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IMPO Insider

Daily industrial news and top headlines for plant and maintenance managers

Is GM's IPO Leaving Out The 'Little Guy'?

November 17, 2010 3:52 am | by Bernard Condon, AP Business Writer

NEW 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

WASHINGTON (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

MILWAUKEE (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.

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SPX Breaks Ground On $40M China Manufacturing Campus

November 16, 2010 4:06 am

SHANGHAI, 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

DETROIT, 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.

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Industrial Production Falls Flat In October

November 16, 2010 3:45 am

WASHINGTON (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

SAVANNAH, 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

DETROIT (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.

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Chinese Banks Ready To Turn The Tables, Invest In GM

November 15, 2010 4:08 am | by Sharon Silke Carty, AP Auto Writer

DETROIT (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

ST. 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

ALBANY, 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

DETROIT (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.

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Retail Sales Hit Seven-Month High In October

November 15, 2010 3:49 am | by Martin Crutsinger, AP Economics Writer

WASHINGTON (AP) — U.S. retail sales, helped by strong demand for autos, increased in October by the largest amount in seven months. The Commerce Department reported Monday that retail sales rose 1.2 percent last month. That was nearly double the gain that had been expected and the largest increase since March.

Caterpillar To Buy Bucyrus For $7.6 Billion

November 15, 2010 3:47 am | by Samantha Bomkamp, AP Business Writer

NEW YORK (AP) — Caterpillar, the world's largest construction and mining equipment maker, moved aggressively to capitalize on demand for commodities in emerging markets Monday with a $7.6 billion buyout of Bucyrus International. Bucyrus makes surface mining equipment used for mining coal, copper, iron ore, oil sands and other minerals.

Nissan Recalls 600,000 Vehicles For Steering, Battery Issues

November 12, 2010 4:09 am

DETROIT (AP) — Nissan Motor Co. is recalling more than 600,000 vehicles in North and South America and Africa due to steering or battery cable problems. The Japanese automaker said Thursday that the steering recall affects 303,000 Frontier pickup trucks and 283,000 Xterra sport utility vehicles in the U.

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Manufacturers Eager To Use Health-Focused Food Labels

November 12, 2010 3:34 am | by Shelia Byrd, Associated Press

JACKSON, Miss. (AP) — Making healthy choices at the supermarket may get a little easier next year when food makers and retailers start putting easier-to-read nutrition labels on the front of packages, Health and Human Services Secretary Kathleen Sebelius said Thursday during an obesity summit in Mississippi.

Ky. Manufacturer Honored For 5 Million Hours Without Accident

November 12, 2010 3:30 am

BOWLING GREEN, Ky. (AP) — A Bowling Green manufacturer has joined an elite group of Kentucky employers as it marked 5 million worker hours without a lost-time accident. Sun Products Corp. received two awards from the state Labor Cabinet on Wednesday. One is certification under the Safety and Health Achievement Recognition Program.

Volkswagen Sales Rise 10 Percent Over 2009

November 12, 2010 3:28 am

BERLIN (AP) — Volkswagen AG says it sold nearly 10 percent more cars in October than it did the previous year as demand remained strong in China and the U.S. The company said Friday that the Volkswagen group, which also includes brands such as Audi, Skoda and Seat, sold 612,200 vehicles in October — up from 557,400 a year earlier.

Cause Of Rolls-Royce Turbine Failures: Faulty Bearing Box

November 12, 2010 3:27 am | by Jane Wardell, Associated Press

LONDON (AP) — An Airbus executive said Friday that Rolls-Royce has identified a faulty bearing box as the cause of the oil leak problem implicated in the midair disintegration of an engine on one of the world's largest airliners, an Australian newspaper reported. Airbus Chief Operating Officer John Leahy told reporters in Sydney that Rolls-Royce had at some point fixed the bearing box on newer versions of the massive Trent 900 engine, a model designed for the massive A380 superjumbo.

Toyota Ready To Learn From Partnership With Tesla

November 12, 2010 3:26 am | by Yuri Kageyama, AP Business Writer

TOKYO (AP) — The usually grim-faced Toyota President Akio Toyoda was all smiles Friday, trumpeting a newfound friendship with U.S. luxury electric carmaker Tesla. Toyoda received as a gift from Tesla Motors Chief Executive Elon Musk a red roadster, that would sell for 19 million yen ($232,000) — 4 million yen ($49,000) more than usual because of a special paint job.

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