Mitsubishi Heavy Said to Abandon Sale of Tokyo Base

Jan. 7 (Bloomberg) -- Mitsubishi Heavy Industries Ltd., Japan’s largest heavy-machinery maker, canceled a plan to sell its Tokyo headquarters because bids for the property failed to meet expectations, two people familiar with the sale said.

The sale of the 28-story building was scrapped in October, the people said, declining to be identified because the information wasn’t public. The company had aimed to sell the property for about $800 million, according to one of the people.

Mitsubishi Heavy joins other Japanese companies seeking to reduce non-revenue producing assets and instead expand its power equipment and aerospace business. The company, which makes everything from ships to nuclear reactors and wings for Boeing Co.’s 787 Dreamliner jet, is developing Japan’s first passenger jet, slated to come into service in 2013.

“As general practice of our company, Mitsubishi Heavy periodically evaluates its assets, including real estate,” spokesman Hideo Ikuno said by telephone. He declined to discuss the Tokyo building.

Mitsubishi Heavy is spending 235 billion yen ($2.5 billion) on facilities and equipment each year to March 2011, 28 percent more than the average of the past two years, it said last year.

Lack of Capital

Other Japanese companies have started to sell off properties or real estate units to focus on their main businesses. Banks including Resona Holdings Inc., Shinsei Bank Ltd. and Citigroup Inc. sold their Tokyo headquarters last year to raise capital.

The Mitsubishi Heavy Industries Building is located in Shinagawa, southwest of central Tokyo. The tower, completed in March 2003, has space of 227,527 square meters (2.4 million square feet). The company occupies about one third of the property.

Shinagawa Mitsubishi Building, a 32-story tower next to Mitsubishi Heavy’s headquarters, was sold to Morgan Stanley’s real-estate fund for 140.2 billion yen in January 2005.

A lack of financing forced 25 public traded real estate and construction companies to file for bankruptcy in Japan in 2008. The less a potential buyer of a building can borrow, the less they can pay.

The banking units of Japan’s top four lenders -- Mitsubishi UFJ Financial Group Inc., Mizuho Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Resona -- cut commercial real estate lending by almost 770 billion yen in the six months through September, compared with the end of March, according to earnings statements published in November.

To contact the reporter on this story: Kathleen Chu in Tokyo at kchu2@bloomberg.net; Masumi Suga in Tokyo at msuga@bloomberg.net.

http://www.bloomberg.com/apps/news?pid=20601101&sid=aJUEuhuAlT00&refer=japan

What is Heavy Machinery and what are the merits of Heavy Machinery?

Heavy machine or heavy machinery is referred to a complex machine doing a number of simple machine operations at the same time. The need for usage of heavy machinery arises from the fact that complex and complicated activities such as laying of roads, tilling and sowing seeds equidistantly spread over a vast area of agricultural fields ready for the commencement of agricultural operations can neither be performed with the help of simple machines, nor the labor force is capable of doing the complex and heavy activities at a relatively faster pace. Heavy machinery, or heavy equipment, meets the requirement of completing complex jobs at a relatively quicker pace of time, and in the bargain saving considerable amount of overheads.

Have you ever watched a giant-sized machine being used at the roadside to lay roads? or a heavy machine being put to use to create a gravel and sand mixture to build roads? These business wire release similar types of equipment are jointly referred to heavy equipment required to carry out heavy jobs of specific nature.

The need for usage of heavy equipment machinery arises from the fact that global competition among the different types of activities is on the rise due to technological innovations, and in such a competitive world, any firm aspiring to survive and grow in the competitive market space is to innovate new products, press release with mostly reduce the overhead costs. For example, the activity of laying roads over a stretch of say 500 meters can be completed by the heavy equipment operator (or) heavy machinery operator and a couple of helpers in less than 12 hours maximum. If the heavy machine were not there, about 50 to 60 employees might have to be employed for digging the hole, clearing the debris and all other such related works to complete the mission of laying a new road for the local street.

Heavy equipment or heavy machinery needs the services of heavy equipment operator or heavy machinery operator, who is capable of operating the machine and complete the multi-tasks assigned to some of the custom-built heavy equipment.

The market for heavy equipment is vibrant with lots of competition among the heavy machinery traders to offer heavy equipment sales or heavy machinery sales either as new products, or used heavy equipment or second-hand equipment, in the market to prospective customers.
http://www.meadowfreepress.com/trucks-suvs/0,1873,400761,00.html

Russia top heavy machinery producer listed on Frankfurt bourse

MOSCOW, December 30 (RIA Novosti) - A holding company for Russia's top heavy machinery manufacturer Concern Tractor Plants group of companies has successfully completed a listing procedure on the Frankfurt stock exchange, the group said in a press release.

Concern Tractor Plants N.V. placed shares in the form of Global Depositary Receipts issued by Deutsche Bank, the company statement said.

Concern Tractor Plants is an international producer of diversified light and heavy machinery, with most of its factories located in Russia.

The placement of shares on the Frankfurt stock exchange is important for the stable development of the group's business and is aimed at acquiring a new status, increasing attractiveness for financial institutions, expanding a range of creditors and improving relations with clients and counterparties, the statement said.

http://en.rian.ru/business/20081230/119226290.html

Toyoda's Double Column Vertical Machining Centers Meet Needs of Heavy Part Manufacturers

Toyoda Machinery USA Inc.
Release date: November 19, 2008


Arlington Heights, IL - Toyoda Machinery's bridge type machining centers deliver rugged reliability and high-accuracy output. This provides heavy cutting capabilities for large, heavy part manufacturers in industries such as aerospace and energy.

Toyoda bridge and gantry machining centers' superior structural integrity is essential to achieving high performance and extreme precision. The large Meehanite cast iron base offers higher density and uniform soundness over traditional cast iron, giving the casting greater tensile strength and maximum vibration-dampening capabilities.

The machines' work area ranges from 83 to 239 inches in the X axis. The automatic tool changer technology delivers drastic improvements in high-quality part throughput. A full splash guard, dual chip conveyors, and a Fanuc CNC make the machines easy to use and maintain.

Toyoda Machinery is one of the largest machine tool manufacturers worldwide. Toyoda is an engineering-driven company that builds, supplies and services flexible machining systems, horizontal and vertical machining centers and grinding machines. Toyoda Machinery headquarters is located in Arlington Heights, IL. The Automotive Products Division is located in Wixom, MI. For more information call 847-253-0340 or visit www.toyoda.com.

Contact:
Jamie L. Goff
Public Relations Director
LoSasso Advertising
773-271-2100
jgoff@losasso.com

Company Information:
Name: Toyoda Machinery USA Inc.
Address: 316 W. University Dr.
City: Arlington Heights
State: IL
ZIP: 60004
Country: USA
Phone: 888-513-8368
FAX: 847-253-0540
http://www.industry.net/toyoda.machinery

Ukrainian manufacturer of heavy machinery buys first UpRight

A Ukrainian manufacturer of heavy axles and rolling machinery has bought an UpRight AB38 articulated boom.

NKMZ is one of the largest manufacturers of heavy machinery in Europe and the company employs 50000 people The AB38 is intended to be used for assembling a very large rolling machine for a Russian car manufacturer. NKMZ will also use the AB38 for service and maintenance work.

Wim Jansink, UpRight's district manager for Eastern and Central Europe, visited the NKMZ factory to conduct product training on the AB38. He said, "The people at NKMZ have been very impressed by this unit and we are now discussing the possible delivery of some other powered access platforms.

"This is the first aerial lift in the plant - previously they used a self-built telescopic cylinder with a one-man platform mounted on top."
http://www.khl.com/magazines/access-international/detail/item29873/
Ukrainian-manufacturer-of-heavy-machinery-buys-first-UpRight-/

Mitsubishi Heavy Ind. and Mitsubishi Corp Receive Order for 9 Centrifugal Chillers for District Cooling System

Singapore and Tokyo, Nov 28, 2008 (JCN Newswire via COMTEX) -- Mitsubishi Heavy Industries, Ltd. (MHI), jointly with Mitsubishi Corporation (MC), has received an order for nine centrifugal chillers for a large-scale district cooling system to serve Singapore's New Downtown currently under development at Marina Bay. The nine chillers, with a total cooling capacity of 25,600 refrigeration tons[1] (RT), were ordered by Singapore District Cooling Pte Ltd (SDC), a joint venture between Singapore Power Limited, a local energy utility, and Dalkia, a French energy service company. This is the second centrifugal chiller order placed to MHI by SDC.
The New Downtown at Marina Bay in Singapore's southern sector encompasses an area of approximately 370 hectares adjoining the old downtown. The Marina Bay area is now busy with the construction of a new business and financial district development as well as an integrated resort facility. Previously, in 2002 MHI received an order from SDC for the first district cooling plant incorporating five centrifugal chillers with a total cooling capacity of 10,450 RT. The first plant completed in 2006 has been providing district cooling service to the first-phase commercial development in Marina Bay comprising two skyscrapers of 50 and 29 stories. Of the nine units of 2,844 RT capacity chiller now on order, three units are slated for delivery in spring 2009, which will be installed in the first plant as part of SDC's expansion plan. The remaining six units will be delivered in summer 2009 to be installed in the second district cooling plant which is located in the Singapore's first integrated resort development area, the home to a casino, hotels, shopping and convention facilities.
The centrifugal chillers on order use HFC-134a, a chlorine-free and zero ozone depletion potential (ODP) refrigerant. They achieve the world's highest cooling efficiency: compared to the units delivered to SDC in 2006, the new chillers have boosted energy-saving efficiency by about 5% in COP (coefficient of performance)[2] and 30% in IPLV (integrated part load value) rating[3]. The new units also help in lowering the emission of CO2, a greenhouse gas, by 23% compared with the previous model developed about 10 years ago. MHI believes that in addition to the new chiller's technological advantages, environmental responsiveness and operational economy, the strong track record of reliability demonstrated by the first batch of chillers and timeliness of product delivery, both in Japan and Singapore, are the key factors contributed to the second batch of chiller order from SDC.
The district cooling system for Marina Bay, Singapore will be developed in phases to keep pace with the plan to turn Marina Bay area into the new downtown for Singapore. When fully developed, the district cooling system is expected to have an installed capacity of about 256,000 RT.
In April 2008, MHI established centrifugal chiller division at Mitsubishi Heavy Industries Singapore Private, Ltd. (MHISP), targeted at strengthening its marketing and service structure in Singapore and throughout Southeast Asia. The company also intends to continue focusing on attracting orders from SDC in the years ahead.
[1] Refrigeration ton represents the refrigerating capacity for turning 1 ton of zero C water into zero C ice in 24 hours. 1 RT = 3,024 Kcal/hr.
[2] Coefficient of performance (COP) indicates the ratio of a system's useful energy output versus the system's energy input. The higher a system's COP, the higher is its energy-saving efficiency. In the case of refrigeration systems, COP = rated cooling capacity (kW) / electricity consumption (kW).
[3] The integrated part load value (IPLV) rating system was developed by the Air-Conditioning and Refrigeration Institute (ARI) of the U.S. IPLV measures the efficiency of air-conditioners under a variety of conditions: several partial operational load ratios and coolant water temperatures similar to those in actual usage, to reflect seasonal changes in operational conditions. As with COP, the higher the IPLV rating, the higher is the energy-saving efficiency.
About Mitsubishi
Mitsubishi Corporation (TSE: 8058; ADR: MSBHY) is Japan's largest general trading company (sogo shosha) with over 200 bases of operations in approximately 80 countries worldwide. Together with its over 500 group companies, Mitsubishi Corporation employs a multinational workforce approximately 55,000 people. The Group has long been engaged in business with customers around the world in virtually every industry, including energy, metals, machinery, chemicals, food and general merchandise. Mitsubishi Corporation's commitment to social responsibility is embodied in its corporate philosophy and demonstrated through its extensive programme of cultural, environmental and educational projects worldwide. For more information, please visit www.mitsubishicorp.com .
About Mitsubishi Heavy Industries
Mitsubishi Heavy Industries, Ltd. (TSE: 7011, 'MHI'), headquartered in Tokyo, Japan, is one of the world's leading heavy machinery manufacturers, with consolidated sales of 3,068 billion yen in fiscal 2006 (year ended March 31, 2007). MHI's diverse lineup of products and services encompasses shipbuilding, power plants, chemical plants, environmental equipment, steel structures, industrial and general machinery, aircraft, space rocketry and air-conditioning systems. For more information, please visit the MHI website at http://www.mhi.co.jp
http://www.marketwatch.com/news/story/Mitsubishi-Heavy-Ind-Mitsubishi-Corp/story.aspx?guid=%7B23BB440B-BA5F-4D69-BC17-746CC22BA1C0%7D

Heavy Machinery Auction Realizes $420,000 to the Internet — Facilitated by Ableauctions and NAALive

SAN BERNARDINO, Calif. -- Ableauctions.com (AMEX:AAC) announced today that the Stephen Passy Auction held February 25, 2006, sold approximately $420,000 to the Internet. Highlights from the auction include the following sales:

Caterpillar 627B Push Pull Motor Scraper $55,000

1998 CMI/TEREX PRT525 Solid Rubber Tired
Roto-Mill Pavement Profiler $50,000

Caterpillar 325L Hydraulic Excavator $39,000

2004 Broce RJ350 Mobile Broom $32,000

2005 Ashland l180TS 18CY. Ejector Pull Type
Hydraulic Scraper $33,000

Stephen Passy, President and Founder of Stephan Passy & Associates, has over thirty-two years of experience in the auction industry. As Vice President of the Construction and Trucking Division of Max Rouse & Sons, Inc. Stephen was involved in over $3 billion dollars in auction sales around the globe. In 1991 he formed Stephen Passy & Associates which grossed over $60 million dollars. Forke Auctioneers hired him in 1997 and in three years achieved annual gross revenues of $59 million, and the highest net profit single transaction in Forkes' 78-year history. He reactivated Stephen Passy & Associates, Inc. in 1999 and produced gross revenues exceeding $55 million in the first 20 months of business.

After their first auction with NAALive, Ned Burleigh of Stephan Passy Auctions said that "they are pleased with the results of the first auction. The ease of the process from start to finish has been unmatched by any vendor in the past." They look forward to continuing their partnership with NAALive for their auctions scheduled for Albuquerque, New Mexico March 28, 2006, and Sioux Falls, South Dakota April 5, 2006. Stephen Passy Auctions have reduced their Internet service fee from 5% to 2.5%.

For more information visit www.passyauctions.com

About NAALive

NAALive is an Internet-based broadcast service for NAA members who conduct real auctions. Utilizing NAALive's real-time software, auction houses broadcast over the Internet and online bidders participate in live auctions as if they were physically present at the auction. NAALive also enables bidders to review auction catalogs and place absentee bids prior to an event. NAALive is rapidly becoming the standard for live Internet auctions and the premiere Web site for consumer access to the auction industry. This means thousands more potential bidders for your auctions.

About Ableauctions.com

Ableauctions.com Inc. (AMEX:AAC) is a high-tech liquidator and on-line auction facilitator that operates the domains iCollector.com, Naalive.com, Unlimited Closeouts.com and iTrustee.com.

As an on-line auction facilitator, the Company, with the experience of over 3,000 auctions, has developed state-of-the-art technology to broadcast auctions over the Internet (www.ableauctions.com/technology) and currently provides the technology and related services to auction houses, enabling them to broadcast auctions over the Internet. The Company broadcasts business and industrial auctions over the Internet for auctioneers and members of the National Auctioneers Association (NAA) and art, antique and collectible auctions for numerous galleries and auction houses around the world through eBay Live Auctions.

As a liquidator, the Company, through Unlimited Closeouts and iTrustee, purchases overstocks, order cancellations and discontinued products from major manufacturers and importers, then sells the merchandise to major retail chains, other resellers or the public.

For a comprehensive Corporate Update and prior releases, visit www.ableauctions.com. For more information, contact Investor Relations at investorrelations@ableauctions.com

This press release contains forward-looking statements, particularly as related to, among other things, the business plans of the Company, statements relating to goals, plans and projections regarding the Company's financial position and the Company's business strategy. The words or phrases "would be," "will allow," "intends to," "may result," "are expected to," "will continue," "anticipates," "expects," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "considers" or similar expressions are intended to identify "forward-looking statements." These forward-looking statements fall within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the performance of our staff, management, financing, competition, on-line auction business, our ability to implement or manage our expansion strategy, general economic conditions, our ability to license our software to other auction houses, our ability to acquire profitable companies and integrate them into our business successfully and other factors that are detailed in our Annual Report on Form 10-KSB and on documents we file from time-to-time with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company cautions readers not to place undue reliance on such statements. The Company does not undertake, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement. Actual results may differ materially from the Company's expectations and estimates. The Company does not realize nor book the full revenue of auctions that it facilitates in its financials, only the net auction fees, that can vary from time-to-time, that it realizes. E.&O.E.
http://findarticles.com/p/articles/mi_m0EIN/is_2006_March_22/ai_n26803025?tag=content;col1