April 22, 1985
An agreement in principle calls for the Turbomach division of San Diego-based Solar Turbines to be sold for $100 million in cash plus royal payments to Sundstrand Corp. of Rockford, Ill. Turbomach, which makes small gas turbine engines for aircraft auxiliary power, generated product sales in 1984 of $73.3 million. Sundstrand intends to keep Turbomach's operations and its 500 employees in San Diego, officials said.
April 17, 1992 |
Caterpillar, saying it wants to "rebuild good working relations," reversed its position Thursday and said that nearly all of its 13,000 striking workers will be welcomed back, beginning Monday. The exceptions, said Caterpillar Inc. Group President Gerald S. Flaherty, would be fewer than 10 employees who he said may be discharged for disciplinary reasons related to their activities on the picket line during the five-month strike by members of the United Auto Workers.
April 17, 2002 |
Caterpillar Inc. said low sales of heavy machinery and engines contributed to a 51% decline in first-quarter earnings. Net earnings were $80 million, or 23 cents per share, missing estimates. Sales fell 8.3% to $4.41 billion. Caterpillar blamed price competition and said the slow economy and warmer-than-normal temperatures in recent months caused less capital spending and excess electrical power. Full-year orders will be about the same to slightly higher from orders last year, the company said.
May 3, 1991 |
Mickey Mouse as an industrial stock? Burbank-based Walt Disney Co. will become one of the 30 stocks in the Dow Jones industrial average starting Monday, as Dow Jones & Co. tilts its famed index further toward the services economy and away from its manufacturing roots. Disney, the first pure entertainment stock in the Dow, will replace USX Corp., one of the nation's industrial giants, which is expected to be split into separate oil and steel companies this year.
February 27, 1985 |
Caterpillar Tractor Co. said it will close a 600,000-square-foot plant in Joliet, Ill., by 1987, partly because the facility is too far away from the company's main factory complex there. Caterpillar said it has not yet decided how many of the facility's 800 workers will be laid off. The plant makes hydrostatic controls, hydraulic pumps and motors and components.
June 28, 1986 |
Caterpillar Inc. negotiators on Friday presented a new contract proposal to the United Auto Workers, hours before the midnight deadline for reaching a labor pact for 17,000 workers in five states. Caterpillar officials, citing a company-imposed news blackout, refused to comment on the proposal. Union sources, speaking on condition they not be identified, said the company had changed its position on some issues.
April 15, 1992 |
In a surprise breakthrough after more than five months of bitter deadlock, a federal mediator announced late Tuesday that the approximately 13,000 striking United Auto Workers at Caterpillar Inc. had agreed to go back to work. At the same time, Bernard DeLury, head of the Federal Mediation and Conciliation Service, said that the earthmoving equipment giant had also agreed to drop its efforts to hire replacement workers for the strikers.
April 11, 1985
Caterpillar Tractor, Peoria, Ill., citing seasonally low winter sales, on Wednesday reported a $70-million loss for the first fiscal quarter, pushing the company's cumulative deficits since the start of 1982 to more than $1 billion. The builder of road-construction machinery said the loss came on revenue of $1.48 billion during the first three months of this year. Caterpillar said first-quarter revenue improved by $90 million over the same period a year ago.
October 17, 2003 |
Wall Street finished mixed Thursday as disappointing results from Dow components IBM and Caterpillar, and solid but not exceptional earnings at other companies, gave investors an excuse to shrug off a series of positive reports on the economy. Analysts said investors who had sent stocks to 16-month highs in recent days on expectations of a strong earnings season needed more incentives to make big stock purchases. "On balance, the earnings have been what Wall Street expected.
January 15, 1987
The Peoria, Ill.-based farm equipment manufacturer said the plants targeted for closure are its 2.4-million-square-foot Davenport, Iowa, facility; its 300,000-square-foot Dallas, Ore., facility and its 1.1-million-square-foot plant in Glasgow, Scotland. The moves are to cut costs and improve efficiency. The proposal would affect about 2,800 jobs and reduce the firm's fourth-quarter earnings by $109 million, but the company said it still expected to report a profit for the fiscal year.