Industry News

Hormel Foods Corp. CEO Jeffrey Ettinger will retire, the company said Tuesday, ending a decadelong tenure in which he adapted the food maker to shifting consumer tastes, nearly doubling its sales and more than quadrupling its market value. The board of directors voted to promote James Snee, its president and chief operating officer, to succeed him. The transition will occur at the end of October, when Hormel finishes its fiscal year."/>
Ettinger to retire as Hormel CEO, Snee to succeed as food maker's transition plan kicks in [Star Tribune (Minneapolis)]
Northrop Grumman that the Hogan administration has pushed, as soon as Republican Gov. Larry Hogan testifies personally that he wants it. The governor immediately declined the unusual invitation, prolonging the uncertainty about whether the state will deliver on a promise to one if its biggest employers."/>
Hogan invited to testify in support of Northrop Grumman deal [The Baltimore Sun]
Volkswagen AG plans to take a 16.6 percent stake in Navistar International as part of a wide-ranging alliance that gives the struggling Lisle-based manufacturer access to products and services of the German vehicle-maker's truck and bus business. However, the deal is not expected to have any local job impact. Navistar will receive a $256 million equity investment from VW, which will pay $15.76 a share."/>
Volkswagen buying $256M stake in Navistar [Chicago Tribune]
Hormel Foods Corp. CEO Jeffrey Ettinger will retire, the company said Tuesday, ending a decadelong tenure in which he adapted the food maker to shifting consumer tastes, nearly doubling its sales and more than quadrupling its market value. The board of directors voted to promote James Snee, its president and chief operating officer, to succeed him. The transition will occur at the end of October, when Hormel finishes its fiscal year."/>
Ettinger to retire as Hormel CEO, Snee to succeed as food maker's transition plan kicks in [Star Tribune (Minneapolis)]
United Technologies Corp., which has previously addressed customer complaints about the next-generation engine touted for using less fuel and operating more quietly than its competitors. Bombardier is working..."/>
Bombardier Cites Engine Delays By Pratt & Whitney [The Hartford Courant]
Valmont Industries, Inc. has declared a quarterly dividend of 37.5 cents per share payable on October 14, 2016 to shareholders of record on September 30, 2016. The dividend indicates an annual rate of $1.50 per share. Valmont is a global leader, designing and manufacturing engineered products that support global infrastructure development and agricultural productivity."/>
Valmont Board Declares Quarterly Dividend
Austal-built Independence-class LCS, experienced engineering problems while on patrol in the Western Pacific."/>
Navy orders LCS engineering retraining after failures on Austal and Lockheed-built ships [Alabama Media Group, Birmingham]
Navistar has been one of the most well-known manufacturing companies in the country, from its earlier years in agricultural products to today with its truck manufacturing ranging from school buses to military trucks. Its Springfield plant has played a large role in the company and currently employs more than 1,500 people. The truckmaker has now formed a partnership with Volkswagen."/>
Navistar-VW deal: 5 little-known facts about Navistar [Springfield News-Sun, Ohio]
Experian Automotive. The total balance of all outstanding auto loans reached $1.027 trillion between April 1 and June 30, the second consecutive quarter that it surpassed the $1- trillion mark. More consumers also are turning to leases, which..."/>
Car buyers borrowing more than ever with loans topping $1 trillion [Detroit Free Press]

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