Hostess is choosing Mexico's Grupo Bimbo as the buyer for its Beefsteak bread brand. Hostess said a $31.9 million bid by the maker of Entenmann's cakes beat out another offer by Flowers Foods, which makes Tastykakes and Nature's Own bread. Beefsteak is a regional rye bread available in some states.
Danfoss A/S, a Danish maker of valves and other machine parts, will buy the rest of U.S. company Sauer-Danfoss it doesn't already own for about $692 million after raising its offer. Danfoss owns 75.6 percent of Sauer-Danfoss Inc., which makes parts for tractors, backhoe loaders and other agricultural and construction equipment.
Industry analysts and manufacturers were eagerly waiting Eaton’s 4Q reporting as the diversified international manufacturer showed the partial results of its $13.2B acquisition of Cooper Industries. Eaton CEO, Alexander M. “Sandy” Cutler, had warned analysts last quarter that the reporting would be “complex” because the results would show only one month’s (December) numbers of Cooper on its 4Q report.
Now that Alabama is getting an Airbus manufacturing plant, state lawmakers want to prevent Airbus suppliers from setting up shop in neighboring states where it's not as easy for them to be sued. House and Senate committees voted unanimously Tuesday for legislation to limit lawsuits involving large commercial planes made in Alabama.
Product companies are facing significant challenges. Complex global supply chains have become the norm. Social data has changed the way people communicate. Supply chain velocity has exploded. Shorter order runs, compressed innovation cycles, faster decision making, on the spot judgment calls: companies have no choice but to move faster.
Barnes Group Inc., which makes parts for aerospace and other industries, said Friday that it will sell its North American distribution business to MSC Industrial Direct Co. for $550 million. Shares of both companies rose on the news. Barnes Group also named a new chief executive officer and reported improved fourth-quarter earnings.
Few business leaders would argue that the ability to predict demand with precision is critical to the future success of their organization. Surely, every CEO in the world would love the real world equivalent of a crystal ball?
From corporate offices to clothing manufacturers, most industries have begun to seriously invest in sustainability. As customers become increasingly aware of the conditions in which the products they buy are made and transported, organizations should pay closer attention to transforming their own supply chains for a greener good.
Company officials say they'll delay the start of nickel and copper production at the Rio Tinto Eagle Mine in Marquette County because of the economic situation and volatile commodities markets. Rio Tinto is continuing to build the mine and had planned to begin extracting minerals in early to mid-2014.
China on Tuesday denounced U.S. sanctions against a leading state arms maker and other companies over alleged illicit dealings with North Korea, Syria and Iran. The U.S. State Department on Monday said that Poly Technologies Inc. is among companies barred from dealing with the U.S. government or purchasing U.S. military hardware for two years.
Hewlett-Packard Co., the world's largest personal computer maker, is vowing to crack down on its Chinese suppliers in an effort to reduce the use of low-paid student interns and other temporary workers. The guidelines unveiled Friday are the latest attempt by a major U.S. technology company to weed out labor abuses at Chinese factories that manufacture the gadgets for an Internet-connected world.
Reliance Steel & Aluminum Co. is buying Metals USA Holdings Corp. for about $766.1 million. Reliance, which processes metals and distributes about 100,000 metal products, said Wednesday that it will pay $20.65 per Metals USA share. That's a 13 percent premium to Tuesday's closing price of $18.30.
Jamaican and Japanese officials on Monday launched a pilot project designed to investigate whether rare-earth elements can be commercially extracted from the island's bauxite waste. Researchers with Japan's Nippon Light Metal Co. Ltd. believe they have found high concentrations of rare-earth elements in the island's red mud, a byproduct of bauxite refining into alumina, the basic material for manufacturing aluminum.
Oracle will buy Acme Packet Inc., which makes equipment for telecommunications companies, for about $2.1 billion. Acme's gear is used by more than 1,900 service providers and enterprises around the world. Its technology will complement Oracle's offerings for telecoms providers, said Citigroup analyst Walter Pritchard.
Eastman Kodak Co. said Friday that it has completed the sale of its digital imaging patents for net proceeds of $527 million. The deal will help the struggling photo company repay loans and emerge from bankruptcy protection, which it expects will happen during the middle of this year. The company said it received final court approval last week for interim and exit financing.
German luxury automaker Daimler AG said Friday it is buying a stake in the passenger car unit of its main Chinese partner to expand its presence in the world's biggest auto market. Daimler said it will pay 640 million euros ($875 million) for 12 percent of BAIC Motor, a unit of Beijing Automotive Industries Corp., with which it manufactures Mercedes Benz cars.
Italian heavy-duty vehicles maker Fiat Industrial reported a 20 percent increase in fourth quarter profit Thursday and forecast revenue would increase 5 percent in 2013 as it completes the full merger with its U.S.-based farm and construction equipment maker, CNH.
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.
Hostess has picked a lead bid for its famous Twinkies. The bankrupt company said it selected a joint offer from two investment firms — Metropoulos & Co. and Apollo Global Management LLC — as the lead bid for its Twinkies and other snack cakes. Hostess says the two are teaming to on $410M bid for the snack-cake business and five bakeries.
The indestructible Twinkie appears to be one step closer to a comeback. Hostess Brands is close to announcing that it has picked two investment firms — C. Dean Metropoulos & Co. and Apollo Global Management — as the lead bidders for its Twinkies and other snack cakes, according to a source close to the situation who was not authorized to comment publicly on the talks.
Chinese auto parts conglomerate Wanxiang Group Corp. says a federal panel has approved its purchase of most assets of failed battery maker A123 Systems Inc. Wanxiang said Tuesday that the Committee for Foreign Investment in the United States (CFIUS) approved the $257 million deal.
Hostess has picked the maker of Little Debbie as the lead bidder for its Drake's cakes. According to a filing in U.S. bankruptcy court, McKee Foods has offered $27.5 million in cash for the cake brands, which include Devil Dogs, Funny Bones and Yodels. The fate of Twinkies and other Hostess cakes are still being negotiated with other bidders.
An Alaska company has set its sights on developing a rare-earth element mine by 2016 on southeast Prince of Wales Island. Ucore Rare Metals' proposed Bokan Mountain Project could begin construction in 2014 with the proper permits, The Ketchikan Daily News reports.
Seventy percent of companies believe that climate change has the potential to significantly affect their revenue, a risk which is intensified by a chasm between the sustainable business practices of multinational corporations and their suppliers, according to research published today by the Carbon Disclosure Project and Accenture.