Check out some interesting global headlines around the construction and heavy equipment industry from the past two weeks.
It's Game On at Vegas 'Dig This' (Construction Equipment Guide)
"The hosts at autoblog.com recently got the chance to check off an item off of their list of 1,000 Car Things to Do Before You Die, and that is to drive heavy equipment at Dig This, the Las Vegas Construction Equipment sandbox where “everyone from 8-108 can play.” Read more
Milwaukee's Mining Equipment Manufacturers Try to Dig out of the Hole (Milwaukee Business News)
"There have been a lot of depressing headlines for the Milwaukee-area mining equipment manufacturing operations of Joy Global Inc. and Caterpillar Inc. over the past year. Milwaukee-based Joy posted a $1.2 billion loss last year, closed its Orchard Street plant, laid off the workers in its heavy fabrication and welding departments in September, and then closed those departments in May." Read more
Why is the Oilfield Service Space Battling Bankruptcy Fears? (Market Realist)
"According to Haynes and Boone, a US law firm, more than 60 oilfield equipment and services (or OFS) companies filed for bankruptcy in 2015 and in the first four months of 2016. In aggregate, these companies had accumulated $8.2 billion in debt". Read more
XCMG to Build $250 Million Construction Equipment Base in India (Caixin Online)
"One of China's biggest building equipment makers will invest up to $250 million on a production base in India, in a bid to diversify beyond its crowded home market plagued by overcapacity. XCMG Construction Machinery Co. Ltd., a unit of China's Xuzhou Construction Machinery Group Co. Ltd. (XCMG), plans to build the 200,000-square-meter manufacturing base in Chennai, a city located on India's eastern coast off the Bay of Bengal, the company said in a June 13 filing to the Shenzhen Stock Exchange." Read more
Liebherr Group Reports Record Turnover in 2015 (Construction Week Online)
"Swiss OEM Liebherr Group has announced that its total turnover reached $10.4bn in 2015.This is the highest figure in the Group’s history and an increase of $466m, or 4.7% compared with the previous year." Read more
Mining Contractors Facing Hard Times with Credit Downgrades (Australia ABC News)
"Australia's mining contractors are facing hard times amid the end of the mining investment boom and lower commodity prices with several facing credit downgrades by ratings agencies. Mining equipment rental company Emeco and drilling firm Boart Longyear were both rated as junk status or lower investment quality by credit ratings agency Standard & Poor's (S&P)." Read more
