Textron Inc.s CEO said Friday that his aviation companys $1.4 billion purchase of Beechcraft Corp. will require restructuring and optimization of costs. But how the deal will affect thousands of employees at Beechcrafts home base in Kansas, and elsewhere, remains unclear.
Textron, Cessna Aircrafts parent company, announced late Thursday that it was purchasing Wichita, Kan.-based Beechcraft in a merger of big players in aviation.
On Friday, a Textron spokesman said it was too early to speculate on workforce size or plant consolidations.
Civic leaders seemed optimistic in Wichita, where Beechraft is one of the linchpin businesses with about 3,300 employees. The company emerged from bankruptcy earlier this year.
GM to recall 1.5 million vehicles in China
General Motors Co. and its main Chinese partner will recall almost 1.5 million cars to replace a bracket that secures a fuel pump, Chinas product quality agency said Friday.
The agency said the recall affects 1.2 million Buick Excelles made from 2006 through part of 2012 and 250,000 Chevrolet Sails produced between April 2009 and October 2011 and some made last year.
The bracket to be replaced might crack and in extreme cases cause a fuel leak, the Administration for Quality Supervision, Inspection and Quarantine said in a statement.
The recall is GMs second this year in China. In May, the government announced a recall of 2,653 imported Cadillac SRX sport utility vehicles to adjust nuts on wheels that said might loosen due to torque.
GE study: No need for more Hudson dredging
General Electric Co. said Friday a study requested by New York state Comptroller Thomas DiNapoli shows no need for it to voluntarily expand dredging already underway in a portion of the upper Hudson River contaminated with PCBs.
GE said the scientific and legal analysis shows wildlife in the area is healthy, and any concern about the company getting hit with future liabilities for environmental damage is speculative.
DiNapoli had asked for the review in a shareholder resolution as trustee of the state pension system. He withdrew the resolution after Fairfield, Conn.-based GE agreed to the study earlier this year.
Environmentalists have long been pressing for additional dredging of contaminated sections outside the current Superfund cleanup site north of Albany.
North American Hyundai exec resigns
John Krafcik, the president and CEO of Hyundai Motor America, is stepping down next week after five years at the helm, the company announced Friday. He will be replaced by David Zuchowski, the current executive vice president of sales who joined the company in February 2007.
When Krafcik became CEO of American operations in 2008, the South Korean automakers cars were ugly and often broke down. During his tenure, he pushed through quality, style and fuel efficiency improvements to help drive up sales. Hyundai Sonata midsize cars and Elantra compacts became top sellers.
Hyundai had already started to change before Krafcik arrived, offering a 10-year, 100,000-mile warranty with its cars. But the transformation from joke to juggernaut accelerated under his watch.