Feb 23 (Reuters) – Congestion at the U.S. West Coast ports
could take as much as two months to unwind, according to port
and trade group officials, with retailers and other companies
bracing for further shipment delays after the apparent
resolution of a months-long labor dispute.
A tentative labor agreement involving 29 ports was announced
late on Friday involving 20,000 dockworkers. Tensions over their
lack of a contract since July had led to chronic cargo backups.
But port officials and companies warned it will take time to
restore a normal flow of traffic. [ID: nL1N0VV0KZ]
NEW YORK, Feb 19 (Reuters) – Diversified U.S. manufacturer
Emerson Electric Co is “moving to being more of a buyer”
- after shedding businesses worth $3.5 billion in recent years -
and would consider multi-billion-dollar acquisitions, the
company’s president said on Thursday.
Emerson is still exploring $500 million to $1 billion worth
of divestitures to focus the business, but President Edward
Monser said in an interview: “We’re moving to the acquisition
phase. I think we’ve done the clean-up that we needed to do.”
By Lewis Krauskopf
(Reuters) – United Technologies Corp’s (UTX.N: Quote, Profile, Research) chief executive officer said on Wednesday that he was interested in international deals that would use the company’s “trapped cash” overseas, as the U.S. conglomerate focuses on exploring acquisition opportunities of at least $5 billion.
Speaking at an investor conference, United Tech CEO Greg Hayes said: “You’d love to do an M&A deal internationally to take advantage of all that trapped cash that’s over there. That’s not to say we wouldn’t do a U.S. deal.”
By Lewis Krauskopf
(Reuters) – ADT Corp Chief Executive Officer Naren Gursahaney expects the home security company to increase its subscriber base in North America this fiscal year, excluding acquisitions, for the first time since it was spun off from Tyco International Plc more than two years ago.
“We have been in a net customer loss position through last year,” Gursahaney told Reuters in an interview. “We are closing that gap, and we expect this year to be able to turn the tide there.”
NEW YORK (Reuters) – Westinghouse Electric is hoping to take further steps toward supplying nuclear power plant equipment to India even if issues about liability are not yet resolved, the head of the company said on Thursday.
During President Barack Obama’s visit to New Delhi last month, the two countries announced a “breakthrough” designed to open India’s nuclear power sector to U.S. firms by addressing concerns for liability borne by suppliers.
(Reuters) – The falling cost of industrial robots will allow manufacturers to use them to replace more factory workers over the next decade while lowering labor costs, according to new research.
Robots now perform roughly 10 percent of manufacturing tasks that can be done by machines, according to the Boston Consulting Group. The management consulting firm projected that to rise to about 25 percent of such “automatable” tasks by 2025.
Feb 4 (Reuters) – United Technologies Corp could see
savings of as much as $75 million this year from lower prices
for oil and other commodities, although it may have to cede some
of those benefits to customers, its finance chief said on
Speaking at an investor conference, United Tech Chief
Financial Officer Akhil Johri said the benefit, which could
equate to about 5 cents to 6 cents per share, was not included
in the U.S. conglomerate’s outlook for 2015. United Tech last
month forecast 2015 earnings in a range of $6.85 to $7.05 per
Feb 3 (Reuters) – U.S. diversified manufacturer Eaton Corp
Plc posted higher-than-expected quarterly profit on
Tuesday helped by higher margins, sending its shares up more
than 8 percent.
The maker of electrical and power products reported that its
overall segment profit margin for the fourth quarter rose to
15.9 percent from 14.6 percent a year ago.
Feb 2 (Reuters) – General Electric Co plans to cut
330 jobs in Texas in its oil and gas division, as it grapples
with pressure on the unit from the drop in oil prices.
The U.S. conglomerate notified Texas state regulators of the
planned layoffs at its beam-pumping manufacturing facility in
Lufkin, Texas, which amount to about 45 percent of the staff at
Jan 26 (Reuters) – United Technologies Corp on
Monday cut its full-year outlook because of the negative impact
of a stronger dollar even as the U.S. conglomerate reported
higher quarterly earnings on a rise in profit at its aerospace
United Tech, which derives some 62 percent of sales from
outside the United States, is hurt by the strengthening dollar
once those sales are translated back into the U.S. currency. In
an interview, Chief Executive Officer Greg Hayes said that, to
offset some of the currency impact, the company would cut costs
and raise its planned share buyback for the year from $2 billion
to $3 billion.