Gencor Industries Inc
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Industrials : Machinery | Small Cap Blend
Company profile

Gencor Industries, Inc. is a manufacturer of heavy machinery used in the production of highway construction materials, synthetic fuels and environmental control equipment. The Company designs, manufactures and sells machinery and related equipment used primarily for the production of asphalt and highway construction materials. Its geographical segments are United States and Other. The Company's principal products include asphalt plants, combustion systems and fluid heat transfer systems. It also manufactures related asphalt plant equipment, including hot mix storage silos, fabric filtration systems, cold feed bins and other plant components. The Company also manufactures soil remediation machinery, as well as combustion systems for rotary dryers, kilns, fume and liquid incinerators and fuel heaters. Its General Combustion subsidiary also manufactures the Hy-Way heat and Beverley lines of thermal fluid heat transfer systems and specialty storage tanks for an array of industry uses.

Closing Price
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-0.35 (-2.71%)
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Ford and Indian auto maker Mahindra call off joint venture

7:56 pm ET December 31, 2020 (MarketWatch)

By Mike Murphy

Companies cite pandemic-related economic challenges

Ford Motor Co. and India's Mahindra and Mahindra Ltd. called off their auto-making joint venture Thursday, a little over than a year after announcing it, citing pandemic-related economic challenges.

In a joint statement, the companies said the dissolution of the venture "was driven by fundamental changes in global economic and business conditions -- caused, in part, by the global pandemic -- over the past 15 months."

"Those changes influenced separate decisions by Ford and Mahindra to reassess their respective capital allocation priorities," the companies said.

The two auto makers announced the joint venture in October 2019 ( Ford (F) would have transferred most of its auto operations in India to Mahindra , a cost-saving move intended to keep a foot in a growing market where Ford has largely failed to make inroads. The joint venture would have focused on producing vehicles for emerging markets.

Ford said Thursday its operations in India "will continue as is," and added that it is "actively evaluating its businesses around the world, including India" to boost margins and generate consistently strong cash flow.

Ford shares ended 2020 down about 5.5%, despite a 30% surge in the past three months, compared to the S&P 500's 16% gain for the year.

-Mike Murphy; 415-439-6400;


(END) Dow Jones Newswires

December 31, 2020 19:56 ET (00:56 GMT)

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