Briefcase

Forest Service head touts versatility of wood materials

Forest Service Chief Tom Tidwell is calling for the use of locally milled timber in new agency buildings.

His announcement is part of a broader U.S. Department of Agriculture strategy to promote domestic wood as a low-carbon, environmentally friendly building material. “Our country has the resources, the work force and the innovative spirit to reintroduce wood products into all aspects of the next generation of buildings,” Tidwell said this week.

Marc Brinkmeyer, chairman of Idaho Forest Group, applauded USDA’s focus on wood as a renewable resource. Overseas, some multistory buildings are now built entirely of wood, he said.

Brinkmeyer said new technologies for wood beams, floors, walls and roofs make them “equal in strength to steel or concrete.”

Idaho Forest Group is the state’s largest lumber manufacturer, with mills in Grangeville, Chilco, Laclede and Moyie Springs.

Becky Kramer

Factory orders drop slightly

Orders to U.S. factories slipped 0.1 percent in February, reflecting a drop in demand for military equipment and lower business demand for computers and heavy machinery.

The key category that signals business investment in capital goods dropped 0.7 percent in February following a 5.9 percent fall in January, the biggest in two years.

Economists believe the fall in orders is only temporary. They look for manufacturing to be supported this year by strong exports and higher orders for capital equipment, reflecting a government tax break for investment spending.

Associated Press

Supplier to buy stake from GM

DETROIT – Auto parts supplier Delphi Automotive LLP said Thursday it is buying back ownership stakes from General Motors Co. and the federal government for $4.4 billion, a move that strengthens the company’s balance sheet ahead of a potential public offering.

Delphi will pay $3.8 billion for shares owned by GM and $594 million for shares owned by the Pension Benefit Guaranty Corp. Delphi is using cash as well as a $3 billion credit facility for the purchase.

GM said it will book a gain of $1.6 billion from the sale. It paid $1.7 billion for the stake in Delphi in 2009, but that was revalued at $2 billion at the end of last year.

Associated Press

Ally Financial preparing IPO

NEW YORK – The former finance arm of General Motors said Thursday it is preparing an initial public offering as it seeks to repay billions in government aid received during the financial crisis.

Ally Financial Inc. said in a filing with the Securities and Exchange Commission that the IPO could raise up to $100 million, but the actual offering will likely be larger.

An Ally spokesman declined to comment on when the company would go public or how many shares it expected to sell.

Ally, formerly known as GMAC Inc., makes loans to GM and Chrysler customers and finances dealer inventories. The Detroit-based company received government aid in late 2008 as part of the Bush administration’s assistance to the U.S. auto industry. The Obama administration invested additional sums in May and December 2009.

Associated Press