Industrial Conglomerate News

About 28,500 workers at Norwegian shipyards, oil industry fabrication plants, and other manufacturers will go on strike from April 1, unless labor unions and employers reach a new wage deal, a state-appointed mediator said on Monday.Firms that stand to be affected are suppliers to the oil and gas industry, such as Aker Solutions, where 736 workers may strike; Aibel, with 661 employees, and Kaefer Energy, with 405 employees, the unions said.A strike would affect construction of ships…

Industrial conglomerate Teledyne Technologies Incorporated (NYSE:TDY) said it has completed its acquisition of thermal imaging cameras and sensors company FLIR Systems, Inc. (NASDAQ:FLIR). FLIR will now be included in Teledyne’s Digital Imaging segment and operate under the name Teledyne FLIR.Under the terms of the cash-and-stock deal announced in January, FLIR stockholders received $28.00 per share in cash and 0.0718 shares of Teledyne common stock for each FLIR share, which implies a total purchase price of approximately $57.40 per FLIR share based on Teledyne’s closing price on May 13.

Industrial conglomerate Teledyne Technologies Inc said on Monday it will acquire thermal imaging camera supplier FLIR Systems Inc in a $8 billion cash-and-stock deal to beef up its portfolio of imaging sensor technology.FLIR shareholders will receive $28 in cash and 0.0718 shares of Teledyne common stock for each share held, the companies said.That implies a purchase price of $56.14 based on Teledyne’s last close, and represents a premium of 28.1% for FLIR shareholders to the stock’s Thursday close.Teledyne and FLIR sell cameras and sensor systems.“Our technologies and products are uniquely co

U.S. buyout group Carlyle Group Inc is nearing an agreement to acquire Siemens AG's mechanical drive arm Flender, for about 2 billion euros ($2.37 billion), Bloomberg News reported citing sources.Siemens and Carlyle are finalizing terms of the deal that could be announced as early as this week, the report said.Last week Siemens had asked Triton, Carlyle, CVC and Brookfield to submit final offers next week for the business, which has earnings before interest, tax, depreciation…

German industrial conglomerate Thyssenkrupp Marine Systems (TMS) plans to use 3D printers increasingly in manufacturing submarine parts. This offers decisive advantages over conventionally produced components.The corresponding quality and safety approvals have already been granted. Through acquisition of the thyssenkrupp TechCenter Additive Manufacturing (in Mülheim an der Ruhr, North Rhein-Westphalia), the required technology and expertise will now come to the Kiel Fjord. It is planned to complete the transition by June 2020.Dr. Luis Alejandro Orellano, COO of thyssenkrupp Marine Systems said: "3D printing opens up completely new potentials for us. In the design engineering, we no longer have to consider the limits of conventional manufacturing processes everywhere.

General Electric Co on Monday named finance head at shipper AP Moller-Maersk as its new chief financial officer in the latest top-level change aimed at turning around the U.S. industrial conglomerate.Carolina Dybeck Happe will start in early 2020 and replaces Jamie Miller, whose departure was announced earlier this year as new Chief Executive Officer Larry Culp seeks to simplify operations and generate cash after booking billions of dollars in losses.The company has been struggling with the fallout of a series of poor long-term financial bets…

Thyssenkrupp plans to invest 250 million euros ($279 million) at its unit that builds submarines and warships, the German industrial conglomerate said on Monday.The investment at Thyssenkrupp Marine Systems (TKMS) will be made by 2023, the group said, pointing to good order intake at the moment. TKMS will also hire 500 new employees by the end of next year, it said."Our ambition is to be Europe's most modern naval company. By making major investments, we are preparing our operations for the future…

NGO Shipbreaking Platform reports that a yard worker has lost his life in an accident while scrapping a former Evergreen vessel.The cutter man Shahidul lost his life while working at Kabir Steel’s Khawja shipbreaking yard in Chattogram (Chittagong), Bangladesh.According to local sources, Shahidul was cutting the container ship Ever Union when he fell from a great height. He died on the spot.Kabir Steel’s shipbreaking yards are part of the large industrial conglomerate of Kabir Group of Industries. The NGO Shipbreaking Platform has documented several severe and fatal accidents in the company's yards over the last years.In 2017 and 2018 alone, at least four workers were killed.

President Vladimir Putin calls improving the Russian navy's combat capabilities a priority.The unfinished husks of three guided-missile frigates that have languished for three years at a Baltic shipyard show that is easier said than done.Earmarked for Russia's Black Sea Fleet, the frigates fell victim to sanctions imposed by Ukraine in 2014 after Russia annexed the Crimean peninsula, prompting Kiev to ban the sale of the Ukrainian-made engines needed to propel them.With Moscow unable to quickly build replacement engines for the Admiral Grigorovich-class frigates, construction stopped.

Singaporean rig builder Sembcorp Marine Ltd swung into the red in the second quarter, and cautioned a trend of negative operating profit would continue in the near term as overall business volume remains low.It turned in a loss of S$55.6 million ($40.68 million) for the three months ended June, compared with a profit of S$5.1 million in the same period a year ago.Sembcorp Marine, majority owned by industrial conglomerate Sembcorp Industries Ltd, saw its revenue more than double to S$1.63 billion due to revenue recognition on delivery of some rigs.

Thyssenkrupp Chief Executive Heinrich Hiesinger said he would restructure the German industrial conglomerate further after signing a long-awaited deal to merge its steel assets with those of India's Tata Steel.The steel merger, which will create Europe's second largest steel business with annual sales of 17 billion euros ($19.8 billion), was finally sealed last weekend after two years of at times difficult talks.Seeking to manage expectations before a strategy presentation to the supervisory board next week…

Singaporean rig builder Sembcorp Marine Ltd said on Wednesday first-quarter profit fell 86 percent, and signaled a subdued outlook for orders and business volumes.Sembcorp Marine said profit came in at S$5.3 million ($4 million) for the three-month period ended March, compared with S$37 million in the same period a year ago.The year-ago profit was boosted by an one-off gain from the disposal of Sembcorp Marine's stake in Cosco Shipyard Co.Overall business volume has remained significantly below peak levels…

Ocean Yield has announced that 100% owned subsidiaries of the Company have agreed to acquire four VLCC crude tankers with 15-year bareboat charters to companies owned and guaranteed by Okeanis Marine Holdings. All four vessels are sub-chartered to the shipping arm of a large industrial conglomerate for a period of 5 years. The gross purchase price is USD 83.75 million per vessel and the net cash purchase price is USD 74.25 million after a seller's credit of USD 9.50 million. The vessels are scheduled for delivery by the yard, Hyundai Heavy Industries, South Korea, in Q2-Q3 2019. Okeanis Marine Holdings will have certain options to acquire the vessels during the charter period, with the first purchase option exercisable after seven years.

Marine automation and instrumentation specialists CMR Group said it has secured an order from industrial conglomerate Kongsberg Maritime AS for new closed-circuit television (CCTV) video surveillance systems for two new semi-submersible heavy lift, construction and accommodation vessels. The deal, which includes spare parts and maintenance support, will see the supply and installation of CCTV systems for the OOS Serooskerke and OOS Walcheren, which are being built for China Merchants Heavy Industry (Jiangsu) Co. Ltd. (CMHI).

Industrial conglomerate Rolls-Royce is considering selling the bulk of its struggling marine business as the company embarks on another restructuring which aims to further slash costs. "We are embarking on a further simplification of the business, including the evaluation of strategic options for our Commercial Marine operation and a reduction from five operating businesses to three core units based around Civil Aerospace, Defence and Power Systems," said a press release from the company. As part of this exercise, the British maker of engines plasn to consolidate our Naval Marine and Nuclear Submarines operations within its existing Defence business, and Civil Nuclear operations within its Power Systems business.

U.S. industrial conglomerate General Electric Co's chairman Jeff Immelt retired earlier-than-expected on Monday, with the company naming Chief Executive John Flannery as his replacement. Immelt, who was expected to retire by the end of this year, had resigned as GE's CEO in June amid amounting pressure from activist-investor Nelson Peltz's Trian Fund Management for operation changes. GE said Immelt also retired as director and chairman of the board of directors of Baker Hughes, a GE company. Baker Hughes' CEO Lorenzo Simonelli will succeed Immelt as chairman of the company's board. W. Geoffrey Beattie was also appointed as lead independent director at Baker Hughes, GE said.

Singapore's Sembcorp Marine Ltd swung to a loss in the third quarter and the rig builder's revenue was hurt by customers deferring rig deliveries amid a protracted downturn in the oil and natural gas market. The company posted a net loss of S$21.8 million ($15.7 million) for the three months ended Sept. 30, compared with a net profit of S$32.1 million a year ago. It said the bottomline was hurt by higher financing costs, share of losses from associates and foreign exchange impact. The company, majority-owned by industrial conglomerate Sembcorp Industries Ltd, said revenue dropped 21 percent.

The launch this week of Prumo Logistica's $3.7 billion Port of Açu, the largest in Latin America, marked the revival of a Brazilian logistics hub many thought doomed when the empire of its former billionaire owner collapsed. Açu's more than 25 km (15.5 miles) of docks, piers and breakwaters is a much-needed step towards narrowing a crippling infrastructure gap in Latin America's largest economy. The Manhattan-sized industrial complex northeast of Rio de Janeiro, which officially opened on Tuesday, however, remains a far cry from the plans drafted by Eike Batista before his $60 billion EBX industrial empire disappeared almost overnight in 2013.

Revenue falls 30 pct; order book at S$9.7 billion. Singapore rig-builder Sembcorp Marine's quarterly profit halved as customers deferred projects, and it faces prolonged uncertainty on contracts from its biggest client, Sete Brasil, whose shareholders have approved its bankruptcy. Sembcorp Marine posted a profit of S$55 million ($41 million) for the three months ended March 31, compared with a profit of S$106 million a year ago. Sembcorp Marine and its cross-town rival Keppel Corp have been hit by slumping orders as oil prices dropped nearly 60 percent since mid-2014. Exacerbating the situation are troubles at Sete Brasil, a company set up by corruption-battered Petroleo Brasileiro SA (Petrobras).

Italian luxury yacht builder Ferretti, owned by Chinese industrial conglomerate Weichai Group, has created a new unit to build boats for the patrol and defence of international waters, lands and coastlines, it said on Wednesday. Ferretti Security and Defence (FSD) will design, develop and manufacture defence vessels, target the Middle East and Asian markets, collaborate with other bigger defence companies, and its parent will invest 5 million euros ($5.48 million) in the division this year, Ferretti Chief Executive Alberto Galassi said at the unit's launch in Rome in comments confirmed by a spokesman. The move comes as countries around the world are beefing up defence budgets to respond to heightened security concerns.

Ivory Coast abolished a state monopoly on passenger traffic on the lagoon surrounding the commercial capital Abidjan, the government announced on Wednesday, clearing the way for outside investors. Abidjan, a city of around 6 million inhabitants, straddles the Ebrie Lagoon. The SOTRA urban transportation company, majority-owned by the state with a minority interest held by Italian bus manufacturer Iveco, runs several water-taxi lines. Government spokesman Bruno Kone said the waterways had been under-utilized. "This will allow other entities to make major investments," Bruno said after a cabinet meeting. He also announced the approval of an agreement between the transportation ministry and Rainbow Ferry Lines…

Shanghai Waigaoqiao Shipbuilding  (SWS), a  yard owned by the industrial conglomerate China State Shipbuilding Corp (CSSC), has secured a US$312million loan from the Export-Import Bank of China to build three 18,000 teu containerships. The deal marks the first time that SWS will be building large containerships of 18,000 teu in capacity. The new buildings will be deployed on the main Asia-Europe trading lanes and the charterer is one of the world’s top three biggest lines, according to CSSC. Founded in 1999, SWS is a wholly owned subsidiary of China CSSC Holding Ltd., a publicly listed company controlled by China State Shipbuilding Corporation (CSSC). The main business of SWS covers design, construction and repair of marine vessels and offshore products.

Chevron Corporation today announced its Australian subsidiaries have signed a binding Sales and Purchase Agreement (SPA) with SK LNG Trading Pte Ltd (SK). Under the SPA, SK LNG Trading, which is part of a leading industrial conglomerate in South Korea, will receive 4.15 million tons of LNG over a five-year period starting in 2017. During the time of this agreement, over 75 percent of Chevron’s equity LNG from Gorgon will be committed to customers in Asia. “This agreement is an important step in the commercialization of Chevron’s significant natural gas holdings in Australia,” said Pierre Breber, president, Chevron Gas and Midstream.