FORKS TOWNSHIP, PA--Mechanic pipe-joining-systems manufacturer Victaulic is investing tens of millions of dollars over the next two years to increase and modernize its operations here, according to John Malloy, president and CEO. The company is adding a second shift in 2018 that will create 45 to 50 new jobs.
WASHINGTON--The U.S. manufacturing sector has weathered a bumpy road over the course of the past two decades, but successfully righting the country's industrial ship would mean an economic windfall of $530 billion, according to a new report from The McKinsey Global Institute.
TOKYO—Alabama and North Carolina are the final states in the running to win a prized Toyota Motor Corp. and Mazda Motor Corp. joint car factory worth $1.6 billion. A dozen states, including Tennessee, Texas and South Carolina, had been in contention.
KONYA, Turkey--AkinRobotics opened its first humanoid robotics factory here last week. Established by AkinSoft software company, AkinRobotics says the factory has started mass production of Ada GH5 human-robots. They will be programmed for use at malls, fairs, airports, hospitals, and even at homes.
ZURICH--ABB is reorganizing part of its global Power Grids operations as the Swiss engineering group responds to the division's sluggish profitability and falling orders. ABB said on Monday that it will restructure operations in North America, halting production at its factory in St. Louis and investing in its sites in South Boston and Crystal Springs, MS, as well as expanding its medium and large transformer factory in Varennes, Canada.
WASHINGTON--Automakers are scrambling to defend the electric vehicle tax credit after House Republicans last week proposed eliminating it to help pay for their broader package of tax cuts.Lobbyists here quickly huddled to figure out how to save the tax credit, which the industry views as critical to promoting commercial adoption of electric vehicle technology.
NEW YORK--China Investment Corp., China's richest sovereign wealth fund, is teaming up with Goldman Sachs to invest at least $5 billion in mostly U.S. manufacturing, a person familiar with the matter told CNNMoney. China Investment asked Goldman Sachs to partner with it on the private-equity fund, which will deploy money into manufacturing, industrial, consumer, healthcare and other U.S. businesses.
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