Heavy Electrical Equipment
Henan Pinggao Electric Co Ltd:Says dissolved a wholly owned high voltage switch test subsidiary.
Dandong Xintai Electric Co Ltd:To close a subsidiary in Wuhan with a registered capital of 20 mln in which the company contributes 10.20 mln yuan.
Harbin Jiuzhou Electric Co Ltd:To dissolve a Ningbo-based wholly owned subsidiary, which is engaged in development, production and sale of charging power supply and inverter power supply.
Twin Disc Inc:Announced additional restructuring and cost reduction activities to further reduce expenses, as a result of challenging global market conditions within the Company's oil and gas, global pleasure craft and Asian commercial marine markets.Once fully implemented, the Company expects $4.3 million of annual savings from these actions, in addition to $6.0 million of annual savings announced in the fiscal 2015 fourth quarter.Initiatives under the current plan include the reductions in the base salaries of the Company's corporate officers, the elimination of 15 salaried positions.
ABB Ltd:CEO says consultation process with employees over restructuring has started - Reuters.CEO says upstream oil and gas weakness to continue for 'quite a while.CEO says massive contraction in China due to government spending stop.CEO says restructuring charges in fourth quarter at lower end of $300 million to $600 million range.CEO says confident of reaching operating profit margin goal for power grids of 8-12 pct in FY 2016.CEO says tense atmosphere among employees at ABB amid restructuring, but constructive.
Lanzhou Greatwall Electrical Co Ltd:Proposed liquidation of its wholly owned subsidiary in Lanzhou.
Kleemann Hellas SA:Kleemann group establishes Kleemann Aufzüge GmbH in Dusseldorf, Germany with 0.5 million euros share capital, wholly owned by Kleemann Lifts UK.Kleemann Lifts UK is subsidiary of Kleemann Hellas, new Co to strengthen international sales and presence of the group.
2G Energy AG:Takes over all functions and tasks in U.S. business: production, sales and service available immediately on one-stop-shop basis.2G thereby benefits from group synergy effects and gains greater impact on this very important market.Wholly-owned subsidiary 2G Manufacturing Inc., headquartered in St. Augustine, is now operating under new corporate name of 2G Energy Inc.
Kenmec Mechanical Engineering Co Ltd:To dissolve a Suzhou-based company, which is engaged in production and sale of industrial transport machinery and automatic storage equipment.