Archive for December 18th, 2009

Doosan to buy Daewoo Heavy Industries (2005-1-12)

Doosan, a South Korean conglomerate, has agreed to buy Daewoo Heavy Industries Machinery, one of Asia\'s major manufacturers of construction equipment and industrial vehicles, in a deal worth about $1.8 billion, according to the UK\'s Financial Times.The Korean government\'s public funds oversight committee approved the sale. Doosan will now conduct due diligence for five weeks to uncover any additional debt and losses at Daewoo Heavy before negotiating a final agreement with the government.(From Diesel Progress) … Continue reading

Volvo expands construction rental centers in Italy (2005-1-11)

Volvo Construction Equipment CE has signed an agreement with TE.CO, La Spezia, Italy, for the development of Volvo Rents rental centers in Italy. The agreement is effective immediately. TE.CO created and operates the Italnolo rental franchise operation in Italy. There are 35 Italnolo stores throughout northen Italy. Principal Volvo products for the rental centers include the company\'s comprehensive line of compact excavators and wheel loaders, and backhoe loaders. Volvo CE Rents began its equipment franchise initiative in 2001. The company said it now has over 50 equipment rental centers in operation--most of them in North America--and continues to expand in Europe with rental centers in Portugal and Spain.(From Diesel Progress) … Continue reading

GM/Isuzu–No Additional Investment, More Diesels (2005-1-13)

GM Agrees to Sell Electro-Motive Division (2005-1-13)

General Motors Corp., Greenbriar Equity Group LLC and Berkshire Partners LLC today announced that they have reached a definitive agreement in which GM will sell its Electro-Motive Division (EMD) to an investor group led by Greenbriar and Berkshire Partners. The proposed sale is contingent on completing negotiations wih the United Auto Workers Union (UAW) and the subsequent ratification by its members. Terms of the transation, which is expected to close in the first quarter of this year, will not be disclosed.The sale agreement covers substantially all of the Electro-Motive businesses, including North American and international locomotives; power, marine and industrial products; the spare parts and parts rebuild business; and all of Electro-Motive\'s locomotive maintenance contracts worldwide. The LaGrange, Ill. and London, Ontario, Canada manufacturing facilities are included in the agreement."Greenbriar and Berkshire Partners have a long-term commitment to creating value in the railroad industry that extends back to the 1980s. Electro-Motive… Continue reading

Terex To Restate Financial Results (2005-1-15)

Terex Corp. said it will restate its financial results for 2001 through 2003 to correct certain accounting errors. The company its review of transactions within the company is ongoing, but it does not expect the cumulative adjustments required to be made to shareholders\' equity as of Dec. 31, 2003, to be material to total shareholders\' equity. Terex said it determined that a "material weakness" existed in its internal financial reporting controls and that there can be no assurance that additional errors will not be discovered.(From Diesel Progress) … Continue reading

Navistar, MAN sign diesel agreement (2004-12-9)

Navistar International Corp. and MAN Nutzfahrzeuge AG, Muhich, Germany announced that they have signed a strategic agreement to collaborate on design, development, sourcing and manufacturing of components and systems for commercial trucks, including a range of diesel engines. Daniel C. Ustian, Navistar chairman, president and chief executive officer, noted that both International and MAN have extensive experience and expertise and seek to benefit from each other\'s technologies and combined volumes for economies of scale. "This agreement is one of a number of opportunities we are exploring for strategic growth in order to achieve long-term success and to meet our goal of reaching $15 billion in revenues and commensurate returns by the end of the current business cycle," Ustian said.Jack Allen, president of International\'s Engine Group, said both companies have agreed to not comment on any specific components or applications at this time for competitive reasons. "We have a strategic collaboration agreement… Continue reading