Industry News

Manufacturing

Dignitaries Attend Hyundai Construction Equipment Factory Completion Event
Hyundai Construction Equipment Americas Inc.'s parent company, Hyundai Heavy Industries Co. Ltd. (HHI), has completed its first construction equipment factory in Brazil.
Construction Equipment Guide – 5/22/2013

Cat, Steelworkers Union To Resume Talks
Caterpillar said late on Monday that it would resume contract talks with the union representing about 800 workers at its mining machinery operation in Milwaukee. The company said the two sides would reconvene on May 23, ending a two-week hiatus in discussions.
Diesel Progress – 5/21/2013

Volvo opens Russian factory
Volvo Construction Equipment (Volvo CE) has inaugurated a news 20,660 m2 excavator factory in Kaluga, Russia. The SEK 350 million (US$ 52 million) facility is Volvo CE's first factory in Russia, its seventh to produce excavators and is one of 16 production plants worldwide.
International Construction – 5/17/2013

John Deere downgrades 2013 forecast
John Deere has revised its full-year forecast for construction and forestry equipment sales downwards after its weak start to 2013 continued, impacted by lower sales and higher production costs.
International Construction – 5/17/2013

Mutual Fund Now Owns 12% Of CNH
During the fourth quarter of 2012, Southeastern Management, a large mutual fund managed by billionaire Mason Hawkins, initiated a position of 1.5 million shares in CNH Global, a $10 billion market cap manufacturer of farm and construction machinery.
AgriMarketing – 5/15/2013

Bobcat Company Breaks Ground on $20 Million Expansion
Bobcat Company has officially broken ground on its $20 million renovation and expansion to create the Acceleration Center in Bismarck, N.D. When complete, the Acceleration Center will be a modern complex for advancing innovation where professionals utilize technology and modern design to ensure the position of Bobcat as the leader in the compact equipment industry.
AED – 5/15/2013

Deere's Sales, Net Up 9% in 1st Half
Net income attributable to Deere & Company was $1.084 billion, or $2.76 per share, for the second quarter ended April 30, compared with $1.056 billion, or $2.61 per share, for the same period last year. For the first six months of the year, net income attributable to Deere & Company was $1.734 billion, or $4.41 per share, compared with $1.589 billion, or $3.91 per share, last year.
AgriMarketing.com – 5/15/2013

CNH Invests $13 Million in New Parts Facility
CNH Parts & Service, the product support division of agricultural and construction equipment maker CNH Global N.V., has announced plans to invest more than $13 million to equip and lease a new facility at 210 South Enterprise Drive in Lebanon, Ind., in the Lebanon Business Park. Once fully operational and staffed, the new facility is expected to support 100 new area jobs.
Utility Contractor – 5/14/2013

Revenues jump at Kubota
Japan-based equipment manufacturer Kubota is bullish on prospects for 2014 after reporting increases in revenues and net income for the fiscal year to 31 March, 2013.
International Construction – 5/10/2013

Caterpillar, union workers halt contract talks
Major developments happened overnight in the Caterpillar contract talks.Those talks have stopped between the company and its union workers, and neither side agreed to schedule new meetings.The existing contract for 800 Caterpillar workers expired 10 days ago.Last week, the union rejected the company's six-year contract proposal by an overwhelming majority.
NBC News – 5/10/2013