Eli Lustgarten News
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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.
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Joy Global Inc., the world’s largest maker of underground mining equipment, said Edward L. Doheny II will succeed Michael Sutherlin as chief executive officer.
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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.
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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.
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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.
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Ingersoll-Rand Plc’s plan to spin off its commercial and residential security businesses is creating a potential target for what would be the industry’s biggest takeover on record.
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Warren Buffett’s Berkshire Hathaway Inc. disclosed a stake in Deere & Co., the world’s largest maker of agricultural equipment, as the billionaire investor’s deputies build their portfolios.
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Parker Hannifin Corp., a maker of hydraulic equipment, increased its full-year forecast after posting higher sales and profit amid a gain in North American industrial orders.
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The takeover of Cooper Industries Plc at the highest price tag for an electrical-equipment deal in more than a decade is turning Hubbell Inc. and Acuity Brands Inc. into the next potential targets.
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Caterpillar Inc., the world’s largest construction and mining-equipment maker, posted lower- than-expected profit for the first time in 10 quarters after the Japanese earthquake reduced sales and manufacturing costs rose.
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