Deal says suppliers will move to state
ATLANTA — Gov. Nathan Deal says he expects that several Caterpillar suppliers will relocate to Georgia to be near the 1 million-square-foot-facility the company is constructing near Athens.
Caterpillar has said the manufacturing facility is expected to employ 1,400 workers once it’s fully operational. Caterpillar announced Tuesday another 50 to 75 jobs it is creating in the Savannah area.
Deal, speaking at a panel discussion at the Georgia Chamber of Commerce’s annual State of the Ports luncheon, said the Peoria, Ill.-based company helped him meet 10 of its suppliers during a recent trade mission to Japan. He predicted “a good many” would locate in Georgia. He said the company has made it clear they that want their suppliers to be close to where they are.
General Motors to cut jobs in Europe
DETROIT — Shares of General Motors surged Wednesday after the company announced big job cuts in Europe and reported third-quarter earnings that were far better than Wall Street expected.
The Detroit company said it has cut 2,300 jobs in Europe this year and wants to trim 300 more, part of a larger plan to reduce costs and raise revenue in the struggling region with new vehicles that are more appealing to buyers.
Despite the moves, General Motors Co.’s net profit fell 14 percent as European losses widened and North American earnings dropped because of falling pension income and higher warranty costs.
In other news
EASTMAN KODAK’S losses widened to $312 million in the third quarter as the photo and printing company struggles to emerge from bankruptcy protection. The loss reported late Tuesday compares to a loss of $222 million at the same time last year.
VISA BEAT WALL STREET’S expectations and made $1.7 billion for the fiscal fourth quarter, which covered July through September, or $2.47 per share. That was nearly double the $880 million that it made in the same period a year ago.
MASTERCARD’S NET income rose strongly in the third quarter as its overseas business thrived, the company said Wednesday. It processed 8.7 billion transactions, an increase of 24 percent over last year.
– Associated Press