Archive for March, 2010

General Motors scraps plan to buy Daewoo plant in India (2005-10-10)

General Motors said it has dropped a plan to buy Daewoo Group\'s factory in India because of delays in approvals.GM scrapped the plan after delays in reaching an out-of-court agreement with the government and local lenders, P Balendran, the General Motors spokesman in India, said. "We have pulled out because of the inordinate delay.""We have been discussing this for the last three years without any success and we have informed the bankers of our decision," he added.GM plans to explore other options to sell its planned mini-car in India. GM, the world\'s largest car-maker, was counting on using Daewoo\'s assets to expand in India, where three-fourths of the cars sold are mini-cars and small hatchback models. GM plans to increase its market share to 10% by 2010 and catch up with Suzuki Motor and Hyundai Motor in India.Daewoo\'s factory in India was excluded in a 2001 bailout by GM and partners… Continue reading

Ford and Peugeot continue diesel engine collaboration (2005-10-10)

Ford and PSA Peugeot Citroen have confirmed that they are to take their well-established diesel engine co-operation into a fourth phase with the launch of two new families of engines for their commercial vehicle and executive car lines.The renewed commitment between two of the largest car groups operating in Europe builds on a successful co-operation, which has seen the two companies jointly design and develop a series of diesel engines for use across their car and commercial vehicle brands. Ford now uses engines produced through the collaboration in its Ford, Mazda, Volvo, Jaguar and Land Rover brands, while PSA uses them in its Peugeot and Citroen products. The program was launched initially in 1998. Since then, more than four million diesel engines have been produced, making Ford and PSA jointly the world\'s leading diesel engine makers, Ford said in a release. Phase IV of the co-operation has seen a joint investment… Continue reading

Korea\’s Doosan Heavy Plans US$250 MLN project in Vietnam (2005-10-10)

Korean giant Doosan Heavy Industries & Construction is considering a US$250 million investment to build a complex in central Quang Ngai\'s Dung Quat Economic Zone (DQEZ), reported the provincial People\'s Committee.The Seoul-based firm, which produces desalination equipment, elevators and petrochemical equipment, met last week with Quang Ngai authorities about the investment plan, said a senior official of the provincial People\'s Committee, Le Tien Dat. Dat said Doosan aimed to rent about 110 hectares bordering the ocean in the economic zone, which would enable it to build a port that could handle at least 300,000 tonnes of cargo per year.The company, which would export 80 per cent of its output, expected to produced boilers, thermal turbines and other construction equipment, he added.The company, a subsidiary of the oldest Korean business group Doosan, is the leading supplier of power equipment in Korea and one of the world\'s top suppliers of desalination equipment… Continue reading

Carlisle Companies Acquires Off-Highway Brake Business (2005-10-10)

Carlisle Companies Incorporated has announced the acquisition of the off-highway brake assets of ArvinMeritor, Inc. for approximately $39 million. The transaction includes manufacturing assets from the ArvinMeritor facilities in York, SC and Cwmbran, South Wales, U.K. Carlisle provides off-highway braking systems and specialty friction products through Carlisle Industrial Brake & Friction and on-highway heavy-duty braking and friction products through Carlisle Motion Control. Richmond McKinnish, Carlisle\'s President and CEO, commented, "We are very excited to be expanding our off-highway braking business which serves one of our most profitable market segments. This acquisition strengthens one of Carlisle\'s core businesses and is in line with our overall strategy to achieve and maintain leadership in the markets we serve." Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management\'s current expectations and are subject to uncertainty and changes in… Continue reading

China: Construction of Jiuquan Highway Completed on Eve of Satellite Launch (2005-10-10)

Text of dispatch by reporting team from Beijing headlined: "Special highway for Jiuquan Satellite launch base completed" by Hong Kong newspaper Wen Wei Po website on 7 October; subheadings as published: As learned, in preparation for the launching of "Shenzhou VI" spacecraft, the entire line of a national defence strategic highway [hereinafter referred to as "Jiuhang Highway"] linking Jiuquan city and the Jiuquan Satellite Launch Base, was completed on 24 September after nearly four years of construction under the concerted efforts of various parties. The highway is the only highway and logistics route for the Jiuquan Satellite Launch Centre as well as the Air Force No.1 Base and Air Force No.2 Base. At the same time, it is an important passageway linking Jiuquan with ports in the Inner Mongolia and the Outer Mongolia. The Jiuhang Highway, which is classified as a national defence strategic highway, is one of the landmark projects… Continue reading

Ford\’s £200m drive to build new diesel engine (2005-10-10)

FORD has unveiled a £200 million project to build a new diesel engine at one of its biggest UK factories. Around 200,000 of the new units will be built at Dagenham in Essex, boosting engine production at the plant to almost one million a year. The development will also secure 2300 jobs at the former car production plant and could lead to extra employment. Together with Ford\'s factory at Bridgend in south Wales, the two facilities now produce one in four engines for all Ford cars sold around the world. The new engine has been developed in co-operation with French motor giant Peugeot Citroen, which will build a similar number at its factory in Moselle. Ford and Peugeot have been jointly designing and developing diesel engines since 1998. Ford is receiving £13m aid from the London Development Agency for its development work at Dagenham.(from:edinburghnews) … Continue reading

China Yuchai: Reorganization Of Operating Co Delayed (2005-10-10)

China Yuchai International Ltd. (CYD) said Tuesday that it has been advised by its primary operating unit, Guangxi Yuchai Machinery Co., that the continued implementation of the reorganization agreement between the companies has been delayed pending approval from Chinese government authorities. Under the agreement, China Yuchai will spin off a new holding company for Guangxi Yuchai Machinery to be listed on the New York Stock Exchange. Singapore-based China Yuchai will be recapitalized in order to retain its listing on the NYSE. Also, Guangxi Yuchai will pay China Yuchai the equivalent of about $85 million, $18 million of which will be paid as a dividend of about 50 cents a share. The remainder will be used for China Yuchai\'s recapitalization. China Yuchai International said Tuesday in a regulatory document filed with the Securities and Exchange Commission that Chinese government approvals relate to the payment of $20 million due to it from Guangxi… Continue reading

China ZPMC wins US container crane order (2005-10-11)

Shanghai-based port crane manufacturing giant Zhenhua Port Machinery Company (ZPMC) is to supply four 100ft gauge container cranes to the Port of Wilmington, part of North Carolina State Ports Authority (NCSPA), in the United States.The NCSPA board approved the $33.2m (€27.8m) contract at the end of September, and delivery will take place in early 2007.The four cranes will join Wilmington\'s four existing container cranes as part of a five-year container terminal expansion programme designed to double container handling capacity at the port existing facility.They, along with the planned purchase of rubber-tyred gantry cranes and improvements to the berths, would give Wilmington the capacity to handle larger, world-class vessels, said Tom Eagar, chief executive officer of the NCSPA. Our goal is to bring two additional container lines to Wilmington within the next 12 to 18 months,?he concluded. … Continue reading

ICUEE Show Sets Attendance Record (2005-10-4)

The 2005 International Construction and Utility Equipment Exposition (ICUEE) attracted more than 16,400 industry professionals - its highest recorded attendance in show history, according to figures released by the Association of Equipment Manufacturers (AEM).The show, held last week in Louisville, had more than 800 exhibitors and more than 1.113 million net sq. ft. of exhibit space. The 2005 show topped the previous record attendance of 14,841 in 1999. It was also nearly 20% higher than attendance at ICUEE 2003, which had 13,698 attendees.(from: dieselpub) … Continue reading

Cummins Distributors In New Joint Venture (2005-10-4)

Cummins Inc. has announced that a new joint venture (JV) distributorship is being formed, covering the distributor territories of Cummins South, Inc. and Cummins Southeastern Power, Inc.. The new distributorship, to be called Cummins Power South, LLC, will be led by Mark McGahan, current distributor principal of Cummins South, and will be owned in part by Cummins Inc. Dick Stohler, distributor principal of Cummins Southeastern Power, will be retiring. This transition is expected to be completed by the first quarter of 2006.Cummins Power South\'s territory will effectively cover the states of Georgia and Florida, along with the Chattanooga area of Tennessee and select areas of the Caribbean. The company will be headquartered in Atlanta. Cummins Power South will be the official distributor for sales and service of all Cummins and Cummins Power Generation products in its territory. It is expected to have 14 service centers, all currently… Continue reading