Terex Discloses More Accounting Changes, to Restate Financials for First-Half of 2004 Construction equipment maker Terex Corp., which has been working to correct accounting errors in its financial statements dating back to 2000, on Friday disclosed a fresh set of bookkeeping issues that will require it to restate its financials for the first-half of 2004.Terex said it needs to reverse tax-related charges to its earnings in the first and second quarters of last year, increasing net income in those periods by about $2.4 million and $7.4 million, respectively.Terex, which hasn\'t filed a financial report with regulators since August 2004, said it has been working to turn in its financial statements for 2004 and earlier by next Thursday, when a related default waiver from its banks expires.The company expects to reduce its previously reported stockholders\' equity of $877 million as of Dec. 31, 2003, to $690 million. Stockholders\' equity at Dec. 31… Continue reading
The US-based National Safety Council (NSC) presented the 2004 "Green Cross For Safety Excellence" award to KCI Konecranes, Region Americas at the NSC\'s Safety Awards Banquet held in Los Angeles California, USA recently.The "Green Cross For Safety Excellence" is awarded to companies that have injury rates significantly below those of the averages reported for the industry. For 2004, KCI Konecranes Region Americas says it recorded injury rates that were approximately 2/3 less than the industry average in the "overhead traveling crane, hoist and monorail systems" category.The National Safety Council\'s mission is to educate and influence society to adopt safety, health, and environmental policies, practices and procedures so that prevent and mitigate human suffering and economic losses arising from preventable causes.KCI Konecranes specialises in overhead lifting solutions and maintenance services. It also claims to be the world\'s leading supplier of heavy-duty cranes for process industries and shipyards, and is a global supplier… Continue reading
Norwegian Maritime Equipments (NME) will supply 10 marine cranes for work on the construction of five new coastguard vessels. The last one set to be completed by the end of 2006.The first to roll off the production line could hit the water before the end of the year. All the boats will eventually take to the seas off the coast of Norway.The order, worth half a million Euros, was received from Sczecin Ship Repair Yard Gryfia SA in Poland, which is building the vessels for Remoy Management AS and Remoy Shipping AS.All the cranes are similar, but five units can be adapted for grab operations. NME describes them as combined knuckle and telescopic boom marine cranes.The cranes have lifting capacities of 1.3t (1.4 USt) at 10m (32ft) and 2.8t (3.1 USt) at 5m (16ft). They will be delivered with winches and continuous rotation and slew bearings which, NME said, was unusual… Continue reading
On August 31, the construction machinery leader Yutong Heavy Industry exported nine loaders to Iran. The merchant of Iran knew Yutong Industry in 2004. They met on the autumn Canton Fair. The foreign merchant was interested in Yutong\'s products. They thought the overall and color of the products were right with good price/performance. In November, they visited the factory of Yutong Industry; and on February 20, 2005, upon negotiation, both parties signed cooperation agreement.
… Continue reading
On the 14th Urumqi Business Fair, in the field of machinery equipment, Xugong Group caught everyone\'s eyes with its large construction machinery equipment. This time, Xugong showed information were all in Russian. They said, their major customers would be the counties in Middle Asia.In addition, Xugong\'s construction machinery and equipment have been exported to Kazakhstan, Kyrgyzstan and Uzbekistan, etc. The area of Middle Asia became Xugong\'s major market.
… Continue reading
Doosan Heavy Industries & Construction Co., a South Korean power-generation equipment maker, has signed a memorandum of understanding (MOU) with a Chinese partner to tap into the Chinese nuclear reactor market, the company said Monday. The MOU, held earlier in the day at Doosan\'s Seoul office, called for Doosan and the Harbin Power Equipment Company (HPEC) to bid jointly for the construction contract for the 650 and 1,000 megawatt nuclear power plants planned for Quinshan, China\'s Zhejiang Province. The two companies also aim to participate in the development of the CNP1000 Chinese state-run nuclear power plant project. With the agreement acting as a stepping stone, Doosan plans to further expand its operations in the Chinese electricity generation market in the future. Doosan clinched a US$100 million joint-venture deal with HPEC in China last year, including a contract to construct hydro-electric power facilities. It has also signed a long-term collaboration agreement with… Continue reading
On September 1, two YZ12 full hydraulic single drum vibratory rollers and one PY190B grader of Zoomlion Heavy & Science were shipped from Changsha on the way to Naples, Italy.This export of road machine is the second batch after last export 44m pump trolley of Zoomlion in August. These products have been equipped with genuine Cummins electric injection engine from the United States, which accords with Europe III emission standard. And the products painting dressing, safety warning mark, and package all meet the related standards of EU.
… Continue reading
It is reported that Caterpillar is developing selfpropelled scrapers. Currently, it perfected the design of three types of wheeled tractor scrapers (621G, 623G and 627G).Some experts said, the three types of machine adopted C15 low emission engine of Caterpillar and full new cooling system (little reflection with block). In addition, the serviceability was improved largely, and the change of electronic system could increase the stability of this machine.The former 3406E engine is replaced by C15 engine which meets the 3rd stage emission standard and keeps the excellent of bi-HP of former products. A full new designed electronic bunch has very long time service life.
… Continue reading
Komatsu sets fresh year high of Y1,338 as buying continues on hopes U.S. demand for firm\'s construction machinery will grow due to reconstruction work after Hurricane Katrina. Issue may stay firm as investors also taking buying cues from Nikkei report Komatsu to build new plant for mining machinery in India. Mood also cheered by 7.3% on-year rise in April-June corporate capital investment expenditures. Shares now up 2.3% at Y1,338.(Source:newratings)
… Continue reading
As the global biggest supplier of heavy duty machinery, Cat is leading on construction machinery, mining equipment, diesel and natural gas engine and industrial gal turbine. In 2003, its global marketing was up to US$22.8 billion. Chinese manufactories and experts always take their eyes on this international giant.In 1975, Cat provided 38 pipelayers to Petroleum Ministry of China which is the first export to China of heavy duty machinery manufactory of the United States after established diplomatic relations between China and USA.In 1978, Cat became the first manufactory built parts stockhouse in China. After that, it has been expanding its business in China.In 2003, Cat wanted to buy Xuzhou Construction Machinery Group which was the largest construction machinery developer and manufactory.In May 2004, Cat bought out Shandong Construction Machinery Co., Ltd.To this day, Cat has established 10 production bases and relevant offices.But, to everyone\'s supervise, in April 2004, Cat (China) financial… Continue reading
