Shortage of Shipping Containers Could Hit Indian Automakers
Automakers in India are bracing for a parts shortage and possible production losses over the next three to four months due to a global shortage of available shipping containers, said a trade body in the world's fifth-biggest auto market.Shipping freight rates have surged since July and companies are now finding it "almost impossible to sustain normal trade operations", said Rajesh Menon, director general at the Society of Indian Automobile Manufacturers (SIAM).That is a cause…
Paefgen Named Chairman of ZF's Supervisory Board
The Supervisory Board of ZF Friedrichshafen AG appointed Dr.-Ing. Franz-Josef Paefgen as its new chairman, at an extraordinary meeting on December 4, 2017. Paefgen, a member of the Supervisory Board since 2008, will succeed Prof. Dr. Giorgio Behr. Since 1976, Paefgen has held various managerial positions in the automotive industry. From 1995 until 2002, he was member of the Board of Audi AG, and from 1997, he was chairman of the Board of Management. From March 2002, he was responsible for the Bentley brand, and as chief representative of Volkswagen AG, was also responsible for Volkswagen's Corporate Research and Motorsports. Between 2003 and 2005, Paefgen was head of Bugatti Engineering GmbH. From 2007 up to his retirement in 2011, he was president of Bugatti Automobiles S.A.S.
Peel Ports Enters 10-year Deal with Volkswagen
Peel Ports Group said it sees the automotive sector as a major growth opportunity and is working continually to provide vehicle manufacturers, logistics companies and shipping lines with world-class facilities and systems. The latest example is Peel Ports Medway’s new partnership with the Volkswagen Group UK Ltd. to build and oversee a new eight-acre Pre Delivery Inspection (PDI) Center at the Port of Sheerness. The investment will create 100 supply chain jobs and increase automobile imports into Sheerness by 50,000 vehicles annually.
Ballard Power Posts Smaller-Than-Expected Loss
Canadian fuel cell maker Ballard Power Systems Inc posted a smaller-than-expected quarterly loss, helped by higher revenue from its engineering services and material handling businesses. Revenue from Ballard's engineering services business, which counts Volkswagen AG among its customers, rose nearly threefold in the first quarter ended March 31. The business accounted for half of Ballard's total revenue in the quarter. Ballard said it expected to begin supplying fuel cell stacks to service Plug Power Inc's order with Wal-Mart Stores Inc in the second half of this year. Plug Power said in February it would supply 1,738 hydrogen fuel cells, used to power forklifts and other material-handling equipment, to Wal-Mart.
FR. Fassmer & Co.: Keeping It In The Family
Fassmer-Shipyard this year celebrates its 150th year in business, and the companies' chronology is literally a case study in the effective use of and evolution of marine materials. Founded as a one-man boatyard by Johann Faßmer in Bardenfelth in 1850 for the purpose of boat building, the company has evolved from a one-man shop producing wooden boats for hydraulic engineering and fishery to a dynamic medium-sized company, which today builds everything from a 177 ft. (54 m) fishing surveillance craft to a wide range of lifeboats, tenderboat and fast rescue boats for the cruise and ferry markets. Fassmer-Shipyard was literally built of wood, wooden boats that is, and the company served the aforementioned commercial market for its first 30 years admirably.
Rolls-Royce Proposes $933 Million Offer for Vickers
In yet another case of giant-eating-giant consolidation, Rolls-Royce Plc has made a surprise $933 million agreed cash offer for Vickers Plc, in a move aimed at making Rolls-Royce the global leader in marine power systems. The acquisition would place a significant portion of marine propulsion products - including the Ulstein, Aquamaster, Kamewa, Rauma, Brown Brothers and Mitchell Bearings brands - in one company's control, affecting operators of all vessel types, from VLCCs to tugboats. Ironically, the move comes just as Vickers put the finishing touches on its own revived industrial empire, by acquiring several marine propulsion equipment suppliers in order to dominate a once fragmented piece of the international maritime market.
Rolls-Royce Launches $933 M Offer For Vickers
Just as soon as Vickers Plc put the finishing touches on its revived industrial empire - acquiring a myriad of marine propulsion equipment suppliers in order to dominate a once fragmented piece of the international maritime market - wheels have been set in motion to acquire the goliath itself. Last week Rolls-Royce Plc launched a surprise $933 million (576 million pound) agreed cash offer for Vickers Plc in a move aimed at making it the global leader in marine power systems. But the deal, pitched at a 53 percent premium over Vickers share price last Friday, prompted concern from some analysts who felt Rolls-Royce may be paying too much merely to bolster its marine propulsion business. "This was a big surprise.
