SEOUL, South Korea >> Hyundai Motor Co. said its China plant halted operation due to a supply disruption on Tuesday, its second shutdown in China in less than a month as diplomatic tensions between China and South Korea over a U.S. missile-defense system took toll on its business.
Its factory in Cangzhou, Heibei province, stopped churning out cars earlier in the day as a German supplier stopped deliveries of air intake systems when Hyundai delayed payments, Hyundai Motor’s spokesperson Cha Seon-jin said by phone.
It is one of the five China plants operated by Beijing Hyundai Motor Co., Hyundai’s joint venture with BAIC Motor Corp.
The company is in talks with the supplier to resume operations as soon as possible, Cha said.
The latest shutdown is part of Hyundai’s ongoing woes in China. Its car sales were nearly halved after Beijing expressed anger to Seoul over its decision to install the U.S. anti-missile system. The Terminal High Altitude Area Defense system, known as THAAD, is aimed at deterring North Korean aggressions, Seoul says, but Beijing is worried that its powerful radars would peer into its territory.
Last month, Hyundai’s entire China production stopped for a week when it couldn’t pay a supplier.
United Tech to buy Rockwell for $30B
United Technologies has agreed to buy the airplane-parts maker Rockwell Collins for $30 billion, including debt, establishing an aerospace industrial giant.
Under the terms of the deal, United Technologies, which supplies parts to Boeing and Airbus, will pay $140 a share in cash and stock, both companies said late Monday. Rockwell investors will receive $93.33 a share in cash and the remaining $46.67 in United Technologies stock.
The price is an 18 percent premium above where Rockwell’s stock was traded on Aug. 3, a day before news reports said United Technologies was considering a bid for Rockwell.
The transaction, one of the largest ever in the aerospace industry, is expected to close by the third quarter of 2018.
“This acquisition adds tremendous capabilities to our aerospace businesses and strengthens our complementary offerings of technologically advanced aerospace systems,” United Technologies’ chairman, Gregory Hayes, said in a statement.
Rockwell Collins produces electronics and avionics for aircraft, including the F-35 fighter jet. United Technologies is a deeply diverse business that includes the Otis escalator and elevator brands and Pratt & Whitney, which makes high-performance aircraft engines.
ON THE MOVE
Courtyard by Marriott Waikiki Beach has announced the following additions in the hospitality industry:
>> Grant Nouchi is the new hotel manager. He will be responsible for the daily operations of Courtyard by Marriott Waikiki Beach, which had a $20 million revitalization last year. Nouchi was previously the resort director for the Hilton Grand Vacation Timeshare towers.
>> Ryan Toro is the new director of sales and marketing. He is responsible for planning and implementing sales and marketing programs at Courtyard by Marriott Waikiki Beach. Toro was previously director of sales at OTO Development, a premier developer and operator of branded hotels in the U.S., and was a member of the opening team of the Hilton Garden Inn Washington D.C./Georgetown Area.
>> Jim Utsugi has been promoted from business travel sales manager to the sales manager responsible for growing group sales, which includes working with corporate, government and citywide conventions. Utsugi’s previous employment includes senior sales manager at Outrigger Hotels and Resorts.
Kahi Mohala Sutter Health has named Beth-Ann Kozlovich fund development director. Her experience includes executive producer at Hawaii Public Radio and director of development for the American Lung Association of Hawaii.
