Archive for July 6th, 2010

Volvo In Buying Mode (2006-4-6)

AB Volvo will consider making major acquisitions as the industry moves toward increased global consolidation, Chief Executive Leif Johansson said. "We will, with great certainty, see continued consolidation in our industries," Johansson told shareholders at Volvo\'s annual meeting. "Our intention is to participate in such a change, to study potential acquisitions and areas of corporation."Johansson did not specify what kind of acquisitions the company may consider, but Volvo is increasingly looking to Asia and particularly to China for growth of its key truck business. It said last month it will buy 13 percent in Nissan Diesel Motor Co. Ltd. from Nissan Motor Co. Ltd. for $195 million. In connection with that purchase, Volvo also said it will investigate possibilities for cooperation with China\'s largest truck maker, Dongfeng Motor Co. Ltd. "The medium heavy truck segment is particularly interesting," Johansson said. "With a volume of 60,000 to 70,000 trucks… Continue reading

Terex Gets $150 Million Chinese Mine Truck Order (2006-4-7)

Terex Corporation announced that it will sign a letter of intent today with Shenhua Group Corporation Limited, a wholly state-owned Chinese company, for the manufacture and delivery of TEREX/Unit Rig rigid off-highway haul trucks. The trucks will be delivered and on-going service and support provided by Terex NHL Mining Equipment Co. Ltd., a new joint venture company established between Terex and Inner Mongolia North Hauler Joint Stock Company Limited, located in Baotou, Inner Mongolia. The joint venture company will also participate in certain aspects of the fabrication and component manufacturing for these trucks, which will be supplied to a new Haerwusu open pit coal mine operated by Shenhua Zhungeer Energy Company Limited located near Hohhot, Inner Mongolia.The letter of intent will be signed today during a formal ceremony in Los Angeles, California to be attended by Her Excellency Madam Wu Yi, Vice Premier of the Peoples Republic of China, Member of… Continue reading

Scania Ends Axle Pact With MAN (2006-4-6)

Scania said it has decided to end its axle manufacturing and design agreement with MAN. The two companies continue to discuss a similar pact to design and manufacture transmissions. In April 2003, Scania and MAN entered a into an agreement to jointly develop and build gearboxes and axles. The parties have been evaluating development and production of axles by MAN in Germany and gearboxes produced by Scania in Sweden. For transmissions, Scania said discussions have "entered the final stage." "After several years of technical evaluations, our conclusion is that the financial benefits of the intended co-operation within axles are not sufficient to justify the technical complexity and related extra costs that will be added to our products", says Leif Ostling, president and CEO.(Source: Diesel Progress) … Continue reading

Developing Asia\’s 2006-2007 Economic Growth Robust (2006-4-10)

Developing Asia\'s economic growth should continue at robust rates of 7% or more for 2006 and 2007 despite high oil prices as major industrial economies recover, boosting the region\'s exports, the Asian Development Bank said April 6. Economic prospects should remain "broadly favorable" as major industrial economies grow close to their potential, with global trade also expanding at its historical average as the electronics cycle continues its 2005 upswing, the ADB\'s annual Asian Development Outlook report for 2006 said.Against this backdrop, and despite marginally tighter interest rates and high oil prices, "aggregate growth in 2006 is expected to soften a little to 7.2% (from 7.4% in 2005) and by some more in 2007 to 7%," it added. "By historical standards, these growth rates in developing Asia are robust."China\'s growth should come in at 9.5% this year, moderating to 8.8% in 2007. India should also ease to 7.6% and 7.8% this… Continue reading

Caterpillar Showcases Energy Savings Technology (2006-4-7)

Caterpillar Inc. today welcomed United States Secretary of Energy Samuel W. Bodman to the company\'s Track-Type Tractors and Transmission Business Unit facilities in East Peoria, Illinois.Secretary Bodman participated in an energy savings assessment, which Caterpillar applied for and joined in December 2005. The Department of Energy (DOE) is conducting the energy assessments at more than 200 U.S. industrial companies around the country, in an effort to improve national energy efficiency. The Caterpillar energy assessment focused on the company\'s proprietary heat treat process furnaces at the Transmission Business Unit facility in East Peoria, part of the company\'s Motion and Power Control Division."Caterpillar is pleased and honored to be hosting Secretary Bodman today," said Doug Oberhelman, Caterpillar group president with responsibility for the company\'s energy and power systems divisions. "We welcome and support this new DOE program, and hope that it will improve our energy efficiency and, ultimately, reduce energy costs in manufacturing… Continue reading

Atlas Copco Canada Acquires Drilling Consumables Manufacturer (2006-4-10)

Atlas Copco Canada has signed an agreement with Thiessen Equipment Ltd, Canada, to acquire the global operations of Team Manufacturing, known as Thiessen Team Mining Products. Thiessen Team has annual revenues of approximately MSEK 160 (MEUR 17) and 142 employees. The acquisition is expected to be completed by May 1, 2006.Thiessen Team manufactures consumables for rotary drilling and raise boring. The company has its head office and manufacturing facilities in Langley (Vancouver), Canada. The company also has manufacturing facilities, sales offices and distributors/agents in several countries. The acquisition will bring with it products that complement Atlas Copco Secoroc\'s existing range of drilling consumables. It fits in with Atlas Copco Construction and Mining Technique\'s strategy of offering a more complete product assortment to surface mining and raise boring markets and of increasing revenues through consumables sales. "The acquisition will allow us to further develop the rotary drilling consumables market for surface mining… Continue reading