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Business
Volvo CE reports increased market share despite sales, profit drops in 3Q
Despite continued growth in the North American market, Volvo Construction Equipment sales and profit dipped during the third quarter. The manufacturer saw 11.84 billion SEK in sales ($1.4 billion) during the quarter, down 5.5 percent from Q3 2014. However, even with the lower demand, Volvo says it grew market share among larger machines during the quarter. […]
October 26, 2015
Business
Caterpillar CEO voices confidence in strength of key industries despite 64% profit decline in 3Q
After preparing everyone last month for the likelihood of continued bad news on the financial front with the launch of an extensive cost-cutting plan, Caterpillar has announced another down quarter with double digit decreases to both sales and profit. Cat sales and revenues fell to $11 billion during the third quarter, a decrease of 19 […]
October 23, 2015
Construction Equipment
Caterpillar to shutter global mining HQ, move jobs to South Milwaukee
Just weeks after Caterpillar announced a massive cost reduction plan and the departure of its top mining executive, the equipment manufacturer has decided to close down its global mining equipment headquarters in Oak Creek, Wisconsin. The good news for the employees at the $8.6 million Oak Creek facility is that all 250 jobs at the location will transitioned to a […]
October 9, 2015
Dealers
Vermeer names Ultimate Crew; Holt Cat hits VisionLink milestone; Orion expands & more in the latest Dealer and Manufacturing roundup
Vermeer names B&T Drainage winner of Ultimate Crew contest B&T Drainage from Marshall, Illinois, was named the winner of the Ultimate Crew Contest sponsored by Vermeer at last week’s International Construction & Utility Equipment Expo in Louisville. A panel of judges scored each team based on their times, accuracy, safety procedures and teamwork in completing a live drilling competition. […]
October 8, 2015
Business
Caterpillar to cut 230 workers in East Peoria; may move Joliet parts production to Mexico
The first workforce cuts of Caterpillar’s recently announced, extensive cost-cutting plan will come at the company’s East Peoria, Illinois plant. According to a report from the Peoria Journal Star, Cat will lay off 230 employees in East Peoria. The announcement came days after the company announced that it would cut as many as 10,000 jobs from its global workforce […]
October 7, 2015
Business
Caterpillar mining VP retires amid leadership shakeup
Chris Curfman, the chief mining executive at Caterpillar, will retire at the end of the year, ending a more than 20-year career at the company. Caterpillar announced the move this week amid big changes for the company, including a massive $1.5 billion cost reduction plan and a restructuring of leadership within the Mining Sales and Support Division, […]
September 25, 2015
Business
Caterpillar plans up to 10,000 job cuts as part of extensive $1.5 billion cost reduction plan
In the midst of a third straight year of down sales and revenues, Caterpillar has announced further cost cutting and restructuring in order to lessen the impact of what will likely be off a fourth-straight down year in 2016—a first in the company’s nearly century-long history. Planning large workforce cuts and the consolidation and closures of its […]
September 24, 2015
Business
John Deere feels impact of energy slowdown in 3Q as construction equipment sales fall 13%
After a third quarter that brought more severe decreases in sales and profit, John Deere has cut its forecast for the rest of the year as the company now faces slowed demand for construction equipment alongside an existing farming slump. Deere sales fell 20 percent during the quarter to $7.6 billion while profit dropped 40 percent […]
August 21, 2015
Dealers
Liebherr celebrates distribution evolution, Manitou launches new website and more in the latest Dealer and Manufacturing Roundup
Applied Machinery expands with new office location Applied Machinery Sales is expanding with a new office location in Rock Hill, South Carolina. This new location has nearly 48,000 square feet of space and will support their growing dealer network. The new facility will house the company’s parts and attachments inventory, handle daily orders and provide […]
July 31, 2015
Business
Caterpillar profits fall 29% in 2Q as company cuts full-year forecast
A continued and severe lack of demand for mining equipment worldwide, coupled with lower construction equipment sales in China and Brazil brought Caterpillar sales and profits down during the second quarter. In earnings released Thursday the company reported a decrease in sales and revenues of 13 percent to $12.3 billion and a 29-percent profit loss […]
July 23, 2015
Business
Volvo CE profit jumps 80% in 2Q thanks to big sales increases in North America
Following two consecutive quarters of large losses, Volvo Construction Equipment saw a huge increase in profit during the second quarter, mainly supported by increased sales in North America. Sales increased to 15.4 billion SEK ($1.8 billion), up 5 percent over 2Q 2014. Meanwhile, profit rocketed upward 80 percent to 1.35 billion SEK ($157 million). RELATED […]
July 20, 2015
Dealers
Lincoln Electric endows welding fund, a new H&E facility and more in the latest Dealer and Manufacturing News Roundup
Lincoln Electric endows Ohio State welding engineering program Cleveland-based Lincoln Electric and David Lincoln have co-funded the first endowed professorship in welding engineering at The Ohio State University. In addition to a $1 million donation, the company also donated or consigned approximately $420,000 worth of welding equipment and technology for use by Ohio State students […]
July 10, 2015
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