France's prime minister announced on Friday that there would be no layoffs at a blast furnace site that has become a symbol for maintaining jobs in a tough economic climate. Instead, steel company ArcelorMittal has promised a €180 million ($233.75 million) investment and the government will modernize it with an eco-friendly project.
Hostess Brands Inc. got final approval for its wind-down plans in bankruptcy court Thursday, setting the stage for its iconic snack cakes to find a second life with new owners — even as 18,000 jobs will be wiped out. The company said in court that it's in talks with 110 potential buyers for its brands, which include CupCakes, Ding Dongs and Ho Hos.
Mississippi taxpayers may have only an empty Senatobia building and solar panel equipment to show for $26 million in loans to Twin Creeks Technologies. The California-based solar technology firm is liquidating and a company that bought Twin Creeks' assets won't take over its agreement with Mississippi. Twin Creeks had agreed to invest at least $132 million and create at least 500 jobs in exchange for loans, tax breaks and other aid.
The owner of a Bangladesh clothing factory where a fire killed 112 people says he was never informed the facility was required to have an emergency exit, a sign of how far removed the leaders of the nation's garment industry are from issues of worker safety.
A freak tornado struck a steel plant in southern Italy on Wednesday just days after its owners announced their intention to close what is Europe's largest steel facility. One person was reported missing and some two dozen were injured when the tornado struck Wednesday, the ANSA news agency said, adding that the Ilva plant sustained significant damage.
A Minnesota company has selected a northern Indiana site for an iron ore pellet plant costing up to $350 million to build. Magnetation announced Tuesday it would build the plant at the White County town of Reynolds where construction of a VeraSun ethanol plant was suspended five years ago.
A U.S. judge is giving final approval for Chinese auto-parts maker Wangxiang Group to provide $50 million in bankruptcy financing for battery maker A123 Systems. A123, which makes lithium ion batteries for electric cars, sought bankruptcy protection last month after receiving more than $130 million of a $249 million Department of Energy grant it was awarded.
Many European countries with lagging economies are trying to draw in foreign investors. But in France, a Socialist minister says he wants to kick the world's biggest steel maker out of the country, accusing it of lying to the government.
Twinkies, Ho Hos, and Wonder Bread are up for sale now that a bankruptcy judge cleared the way for Hostess to fire 18,500 workers and wind down operations. A last-ditch effort to end a strike with Hostess' bakers union failed and Judge Robert Drain approved the company's request to shut down its business and sell the pieces to the highest bidder.
Hostess Brands Inc., the maker of Twinkies and other snack cakes, said late Tuesday that it failed to reach an agreement with its second-biggest union. As a result, Hostess plans to continue with a hearing on Wednesday in which a bankruptcy court judge in White Plains, New York, will decide if the company can shutter its operations.
The tasty cream-filled golden spongecakes known as Twinkies won't die that easily after all. Hostess Brands Inc. and its second largest union will go into mediation to try and resolve their differences, meaning the company won't go out of business just yet. The news came Monday after Hostess moved to liquidate and sell off its assets in bankruptcy court citing a crippling strike last week.
A bankruptcy judge sided Monday with a group of current Hawker Beechcraft customers who balked at a move by the Kansas plane maker to immediately sell off its inventory of discontinued Hawker 4000 jet aircraft at substantial discounts as part of the company's bankruptcy proceedings.
Lamborghini CEO Stephan Winkelmann says the automaker will decide in coming months whether to join other luxury brands and expand into all-terrain sports utility vehicles. Winkelmann said Wednesday that Lamborghini needs to consider the impact of higher SUV volumes on its facilities and where to invest its resources during an economic crisis.
The fate of a tax credit that advocates say is needed to maintain tens of thousands of wind energy jobs will be decided during high-stakes, last-minute negotiations between President Obama and House Republicans over fiscal issues, officials said Tuesday.
The phones had been expected late this year. The delay means the phones will miss the holiday shopping season and come months after the launch of a new iPhone. The delay could make it even harder for RIM to regain market share lost to Apple's iPhone and devices running Google's Android operating software.
Osamu Suzuki, president and chairman of Suzuki Motor Corp., said Monday his company aims to produce 100,000 vehicles at its new plant in the eastern Thai province of Rayong in 2016. "This facility will complement a plant in Indonesia as a major foothold in Southeast Asia," Suzuki said at the opening ceremony of the Thai plant.
An explosion and fire at a manufacturing plant outside Montreal killed two people Thursday, authorities said. The blast could be heard for miles and 19 others were hospitalized, some with severe burns. The two victims were found in the rubble of the decimated processing plant. The blast at the Sherbrooke, Quebec facility led to the fire, said police spokesman Rene Dubreuil.
Bank officials say an auction of equipment at a failed sweetener plant in Moberly has so far raised less than 5 cents for every dollar spent to finance the project. UMB Bank, the bondholder trustee for Mamtek U.S. Inc., said the Oct. 24 auction raised $1.8 million, but not every buyer at the auction has paid for their purchases.
Weak demand for solar glass has caused AGC Glass North America to permanently close its Blue Ridge Plant in Kingsport. The Kingsport Times-News reported company officials told the 70 workers Wednesday morning the plant is being closed and sent most of them home.
Caterpillar Inc. says it will continue to idle factories and cut production into next year due to a slowdown in demand for its mining and construction equipment. Mike DeWalt is director of investor relations for Peoria-based Caterpillar. Crain's Chicago Business says DeWalt said that Caterpillar has been hard hit by a slowdown in mining.
It remains "business as usual" for Suzuki in Canada despite a decision by its counterpart in the U.S. to discontinue auto sales and seek court protection from its creditors while it focuses on other products. "Suzuki Canada has no current plans to discontinue automobile sales in Canada nor are we contemplating any form of court-supervised restructuring as they have done in the United States," Suzuki Canada spokesman Bill Porter said.
Wind tower manufacturer DMI Industries Inc. in North Dakota has shut down. West Fargo's economic development director says the future of the DMI plant isn't known because officials with the Texas-based company that recently bought the plant aren't immediately revealing their plans.
American Suzuki Motor Corp. on Monday filed for Chapter 11 bankruptcy protection and said it will cease selling automobiles in the U.S. as part of a plan to restructure its business. The company, based in Brea, Calif., is the sole distributor of Suzuki Motor Co. vehicles in the continental U.S.
A Delaware judge has authorized a Chinese auto-parts maker to provide bankruptcy financing for battery maker A123 Systems. The judge gave interim approval Monday for Wanxiang (wang-SHIN) Group to provide $50 million in financing to A123, which filed for bankruptcy protection last month.
Indiana's oldest ethanol plant has shut down indefinitely. New Energy Corp. President Russ Abarr tells the South Bend Tribune (http://bit.ly/RNOBg7) the plant shut down last week, idling 40 employees. Abarr says an undetermined number of workers will stay on the job as the plant that opened in 1984 prepares to remain idle for at least several months.