Caterpillar making staff changes (MENAFN.COM)
Caterpillar Inc. recently announced a number of staff changes. Steve Fisher, vice president of the Large Power Systems & Growth Markets Division, will retire on Feb. 1, 2014, after more than 34 years with Caterpillar. Steve Larson, vice president of the Parts Distribution & Diversified Products Division, has elected to retire. Larson, who joined Caterpillar Inc. (NYSE:CAT) in 1979, will retire on Feb. 1, 2014, the same day Bill Rohner, vice president of the Electric Power Division, will retire after a 41-year career with the company. Tana Utley, vice president of the Industrial Power Systems & Growth Markets Division, will replace Fisher as vice president, Large Power Systems & Growth Markets Division, effective Oct. 1.
General Electric Company (NYSE:GE) – Short Term Bounce Expected But Warning Signs Flashing (BasicsMedia)
General Electric Company (NYSE:GE) opened gap up on the news of the company trying to exit its U.S. retail lending business but the joy was short lived as it faced good selling at the higher levels. The day’s price action created a long red candle, obviously not a thing a bull would like to see. The fall from the top of $24.95 completed its sixth week now and on Friday the stock hit a new low at $23.04. The volume at 46 million was way higher than the average volume of 36 million.
Alcoa breaks ground on $275 million Tennessee plant expansion (Automotive News)
Aluminum supplier Alcoa Inc (NYSE:AA), struggling to keep up with automakers’ growing demand for the lightweight metal, has broken ground on a $275 million expansion of its plant in Alcoa, Tenn. Construction is to be completed in mid-2015. The expansion will convert some of the plant’s can sheet capacity to produce high-strength automotive aluminum, and will add automotive aluminum capacity, the company said last week in a statement. With demand for aluminum expected to double by 2025, Alcoa Inc (NYSE:AA) deemed it wise to expand the plant, the company said.
Drop in incentive pay at Caterpillar shows risk to workers (Chicago Tribune)
Caterpillar Inc. (NYSE:CAT) has warned workers that the centerpiece of its performance-based, profit-sharing program, will make its smallest payout since the recession when the payments go out next March. Caterpillar expects outlays related its short-term incentive program to be down as much as 40 percent from last year, reflecting sharply reduced payments to 60,000 participants who are among a growing number of U.S. workers being exposed to the risk of the U.S. business cycle.