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Daily news and top headlines for manufacturing professionals

Lenovo Buys Part Of IBM Server Business For $2.3B

January 23, 2014 8:11 am | by Joe McDonald, AP Business Writer | News | Comments

Lenovo, the world's biggest personal computer maker, said Thursday it expects to offer jobs to 7,500 IBM employees as part of its acquisition of the x86 server business. The acquisition will accelerate Lenovo's moves to expand beyond its traditional PC business, said Peter Hortensius, a senior vice president.

Verizon Buys Intel Unit, Preps Mobile TV Service

January 22, 2014 9:03 am | by Ryan Nakashima, AP Business Writer | News | Comments

Verizon said the acquisition will help it accelerate the development of a next-generation video services based on Internet protocols and reduce the cost of building its own. Currently, Verizon FiOS video subscribers can stream some live channels over mobile devices, but the selection is limited and most channels can't be viewed outside the home.

Astronics To Buy EADS Testing Unit For $53M

January 22, 2014 8:08 am | News | Comments

Astronics Corp., which makes products for aerospace, electrical power and other industries, says it's buying the test and services division of EADS North America for $53 million in cash. The company said Tuesday that the deal is expected to close next month, and the price could be adjusted for working capital.

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Chrysler Becomes Subsidiary Of Fiat

January 21, 2014 12:16 pm | News | Comments

Fiat SpA said Tuesday that it closed the deal announced Jan. 1 with the cash payment of $1.75 billion to a union-controlled trust fund. That's on top of an initial $1.9-billion payment, which was arranged through a special distribution from Chrysler. Fiat also made the first installment on an additional $700 million payment.

Third Point Says It Bought Stake In Dow Chemical

January 21, 2014 10:55 am | News | Comments

Hedge fund Third Point LLC said Tuesday that it has acquired a significant stake in Dow Chemical and wants the company to spin off its petrochemicals division. Dow Chemical Co. shares jumped $2.25, or 5.2 percent, to $45.32 in morning trading after rising as high as $46.70 earlier. The stock has been trading around six-year highs.

Tyson Foods Acquires Michigan Company

January 21, 2014 7:59 am | News | Comments

Tyson Foods, one of the world's largest meat-processing companies, says it's acquired the assets of Bosco's Pizza Co. of Warren, Mich. Bosco's produces a variety of stuffed bread sticks and frozen pizzas for food service and retail customers throughout the Midwest and at some national retailers.

ABInBev Repurchases Oriental Breweries

January 20, 2014 10:03 am | News | Comments

InBev never really wanted to part with the leading South Korean brewer, but decided to sell it in 2009 to KKR and Affinity Equity Partners for $1.8 billion, as part of a strategy to reduce debt during the financial crisis. The deal has proved highly lucrative for the private equity firms.

Transition Teams Handling Beechcraft Sale Details

January 20, 2014 8:36 am | News | Comments

The sale of Beechcraft to Cessna Aircraft's parent company, Textron, is expected to close in the first half of this year, pending government approvals. The companies announced last month that Textron had finalized a deal to buy Beechcraft for about $1.4 billion.

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Panasonic To Sell 3 Overseas Chip Assembly Plants

January 17, 2014 8:15 am | News | Comments

The move is part of efforts by the Japanese electronics manufacturer to accelerate outsourcing of its slumping semiconductor manufacturing operation. Last month, the company said it will sell off three of its semiconductor plants in central Japan to an Israeli chipmaker.

Delcam Shareholders Vote To Accept Autodesk Offer

January 16, 2014 11:31 am | by Delcam | News | Comments

Shareholders in Delcam today voted to accept the offer made by Autodesk to acquire the company. The acquisition is expected to be completed during February. The company’s range of design, manufacturing and inspection software provides automated CADCAM solutions for a variety of industries, ranging from automotive and aerospace to footwear and healthcare.

Carlyle Group Makes $4.15B Offer For J&J Unit

January 16, 2014 8:54 am | by Linda A. Johnson, AP Business Writer | News | Comments

Johnson & Johnson is being offered $4.15 billion by The Carlyle Group for its Ortho-Clinical Diagnostics business.The New Brunswick, N.J., company has until the end of March to decide whether to accept the offer.        

Bourbon Truly American, Despite Foreign Ties

January 14, 2014 8:35 am | by Bruce Schreiner, Associated Press | News | Comments

The planned $13.62 billion acquisition of the owner of Jim Beam and Maker's Mark by a Japanese company adds two more classic brands to the lineup of bourbon staples tied to foreign-based parent companies. Wild Turkey and Four Roses are other historic brands with foreign ownership connections.

Fisker Bankruptcy Bidding Heats Up Quickly

January 13, 2014 9:56 am | by Randall Chase, AP Business Writer | News | Comments

A group led by Hong Kong billionaire Richard Li is offering $55 million at auction for Fisker Automotive, just days after a judge rejected a private sale of the failed electric-vehicle manufacturer. Hybrid Technology's conditional offer includes $30 million cash and $25 million in credit for what it's owed as Fisker's senior secured lender.

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Suntory Buying Spirits Maker Beam For $13.62B

January 13, 2014 8:17 am | News | Comments

Beam, the maker of Jim Beam and Maker's Mark alcohol brands, has agreed to be acquired by Japan's Suntory Holdings Ltd. for approximately $13.62 billion. The companies put the deal's value at about $16 billion, including debt.     

Wanxigang Increases Offer For Fisker

January 9, 2014 8:28 am | by Randall Chase, AP Business Writer | News | Comments

An attorney for Fisker's official committee of unsecured creditors told a Delaware bankruptcy judge on Wednesday that Wanxiang may increase its offer even more if the judge approves a competitive auction for Fisker. "They have told us they have considerable room to go," said William Baldiga, the attorney.

Most Innovative Companies #9: DGI Supply

January 8, 2014 12:45 pm | Articles | Comments

Our #9 pick is DGI Supply, which uses consolidation as a long-term business strategy that integrates the needs of the organization with a technique to troubleshoot the challenges of an aging workforce in a still-thriving industry. 

Oracle To Buy Corente To Expand Cloud Services

January 8, 2014 8:52 am | News | Comments

Oracle Corp. said Tuesday that it has agreed to buy networking technology maker Corente to expand its cloud-computing services. Oracle, which makes business software, did not disclose any financial details of the deal. It also did not say when it expects the acquisition of the Bernardsville, N.J., company to close.

Forest Labs Buying Aptalis For $2.9B

January 8, 2014 8:31 am | News | Comments

Forest Laboratories is buying Aptalis, which specializes in treatments for gastrointestinal problems and cystic fibrosis, for $2.9 billion in cash.Forest Labs President and CEO Brent Saunders said in a statement Wednesday that the transaction would help his company diversify its business.

Verso Paper Buying NewPage On $1.4 Billion Deal

January 6, 2014 11:09 am | News | Comments

Verso President and CEO David Paterson said in a statement on Monday that the buyout will put it in a better position to face increased competition. Paterson will lead the combined company, which will have 11 manufacturing plants in six states and sales of about $4.5 billion.

3D Systems Buys Gentle Giant Studios

January 3, 2014 9:53 am | News | Comments

Gentle Giant, based in Burbank, Calif., has led the development of state-of-the-art content using 3D scanning and modeling to develop and make licensed 3D printed characters, toys and collectibles from a variety of franchise properties.

N.C. To Privatize Efforts For Wooing Manufacturers

January 2, 2014 2:01 pm | by Emery P. Dalesio, AP Business Writer | News | Comments

Gov. Pat McCrory's administration is moving to privatize parts of the public agency that woos companies and jobs to North Carolina, hoping to make business recruitment more agile and effective. The revamp would motivate business recruiters in the same way as other salesmen — by possibly paying them bonuses for success and making it easier to fire them when they fail.

3D Systems Acquires Xerox’s Solid Ink R&D Teams

January 2, 2014 1:28 pm | by Joel Hans, Managing Editor, Manufacturing.net | News | Comments

3D Systems today announced that it has completed the acquisition of Xerox's solid ink engineering and development teams, plus the development labs and patent portfolio, for $32.5 million in cash. 3D Systems says it will bring the printer design and material science teams together, along with the associated IP, to further its R&D efforts and manufacturing capabilities.

Fiat To Pay UAW $3.65B For Remaining Chrysler Shares

January 2, 2014 9:31 am | News | Comments

Fiat already owns 58.5 percent of Chrysler's shares, with the remaining 41.5 percent held by a United Auto Workers union trust fund that pays health care bills for retirees. Under the deal, Fiat will make an initial payment of $1.9 billion to the fund, plus an additional $1.75 billion upon closing the deal.

Company Shows Interest In Near-Bankrupt Fisker Assets

January 2, 2014 9:26 am | News | Comments

A company has filed a proposal to buy the assets of Fisker Automotive, days before a hearing planned in the electric vehicle maker's bankruptcy. The proposed agreement between Fisker and Wanxiang America Corp. was filed Monday in bankruptcy court. A hearing on a possible sale of Fisker's assets is scheduled for Friday in Wilmington.

Cooper Tire Ends Buyout Agreement With India's Apollo

December 30, 2013 9:44 am | News | Comments

Cooper Tire & Rubber Co. is calling off its proposed $2.2 billion sale to India's Apollo Tyres, a deal that would have created the world's seventh largest tire company. The U.S.-based company said Monday that financing is no longer available, and it continues to claim, as it has for months, that Apollo breached the terms of the agreement.

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