Ingersoll-Rand to sell Engineered Solutions business
Ingersoll-Rand announced last week it will sell its Engineered Solutions business to The Timken Company for approximately $840 million. Engineered Solutions includes Ingersoll-Rand’s precision bearings and motion-control components and assemblies. The deal will affect the Torrington, Fafnir, Kilian, Nadella and IRB brands. The business had 2001 revenues of $1.1 billion, employs about 10,500 people and operates 27 plants worldwide. The sale is subject to government and regulatory approvals.
Kawasaki, Kobe Steel form crushing equipment partnership
Kawasaki Heavy Industries and Kobe Steel have agreed to combine the marketing and design portions of their crushing equipment business in a 50/50 joint venture. The companies plan to work out the details of the joint venture by the end of the year, and the new entity is slated to begin operation July 1.
Cat to furlough workers at Illinois, Georgia plants
Caterpillar announced last week it will furlough 3,270 workers at five plants in Illinois and Georgia during December. The furloughs, which will last one to two weeks, will affect managers, manufacturing employees and salaried workers, a Caterpillar spokesperson told the Associated Press. The employees will be from Illinois plants in Mossville, Mapleton and Pontiac and Georgia facilities in Thomasville and Jefferson.
UpRight to emerge from Chapter 11
UpRight will exit Chapter 11 Nov. 5. A judge for the U.S. Bankruptcy Court for the Eastern District of California confirmed UpRight’s reorganization plan Wednesday. Ian Menzies, president of UpRight, said in a letter the company now intends to grow its business and make it prosperous again.
PEOPLE ON THE MOVE
Manitowoc has named Terry Growcock chairman of the board and chief executive officer. Growcock, formerly president and chief executive officer, joined Manitowoc in 1994 as executive vice president of Manitowoc Equipment Works. The company’s chairman of the board position has been vacant for about 10 years. Growcock, 56, was promoted to president and general manager of Manitowoc Ice in 1996.
Pioneer Machinery has named John Hendrix president and chief executive. He succeeds J. Garner Scott, who is moving to a senior advisory position in the corporate operation of Caterpillar. Hendrix most recently worked as general manager/east division of Thompson Machinery in LaVerge, Tennessee.