U.S. CONSTRUCTION SPENDING UP SLIGHTLY IN AUGUST
TON» Spending on U.S.
WAS H IN G construction projects edged up a slight 0.1 percent in August as a strong gain in government spending offset weakness in home building and nonresidential construction.
The Commerce Department said Monday that the rise, which followed a 0.2 percent July increase, put total construction at a seasonally adjusted annual rate of
$1.32 trillion. That was down a slight 0.4 percent from a record high set in May.
Residential construction fell 0.7 percent in August while nonresidential construction edged down 0.2 percent. Those declines were offset by a strong 2 percent rise in public construction, which increased to the highest level since July 2009. Spending for federal and state and local projects increased.
U.S. factories grew at slower pace in September.
WAS H IN G
TON» U.S. factories grew at a slower pace in September as manufacturers continued to cope with supply disruptions stemming from trade disputes with China, Europe, Mexico and Canada.
The disruptions forced manufacturers to make a larger draw on their inventories. Overall the country’s industry continues to show strength, the Institute for Supply Management reported Monday. The trade group of purchasing managers said its manufacturing index fell last month to 59.8 from 61.3 in August. Anything over 50 signals growth, and U.S. manufacturing is on a 25month winning streak.
Fifteen of 18 manufacturing industries expanded in September, led by makers of textiles, plastics and rubber products, and computers and electronics.
Growth in new orders slowed in September, but production and hiring grew faster.
Lavazza acquires Mars Inc. coffee business.
M C L E AN,
VA.» Italian coffee company Lavazza Group has acquired Mars Inc.’s beverage division in an effort to expand its North American presence.
Financial details weren’t disclosed. Both companies are private.
Mars Drinks makes the Flavia singleserve machine and the Klix vending machine. The division had 900 employees and total sales of $350 million last year.
Mars Inc. is based in McLean, Va. Turin, Italybased Lavazza said Monday the acquisition will help it strengthen its position in the office and coffee vending segments.
Fiat Chrysler’s new CEO announces new management structure.
MILAN» The new CEO of Fiat Chrysler Automobiles has announced management changes two months after taking over following the unexpected death of longtime Chief Executive Sergio Marchionne.
Mike Manley said Monday that the head of the Alfa Romeo brand, Tim Kuniskis, replaces him at the head of FCA’s biggestearner, Jeep, while Reid Bigland becomes head of the Ram brand.
In Europe, Chief Technology Officer Harald Wester takes on responsibility for the premium brand Maserati, while Pietro Gorlier is now in charge of Europe, replacing Alfredo Altavilla, who resigned after Manley got the top job. Ermanno Ferrari was named CEO of components maker Magnetti Marelli, which is due to be spun off.