LIVONIA — The automotive firm Roush recently opened its first Oakland County technical center bringing expanded engineering design and development services dedicated to hybrid and electric vehicles, electric propulsion and battery systems, autonomous vehicles, advanced software development and data analytics.
TROY — LG Chem Ltd., a manufacturer of lithium-ion batteries for automotive, stationary and consumer applications, has launched new residential battery systems in the North American market.
The launch follows successful completion of UL certification and represents LG Chem’s initial foray into the North American residential market. The home energy storage systems are already being sold in Australia, Germany, Italy, Japan, and the United Kingdom.
TROY — ManagedWay, the Troy-based provider of telecommunications, cloud and colocation services, announced today that it has established a Point-of-Presence at the Canada151 Data Centers in Toronto, enabling fast, reliable service between the U.S. and Canada.
DETROIT — AT&T Inc. has activated upgrades to bring faster speeds to nearly 100 cell sites around the state.
TROY — The manufacturing management software developer Plex Systems has named Richard Murray as its new group vice president of engineering.
TROY — The engineering technology provider Altair announced new releases of its solidThinking Design Suite, including solidThinking Inspire 2017 and solidThinking Evolve 2017.
The company said the new product design software improves usability and adds multiple new features that have been requested by customers.
TROY — The Troy-based engineering technology developer Altair says it is rolling out PBS Cloud, its latest appliance system to further cloud computing for organizations.
Altair PBS Cloud runs high-performance computing appliances for both public clouds, private clouds, and bare-metal infrastructure. Altair will release Altair PBS Cloud in the first quarter of 2017 following conclusion of a private preview.
LANSING — The Madrid, Spain-based auto supplier Corporación Gestamp will expand its global operations at three Michigan locations, state and local government officials announced this week.
The international supplier of automotive chassis, bumpers, hinges and other components, plans to invest $158 million at its plants in Chelsea and Mason, and an additional $700,000 at its North American headquarters in Troy. A total of 235 jobs will be created at the Chelsea and Mason plants, and another 60 new jobs in Troy.
TROY — The Troy-based IT services company Syntel Inc. (Nasdaq: SYNT) reported a loss of $217.2 million or $2.58 a share, compared to net income of $77.7 million or 92 cents a share a year earlier, in the third quarter ended in Sept. 30.
Revenue fell 5 percent to $241.3 million from $253.6 million a year earlier.
For the nine months, the loss was $105.4 million or $1.25 a share, vs. net income of $178.3 million or $2.12 a share a year earlier. Revenue for the nine months was $726.6 million, up from $714 million.
The decline in profitability was the product of repatriation of cash held overseas, resulting in a one-time tax expense of $271 million. The company’s gross margin was 39.2 percent of sales vs. 42.4 percent a year earlier, and the company saw sharply higher selling, general and administrative expenses, at 12.2 percent of sales, up from 6 percent a year earlier.
“Market conditions were challenging during the third quarter as macroeconomic, business and regulatory uncertainty impacted customer spending in what is typically a seasonally strong period,” said Syntel CEO and President Nitin Rakesh. “Despite this, we continued to see some signs of stabilization in our insurance segment, including in the personal lines sub-industry.”
The company declared a one-time cash dividend of $15 a share to its shareholders during the quarter.
Based on current trends and an exchange rate assumption of 67 Indian rupees to the dollar, the Company currently expects 2016 revenue of $960 million to $970 million and loss per share in the range of 65 to 75 cents.
To listen to a conference call discussing the results, call (855) 859-2056 in the United States or (404) 537-3406 elsewhere and enter the pass code 97795475.
More at http://www.syntelinc.com.
TROY — Officials at the Troy engineering technology developer Altair said that software called SimData Manager from the German integration and engineering data management specialist PDTec AG has been added to the Altair Partner Alliance and is available for use by HyperWorks customers
SimData Manager provides simulation data management for efficient and systematic access to all simulation-relevant data throughout the entire computer-aided engineering process chain.