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Business: Page 106
Dealers
Caterpillar profit drops 41% in Q2 as oil, gas, mining continue to hurt sales
Reporting a second quarter that saw sales fall 16 percent, Caterpillar has again cut its outlook for 2016. Facing continued downturns in the oil, gas and mining industries coupled with sluggish economic conditions in developing countries, sales and revenues fell to $12.3 billion while operating profit dropped 41 percent to $785 million. Cat chairman and CEO […]
July 27, 2016
Dealers
Komatsu acquires mining equipment maker Joy Global for $3 billion
Largely unscathed by the sharp declines in demand for mining equipment that have been bleeding money from competitor Caterpillar over the last few years, Komatsu has decided now is the time to become a more meaningful player in the industry, announcing it will acquire Wisconsin-based surface and underground mining equipment manufacturer Joy Global. Joy Global, founded in […]
July 22, 2016
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Dealers
INFOGRAPHIC: Dozer sales and buyer trends
July 21, 2016
Dealers
Olson tapped as Toro Company’s next CEO
A 30-year veteran of the company, Richard M. Olson has been named by the Toro board of directors as its next chief executive officer. Olson, a board member since January and the company’s president and chief operating officer since September 2015, will take over the CEO role from Michael J. Hoffman on November 1. Hoffman […]
July 21, 2016
Roadbuilding
National Purchasing Partners Government Division awards contract to John Deere
The National Purchasing Partners Government Division (NPPGov) has awarded John Deere Construction & Forestry a three-year construction equipment contract. It is the only OEM awarded such a contract in NPPGov’s most recent round of contract awards. NPPGov works with non-profit and public entities as a “cooperative purchasing organization” to provide access to RFP-process contracts. It […]
July 21, 2016
Business
Home starts rise 5% in June; home builders report “scattered softness” in market
U.S. home starts rose nearly 5 percent in June on gains in both single- and multi-family residences. Total starts rose 4.8 percent to a seasonally adjusted annual rate of 1.189 million, according to preliminary data from the Commerce Department. However, total starts are down 2 percent from the June 2015 rate. Single-family home starts were up 4.4 percent […]
July 19, 2016
Business
“Whatever it takes” the philosophy behind resilient New York contractor Gorick Construction
“Whatever it takes” on the surface may bring up thoughts of driving a square peg through a round hole with an enormous hammer, but for Al Gorick, it signifies a philosophy that a job will be done the right way, no matter what resources are needed. The slogan is part of Gorick Construction’s logo, and […]
July 12, 2016
Business
How to use the P-F Curve to improve equipment maintenance and management
If you’re finally at the point where you realize poor maintenance practices cost you money (and good maintenance is well worth the money you invest in it), congratulations. You’re on the right path. But a lot of people struggle to move beyond the basic premise of “preventive maintenance.” For some, all PM entails is fluid […]
July 11, 2016
Business
Construction jobs flat in June, but unemployment rate continues to fall
Following two consecutive months of jobs losses, employment in the U.S. construction industry was flat in June. Employment held steady at 6.643 million Americans last month, according to preliminary data from the Labor Department. The department’s latest data also revised the May employment total from the previously reported 6.645 million, down to 6.643 million, bringing the […]
July 8, 2016
Dealers
Bandit Industries taps Mocny as its first CEO
Bandit Industries, makers of chippers, grinders, mulchers and skid steer/compact track loader attachments, has named its first CEO in John Mocny. Mocny has been with Bandit since February after serving in engineering and management capacities with General Motors and Caterpillar. Moving forward, owners Mike, Dianne and Jerry Morey say they will remain involved with the […]
July 7, 2016
Roadbuilding
Roadtec president Jeffery Lee Richmond Sr. passes away at age 60
Jeffery Lee Richmond Sr., president of Roadtec Inc., a subsidiary of Astec Industries Inc., passed away June 30 while on a family vacation in Charleston, South Carolina. He was 60. Richmond had served with Roadtec since 1996, holding the positions of sales manager, vice president of sales and marketing and vice president and general manager […]
July 7, 2016
Dealers
Doosan files for Bobcat IPO on South Korean stock market
Parent company Doosan Infracore has filed the paperwork needed to take compact machine maker Bobcat public on the Korean Exchange. According to a report from Reuters, Doosan applied for the initial public offering Monday. Doosan, which owns 66.6 percent of all Doosan Bobcat shares, first announced its intent to take the company public in February. At […]
July 6, 2016
Business
Construction spending falls 0.8% in May
With declines in nonresidential spending and a flat month for residential, total U.S. construction spending fell 0.8 percent in May, according to preliminary data from the Commerce Department. Spending is at a seasonally adjusted annual rate of $1.143 trillion. Despite two consecutive months of monthly declines, spending remains 2.8 percent above the May 2015 rate. […]
July 6, 2016
Dealers
Hertz Equipment Rentals is now Herc Rentals following spin-off
Hertz Equipment Rental Corporation said it expected to complete its metamorphosis into Herc Rentals today, July 1st, officially separating from Hertz Global Holdings. In materials prepared for investors and available on its website, hercrentals.com, Herc Rentals estimates its 2015 North American market share was 4 percent, compared with United Rentals at 13 percent and Sunbelt Rentals […]
July 1, 2016
Dealers
Wacker Neuson to build new plant in China
After building and selling construction equipment in China for more than 20 years, Wacker Neuson has announced that it plans to build a new plant located near Shanghai in Pinghu, Zhejiang Province. In an announcement, the company says the plant will initially build compact excavators for the local market with plans to produce further products […]
June 24, 2016
Dealers
Walsh JCB expands parts/service, Hyundai CE adds 4 locations in the latest Dealer and Manufacturing News Roundup
Walsh JCB expands parts and service department Walsh JCB, Prospect, Pennsylvania, has expanded its parts and service department, adding 11,000 square feet to its Prospect facility. The company also has a branch location in Lilly, Pennsylvania. Founded in 1932, the company represents Lee Boy, Rosco and Schwarze equipment in addition to JCB. Hyundai adds four […]
June 23, 2016
Dealers
Yanmar acquires Terex’s compact construction equipment business
Terex announced today that it has agreed to sell its German compact construction business to Yanmar. The deal is for $60 million cash and is expected to close in the second half of this year. Terex’s compact construction business makes and sells midi/mini excavators, wheeled excavators and compact wheel loaders. As part of the deal, […]
June 21, 2016
Business
Home starts down slightly in May but builders have optimistic outlook
Starts on new homes in the U.S. were down 0.3 percent in May from the previous month despite gains in both single- and multi-family homes. Total starts fell to a seasonally adjusted annual rate of 1.164 million in May but remain up 9.5 percent over the May 2015 mark. Single-family home starts rose 0.3 percent […]
June 17, 2016
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