Bangkok’s Democracy Monument was erected to commemorate the 1932 coup that ended Thailand’s seven-century reign of kings, and became a rallying point last year for protesters seeking to oust the government. Now, the landmark’s builder is going abroad for the first time in its 84- year history as political instability saps demand at home.
Four years ago, a small Chinese automaker had such big ambitions it broke ground on a $1 billion plant to make more cars than Ford Motor Co. Then reality set in and Jilin Tongtian Automobile Co.’s factory site is now a pile of rubble.
Johnson Controls Inc., seeking to reduce its reliance on the cyclical auto industry, agreed to acquire Canada Pension Plan Investment Board’s Air Distribution Technologies for $1.6 billion to add ventilation products.
Automatic Data Processing Inc., the payroll-and-benefits provider whose monthly jobs report is a U.S. economic barometer, plans to spin off its auto-dealer services unit to focus on the human-resources business.
Ally Financial Inc. investors who bought $2.38 billion of stock in an initial public offering yesterday join hedge fund manager Dan Loeb and private equity executive Stephen Feinberg seeking to profit from auto lending.