The compensation for Deere & Co.'s CEO nearly tripled in 2010 as Samuel Allen completed his first full year in the top job at the world's largest maker of agricultural equipment, but Allen's $12.3 million compensation remains less than his predecessor received in 2009. Predecessor Robert Lane received compensation worth $14 million in his last year leading the company.
GREENVILLE, S.C. (AP) — Forty-five-year-old J.P. Stathakis never thought he'd find himself in the legion of the unemployed, but there he was, a graduate of The Citadel, sucked under in the recession's tidal wave in 2009. Now he is thankful for his job on the maintenance crew at Borg Warner in Seneca, where he operates a forklift, among other duties.
TOKYO (AP) — Toyota Motor Corp., maker of the popular Prius hybrid car, is developing a new type of electric motor to cut its dependence on rare earth metals and lower costs, a company spokesman said Monday. The new technology will help free the world's No. 1 automaker from relying on China, which produces 97 percent of the global output of rare earths needed for many high-tech products, including the current generation of hybrid gasoline-electric motors.
FORT WASHINGTON, Pa (AP) — Johnson & Johnson said Friday it is recalling nearly 47 million packages of Tylenol, Sudafed and other nonprescription drugs manufactured at a Pennsylvania facility that has already been subject to a series of massive recalls, battering the company's household brand.
SAN FRANCISCO (AP) — Sales of server chips saved Intel Corp.'s fourth quarter, as net income jumped 48 percent mainly on strong demand from corporations. Yet the sour economy and the rise of smaller and sleeker gadgets such as the iPad have hurt consumers' appetite for new PCs, depressing that part of Intel's business.
PITTSBURGH (AP) — Federal officials have fined U.S. Steel and a subcontractor a total of $175,000 for safety violations found after a coke plant explosion injured at least 15 workers. The Occupational Safety and Health Administration announced Thursday it cited the companies following a probe of the July 14 explosion at the Clairton Coke Works near Pittsburgh.
WASHINGTON (AP) — Industrial production rose in December by the largest amount in five months, providing the economy with solid momentum heading into the new year. Activity at the nation's factories, mines and utilities increased 0.8 percent last month, the Federal Reserve said Friday. Industrial production was up in every month but one in 2010.
PARIS (AP) — Renault said Thursday it has filed a criminal complaint in connection with a suspected case of industrial espionage at the French car maker that has rocked France's industrial sector. The complaint "against persons unknown" follows Renault's discovery of "serious misconduct detrimental to the company" and in particular to its "strategic, technological and intellectual assets," the car maker said in a statement.
WASHINGTON (AP) — The U.S. trade deficit edged down to the lowest point in 10 months as exports, helped by a weaker dollar and rising foreign demand, climbed to the highest level in more than two years. The trade deficit narrowed to $38.3 billion in November, down 0.3 percent from October's revised $38.
DETROIT (AP) — Ford Motor Co. will give bonuses but not pay raises to its U.S. and Canadian white-collar workers as the company tries to keep its costs down to stay competitive with other global automakers. Spokeswoman Marcey Evans said Ford surveyed 21 peer companies, including General Motors and Chrysler, and determined that its salaries are competitive.
DETROIT (AP) — A big cut in research and development spending while General Motors was in bankruptcy protection set the company's new product plans back by about a year, its top executive told reporters Tuesday. Chairman and CEO Daniel Akerson said GM is working to accelerate vehicle plans that were postponed when R&D spending was cut to $5 billion per year as the company was trying to save money during its 2009 stay in bankruptcy protection.
A Volvo electric C30 is shown after being crashed at the North American International Auto Show in Detroit, Tuesday, Jan. 11, 2011. (AP Photo/Paul Sancya) The Audi exhibit is shown at the North American International Auto Show in Detroit, Tuesday, Jan. 11, 2011. (AP Photo/Paul Sancya) The floor of the North American International Auto Show is shown in Detroit, Tuesday, Jan.
NEW ORLEANS (AP) — Nissan Motor Co. said Tuesday that production of its 2012 NV commercial van will begin Jan. 19 at its expanded plant in Canton, Mississippi, marking its first venture into the U.S. commercial vehicle market. The NV offering will be aimed at commercial van customers through a network of about 240 Nissan commercial dealers, with sales set to begin in the spring.
WASHINGTON (AP) — China's currency is substantially undervalued and Beijing is moving too slowly to fulfill its promise to let it rise, Treasury Secretary Timothy Geithner said Wednesday. Geithner said it's in China's own interests to accelerate the pace of currency reform. He said the undervalued yuan is increasing the risk of inflation that will harm Chinese growth.
MAUMEE, Ohio (AP) — Dana Holding Corp. said Wednesday it will pay $25 million as part of a settlement with a subsidiary of the automaker Toyota Motor Corp. for warranty claims related to frames produced by Dana's former structural products business. Dana plans to take a fourth-quarter charge as a result.
BOSTON (AP) — A solar panel manufacturer that benefited from $58 million in state aid to open a factory at a former Massachusetts military base is closing the plant and laying off 800 workers. Evergreen Solar Inc. announced Tuesday it is shutting down the Devens plant by the end of the 2011 first quarter.
DETROIT (AP) — The sunny yellow Ford C-Max minivan that greets visitors at this year's Detroit auto show says it all. After taking a pounding during the recession, the U.S. auto industry is full of optimism, and a strong mix of new products will greet buyers as they return to dealerships. "Looking around at what's at the show, we've never been happier," said Mike Jackson, the CEO of AutoNation Inc.
Peter Borden, AMTDA President November U.S. manufacturing technology consumption totaled $318.18 million, according to AMTDA, the American Machine Tool Distributors’ Association, and AMT - The Association For Manufacturing Technology. This total, as reported by companies participating in the USMTC program, was down 17.
SAN FRANCISCO (AP) — Intel Corp.'s decision to pay Nvidia Corp. $1.5 billion for the right to its patents highlights the seismic shifts the semiconductor industry is undergoing. The licensing deal announced Monday comes as both companies are adapting to the new rules of the consumer electronics world, as mobile devices are changing the way chips are made.
DETROIT (AP) — Ford Motor Co. says it will add more than 7,000 workers in the U.S. over the next two years, including 750 engineers with expertise in batteries and other advanced technology, as it begins producing several new vehicles. The company plans to hire 4,000 manufacturing workers this year.