Monthly Archive: January 2013

Fiat Industrial sees growth from US unit merger – seattlepi.com 0

Fiat Industrial sees growth from US unit merger – seattlepi.com

MILAN (AP) Italian heavy-duty vehicles maker Fiat Industrial reported a 20 percent increase in fourth quarter profit Thursday and forecast revenue would increase 5 percent in 2013 as it completes the full merger with its U.S.-based farm and construction equipment maker, CNH. Chairman Sergio Marchionne told analysts that he expects the new company will be listed on the New York Stock Exchange early in the third quarter. Fiat Industrial shareholders will meet in April to vote on the deal. “It is in our collective interest to get this done as quickly as we can,” Marchionne said.

The merger deal will create the world’s third-largest capital goods company by sales, after Caterpillar and Volvo. Fiat Industrial, currently based in the northern city of Turin, aggressively pursued the acquisition of the 12 percent of CNH that it didn’t already own, making a pitch last spring and then raising the value of the offer by more than 25 percent after CNH advisers refused to endorse the deal. The new company, which has yet to be named, will be legally based in the Netherlands.

An extraordinary dividend of ‘ 197 million ($265 million) paid to CNH shareholders to clinch the deal weighed on Fiat Industrial’s books, pushing debt to ‘ 1.6 billion, above a maximum forecast of ‘ 1.5 billion. But Marchionne dismissed any concerns, saying Fiat Industrial “is an incredibly cash-generative business. It can produce cash and reduce debt pretty quickly.” The company expects to reduce debt to between ‘ 1.1 billion and ‘ 1.4 billion this year.

Besides CNH, Fiat Industrial comprises Iveco truck and heavy vehicle company and FPT Industrial powertrains. CNH, which is based in the Chicago suburb of Burr Ridge, Illinois, sells farm and construction equipment under the Case and New Holland brands in 170 countries. Fiat Industrial reported its fourth-quarter profits grew 20 percent to ‘ 148 million ($200 million), on revenues of ‘ 7 billion, largely thanks to the performance of CNH, which offset lower results in the Iveco truck business.

Marchionne deflected any questions that Iveco might be sold off, emphasizing recent investments, including ‘ 167 million in restructuring costs, and opportunities for growth in the United States through the Fiat auto business’ alliance with Chrysler LLC. Fiat Industrial was spun off from the car side in 2011. “There is a great opportunity for Iveco to leverage the distribution in the United States. We need to see if it can be done on a joint basis between Chrysler and Iveco,” Marchionne said.

Iveco deliveries fell 11 percent in 2012, to 137,000 units, despite a 5 percent pickup in the fourth quarter. Full-year revenue was down 7 percent to ‘ 9 billion due to the economic crisis in Europe and slackening demand in Latin America. Fiat Industrial’s sales of farm equipment were up 20 percent, which offset more difficult business conditions for CNH’s construction business everywhere but North America and eastern Europe.

For the full year, Fiat Industrial net profit grew 30 percent to ‘ 810 million on revenues of ‘ 25.8 billion.

It recommended a total dividend payment of ‘ 0.225 a share.

Police investigate Dorset robbery : Rutland Herald Online 0

Police investigate Dorset robbery : Rutland Herald Online

Police investigate Dorset robbery Staff Reports | June 26,2007 A 35-year-old delivery truck driver was robbed at gunpoint in a pull-off area in Dorset by two men he told authorities appeared to be impersonating police. Vermont State Police said they are looking for the suspects in the case, which remains under investigation. Police said the incident took place around 9:30 p.m.

Friday when the 35-year-old truck driver said he was in a pull-off area in Dorset on Route 7, near Emerald Lake State Park. The male driver told police he was on the passenger side of his delivery truck when he saw headlights of a vehicle pulling up behind him. The delivery truck driver said he walked back toward the rear of the truck and two black men exited their vehicle after activating a blue light.

The driver initially thought that the two men were in a police vehicle, until the passenger in the vehicle demanded the truck driver’s wallet, police said. The truck driver said the passenger did have a weapon, but did not threaten his life. After the truck driver turned over his wallet, he then walked toward the passenger side of his truck.

Before entering the cab of the truck, he was struck from behind by what he believed was a blunt object, police said. The driver added that he then stumbled out in front of the truck and fell to the ground, telling police he stayed down until he heard the suspects’ vehicle, a full-size, dark, sedan drive off. The delivery truck driver was later taken to the hospital for observation.

Anyone with information about the incident is asked to call State Police at 773-9101.

UPDATE: Name of Nebraska truck crash victim released – KTIV … 0

UPDATE: Name of Nebraska truck crash victim released – KTIV …

BATTLE CREEK, Neb. (KTIV) – Authorities have released the name of a truck driver who was killed in a crash about five miles north of Battle Creek in northeast Nebraska. He was identified as 55-year-old Terry Mather, of Meadow Grove. The Pierce County Sheriff’s Office says the accident occurred a little after 4 p.m.

Wednesday.

The office says the truck was headed south on a rural road when it left the roadway, ran into a ditch and rolled.

Mather was ejected and was pronounced at the scene.