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☆ Trucking firm XPO to buy bankrupt Yellow's service centers for $870 mln
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

Yellow Corp. trailers sit idle at a YRC shipping facility in North Reading, Massachusetts, U.S., August 16, 2023. REUTERS/Brian Snyder/File Photo Acquire Licensing RightsDec 5 (Reuters) - Trucking company XPO Inc (XPO.N) won a bid to buy 28 service centers of bankrupt Yellow Corp for $870 million in a closely watched auction of the nearly 100-year-old firm's assets. Yellow, formerly known as YRC, filed for Chapter 11 bankruptcy protection in August after blaming the International Brotherhood of Teamsters union for its demise. The U.S. Bankruptcy Court in Delaware will hold a hearing on Dec. 12 to approve the bids. Yellow's bankruptcy process was closely watched after its demise potentially saddled U.S. taxpayers with losses stemming from a government rescue.

Persons: Brian Snyder, XPO, Jonathan Chappell, XPO's, Aishwarya Jain, Pooja Desai, Krishna Chandra Organizations: Yellow Corp, REUTERS, Trucking, XPO Inc, International Brotherhood of Teamsters, Walmart, Evercore ISI, Estes Express Lines, Swift Transportation Holdings, U.S, Bankruptcy, Thomson Locations: North Reading , Massachusetts, U.S, North America, Delaware

☆ Canadian union Unifor, Magna resume bargaining after strike at seating plant
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

Magna logo is during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. REUTERS/Wolfgang Rattay Acquire Licensing RightsNov 9 (Reuters) - Canadian labour union Unifor said on Thursday it has returned to the bargaining table with Magna International (MG.TO) after workers staged a walkout at the auto parts supplier's Integram seat manufacturing facility in Windsor. Unifor members at the facility had launched a strike on Wednesday after Magna was unable to reach a tentative deal before the strike deadline of Nov. 7. Magna's Integram plant manufactures seating for vehicles at Stellantis' (STLAM.MI) Windsor assembly plant as well as other Detroit Three plants in the United States. Unifor members at the Integram facility had previously voted 99% in favour of strike action.

Persons: Wolfgang Rattay, Unifor, Aishwarya Jain, Shounak Dasgupta Organizations: Munich, REUTERS, Magna International, Magna, Thomson Locations: Munich, Germany, Windsor, Detroit, United States, Bengaluru

☆ Highlights of UAW's deals with Detroit Three automakers
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

The logo of Ford is seen on a 2020 Ford Explorer car at Ford's Chicago Assembly Plant in Chicago, Illinois, U.S. June 24, 2019. REUTERS/Kamil Krzaczynski/File Photo Acquire Licensing RightsNov 8 (Reuters) - Workers at Ford's (F.N) Chicago assembly plant have voted to ratify a proposed contract with the automaker, the United Auto Workers (UAW) union's local chapter said on Wednesday. Union workers are voting on contracts from each of Chrysler-owner Stellantis (STLAM.MI), General Motors (GM.N) and Ford after the first coordinated strike against Detroit's Big Three automakers. The ratification comes after the automakers and the UAW reached tentative deals over the last few weeks to end a costly strike following marathon negotiations. Following is a roundup of tentative agreements and demands from the UAW:Source: UAW statementsReporting by Nathan Gomes, Aishwarya Jain and Abhinav Parmar in BengaluruOur Standards: The Thomson Reuters Trust Principles.

Persons: Kamil Krzaczynski, Stellantis, Nathan Gomes, Aishwarya Jain, Abhinav Parmar Organizations: Ford, Plant, REUTERS, United Auto Workers, UAW, . Union, Chrysler, General Motors, Detroit's Big, Thomson Locations: Chicago , Illinois, U.S, Chicago, Bengaluru

☆ Taser maker Axon raises full year revenue outlook
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +1 min

The headquarters for Axon Enterprise Inc, formerly Taser International, is seen in Scottsdale, Aizona, U.S., May 17, 2017. REUTERS/Ricardo Arduengo Acquire Licensing RightsNov 7 (Reuters) - Taser maker Axon Enterprise (AXON.O) on Tuesday raised its full-year revenue forecast on strong demand for its software products and newly launched TASER 10. The company now expects full-year revenue of about $1.55 billion, compared with its previous forecast of $1.51 billion to $1.53 billion. Axon's international revenue jumped 52% in the third quarter on the back of increased presence in Europe following the acquisition of Brussels-based Sky-Hero in June. The company posted total quarterly revenue of $413.6 million, compared with estimates of $391.1 million in the quarter.

Persons: Ricardo Arduengo, Aishwarya Jain, Shounak Dasgupta Organizations: Enterprise Inc, REUTERS, Thomson Locations: Scottsdale, Aizona, U.S, North America, Europe, Australia, Brussels, Arizona

☆ UAW members at General Dynamics plants ratify new tentative agreement
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +1 min

Nov 6 (Reuters) - The United Auto Workers (UAW) union on Monday said members at the General Dynamics (GD.N) plants at Ohio, Michigan and Pennsylvania have voted to ratify a new tentative agreement. Like its peers, General Dynamics has struggled with supply and labor shortages at a time when weapons demand is on the rise due to the war in Ukraine, conflict in the Middle East and tensions in U.S.-China relations over Taiwan. UAW members at the company make military vehicles including tanks and light armored vehicles, according to the union. In the latter half of October, the UAW, in separate strike actions, had reached tentative agreements with the Detroit Three automakers, General Motors (GM.N), Ford (F.N) and Stellantis (STLAM.MI). Reporting by Aishwarya Jain; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Aishwarya Jain, Krishna Chandra Organizations: United Auto Workers, UAW, General Dynamics, Dynamics, Detroit Three, General Motors, Ford, Thomson Locations: Ohio , Michigan, Pennsylvania, Ukraine, U.S, China, Taiwan

☆ Unifor members ratify new contract with Stellantis in Canada
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsNov 6 (Reuters) - Canadian labor union Unifor said on Monday its members voted in favor of a new contract with Chrysler-parent Stellantis (STLAM.MI). Unifor reached a tentative deal with Stellantis on Oct. 30 after a brief strike at the Franco-Italian automaker's facilities in Canada. The agreement was ratified after positive votes from members at Stellantis facilities in Windsor, Brampton, Etobicoke, Mississauga and Red Deer. Unifor used the "pattern bargaining" approach in its talks with the automakers, reaching a deal first with Ford (F.N) and General Motors (GM.N). Meanwhile, more-than-a-month old strike by the United Auto Workers (UAW) union against the Detroit Three automakers in the United States also ended in October.

Persons: Gonzalo Fuentes, Unifor, Stellantis, Aishwarya Jain, Shivansh, Shounak Dasgupta Organizations: REUTERS, Chrysler, Stellantis, Franco, Detroit Three, Dodge, Ford, General Motors, United Auto Workers, UAW, Thomson Locations: Saint, Yvelines, Paris, France, Italian, Canada, Windsor , Brampton, Etobicoke, Mississauga, Red Deer, Brampton, Ontario, United States, Bengaluru

☆ Sensor maker TE Connectivity beats profit target on steady demand from EV makers
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +1 min

Employees hold a plate with components at TE Connectivity in Woerth, Germany, February 16, 2022. REUTERS/Lukas Barth Acquire Licensing RightsNov 1 (Reuters) - TE Connectivity (TEL.N) beat Wall Street expectations for fourth-quarter profit on Wednesday as demand for its sensor technology was buoyed by steady sales of electric vehicles (EVs) across the globe. Customers have been increasingly turning to EVs as governments around the world implement regulations to incentivize cleaner modes of transport. It expects an adjusted profit of $1.70 in the quarter, in line with Wall Street expectations. In the fourth quarter, total net sales stood at $4.04 billion, down 7% from a year earlier, but beat analysts' average expectations of $4.01 billion.

Persons: Lukas Barth, Aishwarya Jain, Shivansh, Shinjini Organizations: REUTERS, Thomson Locations: Woerth, Germany, Switzerland

☆ U.S. defense firm Teledyne raises 2023 profit target, beats Q3 earnings view
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

Oct 25 (Reuters) - U.S. defense contractor Teledyne Technologies (TDY.N) on Wednesday raised its full-year profit forecast after reporting better-than-expected quarterly earnings on strong performance in its business that makes monitoring and control equipment. Teledyne, which owns drone maker FLIR systems, also reported an 8.1% rise in its aerospace and defense business amid rising geopolitical tensions. The Pentagon has awarded lucrative contracts to refill its depleted weapons stockpile after shipping aid to Ukraine, adding to sales at U.S. defense contractors. California-based Teledyne expects a full-year profit of $15.82 to $15.96 per share, compared with its previously forecast range of $15.66 to $15.88. In the third quarter ended Oct. 1, Teledyne reported a quarterly profit of $5.05 per share, compared with analysts' estimates of $4.76.

Persons: Aishwarya Jain, Shinjini Organizations: Teledyne Technologies, Teledyne, Pentagon, U.S, Thomson Locations: Ukraine, California

☆ Fortive acquires German manufacturer Elektro-Automatik for $1.45 bln
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +1 min

Oct 23 (Reuters) - Industrial technologies company Fortive Corporation (FTV.N) on Monday said that it entered into a definitive agreement to acquire German manufacturer EA Elektro-Automatik Holdings GmbH for $1.45 billion in cash. Elektro-Automatik makes test solutions for energy storage, mobility, hydrogen, and renewable energy markets. Reuters reported earlier this month that Emerson Electric Co (EMR.N) and Keysight Technologies Inc (KEYS.N) had also expressed interest in buying the German manufacturer. Fortive expects to fund the acquisition with available cash and debt financing. Reporting by Aishwarya Jain; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Aishwarya Jain, Dhanya Ann Thoppil Organizations: Fortive Corporation, EA, Automatik Holdings, Reuters, Emerson Electric Co, Keysight Technologies, Thomson

☆ United Airlines' pilots accept new labor contract
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

United Airlines pilots protest for a new contract in downtown Chicago, Illinois, U.S, April 19, 2023. REUTERS/Caroline Stauffer/File Photo Acquire Licensing RightsSept 29 (Reuters) - United Airlines' (UAL.O) pilots have ratified a new four-year contract that includes a significant pay increase and other benefits, the union representing the pilots said on Friday. A committee represented by the Air Line Pilots Association, International (ALPA) reported 82% of the airline's pilots voted in favor of a new comprehensive working agreement that adds more than $10 billion of value to the existing contract. Pilot shortages in the United States have been persistent and are expected to last for years after many aviators left the industry during the pandemic. Analysts at Jefferies estimate the United States has a shortage of about 10,000 pilots.

Persons: Caroline Stauffer, ALPA, Aishwarya Jain, Shivansh, Shinjini Organizations: United Airlines, REUTERS, Air Line Pilots Association , International, Jefferies, United, Delta Air Lines, Thomson Locations: Chicago , Illinois, U.S, Chicago, United States

☆ U.S. airlines flag high fuel costs, Southwest's August bookings disappoint
▼ + stars: | 2023-09-06 | by ( Mehr Bedi | ) www.reuters.com time to read: +2 min

[1/2] A Southwest Airlines aircraft flies past the U.S. Capitol before landing at Reagan National Airport in Arlington, Virginia, U.S., January 24, 2022. REUTERS/Joshua Roberts/File Photo Acquire Licensing RightsSept 6 (Reuters) - Southwest Airlines (LUV.N) on Wednesday flagged softer August leisure bookings and joined two other U.S. airlines in warning of higher fuel costs in the third quarter due to a jump in crude prices. United Airlines (UAL.O) and Alaska Air Group (ALK.N) also warned of higher fuel costs in the current quarter as crude oil prices rose for a third straight month in August, amid signs of tightening supply. In a regulatory filing, United said jet fuel prices have climbed over 20% since mid-July. U.S. airlines do not generally hedge against fuel costs, making them vulnerable to price swings.

Persons: Joshua Roberts, Gerald Laderman, Stephen Trent, Mehr Bedi, Abhijith, Aishwarya Jain, Pooja Desai Organizations: Southwest Airlines, U.S, Capitol, Reagan National Airport, REUTERS, United Airlines, Alaska Air Group, United, Cowen Transportation Conference, Alaska Air, Citi Research, Thomson Locations: Arlington , Virginia, U.S, Denver, Chicago, Southwest, Bengaluru

☆ Penn Entertainment beats profit estimates on rising demand for sports betting
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

Aug 9 (Reuters) - Penn Entertainment (PENN.O) reported a better-than-expected quarterly profit on Wednesday, as visitors return to its casinos and demand for online sports betting rises. Shares of the company rose ~15% in premarket hours. Sports betting is live in 34 states and Washington, D.C. and is legal but not yet operational in another four, according to the American Gaming Association. Revenue from Penn's "Interactive segment," which includes online sports betting, increased 66.2% in the second quarter ended June 30. Penn reported a net profit of 48 cents per share for the reported quarter, compared with expectations of 42 cents per share, as per Refinitiv data.

Persons: Walt Disney's, Jay Snowden, Penn, Aishwarya Jain, Shailesh Organizations: Penn Entertainment, Tuesday, ESPN, ESPN Bet, Sports, American Gaming Association, Revenue, Penn's, Thomson Locations: United States, Washington

☆ Security firm ADT's commercial unit to be taken private by GTCR for $1.6 bln
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: 1 min

A security sign for ADT is seen outside a home in Port Washington, New York, September 30, 2014. REUTERS/Shannon Stapleton/File PhotoAug 8 (Reuters) - Home and small business security firm ADT (ADT.N) said on Tuesday it will sell its commercial security, fire and life safety unit to private equity firm GTCR for $1.6 billion. ADT expects to use the net proceeds of about $1.5 billion from the deal to cut debt. "This transaction is mutually beneficial for ADT and ADT Commercial, which will benefit from GTCR's support and expertise," ADT CEO Jim DeVries said. Reporting by Aishwarya Jain; Editing by Savio D'Souza and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Shannon Stapleton, Jim DeVries, Aishwarya Jain, Savio D'Souza, Arun Koyyur Organizations: REUTERS, ADT, Thomson Locations: Port Washington , New York

☆ Stanley Black & Decker posts narrower-than-expected quarterly loss on cost cuts
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Aug 1 (Reuters) - Stanley Black & Decker (SWK.N) reported a lower-than-expected loss in the second quarter on Tuesday, as cost cut measures cushioned a hit from cooling demand for its power tools. The industrial tools maker last year cut 1,000 jobs in an effort to trim costs, according to media reports. Stanley Black & Decker, whose primary customers include home improvement chain Lowe's (LOW.N), construction businesses and aerospace manufacturers, now expects a 2023 net loss of between 50 cents and $1.25 per share, down from 60 cents to $1.65 it forecast previously. On an adjusted basis, the company posted a quarterly loss of 11 cents per share, compared with Refinitiv IBES estimates for a loss of 37 cents. Reporting by Aishwarya Jain; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Stanley Black, Decker, Aishwarya Jain, Shinjini Organizations: Thomson Locations: Britain , Connecticut

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