Archive for July 17th, 2010

ST Engineering To Acquire LeeBoy (2006-5-10)

Singapore Technologies Engineering Ltd (ST Engineering) announced that Vision Technologies Land Systems (VTLS) Inc., one of its U.S. subsidiary operations, has entered into an agreement to acquire 100% of B.R. Lee Industries, Inc. for $129 million. Upon completion of the acquisition, BR Lee will be a wholly owned subsidiary of VTLS. BR Lee, with its LeeBoy and Rosco branded machines, is a longtime player in the U.S. road construction and maintenance equipment market. Based in North Carolina, BR Lee offers an extensive product offering, with approximately 65 different models of equipment for road construction and maintenance equipment and has an extensive distribution network that covers all 50 states and 10 Canadian provinces. BR Lee\'s last 12 months\' unaudited turnover, as of March 2006, was $120 million, with unaudited pre-tax income of $9.8 million.The acquisition is in line with ST Engineering\'s thrust to develop its Land Systems sector into a global specialty… Continue reading

Konecranes UK wins two noteable contracts (2006-4-21)

The UK division of KCI Konecranes has won a contract to supply two cranes to power hire supplier Aggreko for its Doncaster depot.The cranes will both be CXTD models of 10 and 40t capacities. The 40t crane will be a Goliath model with a 25m span, while the 10t crane is with overhead standard design.The cranes will have Remox radio controls, and will be fitted with Konecranes renowned crane technology components including DynA inverter variable speed control on the main motions, girder and trolley platforms, ControlPro condition monitoring on each hoist, festoon cross cabling, hoist limit switches and motion limit switches on all crane motions.The order will be delivered in May and June this year.Meanwhile, Konecranes UK has won the contract to supply a 30t SMD crane to ThyssenKrupp Stainless\'s new warehouse in the West Midlands.The crane will have a 27m span carrying a Konecranes SM Spacemaker winch trolley, specially designed… Continue reading

Caterpillar\’s 1Q Profit Rises 48 Percent (2006-4-24)

Caterpillar\'s first quarter sales and revenues increased by 13 percent to $9.392 billion, compared with the same period in 2005. The company also reported a 48 percent increase in profit per share, compared to 2005. "I\'m very pleased with our performance in the first quarter; it\'s a great beginning to the year," says Caterpillar chairman and CEO Jim Owens. "Our operating profit continues to improve as material costs were relatively flat, and we\'re realizing the cumulative benefit of price actions implemented over the last 18 months."Further, we are working to improve our production capability with better material flow from suppliers and a steady reduction in supply chain bottlenecks. Collectively, Caterpillar people are focused on execution in the areas of safety, product quality and inventory turns, and we\'re leveraging 6 Sigma in order to realize significant gains in these areas." Sales and revenues increased $1.053 billion from the first quarter a year… Continue reading

Manitowoc 1Q Profit Tops Estimates (2006-4-25)

The Manitowoc Company reported record levels of net sales and earnings during the first quarter ended March 31, 2006. Net sales increased 24 percent to $633.0 million from $510.3 million during the first quarter of 2005. Reported earnings per diluted share were $0.48 for the 2006 quarter compared to $0.11 for the 2005 quarter.Excluding the effects of discontinued operations and the favorable settlement of a post-acquisition claim during the 2006 quarter and the effect of discontinued operations and costs of early debt extinguishment during the 2005 quarter, first-quarter earnings per diluted share from continuing operations increased 147 percent to $0.47 in 2006, up from $0.19 for the comparable 2005 period. All per share amounts reflect the 2006 two-for-one stock split that was declared February 24 and distributed April 10. A reconciliation of GAAP earnings to earnings excluding special items for three months ended March 31, 2006 and 2005 is included later… Continue reading

Terex Acquires 50% of Changjiang Crane (2006-4-26)

Terex Corporation announced today that it has acquired a 50% interest in Sichuan Changjiang Engineering Crane Co., Ltd., based in Luzhou, Sichuan Province, China. Changjiang Crane is a leading producer of on-highway truck cranes in China, with a product range from 8 to 160 ton lifting capacity. The senior management of Changjiang Crane will own the remaining 50% interest in the company. Changjiang Crane will become part of the global operations of the Terex Cranes operating segment, and Terex expects to consolidate the results of Changjiang Crane with those of the Terex Cranes segment.Currently, Chinese regulations generally limit foreign enterprises from owning more than 50% of domestic companies that produce on-highway vehicles, including truck cranes. If and when regulations permit, Terex has the right to acquire the remaining 50% of Changjiang Crane.Steve Filipov, President of Terex Cranes, commented "There is significant opportunity to grow this business both inside and outside of… Continue reading

Atlas Copco Revenue Increases 17 Percent (2006-4-27)

For the first quarter of 2006, Atlas Copco has reported an 18 percent increase in operating profit. In addition the company reported a 17 percent increase in revenue and a 52 percent increase in profit before tax. "All business areas have achieved strong results in all geographical regions and in all customer segments, basically without exception," says Gunnar Brock, President and CEO."It is a real achievement to be able, on top of an already very profitable operation, to increase our operating profits with yet another 63%." Order intake for the Atlas Copco Group in total increased 39%, to MSEK 16 614 During 2005 Atlas Copco increased its investment in R&D and product development. This trend is continuing in 2006. "We are accelerating the introduction of new products, and the increased market presence and penetration through more feet on the street is clearly paying off." The near-term demand outlook for Atlas Copco\'s… Continue reading