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Daily industrial news and top headlines for plant and maintenance managers
Tesla Repays DOE Loan Nine Years Early
May 23, 2013 12:16 pm | by Tom Krisher, AP Auto Writer | News | CommentsTesla Motors, which makes a highly acclaimed $70,000 electric car, has paid off a startup loan from the U.S. government nine years early. The Palo Alto, Calif., company said it wired in a $451.8 million payment to the government on Wednesday. The money, coupled with two prior payments, paid off a $465 million loan Tesla got from the Department of Energy loan in 2010 to foster development of advanced-technology vehicles.
Apple's Cook To Face Senate Questions On Taxes
May 21, 2013 10:12 am | by Marcy Gordon, AP Business Writer | News | CommentsA Senate panel says Apple Inc. is avoiding paying billions of dollars in U.S. taxes, but the world's most valuable company says it is complying with the laws and pays "an extraordinary amount" in taxes to the U.S. government. Apple Inc. CEO Tim Cook is scheduled to testify Tuesday on Capitol Hill to explain the company's tax strategy.
Founder Of MI-Based PSI Passes Away At Age 79
May 20, 2013 11:35 am | by Phillips Service Industries, Inc. | News | CommentsPhillips Service Industries, Inc. (PSI), a privately-held global manufacturing and services holding company, has announced that its Founder and Chairman of the Board, William T. (Bill) Phillips, passed away after a hard-fought battle with Amyotrophic lateral sclerosis (ALS), which is also commonly referred to as Lou Gehrig’s disease. He was 79-years-old, and a long-time resident of Northville, MI.
Prosecutors Want Closer Monitoring Of Ex-Mamtek CEO
May 17, 2013 11:19 am | by The Associated Press | News | CommentsMissouri prosecutors want a judge to let them keep closer tabs on the former head of a failed artificial sweetener plant in Moberly. Attorney General Chris Koster's office said Thursday it has filed a motion in St. Charles County Circuit Court seeking to monitor ex-Mamtek CEO Bruce Cole with a wearable GPS device.
Labor Group: Apple Making Progress At Foxconn
May 17, 2013 11:18 am | by The Associated Press | News | CommentsA labor group Apple Inc. joined to assess working conditions at three manufacturing plants in China, where its products are made, says conditions are improving. But employees are still working more hours than the country's legal limit. The Fair Labor Association said Thursday that Apple's largest supplier, Foxconn, has made all recommended improvements to working conditions that were due by the end of December.
IN Fertilizer Plant Operator Defends Safety
May 16, 2013 2:17 pm | by The Associated Press | News | CommentsThe developer of a proposed southern Indiana fertilizer plant said Wednesday the project will be safe and not handle explosive materials like a Texas plant where a deadly explosion occurred last month. All of the products made at the Ohio Valley Resources LLC proposed for the Ohio River city of Rockport will be liquid, non-flammable and non-explosive, Fairfield, Ill.-based developer Doug Wilson said.
AP: Cars Made In Brazil Are Deadly
May 13, 2013 10:08 am | by Bradley Brooks, Associated Press | News | CommentsThe culprits are the cars themselves, produced with weaker welds, scant safety features and inferior materials compared to similar models manufactured for U.S. and European consumers, say experts and engineers inside the industry. Four of Brazil's five bestselling cars failed their independent crash tests.
Germany Plans Tighter Control Of Managers' Pay
May 8, 2013 2:23 pm | by The Associated Press | News | CommentsThe German government plans to give companies' shareholders a greater say in setting managers' pay. The proposal follows a similar decision by voters in neighboring Switzerland this year and comes as Germany prepares for national elections.
Is The United States Ready To Take Manufacturing Back?
May 8, 2013 8:05 am | by Patrick Van den Bossche, Pramod Gupta, Hector Gutierrez, Chui Lee — A.T. Kearney | Articles | CommentsWord on the street is that substantial portions of previously offshored manufacturing operations are due to return to the United States. A number of macroeconomic factors seem to have tipped the balance in favor of domestic manufacturing.
Adidas: Asia Laborers Can Send Complaints Via Text
May 6, 2013 2:16 pm | by Juergen Baetz, Associated Press | News | CommentsGerman sports gear maker Adidas said Monday it is encouraging workers in factories of some of its Asian suppliers to anonymously share possible grievances directly with the company via text message. The new hotline service will help bridge the communication gap between management and workers, enabling employees to "simply send an SMS when they feel their rights are breached," Adidas AG said.
GM Is Buying 'Factory One' Facility In Flint
May 3, 2013 5:08 pm | by The Associated Press | News | CommentsGeneral Motors is buying the original Durant-Dort Carriage Co. facility, a century-old building in Flint known as "Factory One" that officials say was the automaker's birthplace. GM North America President Mark Reuss signed an agreement Wednesday to purchase the 133-year-old, 25,000-square-foot facility, MLive.com reported.
Electric Car Maker CODA Files For Bankruptcy
May 2, 2013 2:17 pm | by Robert Jablon, Associated Press | News | CommentsElectric car maker CODA Holdings Inc. filed for bankruptcy protection Wednesday after selling just 100 cars and said it plans to quit the auto business altogether. The Los Angeles-based parent of CODA Automotive filed for bankruptcy protection in federal court in Delaware. A consortium of debtors plans to acquire CODA for $25 million, according to a company statement.
Greenlee Textron Acquires Sherman & Reilly, Inc.
May 1, 2013 2:33 pm | News | CommentsIn a strategic move to broaden its position in the utility segment, Greenlee, a Textron Inc. (NYSE: TXT) company, announced today it has acquired ownership of Sherman & Reilly, Inc., a manufacturer of underground and aerial transmission and distribution products based in Chattanooga, Tennessee.
Abused Disabled IA Plant Workers Awarded $240M
May 1, 2013 2:09 pm | by Ryan J. Foley, Associated Press | News | CommentsAn Iowa jury on Wednesday awarded a total of $240 million to 32 mentally disabled Iowa turkey processing plant workers for what government lawyers described as years of around-the-clock abuse and discrimination by the Texas company that oversaw their care, work and lodging.
Intelligrated Hires Vice President Of International Division
April 29, 2013 2:52 pm | by Intelligrated® | News | CommentsIntelligrated®, a leading North American-based automated material handling solutions provider, today announces the appointment of Bob Wilson to the position of vice president, international division, Intelligrated. Based in Mason, Ohio, Wilson will oversee international sales and operations.
Collapsed Building Owner May Face 7 Years In Jail
April 29, 2013 2:20 pm | by Chris Blake, Farid Hossain, Associated Press | News | CommentsA Bangladesh court on Monday gave police 15 days to interrogate the owner of a building that collapsed last week, killing at least 382 people, as rescuers used heavy machinery to cut through the destroyed structure after giving up hopes of finding any more survivors.
S. Korea Demands Talks With N. Korea On Closed Factory
April 25, 2013 2:16 pm | by Hyung-Jin Kim, Associated Press | News | CommentsAfter weeks of threatening rhetoric from the North, South Korea on Thursday promised its own unspecified "grave measures" if Pyongyang rejects talks on a jointly run factory park shuttered for nearly a month. The park in the North Korean border town of Kaesong is the most significant casualty so far in the recent deterioration of relations between the Koreas.
GM CEO's 2012 Pay Package Up 44 Percent
April 25, 2013 2:14 pm | by The Associated Press | News | CommentsGeneral Motors Co. boosted CEO Dan Akerson's pay package by 44 percent last year, as the value of his stock awards significantly increased. Akerson earned $11.1 million in salary and stock awards last year, compared with $7.7 million in 2011. The AP's calculation counts salary, bonuses, perks and stock and options awarded to the executive during the year.
Fiat Mulls IPO After Buying Chrysler
April 25, 2013 2:11 pm | by Colleen Barry, Tom Krisher, AP Business Writers | News | CommentsItalian automaker Fiat is considering a plan to hold a public stock offering after the company buys 100 percent of Chrysler, according to a person briefed on the matter. The plan to sell shares of a combined company is among several options being evaluated by Sergio Marchionne, who serves as CEO of both automakers, said the person, who requested anonymity because no decision has been made.
Rescuers Search Ruins Of Texas Fertilizer Plant
April 18, 2013 2:14 pm | by John L. Mone, Michael Brick, Associated Press | News | CommentsRescue workers searched the smoldering ruins of a fertilizer plant Thursday for survivors of a monstrous explosion that leveled homes and businesses in every direction across the Texas prairie. As many as 15 people were feared dead and more than 160 others injured.
China's LDK Solar Misses $23.8M Bond Payment
April 17, 2013 10:02 am | by The Associated Press | News | CommentsLDK Solar Co. said Tuesday that it failed to make a $23.8 million bond payment this week because of a "temporary cash-flow shortage" but negotiated to delay some of the obligation. Payment on the 4.75 percent convertible notes was due Monday. LDK said it agreed with two bondholders to delay $16.6 million in payments.
Thermo Fisher Buying Life Technologies For $13.6B
April 15, 2013 9:07 am | News | CommentsThermo Fisher Scientific will spend $13.6 billion to buy genetic testing equipment maker Life Technologies in a cash deal that will create a giant company serving research and specialty diagnostics. That price does not count $2.2 billion in debt that will be assumed as part of the deal.
Performance Plans Create Results, Maximize Performance
April 12, 2013 8:00 am | by Timothy F. Bednarz, Ph.D., Author & Publisher, Majorium Business Press | Articles | CommentsA performance plan differs from a conventional plan in that it is a proactive document. It is designed for continuous use throughout the year as a guide and reference tool to direct the leader and his or her unit's activities. The primary purpose of a performance plan is to create results and maximize performance.
Stillwater Mining Revokes $2.3M In Shares Given To CEO
April 11, 2013 2:04 pm | by Matthew Brown, Associated Press | News | CommentsStillwater Mining Co. said Wednesday it was revoking almost 187,000 shares of company stock now worth more than $2.3 million in the wake of a lawsuit that challenged the compensation to its chief executive as excessive. The disclosure from the precious-metals mining company came as it tries to fend off a corporate takeover attempt by a group including former Montana Gov. Brian Schweitzer.
Survey: Small Business Optimism Falls In March
April 9, 2013 2:07 pm | by The Associated Press | News | CommentsOptimism among small business owners took a dive last month as expectations for their companies' sales and the economy fell, according to a survey released Tuesday. The National Federation of Independent Business said its index of small business optimism, compiled from a survey of its members, fell 1.3 points to 89.5 after three months of modest gains.
