Chrysler said it will invest nearly $400M and create 1,250 new jobs at transmission and metal casting factories in the Kokomo, Indiana, area. CEO Sergio Marchionne confirmed that Chrysler will spend $162M and add 850 new jobs at a former Getrag Transmission plant in nearby Tipton. The company will spend another $212M for equipment and tooling at three other factoring, creating 400 new jobs.
Construction equipment maker Caterpillar says it will cut more than one in three jobs at its Belgian plant because of high labor costs and sluggish growth in its European market. Caterpillar Inc. says Thursday it plans to cut 1,400 of the 3,400 jobs at its Gosselies plant south of Brussels alongside other measures aimed at restoring the site's competitiveness.
The chief executive of electric car maker Tesla Motors says his company plans to pay back an Energy Department loan in half the time required by the U.S. government. CEO Elon Musk said Tesla plans to pay off the $465 million federal loan in five years, rather than 10 years.
The U.S. government has started selling its remaining General Motors stock as it moves to end four years of partial ownership of the Detroit automaker. The Treasury Department said in its January report to Congress that it sold $156.4 million worth of GM common stock last month.
Oregon environmental regulators have approved the cleanup done by a bullet and ammunition manufacturer whose factory was damaged in a 2010 explosion. The blast at the Nosler Inc. plant in Bend caused the sprinkler system to run for 90 minutes, contaminating the water, the Bulletin newspaper reported.
The clock is running as legislators seek information about a $1.1 billion steel plant proposed for Osceola. As of Monday, the House and the Senate have 18 working days to look into whether it would be right for the state to $125 million to help finance the project.
Honda is moving its North American leadership from California to a major factory campus in Ohio. The Japanese automaker said Friday that about 50 leadership and support jobs will move to Marysville, Ohio, near Columbus. But the company says its American headquarters and about 2,500 workers will remain in Torrance, Calif., near Los Angeles.
Heavy machinery manufacturer Caterpillar Inc. is considering closing its distribution facility in central Pennsylvania. The York Distribution Center in Springettsbury Township employs 250 people. Caterpillar spokesman Jim Dugan says the workers were notified in September about the possibility the facility could move elsewhere in the eastern U.S.
Yamaha Motor Co. will build a motorcycle plant in Pakistan with the aim of starting production in 2015, in an attempt to expand its business in an untapped emerging market, company President Hiroyuki Yanagi said Friday in an interview with Kyodo News.
Toyoda Gosei Co. said Friday it will build a new plant in Brazil to produce auto components starting in November 2014. Toyota Gosei, an affiliate of Toyota Motor Corp., said it will invest 90 million real (about 4 billion yen) on the plant to produce rubber and plastic automotive components as vehicle production in South America is expected to grow.
A federal judge in Pittsburgh says United States Steel Corp. can randomly test new employees for drugs and alcohol, rejecting a challenge by the Equal Employment Opportunity Commission which sued claiming a worker was fired when she falsely tested positive for drinking because she was diabetic.
French workers have hit back at scathing comments made about them by an American tycoon. Maurice Taylor, the CEO of U.S. tire company Titan International told France's industry minister in a letter published by French media that he didn't want to take over a struggling tire plant as the workforce ''works only three hours.''
An Egyptian company planning to invest $1.4 billion to build a fertilizer plant in southeastern Iowa may have to pay for archaeological digging at the site because Native American artifacts were found there, the state archaeologist said Wednesday.
A food processor and manufacturer says it will open a $4.7 million production facility in Clinton, creating more than 200 jobs. Global Food Group says it will renovate an existing facility and create 224 jobs. The plant will produce sandwiches, quesadillas, tortillas and burritos for retail sales.
The Arkansas Economic Development Department says it is finishing a package of information on the proposed $1.1 billion Big River Steel LLC mill that legislators will be able to use in deciding whether to help fund the project. AEDC spokesman Joe Holmes said staff members are putting the final touches on the package.
U.S. plane maker Beechcraft Corp., formerly Hawker Beechcraft, has emerged from bankruptcy protection as a slimmed-down company. The renamed company's formal announcement Tuesday comes just two weeks after its reorganization plan was approved by the U.S. Bankruptcy Court in the Southern District of New York. The plan became effective Friday.
Industrial equipment maker Illinois Tool Works Inc. said Tuesday that it may sell or spin off its industrial packaging segment. The division, with 2012 revenue of about $2.4 billion, designs and makes steel, plastic, and paper products used for bundling, shipping, and protecting transported goods. Its brands include Signode, Strapex, Angleboard and Mima.
Wheeling-Nisshin expects to begin production of a new product at its plant in Brooke County by the end of the year. The company is spending $28 million to add a new corrosion-resistant, hot dip coated steel sheet line at its Follansbee plant.
The price tag for a South Carolina project intended to turn weapons-grade plutonium into fuel for nuclear reactors has gone up by $2B, according to a report. The assertion by the General Accountability Office means that the overall cost for the National Nuclear Security Administration project is now estimated at just under $7B, with still several more years to go before the facility is expected to open.
A company with its roots in a teenager selling bottles of horseradish is now as much a symbol of Pittsburgh as steel. That's part of the reason why the $28 billion sale of the ketchup-making food giant H.J. Heinz Co. resonates so profoundly with Pittsburghers.
Billionaire Warren Buffett, the most closely watched investor in America, is putting his money in ketchup, agreeing Thursday to buy H.J. Heinz Co. for $23.3 billion in the richest deal ever in the food industry. For his money, the Oracle of Omaha gets one of the nation's oldest and most familiar brands, one that's in refrigerators and kitchen cupboards all over the U.S.
A U.S. Energy report accuses a Michigan-based battery maker of wasting federal funds and failing to move production to the state from South Korea. The report released by the Energy Department says Holland-based LG Chem Michigan spent $142M in American Recovery and Reinvestment Act funds but hasn't "yet achieved the objectives outlined" in its plan for producing lithium-ion polymer batteries.
State officials say a new manufacturing facility in Jasper County is expected to create 90 new jobs. The Rockdale Citizen reports that Norton Packaging Inc. broke ground Tuesday for the new facility in Monticello. Norton Packaging specializes in containers. It will manufacture plastic injection molded rigid shipping containers at the 76,000-square-foot Monticello plant.
Ball Corp. says it plans to end production at its food and aerosol packaging manufacturing plant in Elgin, Ill., in December. The move affects 245 employees, who can apply for open positions within the company. The Elgin plant makes aerosol cans, specialty steel cans, and flat steel sheet used by other Ball plants.
The planned $1.1 billion steel mill in Osceola carries the promise of a long-term economic boost for northeast Arkansas, but investors — including the state — face a number of risks. Legislators must decide whether it's worth borrowing $125 million, then giving $75 million of it in grants to Big River Steel LLC.