The Journal Gazette
 
 
Sunday, October 21, 2018 1:00 am

Briefs

Supplier to expand state plant

News services

A Japan-based automotive industry supplier is planning to expand its manufacturing operations in Columbus, Indiana.

Gov. Eric Holcomb's office last week announced the plans by NTN Driveshaft Inc. in Bartholomew County that could lead to 100 new jobs by 2023. The company plans to invest $90 million to increase its forging operations, purchasing and installing two hot forge presses and other equipment.

As part of its expansion, the company plans to renovate existing space and expand its Columbus facility. Increased production is planned to start next fall.

NTN Driveshaft is part of NTN Corp., which makes mechanical parts and equipment, such as bearings, drive shafts and production equipment. The Indiana Economic Development Corp. offered NTN Driveshaft up to $750,000 in conditional tax credits based on the company's job creation plans.

Tesla buys land in Shanghai for plant

Tesla Inc. said it signed an agreement last week to secure land in Shanghai for its first factory outside the United States, pushing ahead with development despite mounting U.S.-Chinese trade tensions.

Tesla, based on Palo Alto, California, announced plans for the Shanghai factory in July after the Chinese government said it would end restrictions on full foreign ownership of electric vehicle makers to speed up industry development.

Those plans have gone ahead despite tariff hikes by Washington and Beijing on billions of dollars of each other's goods in a dispute over Chinese technology policy. U.S. imports targeted by Beijing's penalties include electric cars. China is the biggest global electric vehicle market and Tesla's second-largest after the United States.

Campbell founder's family backs board

The descendants of Campbell Soup Co.'s founder are standing by the company's directors, dealing a blow to activist investor Dan Loeb's efforts to oust the entire board.

Relatives of John Dorrance who together hold about 41 percent of the Camden, New Jersey, company's shares will vote for its current board at its annual meeting on Nov. 29, according to a statement last week.

The activist investor has criticized the company's performance and the outcome of its recent strategic review, which fell short of his demands for a sale of the company. Campbell instead said it planned to sell its international and fresh food businesses.

The Dorrance slate would only need the support of slightly more than 9 percent of remaining shareholders, if every shareholder casts a ballot next month.


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