Manufacturing news
August 2004
Mass layoffs in manufacturing up
The manufacturing sector had 885 mass layoff events in July, up from 222 in June, according to figures released today by the Bureau of Labor Statistics of the US Department of Labor.
31 Aug 2004 21:24
Shell Martinez Refinery awards $5.3 million contract to Honeywell
The Shell Martinez Refinery, which refines and markets petroleum products under the Shell and Texaco brands, has awarded manufacturer Honeywell a $5.3 million contract to modernize the refinery’s Flexicoker refining unit.
31 Aug 2004 16:00
Durable goods spending jumps
Consumer spending on manufactured durable goods, including automotive purchases, rose 4.1 percent, up significantly from June's revised 3.2 percent drop, according to figures released by the US Department of Commerce today.
30 Aug 2004 16:04
Oneida Ltd. sells Encore subsidiary to Bradshaw International
Glassware and flatware manufacturer Oneida Ltd. announced that it has completed the sale of its subsidiary, Encore, to kitchenware company Bradshaw International.
30 Aug 2004 21:51
Bankruptcies down for year ended June, 30th
According to the Administrative Office of the US Courts, commercial bankruptcy filings declined in the past year ended June 30th.
27 Aug 2004 17:17
GDP growth down
Real gross domestic product—the output of goods and services produced by labor and property located in the United States—increased at an annual rate of 2.8 percent in the second quarter of 2004, according to figures released by the US Bureau of Economic Analysis today. This was down from the first quarter, during which real GDP increased 4.5 percent.
27 Aug 2004 17:03
TiVo announces boost in subscribers, but overall financial loss
TiVo, the manufacturer of digital recorders for televisions, announced that it added 288,000 net new subscriptions for its service tied to its recorders in the second quarter, but that it also had an increased net financial loss in the same quarter.
27 Aug 2004 15:57
First-time unemployment claims jump by 10,000
In a reversal of general declining trend, initial unemployment filings jumped 10,000, to 343,000, for the week ending August 21, the US Department of Labor reported today.
26 Aug 2004 15:32
New orders, shipments increase
New orders for manufactured durable goods in July increased $3.2 billion, or 1.7 percent, to $195.6 billion, the Census Bureau of the US Department of Commerce reported today.
25 Aug 2004 17:30
Singapore Airlines orders Boeing 777s
Singapore Airlines announced plans to buy up to 31 Boeing 777-300ER airplanes. The order is worth approximately $7.35 billion.
25 Aug 2004 22:13
Heinz profits down, sales up
Foods manufacturer H.J. Heinz Co. reported earnings of $194.8 million, a nine percent profit drop from $214 million one year earlier, but quarterly sales were slightly up due to increased sales of popular food items.
24 Aug 2004 15:05
Park-Ohio acquires Automotive Components Group of Amcast Industrial
Supply chain logistics provider and aluminum maker Park-Ohio Holdings Corp. announced it has acquired the Automotive Components Group of Amcast Industrial Corporation
24 Aug 2004 16:46
GM recalls 32,000 Aveos
General Motors Corp. has announced a recall of 32,000 Chevrolet Aveo cars due to a potential problem with the car’s rear seat belts.
23 Aug 2004 16:26
New overtime rules take effect
Controversial new US Department of Labor regulations regarding eligibility for overtime pay—the first overhaul of overtime rules in more than 50 years—take effect today.
23 Aug 2004 15:35
Apple PowerBook batteries recalled
Apple Computer has agreed to recall approximately 28,000 of its PowerBook G4 rechargeable laptop computer batteries, according to the US Consumer Product Safety Commission.
20 Aug 2004 15:16
Employment up in 28 states
From June to July, total nonfarm employment increased in 28 states and the District of Columbia and decreased in 22 states, the Bureau of Labor Statistics of the US Department of Labor reported.
20 Aug 2004 20:44
Navistar sees marked income gain
Commercial truck manufacturer Navistar International Corp. announced third quarter net income of $56 million compared to $18 million this time last year.
19 Aug 2004 16:27
Nortel Networks to cut 3,500 jobs
Nortel Networks, one of the world’s largest telecommunications equipment suppliers, announced plans to cut about 3,500 jobs, or 10 percent of its workforce, in a bid to cut costs.
19 Aug 2004 15:09
Nestlé reports profit rise
The world’s largest food and drink company, Nestlé, posted a first-half net profit of $2.28 billion, up 0.02 percent from $2.03 billion one year earlier.
18 Aug 2004 15:56
Remy to sell off transmission arm to Caterpillar
Remy International has announced an agreement to sell its US transmission remanufacturing operation, Williams Technologies, Inc., to Caterpillar, Inc.
18 Aug 2004 18:12
DaimlerChrysler sells its 10.5 percent stake in Hyundai
DaimlerChrysler, the world’s fifth-largest automaker, sold its stock in leading South Korean automaker Hyundai for $912 million.
17 Aug 2004 15:15
Estee Lauder reports sales growth
The Estee Lauder Companies Inc. reports net sales of $5.79 billion for its fiscal year ended June 30, 2004, a 14 percent increase from last year’s figures.
17 Aug 2004 17:33
FDA seeks injunction against Utah Medical Products
The US Food and Drug Administration announced that it is seeking an injunction to stop Utah Medical Products from manufacturing and distributing medical devices until the firm has demonstrated that it has corrected deviations from FDA manufacturing regulations.
16 Aug 2004 15:55
General Motors to manufacture Cadillacs in China
The world’s largest automaker, General Motors, announced that it begin making Cadillacs in China this year, to capitalize on the booming local Chinese car market.
16 Aug 2004 16:13
Dell reports 30 percent income increase
The world’s largest personal computer maker, Dell Inc., reported a 30 percent increase in net income over the same time last year.
13 Aug 2004 15:35
US trade deficit hits record high
The US trade deficit reached a record $55.8 billion in June, a significant hike of 19.1 percent from $46.9 billion in May, with imports at a record high and exports at a two-year low, reported the US Department of Commerce today.
13 Aug 2004 15:33
First-time unemployment filings drop again
In a continuing decline, initial unemployment filings dropped 4,000, to 333,000, for the week ending August 7, the US Department of Labor reported today.
12 Aug 2004 15:54
GM cutting jobs
General Motors has announced that 300 to 400 jobs will be cut at its Saturn plant in Spring Hill, TN.
12 Aug 2004 14:41
Former Boeing CFO’s hearing canceled
Federal prosecutors canceled a hearing for former Boeing chief financial officer Michael Sears, who was expected to testify that he had illegally negotiated the employment of Darleen Druyun when she was a senior US Air Force official doing business with Boeing.
11 Aug 2004 15:59
IBC to delay SEC filing
Interstate Bakeries says it will postpone filing an annual report with the Securities and Exchange Commission in order to restate second and third quarter results for 2004.
11 Aug 2004 16:37
La-Z-Boy to layoff 645 workers
Furniture icon Lay-Z-Boy Inc. reports that the company will close three manufacturing facilities and layoff some 645 employees.
10 Aug 2004 15:20
Manufacturing productivity jumps
Productivity increased 7.5 percent in manufacturing, outpacing nonfarm workers as a whole, according to figures released today by the Bureau of Labor Statistics of the US Department of Labor.
10 Aug 2004 15:14
Scotts Company to acquire Smith & Hawken
The Scotts Company, a manufacturer of consumer lawn and garden care products, announced today it will acquire Smith & Hawken, a maker of garden tools and high-end outdoor furniture, for approximately $72 million, including the assumption of $14 million of existing debt.
09 Aug 2004 15:58
Wheeling-Pittsburgh Steel posts profit
Steelmaker Wheeling-Pittsburgh Steel Corp. reported a second-quarter profit of $27.1 million due to rising steel prices, up from a $21.5 million loss during the same quarter a year ago.
09 Aug 2004 22:08
NYC files suit against 44 drug makers
New York City has filed suit against 44 makers of prescription medications alleging that the companies overcharged for drugs.
06 Aug 2004 15:20
Unemployment rate essentially unchanged, but manufacturing employment slightly up
The unemployment rate decreased .1 percent to 5.5 percent in July, according to figures released by the Bureau of Labor Statistics of the US Department of Labor today.
06 Aug 2004 15:34
First-time unemployment claims plummet, manufacturing layoffs down in 11 states
In what could be a sign of a recovering economy, first-time unemployment filings dropped 11,000 to 336,000 for the week ending July 31, the US Department of Labor reported today.
05 Aug 2004 15:25
Orders up at US factories
The Commerce Department reports that new orders at US factories were up by 0.7 percent in June.
04 Aug 2004 15:48
Warnaco Group to acquire Ocean Pacific Apparel
Clothing manufacturer Warnaco Group Inc. today announced an agreement to buy clothing brand Ocean Pacific Apparel Corp. for $40 million.
04 Aug 2004 15:31
Consumer spending drops
Personal consumer spending in the United States dropped 0.7 percent in June following a one percent rise the previous month, according to numbers released by the US Department of Commerce today.
03 Aug 2004 16:17
Tyco posts 63 percent profit gain
Tyco International Ltd. reports that third quarter profit was up 63 percent thanks to revenue growth, improved margins, and lower interest.
03 Aug 2004 16:22
Bush announces recess appointment of manufacturing czar
President George W. Bush announced that he plans to appoint Albert Frink Jr. as assistant secretary of commerce for manufacturing and services—also known as the “manufacturing czar”—during the US Senate recess, thus avoiding the sometimes contentious Senate confirmation process.
02 Aug 2004 14:48
Bush pushes through new czar
President George W. Bush announced plans to appoint Albert Frink Jr. as assistant secretary of commerce for manufacturing and services, also known as the “manufacturing czar,” during the US Senate recess, thus avoiding the sometimes contentious Senate confirmation process.
01 Aug 2004 14:42
Chrysler brings suppliers “inside”
The Chrysler Group announced plans to instigate a manufacturing project in Toledo, OH, that will feature the use of supplier co-location that has yet to be tried in North America.
01 Aug 2004 14:50
Paper manufacturer folds
Company executives at Boise Cascade Corp. announced plans to sell its paper and timber assets to a private investment group for about $3.2 billion in cash.
01 Aug 2004 14:43
The China syndrome
The debate over manufacturing and globalization continues to foment as government agencies and lobbyist groups both rail against what they see as unfair competition from China and argue that protectionist strategies are bad for business.
01 Aug 2004 14:49