Category: Newswire

Oerlikon cuts 800 jobs, withdraws 2020 outlook amid market uncertainty

May 5 (Reuters) – Swiss industrial group OC Oerlikon on Tuesday withdrew its full-year outlook and slashed 800 jobs, citing a high degree of market uncertainty triggered by the coronavirus crisis.
The group had previously expected full-year 2020 order intake and sales of between 2.5 billion and 2.6 billion Swiss francs ($2.6 billion to $2.7 billion) and earnings before interest, taxes, amortisation and depreciation (EBITDA) margin before exceptional items to improve to 15% to 15.5%.
In the first quarter, Oerlikon reported a 38% drop in EBITDA at 58 million francs, which came above estimates of a company-compiled consensus of 51 million francs.
“China has shown signs of overcoming the virus, in particular in our man-made fibers business, while we faced increasing challenges from the global impact in our surface solutions segment toward the end of the first quarter in Europe and in the U.S.,” Chief Executive Roland Fischer said.
The Swiss company's largest segment, surface solutions..

Nissan to retrench further in new plan to focus on US, Japan, China

May 4 (Reuters) – Nissan Motor Co Ltd will pull back from Europe and elsewhere to focus on the United States, China and Japan under a plan that represents a new strategic direction for the embattled carmaker, people with direct knowledge of the plan told Reuters.
The “operational performance plan” is due to be announced on May 28 and goes beyond fixing problems from ousted leader Carlos Ghosn's aggressive expansion drive, the people said.
Pursuit of market share, particularly in the United States, led to steep discounting and a cheapened brand. Under the new, three-year plan – reported here for the first time – Nissan aims to restore dealer ties and refresh lineups to regain pricing power and profitability, the people told Reuters.
“This is not just a cost-cutting plan. We're rationalising operations, reprioritising and refocusing our business to plant seeds for the future,” one of the people said.
The plan also aims to cut competition and expand cooperation with alliance par..

Russian automobile industry will be 100% used for public transport production

/Update/
MOSCOW, May 3. /TASS/. Russian automakers will be 100% loaded with public transport production in 2020, Minister of Industry and Trade Denis Manturov said on Sunday in an interview with the Rossiya-24 TV Channel.
“I can confidently state that the utilization will be 100% in 2020, particularly for the public transport, for buses of different classes,” the Minister said. “This is a helping hand and concurrently the support for the automotive industry and the upgrade of the public transport for regions,” Manturov noted.
Automobile producers will also deal with manufacturing of ambulance cars and reanimobiles, the Minister said. “Speaking about reanimobiles, there will be about 1,400 units. We already have experience of implementing such tasks in prior years. These are centralized supplies,” Manturov said.

Cummins Increases Revolver Capacity by $2 Billion

COLUMBUS, Ind.–(BUSINESS WIRE)–Cummins Inc. (NYSE: CMI) today entered into an agreement providing for an additional $2 billion revolving credit facility that terminates on April 30, 2021. “The company ended the first quarter with cash, cash equivalents and marketable securities of $2 billion and committed borrowing capacity of $1.9 billion,” said Chief Financial Officer Mark Smith.… Continue reading Cummins Increases Revolver Capacity by $2 Billion

Ford Romania to gradually resume production next week

The Romanian unit of U.S. auto maker Ford Motor Company has said on Tuesday that its plant in Craiova, southwestern Romania, will gradually resume production, starting May 4, SeeNews reports.Other non-production employees who can work from home will continue to do so for the present time, including those employees on short-time working arrangements.

Visteon Announces First-Quarter 2020 Results

Net sales of $643 millionNet loss of $35 million, including $33 million of restructuring chargesAdjusted EBITDA of $33 millionAwarded $800 million in new businessAvailable cash of $825 million; no near-term debt maturitiesVAN BUREN TOWNSHIP, Mich., April 30, 2020 (GLOBE NEWSWIRE) — Visteon Corporation (NASDAQ: VC) today announced first-quarter 2020 results, reporting net loss attributable to… Continue reading Visteon Announces First-Quarter 2020 Results

Otonomo Raises $46M in Series C Funding to Expand Its Automotive Data Services Platform

HERZLIYA, ISRAEL, April 30, 2020 (GLOBE NEWSWIRE) — Otonomo, the leading automotive data services platform, today announced $46 million in series C funding. The round includes investments from SK Holdings, Avis Budget Group, and Alliance Ventures as well as participation from existing investors such as Bessemer Venture Partners. This round brings the company’s total funding… Continue reading Otonomo Raises $46M in Series C Funding to Expand Its Automotive Data Services Platform

Nidec Announces Financial Results for Fiscal Year Ended March 31, 2020

KYOTO, Japan, April 30, 2020 (GLOBE NEWSWIRE) — Nidec Corporation (TSE: 6594) (OTC US: NJDCY) today announced its consolidated financial results under the International Financial Reporting Standards (“IFRS”) for the fiscal year ended March 31, 2020.The highlights are as follows:Net sales up 4% Y/Y to a record 1,535 billion yen.Operating profit down 15% Y/Y to… Continue reading Nidec Announces Financial Results for Fiscal Year Ended March 31, 2020