The South Korean entrepreneurs who invested up to 10 years and millions of dollars in the Kaesong industrial complex, a symbol of economic collaboration between the rival Koreas that is now shuttered by the North, have little more than hope to cling to as assembly lines sit idle day after day.
A Delaware bankruptcy judge is approving a settlement between electric car maker Fisker Automotive Inc. and its former battery supplier. The settlement approved Wednesday reduces Fisker's claims against the company formerly known as A123 Systems Inc., now called B456 Systems Inc., by almost 90 percent.
State officials say SGL Carbon will invest $26 million in the company's manufacturing plant in Ozark, where it will add a new workshop. SGL Carbon now employs 90 workers at its plant, which makes graphite electrodes that are used in a process to recycle steel scrap.
Arkansas is set to provide a new steel company with $125 million in financing and a package of tax breaks to build a mill in the northeast part of the state after the Legislature gave final approval to the plan on Tuesday. By an 81-9 vote, House lawmakers passed a Senate-approved budget bill to support Big River Steel.
Manufacturer Caterpillar Inc. said Monday it is reorganizing its operations so many orders will be handled by one division from the time they are placed to the time they are delivered. The new division will combine existing operations from areas including global purchasing, manufacturing logistics and transportation, and Caterpillar production system.
When Tom Donilon, the National Security Advisor for President Obama was asked what the two most pressing issues that kept him up at night, he replied, terrorist attacks and the US declining national competitiveness. The backdrop of 600,000 unfilled manufacturing jobs at a time when unemployment is near 8 percent has most certainly been his nightmare in the making.
Automotive supplier HP Pelzer Automotive Systems will build a plant in Athens, Tenn., bringing 200 new jobs. Gov. Bill Haslam and Economic and Community Development Commissioner Bill Hagerty joined HP Pelzer officials Monday to announce the company will locate a 185,000-square-foot manufacturing facility at the Mt. Verd Industrial Park.
Airbus Americas Engineering says it is planning to expand into a third space in downtown Wichita. The company announced Monday it has already hired more people than had been expected after its last expansion. The firm's vice president of engineering, John O'Leary, says it has hired 150 people, more than the 100 it had planned to hire when it expanded in 2012.
European aerospace giant EADS says in a statement Monday that the deal would see it buy back 1.56 percent of its shares from the French government's current 14.83 percent stake. The company will pay 37.35 euros per share — about the same as French media group Lagardere was paid when it sold its entire stake last week.
Leaders of the Bakery, Confectionery, Tobacco Workers and Grain Millers International union said in a news release that the workers voted 55 percent to accept company management's contract offer. It was the workers' fifth time voting on the contract.
While the world waits for the next big provocation from North Korean leader Kim Jung-Un, across the de-militarized border to the South, it's business as usual. Even if rising threats from North Korea were to disrupt production for Samsung or LG in the South, it would have limited impact on the global supply chain. Reuters' Jon Gordon explains why.
German Chancellor Angela Merkel has welcomed General Motors' decision to invest another 4 billion euros ($5.3 billion) in European subsidiary Opel by 2016 as part of an attempt to turn the money-losing division around. Merkel met with GM Chairman and CEO Dan Akerson and other company officials Thursday in Berlin.
The fact is that our trade and economic policies – or lack thereof – are the primary cause of stagnant manufacturing growth in this country. We in and of manufacturing find ourselves in an environment of two camps, vying on many fronts for supremacy & influence. And, these days, it sure seems like the inmates are running the asylum.
State incentives for Boeing Co.'s expansion plans in North Charleston are clearly ready for takeoff. The Senate voted 37-6 vote on Wednesday to approve $120 million for upfront expansion costs such as utilities and site preparation. Approval of the bill borrowing the money comes a day after Boeing Co. announced it's investing another $1 billion and creating 2,000 new jobs over eight years
The latest threat from North Korea comes as President Kim Jung Un made good on his promise to close the Kaesong Industrial park. Kaesong is where 120 factories with North and South Korean workers are side by side. North Korea stands to lose $80 million in wages a year with Kaesong closed. CBS' Margaret Brennan reports.
A Connecticut gun-maker has announced it intends to leave the state following the passage of gun control legislation it says tramples on the rights of citizens and does not show enough consideration for the industry. Bristol-based PTR says in a statement posted on its website that it has not decided where it will move, but it has commitments from most employees to relocate.
The new W visa program would admit 20,000 low-skilled foreign workers starting in 2015 and could gradually grow up to a cap of 200,000 after five years. The number of visas would fluctuate, depending on unemployment rates, job openings, employer demand and other data.
GM Chairman and CEO Dan Akerson said at a news conference Wednesday that GM was "fully supportive of the Opel turnaround plan" and that the Detroit-based group "must have a strong presence in Europe and especially here in Germany." Akerson added that GM was committed to investing $5.22 billion in Europe by 2016.
Marchionne has jointly managed the two companies since buying a 20 percent stake in 2009. Fiat has since built up its holding in the U.S. company to 58.5 percent. However, his ambitions to fully merge the two companies have been stalled by a dispute between Chrysler's minority shareholder, the autoworkers union pension health trust.
Boeing Co. is expanding in South Carolina and will invest another $1 billion, creating 2,000 new jobs during the next eight years, the aerospace giant announced Tuesday. Company spokeswoman Candy Eslinger said the company that operates a 787 assembly plant in North Charleston will expand its operations.
U.S. employers advertised the most job openings in nearly five years in February, but they boosted hiring at a much slower pace. The figures suggest that companies remain too cautious about the economy to quickly fill open jobs. The number of openings rose 8.7 percent in February from January to a seasonally adjusted 3.93 million, the Labor Department said.
The Oshkosh-based company says it will begin laying off 700 hourly employees in mid-June, with 200 salaried employees to be laid off by the end of July. Company leaders say production is declining as the military continues to wind down from the wars in Iraq and Afghanistan.
The class-action lawsuit was filed in Summit County Common Pleas Court against Goodyear Tire & Rubber Co. on behalf of workers at its factory in Amiens, France. Robert Gary, an attorney who worked on the filing, said the labor dispute was taken to court in Ohio because corporate decisions affecting French workers were made in Akron.
Hostess Brands Inc. won approval Tuesday to sell off the last of its major cake and bread brands, bringing the total proceeds from its liquidation to about $860 million. A U.S. Bankruptcy Court judge in New York approved the two deals, said Hostess spokeswoman Anita-Marie Laurie.
The Kansas City Area Development Council announced that Adrian Steel, a Michigan-based manufacturer of commercial van and truck equipment, is expanding to Kansas City to supply parts for the Ford Motor Company. Adrian Steel will lease 11 acres for a new 32,000-sq.-ft. facility and eight-acre logistics center at the Hunt Midwest Business Center, creating 39 new jobs.