After a 40 percent drop in sales from October 2008 to February 2009, Materials Processing Inc. laid off workers, changed the way it sets prices and took fewer risks in the volatile commodities markets.
Caterpillar Inc., the largest maker of construction and mining equipment, said global machinery retail sales rose 13 percent in the three months through August from a year earlier on Asian and North American gains.
Ralph Whitworth’s Relational Investors LLC and California State Teachers’ Retirement System took stakes in Timken Co. to urge the bearings maker to spin off its steel unit, spurring the stock’s biggest gain since 2009.
Ralph Whitworth’s proposal to break up Timken Co. helped boost shares of the ball-bearings maker 26 percent in five months. With the stock still trading at a discount to peers, shareholders stand to more than double that gain by voting in favor of his plan in May.