Showing posts with label restore. Show all posts
Showing posts with label restore. Show all posts

Tuesday, February 18, 2014

GM corvettes of sinkhole swallowed restore

GM corvettes of sinkhole swallowed restore
What has engulfed mother earth plans revive Chevrolet. The carmaker says that it monitor restoration of classic vehicles, which swallowed up by a giant sinkhole, national Corvette Museum in Kentucky.

General Motors design in Warren, Michigan, manage the tedious work to repair the eight price vehicles, the automaker said on Thursday.

The cars were consumed when the Earth opened early Wednesday in a display area as the Museum in bowling green, Kentucky, was closed. No injuries were reported. The Museum was opened Thursday with the exception of the area around the SINKHOLE.

Mark Reuss, GM Director of global product development, said the vehicles damaged rank as "some of the most important in the history of the automobile."

"It may just be, which is 1-millionth Corvette ever built,", he said, on one of the damaged cars. "We want to make sure as many of the damaged cars as possible be restored so that fans from all over the world, who can enjoy them."

Just like the cars out of the ground to be remains to be seen, Museum said Executive Director Wendell Strode. The local fire brigade estimated that the hole about 40 feet above and 25 to 30 meters deep. The hole below the museum open vaulted section.

"We feel pretty confident that most of the cars can be extracted," strode said. "And we hope and believe that with some luck, that all eight cars are extracted can be part of the restoration."

Chevrolet spokesman Monte Doran some cars are looking in good shape to be, while others are buried in rubble.

He said "There are likely several weeks, until we can get out the car and assessed,".

The GM design team has helped restore other historic cars, but the Corvette project sees his biggest, he said.

"These corvettes are part of our history, and they want that they properly restored" strode said. "We are thrilled that they do so."

The cars looked like toys, as they in the hole stacked in a heap in the middle of dirt and concrete fragments crashed. The museum owns six cars ZR-1-Spyder during two - a 1993 and a 2009 ZR1 Blue Devil - are on loan from General Motors.

One of the other cars damaged were 1962 black Corvette, a 1984 PPG pace car, a 1992 white 1 millionth Corvette, a 1993 Ruby Red 40th anniversary Corvette, 2001 Mallett hammer Z06 Corvette and a 2009 white 1.5 millionth Corvette.

Pictures of the sinkhole showed a reduced area of the floor with more than one car in the hole visible. A few feet away, sat undamaged other corvettes. They were later removed from the damaged area.

Sinkholes are common in the area of bowling green, sits in the middle of the country largest karst area, where many of the Kentucky run largest and deepest caves underground.

Assures the wrecked vehicles were, but probably the cover cover all cleanup costs is not said strode.

Help GM single steps forward again.

"We don't know, but what is insurance and what are covered by GM,", Doran said. "However we expect that there will be no charge for the Museum to restore the cars."

The first task is to stabilize what is within the sinkhole and nearby, strode said. Approx. 10 days that, he said. Then come the extraction by crane, but the schedule was not yet determined, he said.

The Museum has also insurance cover for damage to the structure.

A construction management firm hired, have been linked to the project to monitor and engineering teams also.

The goal is, the structural repairs in time for the Museum Corvette caravan end of August to have a celebration of the Museum 20th anniversary. Thousands of Corvette fans are likely to converge to the Museum in their models of the classic American sports car.

"People, if she are familiar with him have been she was may never be aware that something gone wrong", strode said. "It will look good."

Friday, October 28, 2011

Will Ford restore dividend payments?

DETROIT — With a key debt rating agency giving it the thumbs-up – and further hikes anticipated – Ford Motor Co. is signaling it may soon restore its dividend, a move that could, in turn, help revive the maker’s flagging stock price.


With Ford now indicating its new contract with the United Auto Workers Union will actually lower its labor costs, Fitch Ratings bumped the carmaker’s credit rating up a notch to “BB+” on Thursday, S&P taking the same step on Friday while also removing Ford from its CreditWatch. Those upgrades fall just one step short of reaching the investment grade targeted by Ford CEO Alan Mulally.


In the past, it had been expected that Ford would wait until getting that investment grade status before restoring the dividend but, during a meeting with investors, Chief Financial Officer Lewis Booth indicated the additional upgrade, “is not an absolute necessity to pay dividends.”

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If anything, analysts say such a move would pay big dividends for Ford. The quarterly payout is a requirement in some investment communities, such as insurance companies and government pension plans, according to Joe Phillippi, chief analyst with AutoTrends Consulting.


“Many can’t own stocks that don’t pay at least some returns,” he noted, adding that, “This would open up a whole new class of investors…and that could drive up the stock price.”


On mid Friday morning, Ford was trading at just over $12 a share, its price up by more than a half dollar since the news of the Fitch upgrade was announced. But while it has bounced back from its 52-week low of just $9.32 a share, Ford is still trading well below the $18.97 peak it hit over the last year.


Whether it can maintain its current momentum remains to be seen. The maker is expected to deliver a slight year-over-year decline in third-quarter revenues, though perhaps not as serious as originally anticipated, with Itay Michaeli, of Citi Investment Research, this week upping his estimate of Ford’s third-quarter earnings from 44 cents to 46 cents a share, reaffirming his “Buy” recommendation.


A consensus of analysts gathered by DailyFinance.com, meanwhile, projects a solid turn upwards during the fourth quarter.


Holding down labor costs clearly will help going forward. Earlier this week, the United Auto Workers Union announced its members had ratified the new 4-year settlement with Ford. The contract contains a few costly provisions, including a $6,000 signing bonus and annual payouts to offset inflation. Those will add up to about $360 million in new costs, according to Mark Fields, Ford’s President of the Americas.


But there were concessions, as well, the union curbing its legal assistance program and agreeing to various steps meant to enhance productivity. And while second-tier workers will wind up making another $3 an hour by the end of the contract the UAW dropped demands to combine all workers in a single, higher tier. Most newly hired hourly workers will now make the lower wages.


“The work practice changes and increased uses of entry-level employees provide the opportunity for substantial cost savings and profit improvement as demand increases,” Fields said during the meeting with investors, the company predicting that an initial 1% hike in labor costs will actually turn into a reduction in costs by the end of the agreement.


That was enough to convince the maker to expand its production in the U.S. after years of transferring operations abroad or shifting to lower-cost U.S. suppliers. In all, Ford committed to an additional $6.4 billion in new investments under the contract, while adding 5,750 UAW jobs. Combined with prior promises, Ford now intends to boost U.S. employment by 12,000.


Fields today will be announcing a $1 billion investment – part of the new contract equation — at a Ford plant in Kansas City. It has been chosen to build the Transit van currently produced in Europe. The move will include the addition of a new stamping plant.


With the maker’s sales outpacing the overall rebound in the U.S. new vehicle market, and earnings expected to keep pace, most observers anticipate further credit rating upgrades by not only Fitch but S&P and Moody’s, the two giants in the field.


Whether Ford will wait or the agencies will act first, “I anticipate the dividend will be restored within the next quarter,” predicted analyst Phillippi.



Copyright 2011 The Detroit Bureau. All rights reserved.