Magnetek satisfies NYSE, will remain listed; National unemployment rate climbs to 8.1 percent; Dresser to supply power generation engines to Indonesian firm; New Strattec padlocks open with automotive keys
Magnetek satisfies NYSE, will remain listed
Menomonee Falls-based Magnetek, Inc. was notified by the New York Stock Exchange last week that the NYSE has accepted the company’s plan for continued listing.
In December, the company was notified that it was below criteria because of its average market capitalization and shareholders’ equity over a 30-day trading period amounted to less than $75 million.
Magnetek will be subject to quarterly reviews by the exchange’s listing and compliance committee to ensure progress of the plan. It has until May 2010 to regain full compliance with listing standards.
Magnetek, Inc. manufactures digital power and motion control systems used in material handling, people moving and energy delivery.
National unemployment rate climbs to 8.1 percent
The U.S. unemployment rate rose to 8.1 percent in February, up from 7.6 percent in January, according to a recent U.S. Department of Labor report.
Over the past 12 months, the total number of unemployed people in the nation has risen by 5 million to approximately 12.5 million at the end of February.
Wisconsin, with its large number of manufacturing jobs, is mirroring the national trend. The state had a 7.6 percent unemployment rate at the end of January, according to the latest tabulations by the state Department of Workforce Development. At the end of January, there were more than 234,000 people in the state without jobs.
The metropolitan Milwaukee area had a 7.1 percent unemployment rate in January, up from 5.7 percent in December, according to the Department of Workforce Development. The city of Milwaukee had an even higher 9.1 percent unemployment rate in January, up from 6.4 percent in December.
The Racine area had an 8.8 percent unemployment rate in January, up from 6.8 percent in December, and the Sheboygan area had a 7.8 percent unemployment rate in January, up from 5.8 percent in December.
Of the 12 largest metro areas in the state, the Janesville area had the highest January unemployment – 11.6 percent – largely because of the closure of the General Motors Corp. plant, which also has resulted in the closing of a growing number of suppliers and distributors. One year ago, Janesville metro area’s unemployment rate was 8.1 percent.
However, some individual cities are faring even worse. January unemployment rates in Wisconsin cites were:
- Beloit – 15.1 percent unemployment, up from 7.3 percent one year ago.
- Racine – 13.5 percent, up from 8.9 percent.
- Janesville – 13.1 percent, up from 5.6 percent.
- Green Bay – 10.3 percent, up from 7 percent.
- West Bend – 10.3 percent, up from 6.2 percent.
- Sheboygan – 10.0 percent, up from 5.2 percent.
- Manitowoc – 9.7 percent, up from 6 percent.
- Kenosha – 9.7 percent, up from 5.6 percent.
- Fond du Lac – 9.6 percent, up from 5.5 percent.
- Milwaukee – 9.1 percent, up from 6.4 percent.
- Appleton – 9.1 percent, up from 5.8 percent.
- Wausau – 9.0 percent, up from 5.2 percent.
- Mt. Pleasant – 8.9 percent, up from 5.4 percent.
- Stevens Point – 8.4 percent, up from 5.7 percent.
- Waukesha – 8.3 percent, up from 5.1 percent.
- West Allis – 7.6 percent, up from 5.0 percent.
- Superior – 7.2 percent, up from 4.8 percent.
- Oshkosh – 7.0 percent, up from 4.8 percent.
- Sun Prairie – 6.9 percent, up from 4.1 percent.
- La Crosse – 6.8 percent, up from 4.4 percent.
- Eau Claire – 6.6 percent, up from 4.6 percent.
- Neenah – 6.6 percent, up from 4.1 percent.
- Greenfield – 6.4 percent, up from 4.4 percent.
- Oak Creek – 6.0 percent, up from 4.0 percent.
- New Berlin – 5.6 percent, up from 3.5 percent.
- Menomonee Falls – 5.6 percent, up from 3.6 percent.
- Franklin – 5.5 percent, up from 3.8 percent.
- Wauwatosa – 5.0 percent, up from 3.3 percent.
- Brookfield – 4.9 percent, up from 3.2 percent.
- Madison – 4.4 percent, up from 3.0 percent.
- Caledonia – 2.7 percent, up from 2.1 percent.
Dresser to supply power generation engines to Indonesian firm
Dresser Waukesha has been awarded a contract to build power generation engines for EuroAsiatic, a Jakarta-based engineering, procurement and construction (EPC) company. EuroAsiatic provides heat and power solutions and systems for both power generation and cogeneration applications.
The projects, in Indonesia and southeast Asia, are on-site power generation plants for manufacturing and production facilities serving the chemical, textile, food and beverage and consumer goods sectors.
EuroAsiatic has specified Dresser Waukesha engines as core products in its plant designs.
“We are delighted to have established a relationship with EuroAsiatic,” said Lloyd Beauchamp, vice president of sales for Dresser Waukesha. “This is an exciting, developing market that is poised to require a lot equipment to meet the growing need for energy. The region has ample gas supplies, but the demand for electricity has already outpaced the supply available from the grid, which creates an ideal situation for on-site power plants.”
New Strattec padlocks open with automotive keys
Strattec Security Corp. recently introduced a new, high-security padlock that operates with a vehicle key.
Users select a General Motors, Ford, or Chrysler compatible padlock, insert and turn their vehicle key, and the padlock will be permanently coded to their key.
The user need not carry extra keys, remember a combination or thumb through a ring of keys searching for the right one
Both commercial fleet managers and utility and service-body truck buyers can specify Strattec’s single-key solution for storage compartments, tool chests and other equipment, enabling the operator to access the entire vehicle with a single key.
"Padlock users appreciate the simplicity of one-key convenience," said Michael Long, director of new market development for Milwaukee-based Strattec. "And they value the extra security of knowing only their vehicle key will open their padlock."
Strattec estimates that its padlock is compatible with more than 88 percent of the light trucks on the road since 1998 and is also compatible with select Sterling and International truck keys.
The padlock, which has a suggested retail price of $20, will be available through participating Strattec-authorized distributors, which may be found at www.stratteclock.com.
