Caterpillar cut the value of its CEO's pay package by 32 percent to $12 million in 2013, a year when the heavy machinery maker saw its profits fall by a third, according to an Associated Press analysis.
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Allen says this year will be pivotal for the company as lower demand for farm equipment cuts sales but he is optimistic demand for construction equipment and other advanced machinery will strengthen.
High crop prices have put money into farmers' pockets and driven a boom in demand for Deere's tractors and other motorized farm gear. But Deere says demand for farm equipment is "moderating." It says farm and construction equipment sales will fall 3 percent this year, and will fall 6 percent in the second quarter.
Growth has marched steadily downward over the past two years as Beijing clamped down on a spending boom that analysts worry has pushed debt to dangerous levels. That has meant less Chinese demand for imported goods from copper and cement to factory machinery and earth movers.
For the second time in three years, a company is promising to build a silicon metal production facility and add hundreds of jobs. Only this time, officials say it will be in Burnsville. In 2011, the company, Mississippi Silicon, eyed Lowndes County for a similar project.
Caterpillar Inc. is shutting down its mining equipment plant in Pulaski, laying off 240 workers. The company said the production of underground mining equipment will move from Pulaski to Caterpillar's Houston, Pa., facility by the middle of next year.
An industry report shows that sales of farm tractors and combines fell in October from the same month a year ago. But Monday's report from the Association of Equipment Manufacturers also says that U.S. sales of the items in the first 10 months of the year still remain ahead of last year's pace.
Caterpillar Inc. is closing a highwall miner plant in southern West Virginia and moving production to a facility in Pennsylvania. Media outlets report that the company announced the move on Monday. Caterpillar says its plant in Beckley will close by mid-2014. Production will be shifted to the company's plant in Houston, Pa.
So far, about 300 out of a promised 1,400 workers have been hired at the plant, according to The Atlanta-Journal Constitution. But Oberhelman told the Atlanta newspaper Thursday that he expects the facility to be fully staffed by 2015.
Caterpillar Inc. has announced that it will close an East Texas plant and move the work elsewhere, putting about 100 employees out of work.The announcement to close the dippers plant in Kilgore comes a week after the Peoria, Ill.-based heavy equipment maker revealed third-quarter earnings fell 44 percent.
Farm and construction gear maker Deere & Co. says it reached a deal to sell a majority interest in its landscapes business to Clayton, Dubilier & Rice, a private equity firm, for $300 million. The deal leaves Deere with a 40 percent stake in the business.
A company engineer says production lines at Caterpillar's new Georgia plant will be rolling in time to meet the manufacturing firm's Nov. 1 goal. Kevin Turner, a supply chain planning engineer, tells The Athens Banner-Herald (http://bit.ly/1639tdM) that a new Caterpillar 308 mini-excavator will roll off the line that day.
The company behind some of the most used and highly-regarded 3D design software has opened up a new 27,000 square-foot facility on San Francisco’s Pier 9. The Autodesk Workshop aims to help more people imagine, design and create new software, tools and advanced workflows across industries.
July U.S. cutting tool consumption totaled $159.5 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 3.2 percent from June’s total but down 0.2 percent from July 2012.
The company said it has hired Bank of America Merrill Lynch to advise it on "strategic options" for the unit, which typically signals the possibility of a sale or spinoff. Deere said no formal decisions have been made and no agreements have been reached for its John Deere Water unit.
Caterpillar Inc., which makes construction and mining equipment, said Tuesday that three of its long-time vice presidents have decided to retire in February.Steve Fisher, 58, and vice president of the large power systems and growth markets division, is retiring after 35 years with the company.
June U.S. cutting tool consumption totaled $155 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 down 6.6 percent from May and down 12.8 percent from the June 2012 level of $195 million.
A Batesville-based company that makes high-end riding lawnmowers said Wednesday it completed an expansion for a new line of multi-terrain vehicles and will add up to 200 new employees.Bad Boy Mowers said Wednesday it will hire the new workers over the coming three to five years.
Fives has announced its acquisition of MAG Americas by bringing onboard three more of its brands — Cincinnati, Giddings & Lewis and Forest-Liné. The company says its recent purchase will help it strengthen its position in aerospace, renewable energy and mining equipment by increasing its capacity to manufacture the high-precision machine tools used to manufacture complex or high-performance equipment.
igus is touting its 19,000 square foot laboratory, where the company tests the durability of its Chainflex continuous-flex cables, to the tune of around two billion test cycles, on more than 50 test machines, every year.
Continuing to lead the way in technology and advanced manufacturing, Ford Motor Company is developing a new form of manufacturing technology that has the potential to reduce costs and delivery time for sheet metal parts needed in smaller quantities.
A North Dakota heavy equipment manufacturing company is showing off its $50 million expansion project. The Caterpillar Reman Drivetrain facility in West Fargo will help produce components for large off-highway trucks and other mining equipment.
Caterpillar Inc. said on Monday that it will buy a Swedish company that makes ship thrusters and propellers, deepening its capabilities in the marine business. The deal to purchase Johan Walter Berg AB is expected to close in the third quarter, as long as it gets government approval. A purchase price wasn't disclosed.
Heavy equipment manufacturing has a specific DNA. It’s made up of equal parts of Okuma, Mazak, Fanuc, Seiki and many more. These are the tools needed for the trade. And in this world, the OEM stands as the lone resource ready to rescue the day from downtime. Right? Not quite.
A few weeks back we spoke with Kevin Duggan, Founder of the Institute for Operational Excellence and President of Duggan Associates, and heard a captivating story involving a very interesting organization. Well on today’s show we are excited to have the chance to finally speak with that organization.
The Monthly Leasing and Finance Index (MLFI-25), which reports economic activity from 25 companies representing a cross section of the $725 billion equipment finance sector, showed their overall new business volume for May was $7.5 billion, up 21 percent compared to volume in May 2012. Month-over-month, new business volume was unchanged from April. Year to date, cumulative new business volume was up 11 percent compared to 2012.
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