BOSTON, July 11 (Reuters) – The boards of BlackRock Inc
, Merck & Co Inc and Caterpillar Inc
topped a ranking of the most capable boards of directors in
corporate America, while a publicly traded affiliate of activist
investor Carl Icahn came in last.
Companies rated as the least capable boards included several
traditionally family- or founder-controlled companies, including
Tyson Foods Inc, Dole Food Co Inc and D.R.
SCHENECTADY, New York (Reuters) – General Electric Co (GE.N: Quote, Profile, Research) plans to grow its nascent industrial-battery business to generate $1 billion in annual revenue by the end of the decade, the head of the world’s largest maker of electric turbines said.
The largest U.S. conglomerate said on Tuesday it was investing $170 million in its first factory to make the batteries, up from an initial $100 million targeted when it decided to make the move in 2009. The larger investment will double the plant’s planned capacity, GE said.
SCHENECTADY, New York (Reuters) – General Electric Co (GE.N: Quote, Profile, Research, Stock Buzz) is stepping up investment in batteries with a $170 million factory that the world’s largest maker of electric turbines sees as a key element in its hefty energy business.
The largest U.S. conglomerate, which plans to unveil the factory on Tuesday, said it was stepping up its planned investment in the site from an initial $100 million targeted when it decided to make the move in 2009. The larger investment will double the plant’s planned capacity, GE said.
July 6 (Reuters) – Navistar International Corp,
which has been struggling to win U.S. regulatory approval for a
new generation of diesel engine, changed course on Friday,
saying it was developing a new engine expected to be ready early
The truck and engine maker’s shares, which have lost about
half their value over the past year, eased 2.7 percent in
premarket trading to $28 as at least one analyst raised
questions about the costs the company would face as it
transitioned to the new engine.
BOSTON (Reuters) – U.S. chief executives’ view of the economy dimmed in the second quarter of 2012, with fewer expecting to grow sales or add workers than three months earlier, according to a survey by the Business Roundtable released on Wednesday.
The group’s CEO Economic Outlook Index fell to 89.1 in the second quarter, down from 96.9 in the first quarter but still well over the 50 mark that separates growth from decline.
By Scott Malone
(Reuters) – Embattled U.S. truck and engine maker Navistar International Corp drew a line in the sand on Wednesday in its battle with activist investors by adopting a poison pill aimed at keeping outsiders from gaining more than a 15 percent stake.
Navistar made the move after hedge fund MHR Fund Management LLC last week disclosed a 13.6 percent stake, an even larger position than billionaire activist investor Carl Icahn’s 11.9 percent position.
By Scott Malone
(Reuters) – A second activist investment firm said on Friday it had taken a big stake in Navistar International Inc (NAV.N: Quote, Profile, Research, Stock Buzz), boosting shares of the troubled U.S. truck and engine maker as investors saw pressure ramping up for management to pursue a sale of the company or change its engine strategy.
MHR Fund Management LLC said it had taken a 13.6 percent stake in Navistar, edging Carl Icahn’s 11.9 percent to make it the company’s largest shareholder.
By Scott Malone
(Reuters) – MHR Fund Management LLC said Friday it has a 13.6 percent stake in Navistar International Inc (NAV.N: Quote, Profile, Research, Stock Buzz), making it the largest shareholder in the U.S. truck and engine maker, and putting it ahead of the 11.9 percent stake of investor Carl Icahn.
MHR, founded by Mark Rachesky, a former associate of activist investor Icahn, now holds 9.4 million shares in the troubled company, bought May 22 through June 13, it said in a filing with the U.S. Securities and Exchange Commission.
NEW YORK/BOSTON (Reuters) – United Technologies Corp (UTX.N: Quote, Profile, Research, Stock Buzz) expects to receive second-round bids for its industrial units that make pumps and compressors by the end of June, and could announce a deal in the third quarter, the company’s chief financial officer said on Thursday.
Greg Hayes, speaking at an investor meeting in Chicago, said the auction process remains “robust” with “lots of interest” from private equity buyers, but also from other industrial companies.
June 14 (Reuters) – Europe’s downturn has gotten worse than
United Technologies Corp executives expected coming into
the year, and the company is concerned about Greece’s troubles
spreading, a top executive at the diversified U.S. manufacturer
“Clearly, the situation in Europe has gotten a lot worse
than we had expected,” Greg Hayes, the company’s chief financial
officer, said on Thursday. “As we sit here today facing the
Greek elections… we are very concerned about Europe.”