Tim Keenan
GM Reports $11.8B in 2018 Earnings, Down 8.3 Percent from 2017
Amid continued protests over plant closings and the involuntary separation of thousands of white-collar employees, General Motors Co. today reported 2018 earnings of $11.8 billion, down 8.3 percent from the automaker’s 2017 numbers. As a result, workers can expect profit-sharing checks of more than $10,000.
Youngsoft of Wixom Acquires India’s ABSYZ Software Consulting to Bolster Project Delivery Capabilities
Wixom’s Youngsoft Inc. has acquired a majority stake in India’s ABSYZ Software Consulting Pvt. Ltd. to fortify its consulting and project delivery capabilities. Terms of the deal were not disclosed.
Hibino USA acquires Ann Arbor Lighting Company TLS Productions
TLS Productions, an audio, lighting, and rigging company, has been acquired by Hibino USA, a division of Japan’s Hibino Corp., which will give the Ann Arbor-based entity more global capabilities and increase Hibino’s U.S. presence. Terms of the transaction were not disclosed.
Michigan Chamber ‘Disappointed’ with Governor’s Environmental Oversight Executive Order
The Michigan Chamber of Commerce Monday issued a statement expressing “disappointment” in Gov. Gretchen Whitmer's executive order eliminating the recently established environmental oversight committees. The Michigan Chamber says it believes the move will reduce public access to Michigan's rulemaking and environmental permit processes.
Plymouth Township’s Freudenberg Secures Majority Interest in Battery, Fuel Cell Company XALT Energy
Freudenberg Sealing Technologies of Plymouth Township, a large auto supplier, today announced it has become majority stakeholder of XALT Energy, a Midland-based developer and manufacturer of lithium-ion technology solutions targeted for heavy-duty mobility applications.
Detroit’s Peninsula Capital Invests in American Alloy; Sells Pro-Vac Platform
Detroit-based Peninsula Capital Partners has completed an investment in precision parts manufacturer American Alloy of Spokane Valley, Wash., and has sold its interest in another Washington company, Pro‐Vac, a provider of hydro‐excavation and related services. Terms of the transactions were not disclosed.
FCA Skips Super Bowl TV Ads in Favor of Social Media Strategy; Ram Sales...
Auburn Hills’ FCA U.S. is foregoing television Super Bowl ads this weekend in favor of what it’s calling a “Big Game Blitz” strategy of advertising on digital and social media channels.
Motown Museum Hosts Second Annual Black Legacy Program Event
In honor of Black History Month, the Motown Museum said today that it will host its second annual Black Legacy Program, a public event celebrating both black multigenerational and millennial owned and operated businesses in Detroit, and honoring the entrepreneurial legacy of the Gordy family. It will take place on Wednesday, Feb. 20 from 6-8 p.m. at 12c (formerly NextEnergy), located at 461 Burroughs St.
Suburban Collection Showplace Offers Outdoorama Expanded Venue
Outdoorama will expand its floor space and offerings when it opens on Feb. 28, due to the recent 100,000-square-foot expansion at the Suburban Collection Showplace in Novi.
Automation Alley in Troy Seeking Host Plants for MI Smart Factory Tour Program
Automation Alley in Troy, the state’s Industry 4.0 knowledge center, is looking for companies with advanced manufacturing plants to host college students from across the country during its new MI Smart Factory Tour program.