Manufacturing Industry News: News from the week of Oct. 6, 2003
Manufacturers' customer base shrinks with foreign moves
Bridgewater Interiors to build new plant, supply Ford
Progressive Epoxy Polymers opens discount Web site
Survey shows increasing optimism in manufacturing sector
Jobless claims plunge in most recent week
OSHA releases new work-related injury and illness form
Barometer survey shows brightness on economic horizon
Goodyear to close Alabama tire plant
Study shows how to protect corporate reputation
DaimlerChrysler to invest $600 million in Alabama factory
Seminar teaches basics of doing business with China
UAW workers ratify trade deal with GM, Delphi
Carrier Corp. to cut 1,200 jobs in New York
September jobs data hides disappointing information
Energy Star urges Americans to change light fixtures
President sympathizes with manufacturers in Milwaukee
PeopleSoft begins eliminating jobs
Advanced Green Components celebrates grand opening
Motorola to spin off its semiconductor business
Manufacturers' customer base shrinks with foreign moves
The lure of low labor and material costs in newly industrialized countries has caused North American original equipment manufacturers to shift production bases, separating motion control manufacturers from their largest customer base.
New analysis from Frost & Sullivan about the North American motion control, feedback elements and controllers markets reveals this industry generated revenues totaling $2.17 billion in 2002. Total market revenues are expected to reach $2.62 billion in 2009.
Original equipment manufacturers (OEMs) seek to buy components from sources that are located close to their manufacturing facilities; operating from low-cost nations will place them on a level playing field with global manufacturers that sell at reduced prices.
"Domestic manufacturers have to develop strategies for both their local and global operations if they are to match the offerings of their foreign counterparts," said Frost & Sullivan research analyst Liliya Santalova.
Europe and Asia are hotspots for opening manufacturing bases because of inexpensive facilities and products. Meanwhile, foreign manufacturers find the economic climate prosperous in North America because of low import barriers and the strength of the U.S. dollar.
Another fallout of the influx of foreign products is private labeling of overseas products by domestic manufacturers. This is detrimental to small manufacturers that do not have the same resources as larger manufacturers.
"However, the hold of global manufacturers on the domestic market is likely to ease as manufacturers find ways to cut costs and prices," remarks Santalova.
Demands for lower prices and shorter lead time have put manufacturers in a tight spot; fulfilling them could force a decline in revenues and revision of production process, or acquisition of more efficient equipment. The economic slowdown is another reason for reducing prices.
The intensely cost-competitive market has been attracting customers for specialized designs, such as higher efficiency and smaller size. This trend is likely to reduce prices further at the higher power rating levels.
"Although price wars are unfavorable to market growth, more competitive prices are expected to drive unit demand," observes Santalova.
Frost & Sullivan will hold an analyst briefing at 3:00 p.m. (EDT) on Oct. 16, 2003, which will provide industry participants an overview of the North American motion control, feedback elements and controllers markets. To participate, please contact Nuha Kadri at with the your name, company, title, telephone number and e-mail address. Upon receiving this information, a confirmation/pass code will be e-mailed to you.
back to top
****************************************************************************
Bridgewater Interiors to build new plant, supply Ford
Bridgewater Interiors LLC will open a manufacturing plant in Warren, Mich., to build and supply automotive seat systems to Ford Motor Company in Michigan beginning in 2004.
Detroit-based Bridgewater Interiors is a Michigan Minority Business Development Corporation-certified, minority-owned joint venture between automotive supplier Johnson Controls and Epsilon LLC of Detroit.
Bridgewater Interiors' new plant, which is dedicated to support Ford business, represents the company's first supply relationship with the automaker.
Beginning next year, Bridgewater Interiors will supply seat systems for the all-new 2004 F-150 pickup trucks built at Ford's Dearborn, Mich., assembly plant and Ford Expedition and Lincoln Navigator models produced at the automaker's Michigan Truck Assembly Plant in Wayne, Mich.
The planned 265,000 square-foot Warren plant is expected to employ approximately 600 people when it reaches full production. A number of building and site improvements and the installation of manufacturing equipment are expected to be completed this fall.
The facility is located on the grounds of the former Detroit Arsenal Tank Plant, which shut down in 1996. The property is designated as one of Michigan's 11 Renaissance Zones, tax-free districts designed to encourage business development in distressed urban and rural areas.
In March, Johnson Controls was awarded operational responsibility for the Expedition and Navigator seating programs, which previously were supplied by Visteon Corp. Production of second- and third-row seats for the models, which currently are built at Visteon's facility in Chesterfield Township, Mich., will be moved to Bridgewater Interiors' Warren location.
Front-row seats currently produced at Johnson Controls' Plymouth, Mich., manufacturing plant will be transferred to the Warren site as well. The Plymouth, Mich., manufacturing plant will begin producing seating systems for the Ford Focus and Lincoln Town Car vehicles.
Johnson Controls officials announced plans last April for moving the business to a new, Detroit-area plant before July 2004. The transfer of the Expedition and Navigator seating business is expected to be completed by January 2004.
Ford recently awarded Bridgewater Interiors the seating program to supply products for 2004 Ford F-150 pickup trucks. Production of seats for that model begins in May 2004.
The business at Bridgewater's Warren location represents the largest minority contract in Ford history.
"Bridgewater Interiors is pleased to be able to form a new business relationship with Ford, and to serve as a key supplier for the company's light trucks," said Ron Hall, president and CEO of the company. "We are strongly committed to producing world-class seating products for Ford vehicles and are proud to bring new jobs to the Detroit region."
back to top
****************************************************************************
Progressive Epoxy Polymers opens discount Web site
Progressive Epoxy Polymers Inc. launched a new Web site, www.epoxyoutlet.com, that offers discounted prices on certain products that Progressive offers.
Paul Oman, marketing manager for Progressive Epoxy, says that the products discounted at the site are overstocked items, discontinued epoxies, or test/prototype versions of current or future epoxies under development.
The site supplements Progressive's primary Web site, www.epoxyproducts.com, where visitors can learn about epoxies and the company's line of epoxies. Visitors can also order those products through an online storefront.
Progressive offers epoxies and related products for industrial/commercial users, homeowners and boat owners/builders.
back to top
****************************************************************************
Survey shows increasing optimism in manufacturing sector
Rising optimism in the manufacturing sector is the highlight of the quarterly Manufacturers Alliance/MAPI Survey on the Business Outlook.
The September 2003 index of 68 is the highest in nearly six years, or since the December 1997 index stood at 71. The current index also represents a significant increase from the previous quarterly report of 60 in June 2003.
A composite business index above 50 indicates that overall manufacturing activity is expected to increase over the next three months. The survey is consistent with many economic forecasts that predict solid growth in U.S. Gross Domestic Product (GDP) in the second half of 2003. It should be noted, however, that the index measures the direction of change rather than the strength of activity in manufacturing.
Still, 9 of 10 individual indexes showed improvement.
The orders index that compares new orders for the third quarter of 2003 with the same quarter one year ago rose from 53 percent in June to 69 percent in September. The annual orders index, based on a comparison of expected orders for all of 2004 with orders in 2003, increased from 74 percent in June to 88 percent in September.
The backlogs index, comparing current backlogs with backlogs one year earlier, rose from 56 percent in June to 69 percent in September, a positive sign since an accumulation of backlogs usually occurs when new orders exceed shipments.
The export index increased from 56 percent in June to 69 percent in September. The investment index rose from 54 percent to 64 percent, reaching its highest level since June 2000. And, the research and development index improved from 55 percent to 66 percent.
The inventory index fell from 42 percent to 33 percent, another positive sign indicating that inventories in the manufacturing sector are lower than one year ago. Therefore, it is reasonable to expect an expansion in production to maintain and rebuild inventories.
Even the capacity utilization index, previously a soft spot, finally showed some life. The percentage of firms operating above 85 percent of capacity increased from 22.7 percent in June to 30.8 percent in September.
The only index that failed to improve was the profits margin index. It fell slightly from 47 percent in June to 45 percent, indicating that current profitability remains weak.
This quarters survey provides the most optimistic outlook for manufacturing in the last three years, although it is important to keep in mind that many of the individual indexes are based on comparisons with last year when activity in the manufacturing sector was depressed, said Manufacturers Alliance/MAPI economist and survey coordinator Donald A. Norman. Regardless, the rise in every index with the exception of profit margins appears to signal that the manufacturing sector is finally beginning to recover.
The survey reflects the views on current and future business conditions of 54 senior financial executives representing a broad range of manufacturing industries.
While a variety of indexes are included in the survey, the business outlook index is a weighted sum of shipments, backlogs, inventories and profit margin indexes. Visit www.mapi.net for more information.
back to top
****************************************************************************
Jobless claims plunge in most recent week
New claims for unemployment insurance declined by 23,000 to 382,000 for the week ended Oct. 4 from 405,000 during the prior week, according to the Labor Department.
The four-week moving average declined by 11,500 to 393,500 for the week ended Oct. 4. Economists generally trust the four-week average more because it smoothes week-to-week volatility.
Both measures dropped below the 400,000 mark, which economists see as the difference between a weak labor market and a stable one.
Continuing claims for unemployment insurance fell by 7,000 to 3.64 million. Continuing claims are those that are more than two week old.
back to top
****************************************************************************
OSHA releases new work-related injury and illness form
The revised OSHA Form 300, Log of Work-Related Injuries and Illnesses is now available on OSHA's Web site. The forms, which are required for employers to use in recording injuries and illnesses, have changed in several important ways for 2004.
Foremost among the changes is the addition of an occupational hearing loss column to OSHA's Form 300, Log of Work-Related Injuries and Illnesses.
Other changes include:
"days away from work" column now comes before the days "on job transfer or restriction";
more clear formulas for calculating incidence rates;
new recording criteria for occupational hearing loss in the "Overview" section;
more prominent column heading "Classify the Case" to make it clear that employers should mark only one selection among the four columns offered.
These changes were made in response to public suggestions on making the forms easier to use.
Employers must begin to use the new OSHA Form 300 on Jan. 1, 2004. The new form has the date of revision (rev. 1/2004) located on the form next to the form number.
Injuries and illnesses for years prior to 2004 should continue to be recorded on the appropriate form for that year (2003 and 2002 injuries and illnesses should be recorded on the forms for those years). The forms for 2003 and 2002 will continue to be available on OSHA's Web site. Additionally, employers should use the old OSHA 300A Summary Form (without the hearing loss column) to post as required in February 2004. The new 300A form that includes the hearing loss column should be used to post in February 2005.
Hard copies of the new OSHA 300 form will be available beginning in November and can be obtained using OSHA's online order form or by calling 1-800-321-OSHA.
back to top
****************************************************************************
Barometer survey shows brightness on economic horizon
The U.S. economy may be regaining its legs, according to CEOs of the nation's fastest growing companies, according to the Trendsetter Barometer from PricewaterhouseCoopers.
From third quarter interviewing -- completed in September -- the consensus view is that the economy is growing, and its prospects are brighter over the next 12 months.
Although most business leaders still have a lingering concern about weak demand, they have notched up their latest revenue growth targets, and 70 percent -- the largest number since 2000 -- are planning at least a modicum of new hiring.
Major new capital investments are also in line for a modest boost, and international sales remain a steady contributor.
CEOs of the nation's fastest growing companies are increasingly upbeat about the U.S. economy:
A majority, 54 percent, now views the economy as growing -- up from 33 percent in the prior quarter.
Also, 73 percent now count themselves optimistic about the economy's prospects over the next 12 months -- up from 59 percent in the prior quarter. This is the largest number since 77 percent in Q3 2000.
"A sizeable, growing number of Trendsetter CEOs is telling us that the economy has improved, and will continue to do so," said Rich Calzaretta, managing partner of Private Company Services for PricewaterhouseCoopers. "Hopefully, we have turned a corner."
back to top
****************************************************************************
Goodyear to close Alabama tire plant
Goodyear Dunlop Tires North America Ltd. and The Goodyear Tire & Rubber Co. will close the tire manufacturing facility in Huntsville, Ala., by Dec. 5. The closure will affect approximately 1,100 hourly and salaried associates at the facility.
In the fourth quarter of 2003, Goodyear will record rationalization charges of about $155 million and an accelerated depreciation charge of $100 million in connection with the closing. The company estimates the total cash payments to be approximately $85 million, $65 million of which will be expended over the next three years. Goodyear anticipates annualized savings of approximately $100 million.
"The decision to close the Huntsville plant is based on Goodyear's need to reduce capacity in North America," said Goodyear North American Tire business president Jonathan D. Rich. "The Huntsville facility has been one of our highest-cost plants to operate. This difficult action is another necessary step in our turnaround plan for North America.
"We realize that this is a very difficult time for our associates, their families and the community of Huntsville," said Rich. "We will provide resources to help our associates through this transition as they seek other employment opportunities."
Hourly associates will be given priority consideration for preferential hire at the Goodyear tire plant in Gadsden, Ala. Associates who are not hired at other Goodyear facilities, and those who choose to retire, will receive additional benefits as part of the closure. Outplacement services and vocational training benefits will also be provided to affected associates.
The tire lines currently produced in Huntsville will be transferred to other Goodyear facilities in the United States.
back to top
****************************************************************************
Study shows how to protect corporate reputation
A recent study from business intelligence firm Cutting Edge Information revealed that 85 percent of companies are still unprepared to handle major crises. Building a sound reputation is critical for most companies, but a mismanaged crisis can quickly destroy even the corporate reputation or brand.
Companies must accept that crises are inevitable, and constructing a crisis management plan could some day salvage reputation. Most clients are more forgiving when companies respond quickly to disasters. By taking action now, every $1 spent in preparation for future crisis could save $7 in losses if disaster strikes.
Crisis Management and Corporate Reputation features innovative practices from more than 35 companies across 17 industries, including Coca-Cola, Johnson & Johnson, FedEx and Southwest Airlines. The report contains more than 60 metrics that show how companies maintain strong reputations by preparing for times of crisis.
"Small problems that go unnoticed may ultimately result in disaster," said Eric Bolesh, senior analyst at Cutting Edge Information. "Companies that are thinking ahead know crises will happen and should prepare accordingly."
Profiled companies go beyond simply designing a crisis plan. By testing the plan, companies can discover possible mishaps and can correct them accordingly. If or when a crisis occurs, companies can respond quickly and maintain a sound reputation.
The report shows reputation-conscious organizations how to:
build a strong corporate identity and reputation;
execute a corporate reputation plan with discipline;
incorporate reputation management into all aspects of your business;
manage corporate crises to minimize long-term damage and protect reputations; and,
use proven techniques to align your reputation management with your strategy.
To view the online summary of this report and the Five Principles for Reputation Management Success, click here.
back to top
****************************************************************************
DaimlerChrysler to invest $600 million in Alabama factory
DaimlerChrysler AG said it will invest $600 million in its Mercedes assembly plant in Tuscaloosa, Ala. The number of employees at the plant could reach 4,000 and the number of autos produced could reach 160,000.
The factory currently builds the Mercedes M-Class SUV. After the investment, it would start to build the Mercedes Grand Sports Tourer in early 2005. The plant would also build the M-Class' successor.
"In Tuscaloosa we have impressively shown that we can produce a new production series with a new workforce in a new factory and we have also demonstrated that it is possible to have vehicles successfully 'Made by Mercedes' outside of Germany," Mercedes chief Juergen Hubbert said in a statement.
back to top
****************************************************************************
Seminar teaches basics of doing business with China
The Erdman Center for Manufacturing and Technology Management at the University of Wisconsin-Madison School of Business will present a daylong program on doing business in and with China.
It will be held Oct. 29 at the Fluno Center on the UW-Madison campus.
Industry speakers from small and mid-sized U.S. manufacturers, with solid experience interacting with Chinese manufacturing and government representatives, will participate. Speakers include Mary Linton, marketing manager of the Promega Genetic Identity Business Unit in Madison; Gene Berg, CEO and owner of Austin-Westran of Byron, Ill., and a frequent speaker on China; and Paul Fichter, president and owner of Taphandles, a Seattle-based company that manufactures products in the Chinese province of Guangdong.
Other sessions will focus on what managers need to know to cultivate business with China, led by Gongliang (William) Guo of Fujian, China, and vice president and general manager of Bergstrom-China; and the role of China in the U.S. and world's economy, presented by John Eichenseher, professor of accounting and international business.
The program will end with a panel debate on the future of U.S. manufacturing in light of the threat from China. Besides the previous speakers, the panel will include Mary Regel, director of the Wisconsin's Division of International Development and an expert on international trade. Moderator for the day's event is Professor Urban Wemmerlöv, director of the Erdman Center.
For more information, visit www.wisc.edu/erdman.
back to top
****************************************************************************
UAW workers ratify trade deal with GM, Delphi
United Auto Workers (UAW) members voted to ratify new four-year collective bargaining agreements with automaker General Motors and auto supplier Delphi.
UAW president Ron Gettelfinger commended the membership and local union leadership for their support.
We accomplished our major bargaining goals and are pleased that the membership expressed confidence in those efforts, Gettelfinger said.
UAW vice president Richard Shoemaker, who heads the UAW GM department, praised the work of the National Negotiating Committee, led by co-chairs Mark Hawkins of UAW GM Local 598 in Flint, Mich., and Clyde Sims of UAW Delphi Local 913 in Sandusky, Ohio.
This bargaining committee put forward a tremendous effort to reach fair and equitable agreements in challenging times, Shoemaker said. Once again the interests of UAW-represented workers at both GM and Delphi were protected.
The new contracts will cover more than 117,000 active workers at GM and more than 30,000 active workers at Delphi, as well as more than 234,000 retirees and 63,000 surviving spouses.
The UAW GM and Delphi contracts follow the same economic pattern as the agreements ratified by UAW members at DaimlerChrysler, Ford Motor Co. and Visteon. Key provisions include a $3,000 signing bonus; a performance bonus in the second year of the contract, a 2 percent raise in the third year and a 3 percent raise in the fourth year.
The contracts do not allow cost shifting of health insurance premiums to UAW GM and Delphi workers. Basic pension benefits and 30-and-out benefits are enhanced for workers who retire under the new agreement; current retirees will receive an $800 lump-sum payment in each year of the four-year agreement and a $1,000 voucher in the first and third years of the agreement toward the purchase of a new GM vehicle.
Under terms of the new agreements, all UAW-represented former GM employees currently at Delphi maintain the right to flow back to GM facilities, and all workers hired at Delphi and GM on or before Oct. 18, 1999, are now covered by the flowback agreement. The UAW Delphi contract mirrors in all respects the UAW GM agreement.
The agreements include several commitments by GM and Delphi that are specific to UAW workers in Delphi facilities.
Delphi agreed to make sufficient capital investments in UAW-represented plants to be competitive and improve product quality. Delphi also committed to allocate new product both GM and non-GM to UAW-represented facilities.
GM agreed to award approximately $1 billion in new business to UAW-represented Delphi operations as part of its commitment to look to Delphi first and assure Delphis long-term viability. GM also agreed to give the UAW more effective input into sourcing decisions.
The UAW and Delphi also agreed to meet within 90 days of ratification on a supplement to the agreement, which would apply to future new hires at Delphi. The UAW and Delphi will discuss competitive wage and benefit levels, which refers to wages and benefits that meet those of an appropriate, representative group of UAW-represented employers in the U.S. automotive and truck component industry. In the event the parties are unable to agree on the terms of such an agreement, the UAW Delphi agreement would remain in effect without modification.
Delphi also agreed to the principle of equivalence of sacrifice when establishing compensation levels for management, requiring that top management take the lead by accepting compensation and benefit reductions at least as large in percentage terms as those sustained by new hires.
GM made a commitment to hire 2,250 new skilled-trades apprentices and Delphi, 750, over the term of the agreement.
back to top
****************************************************************************
Carrier Corp. to cut 1,200 jobs in New York
Refrigerated container manufacturer Carrier Corp. will end production near Syracuse, N.Y., and move refrigerated container operations to Singapore and compressor operations to Georgia and China. The move will cost the suburban Syracuse area about 1,200 manufacturing jobs.
Carrier said it needed to move its refrigerated container factories closer to its markets. Some 1,600 jobs will remain in East Syracuse, where the company will maintain warehouse, administrative, engineering and research operations.
Manufacturing operations are expected to end by next June.
Carrier is the world's largest manufacturer of heating, air conditioning and refrigeration systems and equipment. In 2002, it had revenues of more than $8 billion. It is a subsidiary of United Technologies Corp., provider of a broad range of high-technology products and support services to the aerospace and building systems industries.
back to top
****************************************************************************
September jobs data hides disappointing information
Though last week's unemployment report showed an expansion of jobs in the U.S. job market (57,000 jobs), this is not good news for American workers, according to international outplacement firm Challenger, Gray & Christmas.
"It is true that payrolls expanded, but may workers are being forced to take lower skilled, lower paying jobs," said Challenger, Gray & Christmas CEO John A. Challenger. "In some cases, workers are earning 43 percent less in each paycheck. More people are working part-time jobs."
Those working in manufacturing, which lost 29,000 jobs, may be among those taking jobs in retailing and temporary agencies, which added a combined 43,000 jobs during the month. Such a switch costs workers 10 percent to 43 percent in earnings. Manufacturing jobs pay about $650 per week, while retailers pay an average of just $373 weekly and firms providing business services pay $579 per week.
"There is hope in data revealing strong economic growth (Gross Domestic Product) in the second quarter and high expectations for continued expansion in the balance of the year," said Challenger. "These expectations may be pivotal in spurring increased hiring."
back to top
****************************************************************************
Energy Star urges Americans to change light fixtures
The Energy Star program launched the 2003 Change a Light, Change the World campaign, which challenges Americans to switch to lighting products, specifically bulbs and fixtures, to save energy, money and protect the environment.
"We are committed to promoting energy efficiency, and the Change a Light, Change the World campaign is a great way to get Americans thinking about ways to conserve energy, save money and help the environment," said EPA acting administrator Marianne Horinko. "If each household in the U.S. switched the lighting in just one room to Energy Star, we'd save enough energy to light more than 34 million homes and prevent one trillion pounds of greenhouse gas emissions. By replacing the five most frequently used light fixtures at home or bulbs with models that have earned the Energy Star, a household can save more than $60 a year in energy costs while enjoying the latest in style, design, convenience and efficiency."
The Environmental Protection Agency (EPA), working with the U.S. Department of Energy (DOE), launched the national campaign with an energy-efficient lighting makeover at the Thomas Edison Winter Home in Fort Myers, Fla.
Energy Star qualified lighting lasts six to 10 times longer than traditional lighting and operates on two-thirds less energy. In addition, lighting products that have earned the label generate about 70 percent less heat than incandescent lighting, which means they're cool to the touch and help reduce energy costs.
During October and November, EPA and DOE are partnering with hundreds of manufacturers, retailers, state governments, utilities and regional energy efficiency organizations throughout the United States to make finding and buying energy-efficient light bulbs and fixtures easier.
back to top
****************************************************************************
President sympathizes with manufacturers in Milwaukee
President George W. Bush made an appearance in Milwaukee Oct. 4 and spoke to a large group of supporters at the Midwest Airlines Center. During the speech, President Bush talked about the state of manufacturing in Wisconsin.
"A lot of Wisconsin manufacturers hurt," he said. "It's tough sledding, tough times, and I understand that. We've got manufacturers in a lot of parts of our country that are lagging. It's a slow sector."
The president defended his tax cuts as a solution to the manufacturing sector's woes; he said when people have more money to spend, they will increase demand for production.
"When somebody has more money in their pocket, they're more likely to demand a good or a service," Bush said. "And in our society, when you demand a good or a service, somebody is going to produce the good or a service. And when somebody meets that demand with production, it means somebody is more likely to be able to find a job."
Wisconsin is becoming a battleground for the 2004 presidential race. Al Gore narrowly won the state in 2000. Both Republican and Democratic hopefuls see the state as a key swing state for the election. Vermont Governor and presidential candidate Howard Dean spoke on the lawn in front of the Kohl Center in Madison on Oct. 5 to a large group of supporters. He said he would bring foreign policy in line with American values, more jobs and a national health insurance plan to the state.
back to top
****************************************************************************
PeopleSoft begins eliminating jobs
With the acquisition of J.D. Edwards complete, PeopleSoft Inc. started cutting between 750 and 1,000 workers, or 7 percent of its workforce, according to an Associated Press report.
The company hopes to save up to $207 million by cutting the workers. PeopleSoft spokesperson Steve Swasey said the company wanted to implement the job cuts as soon as the acquisition was complete so PeopleSoft could realize cost savings. Many of the jobs cut were overlapping positions.
PeopleSoft is still trying to stop a hostile takeover bid from rival software manufacturer Oracle Corp.
back to top
****************************************************************************
Advanced Green Components celebrates grand opening
Advanced Green Components LLC celebrated its grand opening at its facility in Winchester, Ky. Advanced Green Components is a manufacturing joint venture between The Timken Company in Canton, Ohio, and Sanyo Specialty Steel Co. Ltd. and Showa Seiko Co. Ltd., both of Japan.
"We consider ourselves privileged to be a member of the Winchester-area business community," said Advanced Green Components president Thomas F. Lucas. "Since our joint venture was formed in June 2002, the contributions of our three partners -- Timken, Sanyo and Seiko -- have provided the platform to make us more competitive in the international marketplace while providing additional opportunities for our associates and the local community. Today, we celebrate our grand opening and look forward to many more years as a Winchester business partner."
Advanced Green Components associates, their families, partner company representatives and local government and community representatives attended the grand opening.
Formed in June 2002, Advanced Green Components produces hot forged, cold forged and machined rings used in the manufacture of bearings. The facility employs approximately 120 associates and is made up of 117,000 square feet of manufacturing space.
back to top
****************************************************************************
Motorola to spin off its semiconductor business
Electronics manufacturer Motorola Inc. intends to separate its semiconductor operations into a publicly traded company, according to chairman and CEO Christopher Galvin.
Motorola wants to increase its focus on communications and integrated electronic systems and create opportunity for its Semiconductor Products Sector (SPS) as an independent semiconductor company with its own focused strategy. Motorola has not finalized details of the transaction.
We believe SPS is well positioned to increase its leadership in the end markets it serves, including the networking, communications, transportation and industrial markets, said Motorola SPS president Scott Anderson.
back to top
****************************************************************************
back to top go to Industry News archives
Copyright 2002 Pfingsten Publishing L.L.C. All rights reserved.
|