The companies said the investment could grow to $3.1 billion as Stellantis—formed last year with the merger of Fiat Chrysler and France’s PSA Peugeot—ramps up production of electric vehicles.
Cummins: Suspending Russian operations cost it $158M in first quarter
Cummins made the disclosure in its first-quarter financial report. Profit dropped in the period, but sales hit a record high. The company also said interest in its emerging hydrogen business is growing.Read More
Allegion to acquire Stanley Black & Decker business for $900M
Security-products company Allegion, which has about 1,300 employees at its Americas headquarters in Carmel, expects to close the largest deal in its history in the third quarter.Read More
Cummins to spin off filtration business into separate public company
Columbus-based Cummins has confidentially filed paperwork with the Securities and Exchange Commission for an initial public offering for its filtration business. Cummins announced last summer that it was looking at “strategic alternatives” for the business.Read More
U.S. electric-vehicle tax credits ending for new Toyota buyers
The lack of credits is problematic for automakers shifting from petroleum-powered vehicles to batteries in the effort to reduce emissions, meet government fuel-economy standards and fight climate change.Read More
Combining 80 hours of classroom instruction with 80 hours of hands-on training, Catapult addresses entry-level skills that could lead to job opportunities along assembly lines, supply chains and in machine operations.
The forecast comes as Europe and North America look to reduce their dependency on Chinese imports and develop their own lithium production. China has enjoyed a stranglehold over the lithium supply chain.
Todd Borgmann, Calumet’s former CFO, was promoted to CEO effective this week. The move, and several other executive-level changes, were triggered by the May 1 retirement of board chairman Fred Fehsenfeld.
Kuepper Favor Co. in Peru offers party hats, foil tiaras, blowout horns, bouncy balls, plastic hand-clapping toys and more.
Efforts in North America will focus on the collaboration with General Motors Co., under which Honda Motor Co. is jointly developing two midsize to large EV models, set for sale in 2024.
The plan is to have an electric vehicle that is priced lower than the upcoming Chevrolet Equinox EV. GM plans to roll out an electric Equinox small SUV next year with a starting price of around $30,000.
The war’s damage to the auto industry has emerged first in Europe. But U.S. production will likely suffer eventually, too, if Russian exports of metals—from palladium for catalytic converters to nickel for electric vehicle batteries—are cut off.
Vertex announced this week that it has been awarded a seat on a $46 billion Air Force contract, which gives the company the right to bid on projects that fall under the contract.
An unnamed Cummins shareholder is proposing that the company separate its CEO and board chair roles, which are both held by Tom Linebarger. Cummins is recommending that shareholders vote against this proposal.
SER North America has hired 25 employees at the plant with the goal of adding 15 more by the end of the year.
The plant makes Chevrolet Silverados and GMC Sierra light duty pickups and employs more than 4,000 blue collar workers.
In Indianapolis, Rolls-Royce plans to add 150,000 square feet to the east side of its Tibbs Avenue facility, expanding and improving its testing capabilities at the site.
Indiana-based firms are struggling with how to protect their employees and their business interests in those countries while also condemning the Russian government’s actions.
Noblesville-based IDI Composites International said it plans to spend more than $24 million to build a manufacturing facility in a new business park along State Road 37, north of 150th Street.
MITO Material Solutions Inc. said it will use the investment to expand its Indianapolis operations, including new lab space for developing products and new composite material technologies.
Raytheon’s Indianapolis site is now operating under the Vertex name following a recent acquisition by Madison, Mississippi-based Vertex Aerospace, but that name is expected to change again in the months to come thanks to another acquisition.