Voser Steps in as Interim CEO at ABB
ABB Chief Executive Ulrich Spiesshofer has quit the Swiss industrial group as the board and major shareholders look for a speedier turnaround at the maker of industrial robots and supplier of factory automation.Spiesshofer’s abrupt exit follows the launch of the biggest overhaul in ABB’s 31-year history to reposition the company more toward digital industries and agreeing to activist shareholder demands to sell its power grids business.But the latest revamp by the former management consultant failed to revitalize ABB’s stock…
Hydrogen Fuel for Zero Emission Cruise Ships
General Electric’s (GE) Power Conversion business and Nedstack, Dutch fuel cell manufacturer, have entered into a partnership to develop hydrogen fuel cell systems for powering zero-emission cruise vessels.The two companies envisage using this technology on passenger ships, replacing traditional diesel engines with fuel cells, and heavy fuel oil (HFO) with hydrogen."This partnership brings together GE’s recognized expertise in cruise electrical power and propulsion solutions plus system integration capability…
Panama Canal Appoints New Administrator
The Panama Canal Board of Directors announced the appointment of Ricaurte Vasquez as the next Panama Canal Administrator.According to a press note from the artificial 82 km waterway in Panama that connects the Atlantic Ocean with the Pacific Ocean, Vasquez will take office on September 4, 2019, succeeding current Administrator Jorge L. Quijano, who concludes his seven-year term at the helm of the waterway.The decision was made by the Board of Directors in accordance to an independent…
Advancing Digitization in Shipping
CMA CGM becomes the first ocean carrier listed on Freightos. Global freight moves towards the ‘one-stop shopping’ standard.CMA CGM Group and global online freight marketplace company Freightos have established an ambitious pilot agreement whereby CMA CGM has become the first ocean carrier listed on Freightos. Online bookings, guaranteed pricing, and secured capacity on CMA CGM China-US trade lanes are available on the platform, with further extension to additional lanes planned in the near future.For its part…
Tellurian to Start Building LNG Export Plant in 2019
U.S. liquefied natural gas company Tellurian Inc said on Wednesday it expects to start construction on its Driftwood LNG export terminal in Louisiana in the first half of 2019 and begin operations in 2023.Chief Executive Meg Gentle said in the company's third-quarter earnings that Tellurian will announce partners in the $27.5 billion project by the end of 2018.Driftwood is one of dozens LNG export projects under development in the United States seeking customers so they can start construction and enter service over the next decade to meet growing global demand for the fuel.U.S.
Scott Phillips Appointed Hiab President
Scott Phillips has been appointed President of Hiab crane manufacturing division of Cargotec group as of 1 October 2018. He will be a member of the Cargotec Executive Board and report to CEO Mika Vehviläinen. Scott Phillips joins Cargotec from General Electric where he holds the position of Vice President and CEO Mining. Prior to that, he has during his 28 years' career held various global leadership positions in the construction and mining industries, working for Sandvik and Caterpillar Inc., among others. "I warmly welcome Scott to Cargotec and Hiab.
Wabtec and GE Transportation to Merge
Wabtec Corporation has entered into a definitive agreement to combine with GE Transportation, a unit of General Electric Company. The combination will make Wabtec a Fortune 500, global transportation leader in rail equipment, software and services, with operations in more than 50 countries. Under the agreement, which has been approved by the Boards of Directors of Wabtec and GE, GE will receive $2.9 billion in cash at closing and GE and its shareholders will receive a 50.1% ownership interest in the combined company, with Wabtec shareholders retaining 49.9% of the combined company.
Port of Long Beach, GE Transportation in Data-Sharing Project
The Port of Long Beach and GE Transportation are collaborating to improve cargo flow at the busiest port complex in North America. As cargo volumes and the complexity of port operations increase, the Port of Long Beach is launching a pilot program with GE Transportation to increase visibility, enhance real-time decision-making and optimize cargo movement through the Port. Building on the success of its pilot with the Port of Los Angeles, where the solution is helping to increase visibility of incoming cargo from two days to two weeks…
Fitzgerald Named CEO of Maersk’s Container Unit
Sean S. Fitzgerald has been named Chief Executive Officer of Maersk Container Industry (MCI), effective January 1, 2018. MCI develops and manufactures refrigerated containers, dry containers and the Star Cool refrigeration machine for the global intermodal industry and is part of A.P. Moller – Maersk’s Transport & Logistics division. Fitzgerald will assume overall responsibility for the strategic direction and the entire operations of the company including its more than 5,000 employees in three container manufacturing plants in Chile and China and its R&D center in Denmark.
Petrobangla, Summit Pact for 2nd LNG Terminal
Bangladesh's State-owned Petrobangla has inked final deals with Summit LNG Terminal Co to development the country's second floating LNG terminal. The Financial Express reported that Summit group will install a Floating Storage and Re-gasification Unit (FSRU) at Moheshkhali Island in the Cox's Bazar. The terminal will have 500 million meter standard cubic feet per day (mmscfd) capacity, which would go on operation after 18 months. The cost of the second project is estimated at $400 million-500 million…
Freightos Raises $25 Mln Extension Funding
Freightos, a logistics technology company bringing freight online, has announced the completion of a $25 million Series B extension round, led by GE Ventures, with participation by additional investors that bring the company’s total funding to $50 million. The funds will be used to scale the Freightos Marketplace globally while continuing development of Freightos’ software suite of global freight pricing, routing, and sales automation. Since its July 2016 launch, the Freightos Marketplace has grown exponentially…
ABS Endows Professor at University of Michigan
A newly funded professorship in the Naval Architecture and Marine Engineering Department underscores ABS’ commitment to education. ABS has endowed the American Bureau of Shipping Professor of Marine and Offshore Design and Performance position at the University of Michigan, naming Dr. Steven Ceccio, Chair of the Naval Architecture and Marine Engineering Department, to the role. Speaking at the University of Michigan on April 14, 2016, ABS Chairman, President and CEO Christopher J. Wiernicki talked about ABS’ longstanding commitment to education.
GE to Move US Engine Plant to Canada
General Electric Co said on Monday it will move production of large, gas-powered engines to Canada from Waukesha, Wisconsin, along with 350 jobs, to access export financing no longer available in the United States. In its latest salvo aimed at persuading Congress to renew the U.S. Export-Import Bank's charter which expired in June, GE will invest $265 million in a new state-of-the-art manufacturing plant at a Canadian location yet to be determined. The facility, to open in about 20 months…
MacGregor Appoints Li as VP
MacGregor develops operations in China and strengthens its organization by appointing Zhengyu Li (Frank) as Vice President, Head of China as of October 1, 2015. Li drives the development of MacGregor business in the most important market in the marine industry. He will be a member of the MacGregor Group Executive Team and based in Shanghai. Li brings to the role more than 25 years of international business experience, during which he has held various leadership positions in successful global companies like General Electric and Caterpillar in the Asia Pacific region.
Li to Head MacGregor's China business
MacGregor develops operations in China and strengthens its organisation by appointing Zhengyu Li (Frank) as Vice President, Head of China as of 1 October 2015. Mr Li drives the development of MacGregor business in the most important market in the marine industry. He will be a member of the MacGregor Group Executive Team and based in Shanghai. Mr Li has over 25 years of international business experience, during which he has held various leadership positions in successful global companies like General Electric and Caterpillar in the Asia Pacific region.
DSM Dyneema Names President’s Successor
Gerard de Reuver has elected to step down as President of DSM Dyneema on August 1, 2015 after five years in the post, the company announced today. He will be succeeded by Golnar Motahari Pour, a German national with extensive global management experience. The transition will begin immediately, and be completed by the end of next month. As of August 1, 2015, Gerard will take on a new role in a corporate culture project, reporting to Dimitri de Vreeze, member of the DSM Managing Board. Gerard, a Dutch national, joined DSM in 2002 as Business Unit Director for Anti-Infectives.
Florida Commerce Park Primed for Panama Canal Reopening
Expansive industrial development moves quickly toward vertical in time for businesses to meet burgeoning trade implications from canal widening. Skyfarm Strategic Capital LLC (SkyFarm), a Miami-based diversified development and acquisition company, has announced that it has broken ground on Florida Commerce Park, a 100-acre industrial park in Martin County, Florida. Florida Commerce Park is one of the largest industrial developments in South Florida in recent years, encompassing up to 1.3 million square feet of industrial space.
Dredging in Hudson River Nears Completion
After six years of digging, General Electric Co. expects to finish this year removing some 2.7 million cubic yards of contaminated river sediment in upper Hudson River in Waterford under its landmark Superfund agreement with the federal Environmental Protection Agency. AP reports that long after the last barge dredging toxins from the bottom of the upper Hudson River moves on, scientists will track the slow fade in contamination levels. General Electric expects to remove enough sediment to fill two Empire State Buildings…
FairfieldNodal Names New President, CEO
Seismic data and technology company FairfieldNodal announced the appointment of Charles “Chuck” W. Davison, Jr., as its new president and CEO, succeeding Walter Pharris, who is retiring after 35 years. Pharris will continue to serve as chairman of the company’s board of directors. Davison brings with him expertise in global operations and business management. Before joining FairfieldNodal, he was senior vice president at Oceaneering International, Inc., where he had worldwide P&L responsibility for their subsea products group.
BMT, Endeavour Energy Win Africa’s LNG Import Terminal Contract
BMT Asia Pacific (BMT), a subsidiary of BMT Group Ltd, has been appointed Owners Engineer and lead design consultant by Endeavour Energy for the development of the LNG storage and regasification facility, a part of the Ghana 1000 Gas to Power Project and Africa’s first LNG import terminal. Endeavour is co-leading development with General Electric, Eranove and local partners Sage Petroleum with the aim of providing the Ghanian government with Sub Saharan Africa’s largest power park, providing more than 1000MW to the national grid once completed.
WAGO Appoints Regional Sales Manager
WAGO has announced the appointment of Jim Ratcliffe to the position of Regional Sales Manager for Colorado, Wyoming and Montana. Ratcliffe, who previously held positions with General Electric and Schneider Electric, brings a strong engineering and sales background to his new role with WAGO. Additionally, Jim holds a bachelor’s degree in engineering from the University of Florida. Beyond bolstering support for WAGO customers in the area, Ratcliffe is looking forward to helping grow WAGO’s presence in the oil and gas, renewable energy, mining, metals and minerals sector.
Rolls-Royce Marine Unit to Cut 600 Jobs
British engineering group Rolls-Royce (RR.L) said it would cut 600 jobs in its Norwegian-focused marine business in response to the lower oil price, a move it said would have a "broadly neutral" impact on 2015 profits. Rolls-Royce is in the middle of a cost-saving plan in its aero-engines business and headquarters, axing 2,600 jobs, and the streamlining of its marine business comes after a year of profit downgrades and cancelled orders. The company said that from 2016, the job cuts in marine would help generate 25 million pounds of benefits.
Merger Talks Feed Energy Sector Deal Speculation
Talks that could lead to oilfield services provider Halliburton Co buying rival Baker Hughes Inc may herald increased deal-making in the energy business as companies bet on a protracted drop in oil prices, industry bankers said. Competing service companies including National Oilwell Varco Inc and Weatherford International may also be targets, bankers and lawyers said. In any deal, the incentives will be the same: consolidation would allow them to better weather the downturn and resist pressure from oil producers to slash prices.
GE Opens Global R&D Center in Brazil
General Electric today announced the opening of the $500 million Brazil Technology Center that will focus on developing advanced subsea oil and gas technology. The center, GE’s first in Latin America, will be a hub for engagement and collaboration with GE’s customers in the region and is expected to employ 400 researchers in the future. In the twentieth century, one of mankind’s greatest feats was successfully landing on the moon more than 235,000 miles from earth. In the 21st century, mankind’s greatest feat may well be securing the world’s energy future for the next few centuries.
France Gets EU Backing for Takeover Decree
France has received EU backing for a new decree allowing the government to block foreign takeovers of French companies in strategic industries, Economy Minister Arnaud Montebourg said on Thursday. In a surprise move, the government widened in May its control over mergers in industries deemed key to France's national interests as General Electric was seeking to buy the energy assets of French group Alstom. "The European Commission in recent days notified the French government of its approval of the decree as perfectly in line with European treaties," Montebourg said in a speech.
China M&A Rulings Create Hot Competition for Antitrust Lawyers
China's increasing regulatory influence over international mergers and acquisitions has helped to create the hottest new commodity in its legal industry: anti-trust lawyers. Six years ago, China did not even have a legal system for regulating the impact of M&A on competition. Today, its Ministry of Commerce is the biggest wildcard for dealmakers trying to get a major cross-border deal past anti-trust regulators. The ministry's decision last month to reject Danish shipping group A.P.