IMPO's top five stories last week included the resurrection of the DeLorean, GE Aviation's job cuts and White House proposals to expand retirement savings options.
Check out last week's biggest stories:
Mergers Continue In 2016, Johnson Controls and Tyco Tie Up: Johnson Controls and Tyco will join in a $3.9 billion deal as the unprecedented pace of buyouts and mergers from last year rolls over into 2016. Shareholders of Johnson Controls Inc., which makes ventilation systems, auto seating and car batteries, will own about 56 percent of the new company, which would have a combined value of about $36 billon.
Demolition To Start At Site Of Former NY Chocolate Factory: The central New York plant that produced Nestle chocolate products for more than a century is being torn down. Demolition is set to get underway at the former Nestle plant in the city of Fulton, in Oswego County 25 miles north of Syracuse. The 24-acre site along state Route 481 was seized by the city last year for back taxes. Fulton officials say the plans for the site call for building a supermarket, a warehouse and a truck rental business.
DeLorean Plans To Resurrect Its Sports Car In 2017: The new DeLorean Motor Co. says it is planning to bring the original DeLorean DMC-12 sports car featured in the "Back to the Future" movie back into production in 2017.
GE Aviation Cutting More Than 7 Percent Of Engineering Workforce: GE Aviation is cutting 238 engineering jobs in southwestern Ohio and 69 at other U.S. sites as it trims more than 7 percent of its engineering workforce. A spokesman for the General Electric Co. unit based in the Cincinnati suburb of Evendale said in an email that the cuts are not due to any decline in business. Spokesman Rick Kennedy says the reductions are being made because the company's new jet engines are moving from the development and testing phase to production.
White House Calls For Expanded Retirement Savings Options: The White House announced a series of proposals in an effort to establish near-universal access to retirement savings accounts. The initiative, which will be rolled out as part of the president's fiscal year 2017 budget next month, would provide more than 30 million people with access to workplace retirement savings options, the Obama administration said.