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DOT releases infrastructure analysis
Transportation Secretary Anthony Foxx with Google Chairman Eric Schmidt unveiled “Beyond Traffic,” a forward-looking infrastructure analysis from the U.S. Department of Transportation (DOT). The analysis is “offered to the public as a draft to ignite a national conversation about the future of the U.S. transportation system and to objectively frame critical policy choices that need to be made,” DOT reports. The report addresses issues such as population growth, freight volume, technological changes, climate changes and investments. It is written in three parts, says DOT, with the first part addressing major trends shaping the U.S. transportation system, the second discussing trends for modes of transportation, and the third describing a possible future scenario for U.S. infrastructure. “For too long, our national dialogue about transportation has been focused on recreating the past,” says Foxx. “Instead, we need to focus on the trends that are shaping our future. In Washington, in state capitals and in city halls, it is time to sound the alarm bell: the future is calling. ‘Beyond Traffic’ gives us… Keep Reading
Obama proposes six-year, $478 billion infrastructure budget
President Barack Obama proposed a 14 percent tax on overseas profits that would raise $238 billion over six years and create a $478 billion infrastructure budget, the National Stone, Sand & Gravel Association reports. “This transition tax would mean that companies have to pay U.S. tax right now on the $2 trillion they already have overseas, rather than being able to delay paying any U.S. tax indefinitely,” a White House official said. The official also said the tax would encourage firms to create more jobs in the U.S. According to the White House, the $238 billion would be used to fund a broader $478 billion public works program of road, bridge and public transport upgrades. The remaining $240 billion would come from the federal Highway Trust Fund, which is financed by gas taxes, NSSGA reports. “The aggregates industry welcomes the president’s proposal because it focuses much needed revenue to rebuild our nation’s crumbling infrastructure," says Michael Johnson, president and CEO of NSSGA."While this approach avoids some of the political difficulties… Keep Reading
Continental acquires Veyance after CADE approval
Continental concluded its acquisition of U.S. rubber company Veyance Technologies after receiving approval from Brazilian antitrust authority CADE (Council for Economic Defense). The transaction is valued at 1.4 billion euros. Veyance specializes in producing conveyor belts, hoses and power transmission belts, and the company operates 27 plants around the world. In 2013, Continental and Veyance together achieved sales totaling 5.4 billion euros. “By integrating Veyance in our ContiTech division, we are expanding our global position in rubber and plastics technologies,” says Dr. Elmar Degenhart, chairman of Continental’s executive board in Hanover. “In addition, this acquisition will bring Continental a significant step closer to its strategic goal of further increasing the proportion of industrial and end-customer business in its sales. Continental has financed the acquisition entirely from liquid funds and available lines of credit. Veyance will make an immediate positive contribution to the corporation’s profitability.” Because of structural concerns expressed by some antitrust authorities, Continental will divest Veyance’s air springs business in NAFTA and its current steel-cord belting business in Brazil. Keep Reading
U.S. Senators to introduce bipartisan transportation bill
U.S. Senators Barbara Boxer (D-Calif.) and Rand Paul (R-Ky.) announced that they will be introducing the “Invest in Transportation Act of 2015,” which would extend the Highway Trust Fund, boost economic growth and create jobs. The legislation would allow companies to voluntarily return their foreign earnings to the U.S. at a tax rate of 6.5 percent and would ensure that a portion of the repatriated funds would be used for increased hiring, wages and pensions. In addition, through the bill, all tax revenues from the repatriation program would be transferred into the Highway Trust Fund. The senators released a white paper detailing their proposal, which will be introduced in the coming weeks. “This bipartisan repatriation proposal is a win-win for our economy and our country,” says Boxer. “First, it will bring back hundreds of billions of dollars in foreign earnings that are sitting offshore, which can be invested here in America to create jobs. Second, the taxes paid on those earnings will be used to extend the Highway Trust Fund,… Keep Reading
MSHA begins inspections for high-fatality occupations
In a stakeholder conference on Friday, MSHA administrator Joseph Main announced that MSHA will begin inspections for high fatality mining occupations, including truck drivers, supervisors and contractors on Feb. 2, says the Illinois Association of Aggregate Producers (IAAP). These occupations have seen the most fatalities in the last 16 months, IAAP reports. During the call, MSHA provided listeners with compliance assistant material, including a PowerPoint presentation and a set of talking points on the new initiative. According to IAAP, Main said the images and information illustrate the hazards that MSHA inspectors will be focused on. In addition, he said inspectors will want to talk with miners, truck drivers, supervisors, laborers and contractors during the inspections. Keep Reading
Liebherr signs Heavy Machines as distributor
Liebherr Construction Equipment signed a distribution agreement with Heavy Machines Inc. Heavy Machines will now be a dealer for Liebherr equipment in Maine, Tennessee and Louisiana. “The new agreement with Liebherr will allow us to continue to focus on our diverse range of niche markets and continue to fulfill our customer needs for specialized equipment,” says Rich Wilson, CEO of Heavy Machines. “We are looking forward to our mutual success and the continued growth of the Liebherr brand in both our existing and new territories.” Keep Reading
Senate EPW urges for agreement on long-term highway bill
The Senate Environment and Public Works Committee began its transportation reauthorization efforts Jan. 28 with a hearing featuring Transportation Secretary Anthony Foxx and the governors of Alabama and Vermont, as well as the South Dakota Secretary of Transportation. Members at the hearing urged for a long-term highway bill solution. During the hearing, Sen. David Vitter (R-La.) concluded that Congress has three options for fixing the Highway Trust Fund: a gas tax hike paired with a tax cut of some other type, repatriation or using some of the revenue from additional domestic energy production. He continued to say that he believes a 18.4 cents-per-gallon hike in the fuel tax could pass “if paired with a lower-middle class and middle-class tax cut.” He also said tax repatriation would only be a short-term solution and royalties from increased domestic energy production could be a part of the solution. Keep Reading
Laser Technology to host mining webinar
Laser Technology, in coordination with RAM President Robert McClure, will be hosting a webinar titled, “The New Face of Blast Design” on Feb. 25 at 10 a.m. MST. The webinar will cover challenges and solutions for the mining and blasting industries, as well as vital safety precautions. It will also discuss MSHA regulations and compliance. According to Laser Technology, those who register for and attend the webinar will be entered to win a laser-based rock face profiling system. Register for the webinar here. Keep Reading
CRH and Blackstone compete for Holcim, Lafarge assets
Sources say Irish cement maker CRH and a consortium led by Blackstone are battling for assets which Lafarge and Holcim must sell before their planned merger, says an article on Reuters. According to the article, a source says CRH was seen as the front runner after putting in a bid of almost 6 billion euros ($6.8 billion), while the Blackstone consortium, which includes Cinven and Canadian pension fund CPP, put in a bid of 5.5 million euros. CRH confirmed discussions with Lafarge and Holcim and said the potential acquisition would be funded by a combination of existing cash balances, debt and equity placing, the article continues. In addition, bankers said if the Blackstone consortium won the assets, it would expect a debt financing of up to 4.5 billion euros. Keep Reading
