LATEST GERMAN-AMERICAN COMPANY NEWS
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- Deutsche Bank Americas Foundation Contributes $25,000
(Market Watch)
Deutsche Bank Americas Foundation today announced a $25,000 grant to Enterprise Community Partners, a non-profit affordable housing organization that facilitates urban revitalization across the country. Enterprise will use the funds to support its Green Communities initiative, one of the largest green affordable housing efforts in the US.
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- German container firm to open Plainfield site
(plainfieldstar.com)
Schütz Container Systems, a division of the Germany-based Schütz Group, has leased space for a light manufacturing operation in an existing warehouse and distribution building in the Airwest business park. The company is expected to use the new facility to make plastic shipping containers for liquids and recycle used containers to be reused. The company is expected to move in about November. The move is expected to create about 50 jobs. Schütz is an international corporation with three main divisions, including energy systems, industrial packaging, and machine tool construction and systems engineering.
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- Shift at the top emphasizes SAP’s bottom line
(BlueRidgeNow.com)
Mr. Kagermann, the longtime chief executive of SAP, the giant maker of complex computer applications for business, is in the middle of a slow transition in which he will yield the top job entirely to Léo Apotheker, now the co-chief executive, in March.
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- Ag growth fuels $15 million Bayer expansion
(mlive.com)
Bayer CropScience, a part of the huge Bayer Group based in Leverkusen, Germany, broke ground on a $15 million expansion of its facility at 1740 Whitehall to increase the production of its herbicide Ignite. The expansion, expected to be completed by early 2009, will bring an additional 10 jobs to the 44 already at the chemical plant. Ignite is a reformulation of the company's Liberty product, which has been produced in the Muskegon facility since 1997. "This investment in Muskegon builds the foundation to further expand our Ignite brand in the United States and is an unambiguous and clear declaration of confidence in the site and its workforce," Wolfgang Welter, a manager and board member for Bayer CropScience in Germany, said.
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- American Kuhne opens new digs
(theday.com)
American Kuhne, manufacturer of plastic-extrusion machinery used worldwide, celebrated the opening of its new 26,000-square-foot headquarters Thursday at an industrial site just off Rhode Island's Exit 1 on Interstate 95. American Kuhne, which has an association with a German company called Kuhne GmbH that is locally owned, assembles the parts from local machine shops based on its engineers' designs.
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- Siemens buys digital engineering software
(EDN.com)
Siemens AG announced it will takeover innotec GmbH, a digital engineering software and services vendor based in Schwelm, Germany. The acquisition will be incorporated into Siemens’ Nurenberg, Germany-based industry automation division. Siemens boasted that the deal makes its industry automation group the first industrial equipment provider able to offer all sectors of the manufacturing and process industries system-wide solutions for integrating the entire production sequence and production lifecycle.
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- Merrill, Goldman and Deutsche Bank settle auction-rate probes
(Bloomberg)
Merrill Lynch & Co., Goldman Sachs Group Inc. and Deutsche Bank AG agreed to buy back as much as $15 billion in failed auction-rate securities and pay $160 million in fines, settling probes by state regulators. Deutsche Bank will redeem $1 billion of debt and was fined $15 million. Deutsche Bank is ``pleased to resolve this matter,'' said spokesman Ted Meyer.
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- Lanxess chooses Pittsburgh area new headquarter
(Philly.com)
German chemical maker Lanxess AG will headquarter its combined North American region near Pittsburgh International Airport. Lanxess Corp., the American subsidiary based in Findlay Township, will become the headquarters for a new regional organization that will now also include the Canadian operations of Lanxess AG.
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- German company to open mirror plant near airport
(Pittsburgh Post-Gazette)
The German-based company Flagbeg with operations in Brackenridge will open a $30 million plant near Pittsburgh International Airport designed to meet the growing demand for large mirrors used in the production of solar power. The 9,000-square-foot plant at Clinton Commerce Park in Findlay will be the first such facility in the U.S. for Flabeg, a worldwide leader in high-tech glass and mirror production, and could generate as many as 300 jobs. Flabeg currently operates a plant in Brackenridge that produces mirror glass for cars and commercial vehicles. The project will be aided by $9 million in grants and loans from the state.
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- IKB sale agreed, sources say Lone Star chosen
(Reuters)
The supervisory board of German state lender KfW has agreed to a sale of lender IKB, Germany's most prominent subprime casualty, and sources told Reuters that U.S. private equity group Lone Starhas been chosen. Finance Minister Peer Steinbrueck was speaking following a meeting in Berlin of senior members of the board of KfW, IKB's biggest shareholder. Financial sources told Reuters that Lone Star was the chosen buyer. Lone Star, KfW and RHJ International, which had been reported as a potential buyer, all declined to comment.
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- ‘World Cuisine of the Black Forest’ receives two Mid-Atlantic Emmy® Nominations
(Press Release)
City Tavern Chef/Proprietor Walter Staib’s popular cooking show ‘World Cuisine of the Black Forest’ has been nominated for two Mid-Atlantic Emmys. The Dietz & Watson®- sponsored show has received much acclaim since the first episode aired last December. For the epicurean who is passionate about food, wine and travel, the show provides a tour of this culturally rich region featuring chef Walter Staib as host and Nicole Woodruff as tour guide. Every episode will feature traditional recipes from different parts of the Black Forest as well as a glimpse of daily life.
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- Continental and Schaeffler: A perfect match
(Forbes.com)
The bickering and backstabbing are over. After much to-ing and fro-ing between the two companies, Germany's Continental and Schaeffler have finally agreed to a takeover deal that suits just about everyone. Continental, the German auto parts maker has agreed to let ball bearings producer Schaeffler buy a minority stake in the firm for 75 euros ($110.96) per share, valuing Continental at 12.1 billion euros ($17.9 billion).
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- Germany gets protective
(Forbes.com)
The German government will be able to veto and review any purchases of more than 25.0% in a domestic firm by buyers outside the European Union or European Free Trade Association, a Germany government official said Wednesday. The restrictions, which previously just applied to investments in the arms sector, are a move targeted at sovereign wealth funds, which hold around $3.0 billion in assets globally, and follow similar moves by France and the United States.
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- CPV buys wind turbines from Siemens
(Cleantech)
Silver Spring, Md.-based CPV Renewable Energy announced today that it acquired 44 wind turbines from Germany's Siemens Power Generation. CPV plans to use the 2.3 megawatt turbines for its Keenan wind project in Woodward County, Okla. Financial terms of the deal were not disclosed.
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- Broadwind Energy to supply Integrated Tower Solution to Nordex
(Fox Business)
Broadwind Energy, Inc. announced today that its wholly-owned subsidiary, Tower Tech Systems, Inc., has signed a contract with Nordex USA, Inc. to manufacture wind tower sections. Another Broadwind subsidiary, Badger Transport, Inc., received a contract to deliver the sections to various Texas locations for Nordex. These contracts mark the first for Broadwind with Germany-based Nordex, one of the world's leading turbine suppliers.
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- Joint venture plans $1.8 billion Texas offshore oil port and pipeline system
(Austin Business Journal)
Two Houston companies and a German oil storage company are teaming up to build a $1.8 billion oil port and pipeline system off the Texas coast. The Texas Offshore Port System, or TOPS, is a joint venture between Houston companies Enterprise Products Partners LP and TEPPCO Partners LP, as well as Oiltanking Holding Americas Inc., a subsidiary of Marquard & Bahls AG. The offshore port and onshore storage will have more than 5 million barrels of crude storage capacity and 160 miles of pipeline that can accommodate up to 1.8 million barrels per day. TOPS should ease the logjam of crude between ships and Texas coastal refineries, which will begin an aggressive expansion in 2010 to add 425,000 BPD of capacity.
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- Montefiore's CMO and Health Hero Network create partnership
(Market Watch)
CMO, the Care Management Company -- a subsidiary of Montefiore, a health-care system that serves over 400,000 individuals in the Bronx, New York -- has chosen Health Hero Network as a provider of home telehealth technology services for CMO's care- and disease-management programs, including its CareGuidance Medicare demonstration. Health Hero Network is a subsidiary of the Bosch Group, a diversified global corporation based in Stuttgart, Germany.
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- German pharma makes U.S. debut in Durham
(Triangle Business Journal)
Riemser Arzneimittel, a German pharmaceutical company with annual sales of about $150 million, has moved into the Triangle after purchasing the Durham-based division of Curasan AG. The unit, which has about a dozen employees, sells a line of dental products. Riemser has bought the worldwide rights to those products, which go by the trade names Cerasorb, EpiGuide and Revois. U.S. sales of the treatments were about $1.5 million during the first half of the year.
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- ThyssenKrupp faces higher investment costs in the U.S.
(Forbes.com)
ThyssenKrupp AG is facing higher investment costs for its new steel plants in Alabama, United States. Germany's largest steelmaker now expects the plant to start operations by the end of 2009, a slight delay compared with the previous schedule, due to bad weather conditions and supply bottlenecks. In the United States, ThyssenKrupp's planned $2.9 billion investment in steel production will be exceeded by 10 percent, while the budgeted $1.1 billion for investments in stainless steel production will be exceeded by between 20 percent to 25 percent.
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- T-Mobile to offer first Android smartphone
(Reuters)
Deutsche Telekom's T-Mobile USA will be the first carrier to offer a mobile phone based on Google Inc's Android software. The high-end phone, which will be made by the world's top smartphone maker High Tech Computer Corp, is expected to challenge Apple Inc's iPhone as well as other smartphones that run software from Palm Inc, Research in Motion, Microsoft Corp and Nokia Oyj. The phone is expected to go on sale in the U.S. before Christmas and perhaps as early as October, the paper said.
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- BMW recalls 200K vehicles in U.S. due to airbag issue
(CNNmoney.com)
The North American unit of German manufacturer BMW AG is recalling 200,000 cars and sport-utility vehicles because airbags on the passenger's side of the vehicles may not deploy in an accident. The recall, reported by the National Highway Traffic Safety Administration, includes 2004 and 2005 5-Series sedans, 2004 to 2006 X3 SUVs and some 2006 3-Series.
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- Freightliner to cut 100 jobs at S.C. plant
(The State.com)
A heavy truck subsidiary of German automaker Daimler says slipping customer demand is behind its plans to cut 100 jobs at a South Carolina plant. Freightliner LLC will reduce operations at its Gaffney plant to one shift next month.
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- Travel authorization needed before U.S. entry
(Press Release)
The Customs and Border Protection (“CBP”) has initiated an Electronic System for Travel Authorization (“ESTA”) for screening passengers before they begin travel to the United States. Effective January 12, 2009, this travel authorization becomes mandatory for all U.S. visitors (business/tourist) who wish to enter the United States under the Visa Waiver Program. The travel authorization must be filed online at https://esta.cbp.dhs.gov at least three days prior to departure. The travel authorization is valid for two years from the date of authorization or until the passport expires.
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- German Hochtief wins new orders worth about 212 mln euros
(Forbes.com)
The company's unit Turner has been awarded a 145 million euro contract to provide construction management for the rental car facility at Seattle-Tacoma International Airport. In addition, U.S. subsidiary Flatiron has acquired four transportation projects in California and Colorado together worth about 67 million euros.
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- Fresenius raises 289 mln euros in shares
(Reuters)
German healthcare group Fresenius SE has raised 289 million euros to fund its recent U.S. acquisition.
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- K. Thoeren quits Internationalmedia
(THR.com)
Konstantin Thoeren, head of German/U.S. film outfit Internationalmedia, resigned over the weekend, leaving the company's Los Angeles branch without management. Thoeren was CEO of IM Internationalmedia, president and chairman of Intermedia Film Equities USA, Los Angeles and president of German production house UFA International from 1995-2001, was named IM's CEO in 2007.
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- German stocks rise to six-week high
(Bloomberg)
German stocks climbed to a six-week high on speculation a stronger dollar will boost earnings at companies that depend on revenue from the U.S. Bayerische Motoren Werke AG and Daimler AG, the world's largest makers of luxury cars, led the advance. The automakers generate more than a fifth of their sales in the Americas. Heidelberger Druckmaschinen AG rallied for a fifth day. Deutsche Postbank AG, Germany's biggest consumer bank by clients, jumped the most since June.
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- GfK expands custom research network in the U.S.
(Market Watch)
The GfK Group acquired 100% ownership of US company Arbor Strategy Group (ASG), a leading strategic brand innovation consulting firm, will trade under the name of GfK Strategic Innovation in future. The takeover contributes to the growth of GfK Custom Research North America and will see new GfK locations of ASG offices in Ann Arbor, Michigan, and Chicago, Illinois. The GfK Group is the No. 4 market research organization worldwide.
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- KanAm Grund acquired the 15% interest in the Evening Star Building
(Market Watch)
Resource America, Inc. announced that it received net proceeds of approximately $18.4 million in connection with the substantial settlement of a discounted loan which was secured by a 15% interest in the Evening Star Building in Washington DC. KanAm Grund Kapitalanlagegesellschaft mbH acquired the 15% interest. KanAm Grund, headquartered in Frankfurt, Germany, was formed in May 2001 and is the first independent real estate investment company in the form of an open-ended real estate fund in Germany.
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- TELES USA and Interwork Technologies bring profit to the american market
(Market Watch)
TELES USA business unit announced it has selected Interwork Technologies as the principal North American distributor of TELES Voice over Internet Protocol and cellular gateways. Through this partnership, TELES USA and Interwork will bring the industry's leading VoIP and cellular gateway solutions to the region. TELES USA is the exclusive distributor of the complete line of German-based TELES A.G.'s VoIP and cellular products in North and Central America.
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- Curacyte Sells its subsidiary for €14.5 million
(Fierce Biotech)
Curacyte AG today announced that it has sold its wholly owned subsidiary, Curacyte Discovery GmbH based in Leipzig (Germany) to The Medicines Company. Curacyte Discovery is engaged in the development of synthetic serine protease inhibitors in the area of hemostasis and anti-coagulation. Curacyte received a payment of € 14.5 million upon signing of the agreement. In addition, Curacyte will be eligible to receive a payment of € 10.5 million when The Medicines Company progresses CU-2010 into Phase II clinical development as well as future commercial milestone and royalty payments.
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- Solon in $500 million deal with U.S. cell maker Suniva
(Reuters)
German solar module maker Solon AG has signed a $500 million supply contract with U.S. solar cell maker Suniva Inc. In an interview, Suniva Chief Executive John Baumstark said the deal would allow the two companies to collaborate on driving down the cost of solar power, while improving the efficiency of generating electricity from the sun's rays.
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- Caviar Creator: New U.S. East Coast Location, NY
(PRLog)
Caviar Creator has recently invested into the development of a new aqua culture facility on the U.S. eastern seaboard. This new location signifies Caviar Creator's ever growing dominance in the U.S. market, which represents 45 % of the world’s caviar consumers. The new aqua culture site will have 300 basins with 33 cycles, which can produce a maximum of 40 tons of caviar a year. Construction of the new facility is scheduled to cease at the end of this year and will be home to 148 employees.
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- Reinhard Franke is new senior vice president at AIG subsidiary, NY
(Business Insurance)
Reinhard Franke, who for seven years has been general manager of AIG Europe's branch in Germany and Austria, is leaving to work for American International Group Inc. in New York. Joost Vink, previously regional president for AIG in Africa, will take over in Germany and Austria. Mr. Franke's new position will be senior vice president for strategic account relationships at AIG subsidiary American International Underwriters.
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- Hessen establishes new U.S. footprint
(Market Watch)
Hessen recently established an office in the U.S. dedicated to promote direct investment from the U.S. to Hessen. Based in NY, Hessen's Economic Development Office assists companies to take advantage of the benefits currently enjoyed by 750 plus U.S. companies including GM, Google, IBM, P&G, Motorola and DuPont, generating 150,000 plus jobs.
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- Sony takes control of Bertelsmann stake for $1.2bn
(TIMESONLINE)
Sony took full control of the music company, buying out its partner Bertelsmann in a deal valuing the world's second argest music company at $2.4 billion (£1.2 billion). Bertelsmann had hoped for $1.5 billion but ended up receiving $1.2 billion in cash. The buyout has been structured in two stages. First, Sony BMG will use the $600 million on its alance sheet to buy out some of Bertelsmann's stake, while Sony will contribute the remaining $600 million to buy the rest.
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- adidas reports higher earnings, lower U.S. sales
(Press Release)
adidas AG reported a 12 percent jump in second-quarter profits but Nike's German-based rival continued to face problems in the U.S. Sales for the adidas and Reebok brands slipped by 8 percent in the first half of the year in North America, and order backlogs were flat or down.
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- 3M completes acquisition of Lingualtechnik
(Press Release)
3M announced it has completed its acquisition of TOP-Service für Lingualtechnik GmbH, an orthodontic technology and services company based in Bad Essen, Germany offering the novel Incognito brand system, a digital lingual orthodontic solution. Terms of the transaction were not disclosed. TOP will produce synergies with Lingualcare Inc., which was acquired by 3M Unitek in 2007 and sells lingual orthodontic solutions under the iBraces brand.
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- Deutsche Post dropped outsorscing deal with Hewlett-Packard
(InformationWeek)
Deutsche Post World Net has backed out of a planned IT outsourcing megadeal with Hewlett-Packard worth billions of dollars. Deutsche Post, the German logistics company and parent to DHL, chose not to finalize the contract after a six-month review. The dropped outsourcing deal called for HP to hire 2,500 Deutsche Post employees, including those working for DHL. It included taking over the operations and management of data, infrastructure, networks, and software.
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- Bayer names new U.S. CEO
(Market Watch)
The Management Board of Bayer AG announced today that Greg Babe will become President and CEO of Bayer Corporation and the Senior Bayer Representative in North America, succeeding Dr. Attila Molnar, who will retire from the company after 30 years of service, effective October 1, 2008.
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- DHL deal with UPS turns political
(Spiegel Online)
DHL, the express mail service of Deutsche Post in the US with slow business already having led the company to torpedo its US expansion plans in May. Now, facing losses of up to $1 billion this year, the company is negotiating with competitor UPS in the hopes of cooperating on air cargo. The entire Congressional delegation from the state has said it would resist any UPS-DHL deal. Republican presidential candidate John McCain and his Democratic counterpart Barack Obama have gotten into the act, each voicing concerns about possible violations of US anti-trust laws. Were DHL to fob off its air delivery to UPS, it would mean the closure of its cargo hub in Wilmington, Ohio, the biggest such hub operated by DHL worldwide.
