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Heavy Machinery & Vehicles

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Sumec sees FY 2017 net profit up about 66 pct

Thursday, 18 Jan 2018

Jan 18(Reuters) - Sumec Corp Ltd <600710.SS>:Sees FY 2017 net profit to increase by about 66 percent .Says FY 2016 net profit was 206.7 million yuan .Says increased income from newly acquired firm is the main reason for the forecast.

Zhejiang Dingli Machinery sees FY 2017 net profit up about 60 pct

Thursday, 18 Jan 2018

Jan 18(Reuters) - Zhejiang Dingli Machinery Co Ltd <603338.SS>:Sees FY 2017 net profit to increase by about 60 percent.Says FY 2016 net profit was 174.8 million yuan .Says increased sales is the main reason for the forecast.

China First Heavy Industries Expects To Return To Net Profit In 2017

Wednesday, 17 Jan 2018

Jan 17 (Reuters) - China First Heavy Industries <601106.SS>::SAYS IT EXPECTS TO RETURN TO NET PROFIT OF 84 MILLION YUAN ($13.06 million) IN 2017 VERSUS NET LOSS OF 5.7 BILLION YUAN YEAR AGO.

Melrose Says Makes 7.4 Bln Pound Firm Offer For GKN Plc

Wednesday, 17 Jan 2018

Jan 17 (Reuters) - Melrose Industries Plc ::MELROSE INDUSTRIES - FIRM OFFER FOR GKN PLC.ANNOUNCES TERMS OF ITS FIRM OFFER TO ACQUIRE ENTIRE ISSUED AND TO BE ISSUED SHARE CAPITAL OF GKN PLC.GKN SHAREHOLDERS WILL BE ENTITLED TO RECEIVE: 1.49 NEW MELROSE SHARES FOR EACH GKN SHARE AND 81 PENCE IN CASH.‍ACQUISITION WILL INCLUDE A MIX AND MATCH FACILITY​.‍CASH CONSIDERATION PAYABLE UNDER TERMS OF ACQUISITION WILL BE FUNDED THROUGH A NEW DEBT FACILITY​.BASED ON MELROSE'S CLOSING PRICE OF 234.3 PENCE PER MELROSE SHARE ON JAN 16, DEAL VALUES EACH GKN SHARE AT 430.1 PENCE.MELROSE INDUSTRIES - ‍GROUP NET LEVERAGE IS EXPECTED TO BE IN LINE WITH ITS DECLARED STRATEGY OF APPROXIMATELY 2.5X ENLARGED GROUP EBITDA AS A RESULT OF DEAL​.DEAL VALUES ENTIRE ISSUED AND TO BE ISSUED ORDINARY SHARE CAPITAL OF GKN AT APPROXIMATELY £7.4 BILLION.MELROSE - "‍MELROSE DIRECTORS, WHO HAVE BEEN SO ADVISED BY ROTHSCHILD AND RBC EUROPE LIMITED, CONSIDER TERMS OF ACQUISITION TO BE FAIR AND REASONABLE"​.

Trustees of the GKN Pension Scheme Comment On Proposed Melrose Deal

Tuesday, 16 Jan 2018

Jan 16 (Reuters) - GKN Plc ::GKN PENSION SCHEME TRUSTEES - "TRUSTEES ARE CONCERNED THAT ANY POTENTIAL PURCHASER OF GKN SHOULD BE AWARE OF RECENT FUNDING POSITION OF SCHEMES".GKN PENSION SCHEME TRUSTEES - "SCHEMES HAD AN AGGREGATE DEFICIT ON A GILTS FLAT BASIS OF £1.1BN, AGGREGATE DEFICIT ON A SOLVENCY BASIS OF £1.9BN".GKN PENSION SCHEME TRUSTEES - "ANY MATERIAL CHANGE TO CORPORATE AND CAPITAL STRUCTURE OF GKN WOULD LEAD TRUSTEES TO REASSESS STRENGTH OF COVENANT GOING FORWARD".GKN PENSION SCHEME TRUSTEES- "EXPECT FULL ENGAGEMENT WITH MANAGEMENT AND WITH ANY RELEVANT THIRD PARTIES".GKN PENSION SCHEME TRUSTEES - "SCHEMES ARE VERY SUBSTANTIAL STAKEHOLDERS IN BUSINESS WITH SIGNIFICANT LEVEL OF RELIANCE ON THE STRENGTH OF GKN COVENANT".

Texmaco Rail & Engineering Looking To Set Up Logistics Hub Cum Food Park In West Bengal

Tuesday, 16 Jan 2018

Jan 16 (Reuters) - Texmaco Rail & Engineering Ltd ::EXPLORING OPPORTUNITY FOR SETTING UP LOGISTICS HUB CUM FOOD PARK IN WEST BENGAL.

Fiat Chrysler CEO says no woman among successor candidates

Monday, 15 Jan 2018

Jan 15 (Reuters) - Fiat Chrysler Automobiles Chief Executive Sergio Marchionne tells reporters in Detroit: :THERE IS NO WOMAN AMONG CANDIDATES CONSIDERED AS HIS SUCCESSOR.WILL KEEP HIS POST AS CHAIRMAN AT CNH INDUSTRIAL FOR NOW.

GKN Says Melrose Offer Undervalues Co

Monday, 15 Jan 2018

Jan 15 (Reuters) - GKN Plc ::GKN SPOKESMAN- "GKN’S NEW CEO AND FINANCE DIRECTOR HAVE THE EXPERTISE AND COMMITMENT TO IMPLEMENT OUR TRANSFORMATION PLAN PROJECT BOOST”.GKN SPOKESMAN- "PROJECT BOOST WILL IMPROVE OUR CASH GENERATION AND PROFIT MARGINS - AND MAXIMISE VALUE FOR OUR SHAREHOLDERS".GKN SPOKESMAN- “MELROSE’S OPPORTUNISTIC OFFER TO SHAREHOLDERS FUNDAMENTALLY UNDERVALUES OUR COMPANY AND ITS PROSPECTS".GKN SPOKESMAN- “(MELROSE’S OFFER) WOULD DEPRIVE OUR SHAREHOLDERS OF THE FULL BENEFITS OF THE VALUE THAT GKN INTENDS TO DELIVER ".

Kamaz Increases Its Indirect Stake In Tutaev Motor Plant

Friday, 12 Jan 2018

Jan 12 (Reuters) - TUTAEV MOTOR PLANT ::SAYS KAMAZ <<>> INCREASES ITS INDIRECT STAKE IN COMPANY TO 67.87 PCT FROM 49.95 PCT VIA INDUSTRIAL ASSETS JSC.

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