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Business: Page 110
Business
Caterpillar to close 5 more plants, cut 670 jobs as part of cost reduction plan
As part of the company’s cost reduction plan introduced in the Fall of last year, Caterpillar has announced its latest round of layoffs with cuts affecting five facilities around the U.S. According to a report from the Associated Press, Cat will eliminate a total of 670 jobs and close plants in Illinois, Georgia, New Mexico, Wisconsin and China. However, production at these […]
February 1, 2016
Business
Caterpillar profit fell 43% in 2015; 4Q loss comes as construction, mining sales weaker than expected
Despite slashing its sales outlook in tandem with an October announcement of a sweeping cost reduction plan, Caterpillar’s full-year sales still fell below that most recent forecast after sales fell $3 billion year over year in the fourth quarter. The company reported 4Q sales and revenues of $11 billion, down 23 percent from the same quarter in 2014. Cat […]
January 28, 2016
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February 1, 2026
Business
Judge throws out ICP’s antitrust suit against Caterpillar, Komatsu and Volvo CE
A lawsuit filed against three of the largest manufacturers of construction equipment alleging that they worked together to limit competition from Chinese manufacturers has been thrown out of federal court. According to a report from the Wall Street Journal, U.S. District Judge Richard Andrews dismissed the lawsuit which was filed by International Construction Products (ICP) nearly one […]
January 25, 2016
Business
December dip in home starts doesn’t derail market’s momentum, but concerns remain
Despite ending the year on an unexpected sour note, the U.S. housing market had its best year since 2007 in 2015. According to preliminary data released from the Commerce Department, U.S. home starts fell 2.5 percent in December to 1.149 million. The dip came as a surprise to industry analysts especially after a strong Novemeber […]
January 21, 2016
Business
From digging graves as a boy to relocating a construction business during the recession, Tim Humerick built a career staring down the odds
Tim Humerick has spent little of his life doing things he didn’t want to do. There was the one time he got a job in high school at Kroger that lasted all of a couple of weeks. “It was kind of hard to get hours at my other job during the winter, so I went […]
January 18, 2016
Business
Johnson to replace Rapp as president of Caterpillar’s Resource Industries group
The Caterpillar board of directors has elected Denise Johnson as the next group president for Resource Industries. Johnson will replace Ed Rapp who last month announced his plans to retire due to a recent diagnosis of Amyotrophic Lateral Sclerosis (ALS), better known as Lou Gehrig’s disease. Johnson currently serves as vice president of Cat’s Material Handling […]
January 15, 2016
Business
As smartphones, tablets become more necessary on jobsites, more contractors plan to increase IT spending
Though the adoption of technology among U.S. construction firms has been somewhat disappointing in the past, there does appear to be an uptick occurring as mobile devices such as smartphones and tablets become more commonplace–and more necessary—on jobsites. According to the Associated General Contractors of America’s 2016 Construction Industry Outlook, 42 percent of the more […]
January 14, 2016
Business
John Deere elects Intel CEO Brian Krzanich to its board of directors
Brian Krzanich, the chief executive officer of technology giant Intel, has been elected to the Deere & Company board of directors. The addition of Krzanich is a huge get for Deere as the company and its competitors in heavy equipment manufacturing work to network their machines together in order to give customers more in-depth data concerning production, […]
January 13, 2016
Business
Contractors tell AGC worker shortage remains their top concern despite half having already increased base pay
As we reported yesterday, a majority of construction firms in the U.S. are optimistic about 2016 volumes and plan to hire more workers to meet likely increased demand. But their optimism is significantly tempered by two still-lingering factors: a shortage of available workers to hire and the quality of worker they’re seeing walk through their […]
January 12, 2016
Business
Nearly 2/3 of U.S contractors plan to hire in 2016 due to optimism in several markets, AGC study finds
The vast majority of U.S. contractors have voiced a positive outlook for 2016 and are expecting to hire more workers to meet demand, according to a new survey from the Associated General Contractors of America. Receiving responses from 1,580 construction firms across the country, the AGC’s 2016 Construction Outlook Survey found that 71 percent of […]
January 11, 2016
Business
Construction adds 45,000 jobs in December to finish 2015 up 4%
Finishing 2015 with a ninth-consecutive month of employment gains, the U.S. construction industry added 45,000 employees to its workforce in December. The industry now employs 6.538 million Americans, the highest mark since January 2009’s total of 6.567 million, according to preliminary data from the Labor Department. Despite the gains, the industry saw unemployment increase from […]
January 8, 2016
Business
Why an error in the Commerce Department’s construction spending calculation is actually good news
The Commerce Department has announced a revision to 10 years worth of construction spending estimates, correcting a calculation error that will likely lead to a boost in the GDP. “In the November 2015 press release, monthly and annual estimates… for January 2005 through October 2015 have been revised to correct a processing error in the tabulation of […]
January 5, 2016
Business
Caterpillar found guilty of stealing trade secrets for creation of excavator quick couplers
Caterpillar has been ordered to pay Miller UK Ltd. nearly $74 million after being found guilty by a federal court in Chicago of stealing trade secrets in order to create its excavator quick coupler lineup. The decision comes five years after Miller filed its lawsuit and was the result of an eight-week trial. “We are disappointed […]
January 4, 2016
Business
Construction spending falls 0.4% in November
Despite continued increases in single-family homebuilding, total construction spending in November dipped 0.4 percent to $1.122 trillion. Spending remains 10.5 percent above the year-ago mark, according to preliminary data from the Commerce Department. Total residential spending rose 0.2 percent to $434 billion in November and is up 11 percent year over year. Private residential rose […]
January 4, 2016
Business
Fluor to diversify offerings with purchase of NetherlandsÂ-based Stork
Headquartered in Irving, Texas, construction giant Fluor Corporation is buying Stork, one of Europe’s oldest industrial companies, founded in 1827. The purchase price for Stork is estimated at $755 million, for a company which specializes in maintenance and modification of large industrial facilities in the oil and gas, chemical, petrochemical, and power generation markets. Stork […]
December 21, 2015
Business
Bonus depreciation, Section 179 tax breaks extended, sent to President Obama for signature
Not only did the bonus depreciation and Section 179 tax breaks come through as expected, current legislation Congress just sent to President Obama extended both measures. Here’s a recap: Under current legislation, the bonus depreciation is extended through 2019. This allows contractors to apply a 50 percent bonus depreciation to any equipment bought during a […]
December 18, 2015
Business
U.S. home starts up 10.5% as labor, lot costs continue to worry builders
The start of construction on homes in the U.S. rebounded in November with gains in both single-family and apartment construction. Following a down October, home starts were up 10.5 percent to a seasonally-adjusted annual rate of 1.173 million in November, according to preliminary data from the Commerce Department. The total is 16.5 percent above the November […]
December 16, 2015
Business
Caterpillar group president Ed Rapp to retire due to fight with ALS
Ed Rapp, Caterpillar president of the Resource Industries group, has announced his plans to retire due to a recent diagnosis of Amyotrophic Lateral Sclerosis (ALS). Rapp, 58, has been with the company for 36 years and calls the decision to retire “the toughest choice I have ever faced.” “Early retirement was not part of my […]
December 15, 2015
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