A lawsuit challenging plans to take troubled personal computer maker Dell Inc. private is being filed in Delaware. The lawsuit filed Wednesday claims that company founder Michael Dell and a group led by investment firm Silver Lake are trying to buy the Round Rock, Texas-based computer maker on the cheap for $24.4 billion, or $13.65 per share.
Gov. Mike Beebe and state economic officials told Arkansas senators Monday that the state borrowing $125 million to help fund a planned $1 billion steel mill in Osceola is a good investment. Arkansas Teacher Retirement System trustees endorsed the project by agreeing to invest $60 million. Beebe said the prospect of a long-term economic boost in northeast Arkansas is worth the risk of the state investment in Big River Steel LLC.
A federal judge gave the final nod Friday to Hawker Beechcraft's reorganization plan, clearing the way for the plane-maker to exit bankruptcy later this month. Bankruptcy Judge Stuart Bernstein ruled Friday that the reorganization plan complied with the requirements of the bankruptcy code, finding the company proposed the plan in good faith to maximize the value of the estate and carry out the reorganization.
American Axle & Manufacturing Holdings Inc. said Friday that it will spend more than $100 million on a Michigan manufacturing plant to add new production lines, increase shipping capacity and other items. The investment is expected to create 500 jobs and help the company expand its product lineup and customer base in North America.
KSM Castings NC Inc., a German-based maker of light metal casting products for the automotive industry, is establishing its first U.S. plant in North Carolina, creating 189 jobs and investing more than $45 million. Gov. Pat McCrory and state Commerce Secretary Sharon Decker announced Friday that KSM plans to create the jobs by the end of 2018.
Anyone who watched the Super Bowl last year likely caught a glimpse of Clint Eastwood proclaiming that it was “halftime in America.” The country had been knocked down: The housing bubble had burst and top U.S. automakers – employing thousands of American workers – had sought a government bailout.
Pennsylvania is a growing energy leader in the United States, becoming a net exporter of natural gas in 2011. They have seized opportunities the Marcellus Shale boom has provided, and expanded into global leaders in natural gas—and are making the region known for its industrial innovation and talent, truly fueling a new industrial revolution.
A bankruptcy judge signaled Thursday that he's close to signing off on a reorganization plan for Kansas aircraft-maker Hawker Beechcraft. "Assuming I don't have a problem with it, I'll approve it," Judge Stuart Bernstein said as he reviewed a draft plan with lawyers at a federal bankruptcy court in Manhattan.
Nippon Steel & Sumitomo Metal Corp. and ArcelorMittal S.A. of Luxembourg are considering jointly acquiring a U.S. plant of Germany's ThyssenKrupp AG that has been supplying steel sheets to automakers operating in North America, sources familiar with the matter said Wednesday.
Pro-union workers said Tuesday that Nissan Motor Co. has threatened to close its Canton assembly plant if workers vote for the United Auto Workers to represent them, though the company denies such threats. Such threats would violate federal law, which bars managers from telling employees they'll close a plant in retaliation for a pro-union vote.
Despite a struggling general economy, national industrial real estate fundamentals continued to strengthen, posting declining vacancies and modest rent growth in most markets. Of the 74 industrial markets tracked by Cushman & Wakefield and its Alliance Partners, just 10 recorded year-over-year vacancy increases at the end of the third quarter.
Gov. Mike Beebe on Tuesday unveiled Arkansas' largest ever economic development project, saying investors were poised to build a $1.1 billion steel mill along the Mississippi River if legislators approve startup funding. Big River Steel LLC, to be located near Osceola, would employ 525 people with an average salary of $75,000 — twice the state average.
General Motors announced plans to pour $600 million into a new paint shop and other upgrades at its assembly plant in Kansas City, an investment that likely ensures the facility's long-term viability. Construction on the 450,000-square-foot paint shop, a new stamping press and efficiency enhancements at the Fairfax Assembly Plant will begin this year, the automaker said.
Kansas plane maker Hawker Beechcraft said Friday that its key creditors overwhelmingly backed a proposed reorganization plan in a vote that moves the company closer to emerging from bankruptcy protection as early as next month. The Wichita-based company said that it will seek court approval to exit bankruptcy at a hearing Thursday.
Mitsubishi Heavy Industries Ltd. plans to build a new plant for its subsidiary Mitsubishi Aircraft Corp.'s production of a new small jet now under development, company sources said Thursday. The company intends to secure a 7.8-hectare site neighboring an airport in Toyoyama, Aichi Prefecture, for the plant, which is expected to contribute to invigorating the regional economy through additional employment.
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The world's leading steel and mining company ArcelorMittal said Thursday it will close a coke plant and six production lines in Belgium, in a move that threatens 1,300 jobs. The company said collapsing demand for steel and structural overcapacity in the sector have forced it to take the measures in eastern Liege, which has had a steel industry going back two centuries.
Toyota's Canadian manufacturing arm will receive nearly $34 million in seed money from Ottawa and Ontario as it builds a new assembly line at its plant in Cambridge, Ont. Ottawa will kick in $16.9 million from the Automotive Innovation Fund, while Ontario will match that with an investment from its Strategic Jobs and Investment Fund.
The big brick Remington gun factory pieces together military-style rifles in a state that has just banned their sale after a string of mass shootings led to a national outcry over civilian ownership of them. Residents of Ilion see the issue far differently: The gun factory is a major local employer and a source of pride for almost two centuries.
Sony Corp., the struggling Japanese electronics and entertainment company, is headed in the right direction although its comeback is not yet complete, its chief executive said Thursday. Kazuo Hirai told reporters that Sony is now more nimble and focused under his leadership which began nine months ago.
Airbus said it was confident it would not run into the same problems afflicting Boeing Co.'s Dreamliner, related to a type of battery both companies use, but lost the crown as the world's largest plane maker to its archrival despite record deliveries.
General Motors says it will invest $1.5 billion in its North American factories this year. North American President Mark Reuss (ROY-sss) announced the figure in a speech Wednesday night but gave no details. The company says specific plans and job numbers will come later.
Hundreds of Peugeot Citroen workers occupied a French factory scheduled to be sold off, largely shutting down production in a protest against planned layoffs at the struggling automaker. The Aulnay plant near Paris has been at the center of a battle over the future of France's largest automaker.
Italian carmaker Fiat SpA wants to extend a temporary layoff scheme in a southern Italian plant to respond to slumping demand and to save money for future investment. Fiat, which owns Chrysler LLC, said the move is necessary to "realize the investment of around €1 billion," or $1.34B, planned for the Melfi plant. Fiat plans to produce two new SUV models there for global export beginning in late 2014.
Hostess has found a new home for its most popular breads, including the iconic Wonder bread. The bankrupt maker of Twinkies, Devil Dogs and other snack cakes said late Friday that it selected bids by rival bakery Flower Foods Inc. to buy six of its bread brands for $390 million.