Airlines have canceled thousands of flights, stranding travelers around the globe. Insurers are bracing for possible damages of $5 billion. Retailers face shrunken sales. The economic impact could be more severe if the storm damages a port or a major manufacturing facility such as an oil refinery, Zandi noted.
Ro Khanna spent two years as deputy assistant secretary of the U.S. Department of Commerce, where he worked with the country’s most influential labor leaders to rebuild the nation’s manufacturing sector and increase America’s exports. He recently discussed what manufacturers can learn from the aerospace industry, why Solyndra is not a U.S. solar manufacturing failure, and what he sees for the future of American manufacturing.
Auto parts maker Johnson Controls is stepping away from its position as the debtor-in-possession lender during the bankruptcy process for battery maker A123 Systems in order to prevent delays. The company is avoiding a premature legal tussle with Chinese auto parts maker Wanxiang Group Corp., which is challenging Johnson Controls' role as the primary bidder for A123.
Ford is selling a climate control business to a joint venture owned by a French auto supplier and a former member of the Detroit Pistons. Financial terms were not disclosed. The deal marks the last of the Dearborn, Mich.-based automaker's Automotive Components Holdings LLC businesses to be sold. Ford created ACH in 2005 when it took back 17 facilities from Visteon Corp.
Boeing is encouraging its suppliers to attend a workshop next month to learn how to outsource business to Mexico. The Seattle Times reports that Patrick McKenna, director of Supply Chain Strategy and Supplier Management at Boeing Commercial Airplanes, has urged suppliers to attend a Nov. 15 workshop in Chicago to learn how to do business in Mexico.
Technology and manufacturing company Honeywell International Inc. said Wednesday it agreed to buy Saia Burgess Controls for $130 million. Honeywell said the company makes programmable controllers, touch screen panels, counters and timers used in heating, ventilation, and air conditioning, and energy-management systems.
Japanese transportation equipment company Toyota Industries, a sister company of automaker Toyota Motor Corp., is buying one of its suppliers, U.S. parts maker Cascade, in a deal valued at $759 million. Toyota Industries Corp. will pay $65 per share for Cascade, the companies said Monday.
Talks to sell Hawker Beechcraft's operations to China's Superior Aviation Beijing Co. have collapsed and the Wichita plane maker said Thursday that it now plans to emerge from bankruptcy protection as a slimmed down company in the first quarter of 2013.
Misumi Group Inc. said Wednesday it will buy out Dayton Progress Corp., the largest U.S. mold maker, and the components business of Anchor Danly Co. for a total of $200 million. The Japanese precision parts supplier reached an agreement on the 15.6 billion yen deal with U.S. private equity fund Connell Limited Partnership of Boston, which currently owns Dayton and Danly's components business.
ASML Holding NV, the biggest supplier of equipment to semiconductor manufacturers, has offered to buy Cymer Inc. of the U.S. for around $2.55 billion in cash and shares. Cymer's technology makes focused beams of light. ASML uses such beams in machines to trace out the circuits of computer chips: ASML is a key supplier for the biggest chipmakers, including Intel Corp., Samsung Inc. and Taiwan Semiconductor Manufacturing Co.
With the launch of its tablet, Microsoft is becoming a genuine "frenemy" — part friend, part enemy — to its longtime manufacturing partners. Since its founding 37 years ago, the company has had an understanding with makers of computer hardware: Microsoft creates software.
Hillenbrand Inc. on Tuesday said it will acquire Germany's Coperion Capital GmbH for 232 euros, or about $300 million, expanding Hillenbrand's industrial products operations as the company diversifies beyond its traditional business making burial caskets.
United Technologies Corp. said Tuesday it has agreed to sell the electric power systems business it inherited from Goodrich Corp. for $400 million to Safran SA, a French aerospace manufacturer. The U.S. Justice Department had required the sale of the business as a condition for clearing United Technologies' $18.4 billion purchase of Goodrich.
ITT Corporation announced today it has signed an agreement to acquire Joh. Heinr. Bornemann GmbH (Bornemann Pumps), a leading global provider of highly engineered pumps and systems for the oil and gas industry that is known for its leading edge technologies.
“Disaster can strike at any moment, leaving employees afraid and confused amidst chaos,” said John Amann, Vice President of First Aid & Safety, Cintas. “However, if safety directors prepare workers beforehand, they can ensure they’re ready for a potential emergency. Understanding common mistakes businesses make in preparing for emergencies is an important step in emergency planning and training.”
A deal to create a European defense and aerospace giant to rival Boeing Co. collapsed Wednesday when Britain's BAE Systems and EADS NV called off their merger discussions. The companies said they had "decided to terminate their discussions" over the proposed $45 billion tie-up because of conflicting interests between the British, French and German governments.
Whether its repetitive use injuries or regulatory compliance issues you’re trying to target, packaging equipment vendors have stepped up their game to help address manufacturing, processing, and distribution needs.
Chemical coating maker Cytec Industries Inc. said Tuesday it has agreed to sell its coating resins business to private equity firm Advent International for $1.03 billion. The Woodland Park, N.J.-based company said the sale will allow it to focus on its high-growth areas of advanced materials and separation technologies, boosting returns for its shareholders.
The expansion of the shale gas market could potentially drive significant benefits to the U.S. chemicals industry, including decreased raw material and energy costs, according to a new report by PwC. Another recent PwC report estimated that the potential impact of shale gas on U.S. manufacturing could enable U.S. manufacturers to lower their raw materials and energy costs as much as $11.6B annually by 2025.
The plane that was formally delivered to Air India in a ceremony last week flew out of the Charleston International Airport on Monday. The plane is the first assembled at the Boeing assembly plant in North Charleston that opened more than a year ago. The plane, the 28th 787 manufactured by Boeing, made its maiden test flight over the Atlantic Ocean last spring.
Parker-Hannifin, which makes industrial hoses, airplane wheels and other products, says it has closed on the sale of the automotive air conditioning business of its mobile climate systems unit to Germany's ContiTech AG. The deal was announced in August. ContiTech said that the transaction would help strengthen its presence in Asia.
By adapting their operations to flex with markets, smart manufacturers with global footprints are learning to profit from permanent volatility, while insulating themselves against downside risk and simultaneously moving with speed and agility to capitalize on opportunities as they arise.
Foxconn Technology Group denied on Saturday that production was affected at a Chinese factory that makes Apple's iPhones, although both state media and an overseas labor watch group said some workers halted production lines on Friday, apparently over higher quality control standards.
Parker Hannifin Corp. said Friday that it is buying Velcon Filters LLC from a private equity firm for an undisclosed price. The motion and control technology company said the acquisition will give it an edge in the filtration and replacement cartridge sales for the aviation, industrial fuel and industrial process filtration markets.
The first Boeing 787 manufactured in South Carolina is being delivered to Air India in a formal ceremony. The plane will be turned over to the airline in a ceremony on Friday at Boeing's North Charleston plant. The aircraft is then to fly out of Charleston International Airport sometime on Saturday.