Joy Global Sells Drilling Unit

Joy Global Inc said it agreed to sell the drilling products business of recently acquired LeTourneau Technologies to Cameron International Corp for $375 million as it plans to focus on its core mining equipment business.
The deal relieves any concerns that the drilling business would cause Joy Global to lose its focus on mining operations at a time when Caterpillar Inc , which bought Bucyrus, is building its dominance in the $40 billion mining gear market.
Joy Global said the LeTourneau unit sale will help it to complete its acquisition of China-based International MiningMachinery Holdings Ltd .
U.S.-based Joy Global, which has purchased 18 percent of IMM shares on the open market so far, has plans to buy an initial 41 percent stake in the company for $585 million to expand in China's fast-growing coal market.
UBS machinery analyst Henry Kirn said investors would like Joy Global's LeTourneau drilling unit deal.
Joy Global acquired LeTourneau International from Rowan Co for $1.1 billion in May.
Joy global on Wednesday posted market-beating third-quarter earnings, while raising its 2011 outlook on strong bookings.
Joy Global said its total bookings for the quarter ended July 29 rose 49 percent to $1.4 billion. Surface mining equipment bookings almost doubled to $732.1 million.
For 2011, Joy Global now expects earnings of $5.70-$6.00 a share, on revenue of $4.3-$4.5 billion, up from its prior outlook of earnings of $5.30-$5.60 a share on revenue of $4.1-$4.3 billion.
The outlook is driven by continued improvement in operational efficiencies, investments in LeTourneau and IMM and Comedity and energy fundamentals that remain intact, JPMorgan analyst Ann Duignan wrote in a note to clients.

Global and China Plastic Injection Molding Machine Industry Report

In 2010, global plastic injection molding machine industry bottomed out and presented rapid growth. Sales of plastic injection molding machine exceeded RMB20 billion in China and consistently ranked the first place in the world. Meanwhile, export value of plastic injection molding machine in Germany increased by 55.2% and reached EUR593 million; output of plastic injection molding machine in Japan doubled to 12,000 units. Besides, plastic injection moldingmachine industry in America and Italy also witnessed recovery.

As the largest production and consumption base of plastic injection molding machine worldwide, China performed extraordinarily in 2010, with output & sales volume increasing by nearly 40% and import & export value growing by over 70% year on year. The main reasons were as follows: firstly, under the sound economic development in China, downstream industries including automobile, home appliance, building materials and plastic package strongly recovered; secondly, capacities were quickly released stimulated by the order boom; thirdly, with the improvement of foreign trade conditions, exports picked up.

This report not only analyzes the status quo of global and China plastic injection molding machine industry, but also lays emphasis on the development course and current situation of all-electric injection molding machine and two-plate injection molding machine.

With advantages in energy efficiency and environmental protection, all-electric injection molding machine is widely used in Japan and European countries. The representative enterprises include Nissei, Sumitomo and Fanuc. China's all-electric injection molding machine industry started relatively late, however, influenced by the energy conservation policy, it has been warmly welcomed by the market in the recent years. As of 2010, there were more than 10 enterprises engaged in R&D and manufacturing of all-electric injection molding machine in China. For instance, Haitian International Holdings Limited, The Chen Hsong Group, Chuan Lih Fa Machinery Works Co., Ltd., Guangzhou Borch Machinery Co., Ltd, GSK CNC Equipment Co., Ltd., Zhejiang Sound Machinery Manufacture Co., Ltd. and Ningbo Shuangma Machinery Industry Co., Ltd. etc.

Two-plate injection molding machine has a development history for more than a decade worldwide especially in European countries, America and Japan. In China, three-plate injection molding machine is widely used whereas two-plate injection molding machine is at the initial stage of development.

In addition, this report analyses the competition pattern of plastic injection molding machine industry in China, and highlights the operation of 14 key global and Chinese enterprises.

Haitian International Holdings Limited is the largest plastic injection molding machine manufacturer in China and even in the world. In 2010, its sales volume of injection molding machine achieved 30 thousand units and realized the sales of RMB7.057 billion. Injection machine of Mars series contributed the most and its sales reached RMB4.83 billion, up 132% YoY.

The Chen Hsong Group mainly concentrates on the manufacturing of large & medium plastic injection molding machines, accounting for over 50% of the total production. In FY2010, subject to the declined demand of automobile and home appliance, it had a bad performance on sales. In FY2011, stimulated by the growth of downstream demand, sales of large & medium plastic injection molding machines gained recovery and further drove the sales of the company. In Mar. 2011, Chen Hsong Group was authorized by Mitsubishi Heavy Industries Plastic Technology Co. Ltd. to manufacture and sell large two-plate injection molding machine in mainland China as well as Hong Kong, Macao, and Taiwan, which would further enhance the competitiveness in large scale injection molding machine of the Chen Hsong Group.

L.K. Technology Holdings Limited, one of the key enterprises in plastic injection molding machine industry in China, obtained significant development in three major business fields including plastic injection molding machine, die casting machine and CNC in FY2011. As of FY2011, benefited from the recovery of electronics and toy markets, its sales were up 84.8% year on year, wherein the sales of plastic injection molding machine increased 119% YoY.

Focusing on the manufacturing of high precision injection molding machine, Guangzhou Borch Machinery Co., Ltd keeps strengthening its new product development ability in recent years. In 2010, at the Chinaplas exhibition, it introduced BS series injection molding machine and BE all-electric injection molding machine. And in 2011, it launched new products including four-color plastic injection molding machine, large scale two-plate injection molding machine, mini foaming machine and in mold labeling machine at the Chinaplas exhibition.

Source: reuters

Baosteel Profit Falls In H1

The China's biggest steelmaker --Baoshan Iron & Steel post  37 % fall in the first-half net profit, according to the slowing demand for its products and rising costs.

Baosteel is the pricing leader in China's market, raised its main product prices for September bookings, with its domestic peers making similar moves to catch up with rising spot market prices between end July and early August, and in anticipation of stronger demand next month.

The maker of high-end steel products earned 5.08 billion yuan in the first half of this year, compared with 8.05 billion yuan in the same period last year. Four analysts on average had forecast a profit of 5.37 billion yuan.

Rivals Korea's POSCO and Japan's Nippon Steel reported year-on-year falls in June-quarter net profit.

China's manufacturing sector is likely to slow slightly for a second consecutive month in August as sluggish overseas demand saps new orders, HSBC's China Flash PMI showed last week.

HSBC expects China's Purchasing Managers' Index to have edged up to 49.8 in August, still below the 50-point mark that demarcates expansion from contraction in activity.

Nippon Steel Output Plan In 2014

The Steelmaker Nippon Steel Corp expects to start producing coking coal in Mozambique in 2014.

       

The project will be able to produce 5 million tonnes in large annually,

marks Nippon Steel's first coal development outside Australia and Canada as it looks to diversify its sources of the steel-making commodity.   

       

Nippon Steel jointly owns the Revuboe project with Australia's Talbot group and South Korea's POSCO . Asia's steelmakers rely on Australia for the majority of their coking coal needs, and were faced with tight supply early this year after devastating flood

Machinery and Engineering Could Benefit For Irene

The Heavy Equipment/Machinery maker and rental companies could benefit from the reconstruction affer Irene,

U.S. industrial shares were higher in the first trading day after Hurricane Irene passed over the northeastern United States, outperforming the broader stock market.

He said makers of electrical distribution transformers will be winners as power lines are restored, naming Cooper Industries.

For engineering and construction companies, such as Quanta Services Inc and Pike Electric, the boost to demand will depend in large measure on their geographic mix. Some are more exposed to parts of the United States that were not affected by Irene.

US Regular Approves GE To Buy Converteam

WASHINGTONU.S. regulator approves General Electric to buy Converteam with condition, which a French maker of motors for oil and gasoline refineries. Both GE and Converteam make the high-efficiency motors, are sometimes the only bidders when companies seek to buy the motors.

GE’s energy business has made $11 billion worth of acquisitions in the past year, European antitrust regulators already approved that deal this July.

Converteam also makes machinery to connect renewable power sources such as wind turbines to the electric grid.

GE's energy unit, which is buying Converteam, accounted for a quarter of GE's 2010 revenue.

Other GE's ernergy deals include the $3 billion takeover of Dresser Inc, that makes gas engines used in oil production and mining.

Canada’s GDP Grow Slow Second Quarter

Canadian second-quarter growth is largely expected to have stalled after extraordinary strength in Q1, according to Japanese earthquake and tsunami The strong Canadian dollar and weak U.S. markets also hit exports.

Domestic demand is still strong y, the Retail sales grew by 0.7% in June from May, pushed up by higher auto sales. Business investment in machineryand equipment.

Besides The Japan earthquake second-quarter growth was hit by bad weather, maintenance shutdowns and a series of wildfires that helped curb energy production in May.

Canadian net exports will have 5% points from annualized growth, The Markets have largely priced in a flat GDP number so the Canadian dollar should not be affected much. The currency could be hit if the annualized second quarter figure is worse than the slight decline the Bank of Canada is already allowing for.

$1.5billion Share China Machinery Producer Go HK Stock Market

The Machinery Producer makes bulldozers, excavators and heavy trucks, secured approval from the listing committee at Hong Kong's stock exchange on Thursday,

The company joins rival Sany Heavy Industry Co Ltd and about 12 other companies that have announced plans to raise about $11.7 billion in September from share sales in Hong Kong, the world's biggest IPO market for two years running. China International Capital Corp and Morgan Stanley  were hired as joint global coordinators for the deal, with Credit Suisse Group AG, HSBC Holdings Plc, Macquarie Group Ltdand BNP Paribas SA helping to manage the offering.

Source:reuters

Thai Export Up38% In July With Great Trade Surplus

According to the Thai Customs, Thai July export up 38.3%. 

The export to Japan jumped 38% in June from a year earlier after a 30.4% rise in May as production in sectors affected by the Japanese earthquake in March have got back to normal.   

Major Thai exports to Japan include cars and car parts,electronics and machinery. Japan is also Thailand's biggest source of imports.

Base on the forecast export growth of 15% for this year while the central bank last month raised its forecast to 22.4% from 20.4%.    

The central bank raised its policy rate by 25 basis points to 3.50% on Wednesday to tame inflation; it was the ninth increase since July 2010, when it started to push up the rate from a record low of 1.25%.     

Philippines Imports Up 6.6% June,2011

Philippine imports in June climbed 6.6%, The largest import category is inputs used by the semiconductor and electronics industry, the country's biggest export sector and a major contributor to the economic imports of electronic parts fell 20.7% in June from a year earlier after a 11.2 percent annual rise in May.

Merchandise exports fell a revised 9.4% in June from a year earlier to $4.128 billion.

Manila has forecast exports to climb between 9 to 10 % this year and 12 % next year. Imports are expected to rise 17 to 18% in 2011 and 18% in 2012.

Exports grew 34% and imports 27% in 2010.

Apart from electronic parts and fuel, the Philippines' other top imports are rice, electrical and industrialmachinery, transport equipment etc…

Farm Machinery Expo In India

An all-India seminar and exhibition on ‘Recent trends in agricultural mechanisation for efficiency improvement’ will be held in the city on August 29 and 30.

The expo will be held at the Institution of Engineers campus, Vellayambalam, which provide a fantestic opportunity for farmers and the general public to get acquainted with modern agricultural equipment. It organised by the Institution of Engineers, Faculty of Agricultural Engineering of the Kerala Agricultural University, Agriculture Department, Kerala Agro Industries Corporation…

The exhibition is open to the public free of cost. The theme of seminar and exhibition is ‘A farm machine for every home.’

Ericsson Closed M2M Technology Acquisition

Ericsson has completed the asset of acquiring Telenor Connexion's M2M (machine-to-machine) technology platform; The acquisition follows Ericsson's ambition to drive the market for M2M communication.

M2M service including the Device Connection Platform and offering telecom operators a way to set up tailored M2M services for enterprise customers and is brought to market as a service providing a low initial investment in technology and a fast time to market.

Mobile connectivity is used in several M2M solutions such as smart meters and fleet management and is useful in all products with software, which can be easily upgraded when they were connected to a mobile network.

The acquisition includes Telenor Connexion's M2M technology platform and transfer of ten employees who will continue to work with development of the service offering provided on Ericsson's Device Connection Platform. Telenor Connexion also becomes the first customer to Ericsson on the platform.

ATV flail mower available with choice of engines

Cornish company Chapman Machinery has launched the FM120 flail mower, an ATV-towed unit than can be fitted with a choice of engines.

The smallest of these is a 16hp Briggs & Stratton v-twin petrol unit, but there's also a 20hp Kohler v-twin petrol option. For those who want to take the diesel path, there's a 19hp 850cc Lombardini twin-cylinder diesel engine. All are available with electric start.

The flotation tyres can be run to the side of the machine or behind it within the cutting width and the company says an experienced fitter can change between the two-wheel configurations in less than 20min.

There's a centrifugal clutch on all models to protect the engine and drivetrain if a stump or other immovable object is encountered, as well as hardened hammer flails or grass flails running on a heavy-duty rotor.

Prices start from £3,299 for the 16hp Briggs & Stratton engine, and from £4,999 for the 19hp Lombardini diesel engine.

Source:fwi

Chinese Construction Machinery Maker Gain The Initial Public Offering In Hong Kong

Chinese construction machinery maker Sany Heavy Industry has approval from the China Securities Regulatory Commission for an initial public offering in Hong Kong, Sany Heavy's plan to issue up to 1.54 billion shares in the Hong Kong offering.

Sany Heavy aims to seek approval from the Hong Kong stock exchange for the offering, potentially worth up to $3 billion.

Sany Heavy joins smaller rival XCMG Construction Machinery in tapping investors in Hong Kong for funds.

Shenzhen-listed XCMG obtained CSRC approval earlier this week for its potential $2 billion listing in Hong Kong.

XCMG will issue about 593 million shares in Hong Kong, including an overallotment option of about 77.35 million shares.

Nato Role Ended In Libyan

"NATO has done a very good job, they neutralized Gaddafi's war machine," Mahmud Nacua told reporters. "But I think their role will be over and the Libyan people will independently rebuild their country."

Asked whether he was calling on NATO to stop its military campaign, Nacua replied: "I think so, yes. There's no danger from Gaddafi and his heavy machines against our fighters."

World leaders were in no doubt that, after six months of an often meandering revolt backed by NATO air power, the disparate and often fractious rebel alliance was about to take control of the North African desert state and its extensive oil reserves.

NATO said on Sunday it would continue to enforce its U.N. mandate to protect civilians in Libya. "If we see that there are further (attempts) to attack civilians, we'll continue to enforce the mandate," a NATO spokeswoman said.

Asked whether there might now be infighting within Libya's rebel National Transitional Council, Nacua said: "From our experience in other cities, in Benghazi, in Misrata, there is no problem."

"The NTC will move soon from Benghazi to Tripoli and they will appoint a new transitional government, which will rule the country and which will serve the people in all cities."

Nacua acknowledged there might be some difficulties in the next few days "because every revolution will face some difficulties, maybe some mistakes will happen."

"There are still some pockets who support Gaddafi, maybe some fighting in some areas, but on the whole our fighters control 95 percent of the city and the country."

Nacua added that he had no news about Muammar Gaddafi but he thought he was still in Libya.

"The fighters will turn over every stone to find him, to arrest him and to put him in the court."

Source:reuters

Singapore Stock Fell On Monday

Singapore shares fell by midday on Monday, Aug 22;  At 0500 GMT, the Straits Times Index was down 0.70%, or 19.15%, at 2,714.48. The total volume of shares traded by then was 882.5 million shares and turnover was S$883.7 million.

This compares with the volume of 903.1 million shares and turnover of S$823.2 million around the same time on last Friday. Local traders said support may kick in at around 2,700 points for the rest of the session.

Markets is observing data on bond buying by the European Central Bank and debt issuance by European countries, in order determine whether euro zone's debt crisis is worsening.

Meanwhile,  OCBC gave up 1.3 %, UOB was 0.7%lower and DBS was down 0.2%. But shares of Singapore-listed Chinese shipbuilder Yangzijiang rose 3.1% after the company issued a detailed explanation of its financial results in response to concerns raised by investors.

Caterpillar Expands The Working Tool Business

According to news, Caterpillar will expand its work tools business in Wamego, Kansas, to meet the increasing demand. The factory in Wamego makes buckets, blades and other work tools that are used on CATmachinery.

It will constructure a 40,000-square-foot building in Wamego, that would bring the total manufacturing space to nearly a quarter million square feet.

There will be 120 new positions available once the new facility was fully operational, bringing the total workforce to 500 people. And it will invest $3 billion in capital expenditure in 2011.

AlbaAlbanian Miners Hunger Striking

There are over 700 mineer have downed tools since July 4, there have been a hunger strike for 25 days some 1,400 metres below ground at the operation in Bulqiza in northern Albania.

The miners rejected an offer by Albanian Chrome Sh.p.k (ACR), a division of DCM DECOmetal, for a 20-percent wage rise and other benefits on condition they resume work.

ACR said it had met all the miners' demands and accused Nikolla of holding the mine hostage.

Managers have been evicted from the site and miners and their families have blocked a key access road. Miners have also blocked a lift inside the mine to prevent police from intervening.

For this high risk job,the miners should get higher pay, Perhap the firms should get more mining machinery to replace people.

China Ming Yang Ink Great Deal For the Wind Turbine Generator

China Wind Power International Corp just ink a deal with China Ming Yang Wind Power Ltd, wind turbine mabufacturer, for the construction of its wind farm project in the Asian countries; Ming Yang will produce and instell 132 inits wind turbine generators, meanwhile providing engineering service and construction management for the 198 mw-project.

This project is expected to be completed by the mid of 2012, and once the machine fully work, it will annually generate about $38 million.

$1.3 Billion Investment For The New Cerrejon Coal Mine

Recently , Anglo American , Xstrata and BHP Billiton have approved a $1.3 billion expansion of the Cerrejon mine, The world's largest coal deposits in Colombia.

The Investment will help to increase production and export capacity by 8 million tonnes per annum (mtpa) to 40 mtpa by the end of 2015.

Construction be completed by 2013. The project will expand the mine, coal handling facilities and the port.

By the time Cerrejon contains an estimated 5 billion tonnes of coal, of which 2.1 billion tonnes are at a measured and indicated export quality status.

Canadian Corporate Profit May Fall

Canadian corporate profits are expected to fall in the second half of the year  according to the US economics talks exporters and consumer confidence weakens.

The board's leading indicator of profitability, which tracks 49 industries, compareing to first time in almost a year, falling by 0.1%.

I18 industries recorded drops in their indexes in July, the most since the autumn of 2009. Export-heavy industries closely linked to growth in the U.S. economy, such wood, chemicals and machinerymanufacturing, all declined. The insurance and real estate industries seen falling off as well.

Metso Receive Huge Order

Metso will provide a metal shredder plant to the Russian Vyksa Steel Works, The transaction will be completed in the second quarter of 2012.

Metso is a leading technology supplier of equipment for metal shredding technology. It has 30% of  market share for the world metal scrap processing capacity equipment ,annually over 150 million tons of metal scrap is processed through Metso equipment.

The metal shredder plant will process clean and dense shredded ferrous scrap from all kinds of miscellaneous scrap and car bodies. It includes a ferrous and non-ferrous processing line with an annual capacity of up to 1 million metric tons.

  

Producing steel from clean shredded scrap instead of iron ore can save more than 70% of the energy needed for the steelmaking process. Also using clean shredded scrap in steelmaking reduces pollutants to the environment by 86%. Scrap metal shredding, separation and purification for reuse is an important way of saving natural resources.

Both China and HK Gain In Stock Market On Monday

Hong Kong outperformed most Asian market as investors picked up oversold stocks hammered in last week's global selloff on concern over U.S. growth and an unresolved European debt crisis.

So said investors were trimming their exposure to export and shipping names with weak short- to medium-term earnings outlooks and rotating into ones with stronger earnings growth such as cement. He added that greater clarity in Europe and the United States should drive a rebound in Hong Kong stock.

Chinese cement giant, Anhui Conch Cement Co Ltd gained 4.9 percent ahead of its first-half earnings announcement expected after the market close on Monday. Chinese insurance giant Ping An Insurance (Group) Co of China Ltd was the benchmark's top percentage gainer, up 6.4 percent ahead of its first-half earnings announcement scheduled for Wednesday.

China's largest property insurer PICC Property & Casualty Co Ltd surged almost 10 percent in midday volume exceeding its 30-day average, nearing a two-week intraday high after it reported a near doubling in first-half earings

SHANGHAI UNDERPERFORMS, INDUSTRIALS LEAD

The Shanghai Composite Index edged up 0.2 percent to 2,597.9 points on Monday morning, with profit-taking in some large caps that led gains last week cutting gains in industrials, even as midday A-share turnover hit its lowest in more than a week.

Sany Heavy Industry Co Ltd was the top support on the Shanghai benchmark, while Shenzhen-listed XCMG Construction Machinery Co Ltd , with a market cap of almost $7 billion, gained 8.7 percent in midday volume almost twice its 30-day average.

(Source:reuters)

Tax Holiday From Indonesia

Indonesia will give a tax holiday for investors committing at least $117 million into sectors including metals and energy, an effort to spur record levels of foreign direct investment in Southeast Asia's biggest economy.    

The G20 member aims to become a world top ten economy by 2025 through boosting investment, improving infrastructure and developing industries that add value to its position as a leading producer of resources such as tin, palm oil and coal.    

Finance Minister Agus Martowardojo said he will issue a regulation later on Monday on the scheme, which will cover base metals, oil refining, petrochemicals, renewable energy,machinery and telecoms equipment.

This will exempt investors from paying taxes for between five and 10 years after their companies start operations, though the duration was still being discussed, he said. Existing investors that have operated commercially for under one year may also ask for a tax holiday, he added.

"The impact will be huge. It can help us reach our 2011 investment target," said the country's investment chief Gita Wirjawan, referring to a target to get 240 trillion rupiah of investment this year.    

       

Foreign direct investment surged 21 percent in the second quarter of 2011 from a year earlier as strong commodity prices attracted investors into the mining sector, even without a tax holiday.

       

       

(Source:reuters)

Both China and HK Gain In Stock Market On Monday

Hong Kong outperformed most Asian market as investors picked up oversold stocks hammered in last week's global selloff on concern over U.S. growth and an unresolved European debt crisis.

So said investors were trimming their exposure to export and shipping names with weak short- to medium-term earnings outlooks and rotating into ones with stronger earnings growth such as cement. He added that greater clarity in Europe and the United States should drive a rebound in Hong Kong stock.

Chinese cement giant, Anhui Conch Cement Co Ltd gained 4.9 percent ahead of its first-half earnings announcement expected after the market close on Monday. Chinese insurance giant Ping An Insurance (Group) Co of China Ltd was the benchmark's top percentage gainer, up 6.4 percent ahead of its first-half earnings announcement scheduled for Wednesday.

China's largest property insurer PICC Property & Casualty Co Ltd surged almost 10 percent in midday volume exceeding its 30-day average, nearing a two-week intraday high after it reported a near doubling in first-half earings

SHANGHAI UNDERPERFORMS, INDUSTRIALS LEAD

The Shanghai Composite Index edged up 0.2 percent to 2,597.9 points on Monday morning, with profit-taking in some large caps that led gains last week cutting gains in industrials, even as midday A-share turnover hit its lowest in more than a week.

Sany Heavy Industry Co Ltd was the top support on the Shanghai benchmark, while Shenzhen-listed XCMG Construction Machinery Co Ltd , with a market cap of almost $7 billion, gained 8.7 percent in midday volume almost twice its 30-day average.

(Source:reuters)