Allison Transmission cuts 2013 sales outlook
Allison Transmission Inc. predicted 2013 sales declines after it closed 2012 with an inflated $514.2 million annual profit and a massive slide in sales for a key market during the fourth quarter.
Allison Transmission Inc. predicted 2013 sales declines after it closed 2012 with an inflated $514.2 million annual profit and a massive slide in sales for a key market during the fourth quarter.
More than 1,500 hourly workers in Indianapolis ratified new five-year contracts, the automotive supplier announced Thursday.
Automakers and suppliers are pumping more money into research and development at a time many of their sales departments struggle with a slowing global economy.
Members of United Auto Workers Local 933 must vote in favor of the five-year collective bargaining agreements before they would go into effect.
The commercial transmission maker's existing contracts, which were set to expire at 11:59 p.m. Wednesday, will remain in force until noon Nov. 21.
Members of United Auto Workers Local 933, which represents roughly 1,500 hourly workers, could declare a strike if negotiators do not reach an agreement with Allison Transmission by a Wednesday deadline.
Allison Transmission Holdings Inc.’s profit dropped 17 percent in the third quarter after sales slid 14 percent.
After the stock in the manufacturer of commercial transmissions bottomed at $15.82 in June, some investors began sniffing a bargain.
Allison Transmission Inc. has entered a partnership with two other companies to produce high-efficiency NuVinci CVP transmissions.
Allison Transmission Inc., the locally based maker of transmissions for trucks, buses and the military, set the interest rate it will pay on a $500 million term loan the company is seeking to refinance debt.
Allison Transmission Inc. on Monday reported earnings of nearly $413 million in the second quarter after losing $17.2 million in the same period a year ago. The Indianapolis-based manufacturer cut its full-year sales-growth forecast.
Performance varied widely as industries ebbed, flowed.
Allison Transmission Holdings Inc. saw profits rise 57 percent, to $58 million, in the first quarter, the Indianapolis-based manufacturer announced Monday. The earnings announcement was Allison’s first since it went public in March.
Factories laid off droves of workers during the recession but now struggle to find tech-savvy employees during the recovery.
Indianapolis attorneys say numerous local private firms are on the IPO sidelines, mulling whether to try to capitalize on the strengthening economy and improving investor appetite for new issues.
Allison Transmission Holdings Inc. shares rose 1.7 percent in their trading debut Thursday after the Indianapolis-based manufacturer raised more than sought in its initial public offering.
Shares of Allison Transmission Holdings Inc. are expected to begin trading Thursday, but the early reaction to the IPO from analysts is lukewarm. The locally based company’s private-equity owners are offering 21.7 million shares for $22 to $24 apiece, which could raise as much as $522 million.
When Allison Transmission Holdings Inc. a year ago filed plans to go public, it said some of the proceeds would go toward reducing billions of dollars in debt. But, in an updated filing with the SEC, the company reversed course, saying all of the more than $500 million that’s expected to be raised would go to its private-equity owners.
Indianapolis-based Allison Transmission Holdings Inc., the former parts unit of General Motors Co., is seeking to raise as much as $522 million for its private-equity owners in an initial public offering.
Net income of $103 million last year compares with a profit of $29.6 million in 2010 and a loss of $323.9 million in 2009, according to a document the transmission maker filed Feb. 17 with the Securities and Exchange Commission as part of its planned IPO.