Overall, confidence in the equipment finance market is 55.8, a decrease from the November index of 56.9, reflecting industry concerns over uncertainty regarding capital expenditures (capex) and competitive market pressures in 2014, among other issues.
Novelis Inc. says it will invest $120 million to install a third aluminum automotive sheet finishing line and expand recycling of automotive scrap at its production plant near Oswego. The company says the expansion will create 90 jobs at its facility in the town of Scriba, and other upgrades to the plant also will be made.
Mercedes-Benz is opening a new section at its plant in Tuscaloosa County. The German automaker is cutting the ribbon on a $70 million logistics center at its automotive factory in Vance on Wednesday afternoon. Gov. Robert Bentley is among the officials planning to attend the event.
New York Governor Cuomo last weekend announced the FuzeHub, which aims to connect small- and medium-sized manufacturers (SMEs) with state resources, such as the New York Manufacturing Extension Partnership (MEP) program, economic development agencies and more.
The manufacturing sector is optimistic about growth in 2014, with revenues expected to increase in 16 manufacturing industries, and the non-manufacturing sector predicts that 14 of its industries will see higher revenues. Capital expenditures, a major driver in the U.S. economy, are expected to increase by 8 percent in the manufacturing sector.
OMEGA Engineering will be opening its newest office in Campinas, São Paulo, Brazil, on December 16, 2013, as part of a larger plan to expand business and leadership on a global scale. The company, part of Spectris plc, has been making components for process measurement and control since 1962.
Investment in equipment and software is expected to grow 3.1 percent in 2014 as economic conditions solidify and business confidence continues to recover, according to the Annual 2014 Equipment Leasing & Finance U.S. Economic Outlook released today by the Equipment Leasing & Finance Foundation. Equipment investment is expected to grow across most verticals.
October U.S. cutting tool consumption totaled $176 million, according to the U.S. Cutting Tool Institute and AMT – The Association For Manufacturing Technology. This total, as reported by companies participating in the Cutting Tool Market Report (CTMR) collaboration, was up 13.1 percent from September’s total but down 5.8 percent from October 2012.
Manufacturing production is expected to fare better than the overall economy, with anticipated growth of 3.1 percent in 2014 and 4.1 percent in 2015. The 2014 forecast is a slight decrease from the 3.2 percent predicted in the September forecast; the 2015 projection is unchanged.
In the second part of Automotive Insights, sponsored by Omni-ID, we’re talking how re-shoring and the Southeast’s rise is changing American automaking. Over the last few years, the automotive industry has seen more foreign manufacturers, like Toyota, Honda, and Volkswagen, establishing manufacturing operations here in the U.S. What has been game-changing for many is their decision of where in the U.S. to manufacture.
Governor Nathan Deal has announced that flooring manufacturing company Mohawk Industries is planning to renovate two facilities in northwestern Georgia and create more than 400 new jobs. Deal said Wednesday that Mohawk industries is planning to invest $85 million in the renovation of two facilities in Rome and Dalton over the next two years.
Economic activity in the manufacturing sector expanded in November for the sixth consecutive month, and the overall economy grew for the 54th consecutive month, say the nation’s supply executives in the latest Manufacturing ISM Report On Business.
The Bel Brands USA facility is on track to be completed late next year and product testing will begin in March. Bel Brands makes Mini Babybel and The Laughing Cow cheese wedges. The company has said it will invest about $100 million in the plant that will employ 200 people initially.
In a landscape dotted with massive crumbling relics of Spartanburg County's textile heritage, it might seem impossible for a smaller outfit to beat the odds. But Green Textile Associates Inc., which has been family-owned for four generations, has continued to thrive. The company will celebrate its 76th anniversary this year.
German automaker VW has begun construction at its Chattanooga plant for an extension of its assembly parts shop warehouse. The extension will triple the warehouse capacity to more than 300,000 square feet. It is expected to be completed by August. The on-site expansion will eliminate the need for two external staging warehouse.
Materials Sciences Corporation (MSC) has today announced its intention to establish a new manufacturing facility near Greenville, S.C., with a $1 million investment. Under the current plan, MSC will renovate and upfit a 13,000-square-foot space in a former textile manufacturing facility.
State officials say a locomotive manufacturer is establishing an assembly and fabrication plant in Knoxville, adding 203 jobs over the next three years.Officials say Knoxville Locomotive Works will establish the plant in Knoxville to satisfy new Environmental Protection Agency emission requirements for trains.
Missouri’s resurgent automotive industry is bringing another leading automotive parts supplier and more jobs to the Kansas City region, Gov. Jay Nixon announced today. Grupo Antolin North America will invest more than $15.7 million in a 150,000 square-foot automotive manufacturing facility to supply Ford’s Kansas City Assembly Plant, creating an estimated 118 new jobs.
Manufacturing businesses considering a capital equipment investment may want to act now to take full advantage of long-standing capital equipment tax breaks set to expire on Dec. 31 and IRS equipment depreciation guidelines providing year-end benefits.
The Folgers Coffee Co. plans a $5 million expansion in eastern New Orleans as parent J.M. Smucker Co. continues consolidating coffee production. A new $3 million administration building will have bigger offices, not more people, Smucker spokeswoman Maribeth Burns told New Orleans CityBusiness (http://bit.ly/1aIm1oF).
The Indianapolis company said Thursday it will spend $350 million to expand its insulin cartridge manufacturing in China, another $120 million for a similar improvement in France and $245 million to boost manufacturing capacity in Puerto Rico and Indianapolis.
Sogefi Group plans to expand its auto parts plant in Wayne County and create 250 new jobs. Gov. Earl Ray Tomblin announced the expansion Tuesday. Tomblin met with Sogefi Group CEO Guglielmo Fiocchi in France during a 13-day investment trip to Europe in October.
DeWalt, the manufacturer of industrial power tools, has announced its intention to build more than 600 different cordless power tools, hand tools and accessories in the U.S., using globally-sourced materials. The company says its 75,000-square-foot facility near Charlotte, N.C., has been producing tools since early October.
Raytheon Space and Airborne Systems President Rick Yuse said in a news release that the expansion reflects an anticipated growth in airborne radar and electronic warfare markets. The Mississippi Development Authority is giving the company $6 million to pay for renovation and infrastructure, as well as for the construction of the 20,000-square-foot addition.
The need for a good workforce is critical, Jackson says. Only if the available workforce is good can a company even consider locating or expanding in a certain region. He adds, “I almost refer to it as peeling an onion. Every layer has its purpose, but the core is the workforce. The most important is the workforce.”