010 4:30 am | by Dee-Ann Durbin and Tom Krisher, AP Auto Writers

DEARBORN, Mich. (AP) — Ford Motor Co. posted a strong second-quarter profit Friday but trimmed its U.S. sales forecast and predicted weaker results in the second half as the economy slowly recovers. The automaker surprised Wall Street, making $2.6 billion in the quarter as it continued to grab sales from rivals.

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Unemployment Checks Reduce 'Double-Dip' Recessions?

July 21, 2010 5:07 am | by Christopher S. Rugaber, AP Economics Writer

WASHINGTON (AP) — For jobless Americans struggling to pay their bills and keep their homes, the restoration of unemployment benefits could keep their crisis from getting worse. The same might be said of the broader economy. The Senate is expected to vote Wednesday to keep providing unemployment benefits for up to 99 weeks to more than 5 million long-term unemployed.

Coca-Cola Income Rises 16 Percent, Volumes Up

July 21, 2010 4:41 am | by Emily Fredrix, AP Retail Writer

NEW YORK (AP) — Coca-Cola Co.'s second-quarter net income climbed 16 percent as the world's largest drink maker sold more soft drinks and juices in every part of the world except Europe. The Atlanta-based maker of Coke and Sprite left its 2010 guidance unchanged Wednesday but said it remains cautious about meeting its targets.

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