Cambridge UK industrial technologies business Johnson Matthey is predicting that performance for 2016-17 will be ahead of last year as a result of a major restructuring that has clipped costs by £34 million. Its divisional overhaul is already paying dividends, according to chief executive Robert MacLeod. He said the performance in challenging markets in the…
Munich Reinsurance Co. Munich Reinsurance Co.’s ailing primary insurance unit, ERGO Insurance Group, said Wednesday that it plans to lay off 1,800 employees as part of a $1.1 billion restructuring plan. The plan, which is scheduled to be completed by 2020, also includes exiting 18 locations in Germany and bulking up its digital capabilities, Duesseldorf,…
Wolseley announced in March that it would be closing 15 branches and cutting a couple of hundred jobs in the UK, and now plans to step up its restructuring plan. In its outlook, it said: We have committed to further restructuring in the UK and Europe, bringing the total expected costs for the full year…
On top of dwindling orders, weak cash position. Things are heading south quickly for Cosco Corp Singapore (Cosco) as analysts outlook grow more bearish over the business leveraged position, problematic cash flow, and complicated restructuring efforts. According to a report by OCBC, new orders have dwindled for the group. The past few years have seen…
The parent company of BMO Harris Bank is trimming about 4 percent of its workforce company-wide in a restructuring prompted partly by declining branch transactions. The Bank of Montreal employs about 251 employees across 37 branches in the Indianapolis metropolitan area, according to an IBJ survey of local banks conducted in early May. If the…
Munich Reinsurance Co. Munich Reinsurance Co.’s ailing primary insurance unit, ERGO Insurance Group, said Wednesday that it plans to lay off 1,800 employees as part of a $1.1 billion restructuring plan. The plan, which is scheduled to be completed by 2020, also includes exiting 18 locations in Germany and bulking up its digital capabilities, Duesseldorf,…
By Zoe Sophos Vice President Joseph Biden delivers remarks at the U.S.-China Strategic and Economic Dialogue Joint Opening Session at the U.S. Department of State in Washington, D.C., on July 10, 2013. US and Chinese government officials are gearing up for the eighth annual Strategic and Economic Dialogue (S&ED) next week in Beijing. Priority issues for negotiators…
MIDLAND, MI Between The Dow Chemical Co.’s anticipated takeover of its subsidiary Dow Corning Corp. and 100 unexpected layoffs at XALT Energy in Midland, Wednesday became a game-changer for the economy of the Great Lakes Bay Region. Both announcements, though unrelated, have a big impact on region, said Mathew Felan, president and CEO of the Great Lakes…
NEW YORK–(BUSINESS WIRE)–Cowen Group, Inc. (NASDAQ:COWN) (Cowen or the Company) today announced that Cowen and Company recently received two awards at the Global M&A Networks 8th Annual Turnaround Atlas Awards: Boutique Restructuring Bank of the Year Special Situation M&A Deal of the Year These awards honor the achievements of outstanding firms and professionals within the…
Amid growing uncertainties on the potential impact of corporate restructuring, South Koreas large companies projected a negative outlook on business conditions for next month. The Federation of Korean Industries(FKI) on Monday released a survey on the nations top 600 companies in terms of sales, which estimated their business sentiment index (BSI) for June at 94-point-eight. It is…