Caterpillar Losing Its CEO after Historic Revenue Tumble
40 year Caterpillar veteran Doug Oberhelman is stepping down as CEO. Starting in 2010 on Oberhelman's watch as newly installed boss, the 91-year old heavy equipment company bet deeply on both the Chinese construction market and the global mining sector. Oberhelman broke with Caterpillar tradition by making very large acquisitions based on confidence in those markets, but shrinking demand for mined products and China's construction slowdown were the perfect storm for Caterpillar, which may now sell to Japan's Komatsu. Sad day for 91-year old legend.
Renowned Manhattan Construction Firm Owes $9.2M for Overbilling
Plaza Construction, whose blue-chip clients have included the Federal Reserve Bank and New York University, will pay $2.2 million in restitution to former clients, $5.6 million in penalties, and another $1.3 million to the government over a two-year period. An investigation begun in 2012 discovered that over a period of 13 years beginning in 1999, Plaza used accounting sleight-of-hand to charge clients for unworked hours and buried hidden costs in their bills. Even the mighty aren't immune to corner-cutting.
AECOM's $500M Nevada Faraday Factory In Race Against Tesla
The news is good these days for Nevada's housing market, as two futurist car manufacturers use the state as a battleground for their competing visions. Electric vehicle companies Tesla and Faraday Future are both building mega factories in the state, adding jobs and giving the residential housing sector reason to celebrate. Let's hit the gas. So to speak.
Defensive Millennium Tower Developer Quietly Changes Designs
As has been reported, San Francisco's Millennium Tower is both sinking and leaning. Since its completion on 2009, the 58-story, 627 foot high-rise has sunk 16 inches and is now leaning 2 inches to the northwest. That condo tower sits on a concrete slab whose piles were driven 60 to 80 feet deep—100 feet short of bedrock. Now the developer, having defended itself vigorously against accusations of mismanagement, is quietly drilling to bedrock on their current project, a 45-story luxury condo tower. Luxury condo investors love their bedrock.
Atlanta Falcons Will Have Their $1.5B Stadium on Time After All
Atlanta's aptly named Mercedes-Benz Stadium officially celebrated final installation and completion of its roof on October 19. For a time there was some question as to whether or not the state-of-the-art stadium would wrap in time for the start of the 2017 season, but workers in their thousands are working 24/7 to meet the deadline, and completion of the 14-acre, 18,000 ton roof is a sign that the schedule is on track. Play ball!