Tag: oems: Page 2

Business

Morbark acquired by private equity firm as company looks to reach “next level”

Morbark, makers of a wide variety of heavy equipment and attachments, has been acquired by a private equity firm. According to a Morbark release, the stock purchase of the company was made by an affiliate of Stellex Capital Management with plans to “significantly expand” the company. Stellex has no plans to relocate the company from […]

March 22, 2016

Business

Case CE’s Hasler to retire; company taps Harris as new North America VP

Case Construction Equipment North America Vice President Jim Hasler has announced his plans to retire following 34 years with the company. Hasler will step aside April 1. Case named Scott Harris, the current VP of Parts and Service at parent company CNH Industrial, as Hasler’s replacement. Harris has been with CNH since 2006 and has […]

March 21, 2016

Business

John Deere sales continue to fall as profit is cut by 40% in 1Q

John Deere saw sales decline and a sharp cut in profit for the first quarter, and in response the company has adjusted downward its outlook for the full fiscal year. Deere reported 1Q sales of $5.5 billion, down 13 percent from the same period last year. Profit fell 40 percent to $254.4 million. The global farming […]

February 25, 2016

Business

Volvo CE doubles operating income in 2015 despite sales decline

Despite a decrease in sales during 2015, Volvo Construction Equipment managed a huge improvement in operating income for the year thanks to market share gains and strong performance in North America and Europe. The company reported fourth quarter sales of SEK 11 billion ($1.3 billion), down 11 percent from the same period last year. Operating […]

February 9, 2016

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

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

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

Construction Equipment

Kobelco construction, crane businesses to merge

Parent Kobe Steel has announced that its Kobelco Construction Machinery and Kobelco Cranes subsidiaries will merge, effective April 1. The Kobelco construction equipment business spun off the crane business in 2004, after which the two companies focused on their individual global markets. Kobe Steel says it considers the merger “necessary to further strengthen its business […]

December 22, 2015

Business

John Deere profits fall 40% in 2015; will cut 220 workers in Moline as low equipment demand is expected to continue

With decreased demand for both agriculture and construction equipment impacting the company, John Deere saw massive decreases in both profit and sales in fiscal year 2015. Deere sales fell 20 percent during the fiscal year, which ended Oct. 31, to $29 billion. Profit fell 40 percent to $1.940 billion, beating the company’s forecast which it dropped to $1.8 […]

December 1, 2015

Construction Equipment

CNH Industrial sales drop 24% in 3Q as company posts $128 million loss

Across the board declines continued for CNH Industrial in the third quarter, leading the company to decrease its sales forecast for the rest of the year. The company, which manufacturers the Case and New Holland brands of construction and agricultural equipment, saw sales drop 24 percent during the quarter to $5.85 billion. Consequently, the company […]

October 29, 2015

Business

Thousands of Caterpillar employees take early retirement as cuts continue

As Caterpillar begins its extensive workforce cuts around the world, thousands of employees have decided to take an offer of early retirement. Since announcing a cost-cutting plan in September, Caterpillar has laid off hundreds at its East Peoria plant and announced the closing of its global mining headquarters. And with the possibility that the workforce cuts […]

October 28, 2015

Business

Terex profit falls 24% in 3Q as sales slip across divisions

Citing a marketplace that “remains challenging,” Terex announced another down quarter for the year, with its Aerial Work Platforms division continuing to provide the majority of positive news for the company. Sales for the company fell 9.3 percent from third quarter 2014 to $1.6 billion while profit fell 24 percent to $44.8 million. “As mentioned last quarter, we are […]

October 27, 2015