After strong business in the final quarter, Schaeffler exceeded both its own and market expectations for 2020. Due to good demand from the auto industry, the auto and industrial supplier posted an adjusted EBIT margin of 11.5 percent in the group in the fourth quarter. Schaeffler achieved 6.4 percent for the year as a whole.
Fortum is planning a new battery recycling facility
The Finnish energy supplier and Uniper parent company Fortum wants to invest more in battery recycling. In February, a new processing plant is to be opened in Ikaalinen, Finland, with 20 employees and will complement the existing hydrometallurgical pilot plant in Harjavalta, the group announced.
IPO / Dr. Martens prices stocks at 330 to 370 pence – press
The Dr. Martens Ltd appears to be offering its shares in the 330 to 370 pence range in the upcoming IPO. The shoe manufacturer could thus come to a market capitalization of up to 3.7 billion pounds sterling, the equivalent of 4.2 billion euros, reports the Times of London.
Huawei plans to open plant in Alsace in 2023
The controversial Chinese telecom group Huawei wants to open a plant in Alsace in 2023. Construction work on the first production facility of this type outside of China is slated to begin this year, as Huawei Vice President Catherine Chen announced in Straburg on Tuesday. 300 jobs are to be created in the town of Brumath near the German border.
General Electric will stop losing cash in 2020
With a cash flow of $ 4.4 billion at the end of the year, General Electric managed to halt the outflow of cash altogether in 2020 and thus hit the self-imposed finish line a year earlier than planned. When the annual figures were presented, the traditional industrial conglomerate stated that the increase in cash flow was due to orders in the energy and renewable energies business units as well as improved financial efficiency. GE responded to the crisis with cost-cutting measures and downsizing in the aviation division, while at the same time streamlining the energy business.
S&P upgrades Netflix credit rating to “BB +”
The streaming service Netflix has a better credit rating than before in the eyes of the rating agency S&P Global and can expect a further upgrade. The rating was upgraded to “BB +” from “BB” with a positive outlook, as S&P announced.
Pepsico and Beyond Meat want to develop vegetarian products
The effervescent manufacturer Pepsico is teaming up with the artificial meat producer Beyond Meat. Both companies are founding the joint venture Planet Partnership, which is to develop snacks and beverages on a purely plant basis, as the companies announced.
Raytheon is cutting 1,500 more jobs
After taking over competitor Collins, the US defense company Raytheon Technologies Corp intends to cut more jobs than it already has, despite synergy targets being met. The plan is to cut another 1,500 jobs at Collins, said Chief Financial Officer Anthony O’Brien.
Regeneron antibody protects against Covid-19 for a certain time
An antibody preparation from Regeneron Pharmaceuticals Inc can reduce the risk of infection with the corona virus by half among high-risk patients. None of the participants in an ongoing study showed symptoms of a Covid 19 infection, reports the US pharmaceutical company based on an interim analysis of the study.
Twitter buys Dutch newsletter provider
The US short message service Twitter is getting stronger with the takeover of a newsletter service. According to its own statements, Twitter is buying the Dutch Revue Holding BV. The US company did not provide any financial information. The aim of taking over the start-up, which was founded in 2015, is to better network readers and authors with one another.
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(END) Dow Jones Newswires
January 26, 2021 12:41 ET (17:41 GMT)