Archive for February 24th, 2010

Terex 2nd-quarter profit rises 33 percent (2005-8-9)

Terex Corp. reported a better-than-expected 33 percent gain in quarterly profits, boosted by strong demand for construction equipment, and raised its full-year profit forecast.Terex shared edged up 2.6 percent on the Inet trading system at $52.Terex reported second-quarter earnings of $78.8 million, or $1.54 per share, compared with $59.1 million, or $1.17 per share in the year-ago quarter. Excluding special items, the company earned $1.58 per share.Special items included charges related to the company\'s restatement of results from 2000 through 2003, as well as restructuring costs. Terex said it expects to file financial results for 2004 and prior periods by Aug. 15."Resolution of this matter is a short time away," Ronald DeFeo, Terex\'s chief executive, said in a statement.Sales rose 32 percent to $1.76 billion, led by Terex\'s construction division, its biggest, which reported a 27 percent revenue increase to $604 million. Terex said it was able to offset rising steel… Continue reading

Xugong denies tie-up with Caterpillar (2005-8-10)

Reports that Caterpillar is negotiating to purchase a 51% stake in Xugong Machinery have been denied by the Chinese manufacturer.¡°This story is totally without foundation,¡± said Zhang Jing Ming, export manager for Xugong¡¯s parent company Xuzhou Construction Machinery Group (XCMG).¡°We are forging ahead aiming to become an independent world brand in our own right,¡± he said. Zhang added that Xugong is not currently looking for foreign partners and is expecting to increase its export drive in the near future.Xugong is 51% controlled by XCMG, and both firms produce wheel loaders and rollers. Gloucester-based Tiger Construction has recently been appointed UK dealer for XCMG and hopes to have the first machines in the UK by early 2006.Julian Athawes, director for Tiger, said: ¡°We are about to establish the XCMG brand in the UK without any assistance from Caterpillar.¡°As far as I am aware, the Chinese are going it alone,¡± he said. (Source… Continue reading

Komatsu Indonesia Books Strong FY Result (2005-8-9)

Heavy equipment company PT Komatsu Indonesia said it plans to distribute 35.1 per cent or Rp60.5 billion (US$6.36 million) of its net profit for the year ending in March.The company reported a net profit of Rp172.43 billion in the year starting April, 2004, or an increase of 71.41 per cent from a year ago.The company spokesman Petra Ho attributed the increase to 85 per cent increase in sales to 1,462 units of heavy equipment and 12,917 tons of components.The sales value shot up to Rp1.68 trillion from Rp79.75 billion a year ago, Petra said.It was the first time the company posted a net profit of more than Rp1 trillion.In the current year, the company hopes to sell 1,500 units of heavy equipment and 15,000 tons of components.(Source: yahoo.com) … Continue reading

Freightliner Trucks Redesigns Its Web Site (2005-8-11)

Freightliner Trucks unveiled the company\'s redesigned and updated web site this week. The new www.freightlinertrucks.com offers improved navigation, updated graphics, interior and exterior product photography, search engines for new and used trucks, dealer parts and service information, as well as the most up-to-date online information about Freightliner Trucks."With this redesign, we wanted to increase the focus on our products and really showcase what we have to offer," said Bruce Smalley, general manager of sales and marketing. "We also wanted to make the site more user-friendly so information is available quickly and easily."The redesigned web site also features an increased focus on industry application segments. Users can search for vehicles by specific model names or from a comprehensive list of applications ranging from utility to owner/operator to logging. As part of the redesigned web site, a new interactive photo gallery is available for every model in the Freightliner Trucks product line. Users… Continue reading

MHI To Boost Turbo Capacity in Europe (2005-8-11)

Mitsubishi Heavy Industries, Ltd. (MHI) said it will increase its automotive turbocharger production capacity to meet increasing demand in the European market. MHI said it will boost its annual European production capacity by more than 40% to 1 million units by 2006. Specifically, MHI will invest roughly 1.1 billion yen into MHI Equipment Europe B.V. (MEE), a wholly owned production subsidiary in Almere, the Netherlands, to increase annual production capacity by 300,000 units. With this initiative, MHI said its total annual worldwide turbocharger production capacity will reach 3 million units. The investment at MEE will include the establishment of two new production lines: a processing line for turbine rotors, major components of small turbochargers; and a cartridge assembly line for assembling parts such as turbine rotors, compressor wheels and bearing housings. Both lines will be fully automated. (Source: Diesel Progress) … Continue reading

Komatsu plans voluntary delisting from JSX (2005-8-12)

Publicly listed PT Komatsu Indonesia, a local unit of Japan\'s Komatsu Ltd., announced plans to delist its shares from the Jakarta Stock Exchange (JSX) and change its status to private foreign investment company.In its press statement, Komatsu Indonesia said that in connection with the delisting and go private proposal, its parent company would make a tender offer to acquire the shares owned by the other shareholders.Komatsu Ltd. will offer to public shareholders Rp 8,500 per share, which is a 48.8 percent premium on the minimum price of Rp5,712 per share that could have been offered under Indonesia regulations.The price is also a premium of 58.9 percent to the company\'s highest traded price over the last 12 months of Rp5,350 per share. It is also a premium of 61.9 percent to the last traded price of the company\'s shares of Rp5,250 per share prior to its trading suspension on Aug.11.According to Komatsu… Continue reading