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.
Belkin, a maker of smartphone cases and computing accessories, said Thursday that it is buying the home networking business unit of Cisco, including the Linksys router brand. Privately held Belkin, based in Playa Vista, Calif., did not disclose the purchase price, nor did Cisco Systems Inc. The deal is expected to close in March.
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Brazilian planemaker Embraer said Thursday it signed a contract with Republic Airways Holdings Inc. for the sale of 47 E-175 passenger jets for an estimated US$2 billion. Embraer says in a statement that the agreement includes options for an additional 47 aircraft, which would bring the total value of the deal to approximately US$4 billion.
Wal-Mart Stores Inc. has alerted its global suppliers that it will immediately drop them if they subcontract their work to factories that haven't been authorized by the discounter. Wal-Mart's stricter measure, along with other changes to its policy, comes amid increasing calls for better safety oversight after a deadly fire at a Bangladesh factory that supplied clothing to Wal-Mart and other retailers.
CNBC and The Wall Street Journal are reporting that the discussions to buy struggling computer maker Dell now include Microsoft as a potential investor. If Microsoft joins in a Dell buyout, CNBC and the Journal say the software maker would contribute $1 billion to $3 billion. That amount would make Microsoft Corp. a minority investor in a complex deal expected to cost $23 billion to $27 billion if it's completed.
CNNMoney's Jim Boulden looks at the pressure and problems Boeing and Airbus have faced in launching their new high-tech airplanes. Airbus' A380 has seen mid-air engine explosions and cracked wings, and now Boeing is dealing with battery - and possibly electrical - issues of its own.
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Jamaica may be able to benefit from newly found deposits of rare-earth elements that are key ingredients for smartphones, computers and numerous other high-tech goods, the Caribbean island's top mining official said Tuesday. Science, Technology, Energy & Mining Minister Philip Paulwell said Japanese researchers believe they have found "high concentrations of rare-earth elements" in the country's red mud, or bauxite residue.
The Chinese company that bought MiaSole, a California producer of thin-film solar panels, says it can make the emerging technology successful where others have suffered huge losses. Hanergy Group's strong finances will help MiaSole invest in research and ride out a downturn in the global solar market, while its links to customers in China and abroad will help build sales, chairman Li Hejun said Wednesday.
Precision Castparts Corp. said Tuesday that it has completed its acquisition of Titanium Metals Corp. for roughly $2.9 billion. The deal, first announced in November, gives Precision a titanium capability that it said has always been a key missing piece from its product portfolio.
The makers of Thomas' English muffins and Tastykake snacks are emerging as two of the bidders for Wonder Bread and other Hostess bread brands as the company tries to sell off its assets under bankruptcy-court oversight, a newspaper reported Saturday.
Twinkies, Wonder Bread and Devil Dogs are likely to return to shelves in coming months, but probably not under the same owners. Hostess Brands Inc. said in bankruptcy court Friday that it's narrowing down the bids it received for its brands and expects to sell off its snack cakes and bread brands to separate buyers.
Industrial conglomerate General Electric plans to buy the aviation business of Italian manufacturer Avio for $4.3 billion to grow its jet propulsion business and strengthen its supply chain. The Fairfield, Conn., company said Friday that it wants to build its supply chain as it ramps up engine production.
Nokia Corp. and Canadian smartphone rival Research In Motion have agreed on a new patent licensing pact which will end all existing litigation between the two struggling companies, the Finnish firm said Friday. The agreement includes a "one-time payment and on-going payments, all from RIM to Nokia," Nokia said, but did not disclose "confidential" terms.
A South Korean businessman and his Iowa metals company gave $500,000 to a university institute honoring U.S. Sen. Tom Harkin, who is pushing for a dollar coin that could generate tens of millions of dollars in new business for the company, according to records obtained by The Associated Press.