Heavy Machinery / Vehicles
Xuanhua Construction Machinery Co Ltd to Dissolve Wholly Owned Subsidiary
Xuanhua Construction Machinery Co Ltd announced that it has decided to dissolve a wholly owned subsidiary, which is engaged in producing and sales of oxygen and nitrogen, based in Zhangjiakou city in Hebei province.
Gifore Agricultural Machinery Chain Co Ltd to Transfer Equity Shares to Subsidiary
Gifore Agricultural Machinery Chain Co Ltd announced that it will transfer all its 71.87% stake in a Nanchong-based agricultural equipment company to the Company's wholly owned subsidiary, a Sichuan-based water conservancy and hydropower project construction company. The financial terms were not disclosed.
Tat Hong Holdings Ltd Announces Voluntary Liquidation Of Subsidiary
Tat Hong Holdings Ltd announced that it has completed the voluntary liquidation of its 95%-owned dormant subsidiary, TH Heavylift Pte Ltd (TH Heavylift).
Hoe Leong Corporation Ltd Announces Withdrawal Of Winding Up Application Against Supreme Voyager Pte Ltd
Hoe Leong Corporation Ltd announced that in reference to its announcement on January 31, 2013, in relation to the winding up application against Company's subsidiary, Supreme Voyager Pte Ltd (SVPL). The Company and Supreme Voyager Pte Ltd have reached an amicable resolution with the other shareholder, Supreme Oilfield Services Pte Ltd (SOS), regarding disputes raised by SOS on the basis of just and equitable to do so under Section 254(1)(i) of the Companies Act, Cap. 50 in reliance on certain clauses of the Joint Venture Agreement dated November 3, 2009, entered into between the Company and SOS. SOS had withdrawn its application to wind up SVPL on February 8, 2013. The Company is in the course of preparing an agreement on the terms of settlement and will provide updates in due course.
Hoe Leong Corporation Ltd Announces Winding Up Against Subsidiary
Hoe Leong Corporation Ltd announced that its subsidiary, Supreme Voyager Pte Ltd (SVPL), had on January 22, 2013, received an application dated January 18, 2013, filed by Supreme Oilfield Services Pte Ltd (SOS), the other shareholder of SVPL, to wind up SVPL on the grounds that it is just and equitable to do so under Section 254(1)(i) of the Companies Act, Cap. 50 in reliance on certain clauses of the Joint Venture Agreement dated November 3, 2009, entered into between the Company and SOS.
Cargotec Oyj Concludes Restructuring
Cargotec Oyj announced that it has initiated several restructuring measures during the second half of 2012. As a consequence, the Company announced in October 2012 that it starts employee cooperation negotiations concerning the entire personnel aiming at adjusting Cargotec's operations to the new business-driven operating model and improving profitability. In addition, cooperation negotiations were announced during the fourth quarter of 2012 in Lidhult and Hudiksvall, Sweden. These actions aim to improve operational efficiency, profitability and to ensure long-term competitiveness in global markets. Majority of the negotiations have been concluded. The Company will book EUR 26 million in non-recurring restructuring costs in the fourth quarter of 2012, of which approximately EUR 19 million impacts cash flow. Non-recurring restructuring costs booked in 2012 total EUR 26 million. The Company estimates that the measures taken result in approximately EUR 30 million cost savings for the year 2013.
Volvo AB Updates on Restructuring Changes-Dow Jones
Dow Jones reported that Volvo AB announced that the Volvo Group will record costs of approximately SEK 600 million in the fourth quarter of 2012 related to the previously announced reorganization of the European sales organization for trucks. The total cost for the entire reorganization, when announced in the report for the third quarter 2012, was estimated at SEK 900 million. The remaining costs are expected to be incurred in the first half of 2013.
Volvo AB to Close Down Ota Remanufacturing Plant
Volvo AB announced that it has decided to consolidate its industrial operation in Japan in order to improve the overall efficiency. In May 2013, the Ota remanufacturing plant will be closed and the operation moved to Ageo, the main plant in Japan. The project also includes cleaning of the land, demolishing of old and outdated buildings as well as moving or phasing out equipment for old products. In total, costs corresponding to SEK 280 million related to these activities will be recorded in the fourth quarter of 2012, affecting the truck segment.
Konecranes Abp Reorganizes Business Area Equipment and Plans Layoffs
Konecranes Abp announced that as a result of new equipment demand moving towards emerging markets, Konecranes Business Area Equipment has initiated actions to align operations closer to customers. In doing so, the Group, in its Business Unit Industrial Cranes will organize itself into larger sales areas with fewer units. In addition, the Group will consider discontinuing industrial crane manufacturing in Hyvinkaa, Finland and Vic, Spain. In its Business Unit Port Cranes, the Company considers terminating straddle carrier manufacturing in Tauberbischofsheim, Germany. In straddle carrier manufacturing, the Company will continue using other Group facilities, as well as the Group's subcontracting network. These actions will affect approximately 140 employees globally. Konecranes expects to incur restructuring costs of approximately EUR 10 million due to these actions of which approximately EUR 6 million will be recognized in the fourth quarter of 2012 and approximately EUR 4 million in the first quarter of 2013. The total cash flow impact of these restructuring costs will be approximately EUR 5 million. With these planned actions, Konecranes targets annual cost savings of approximately EUR 10 million starting from the second half of 2013 on. Due to this business reorganization, Konecranes will start statutory negotiations regarding possible personnel reductions in Finland. The permanent personnel reductions are estimated to affect 35 employees within the Business Area Equipment.
Qinhuangdao Tianye Tolian Heavy Industry Co Ltd to Acquire Equity Shares from Subsidiary
Qinhuangdao Tianye Tolian Heavy Industry Co Ltd announced that it will acquire an 80% stake in a Shanghai-based heavy vehicle company from the Company's wholly owned subsidiary, a Qinhuangdao-based heavy industrial company, for RMB 4 million.
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-0.63Analyst Research
| Report Title | Price |
|---|---|
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Provider: GlobalData
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$125.00
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Provider: Reuters Investment Profile
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$20.00
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Provider: Wright Reports
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$35.00
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Provider: Wright Reports
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$75.00
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Provider: Reuters Investment Profile
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$20.00
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