ABB signed a formal agreement with SAIC Volkswagen to provide advanced robotics painting solutions to SAIC VOLKSWAGEN, helping to build first global New Energy Vehicle (NEV) factory characterized by automation and environmentally-friendly manufacturing technologies.

The RMB 17 billion factory is a modern green benchmark factory combining intelligent manufacturing and environmentally-friendly technologies with a special focus on water preservation, energy savings and the reduction of carbon dioxide.

The new NEV factory will be in Shanghai, opening in 2020 with an annual capacity of 300,000 pure electric vehicles from the Audi, Volkswagen and Skoda brands.

This is the first large automated painting project provided by ABB for SAIC Volkswagen. ABB will install approximately 300 robots to provide painting and sealing solutions on three automated painting production lines.

The painting solutions ABB provides will meet Volkswagen’s 2010v environmental standards, the world’s leading waterborne painting process.The primerless painting technology employed in the process can improve paint utilization rates and reduce waste.

As expected, higher competitive pressure influenced the first quarter 2019 results of DAX-listed Covestro.

Despite an overall solid demand, core volumes decreased slightly by 1.8%, mainly due to lower volumes in the Polycarbonates segment.

A marked drop in selling prices led to a reduction in Group sales by 16.0% to EUR 3.2 billion.

The Group’s EBITDA at EUR 442 million (–58.4%), a contrast to the exceptionally positive prior-year results, was in line with the forecast. As a result, net income also fell to EUR 179 million (–72.2%).

For fiscal 2019, Covestro continues to project core volume growth to be in the low- to mid-single-digit percentage range.

FOCF is expected to be between EUR 300 million and EUR 700 million, with ROCE between 8% and 13%.

EBITDA for the fiscal year is forecast to be between EUR 1.5 billion and EUR 2.0 billion, with the second quarter EBITDA expected to be around the level of first quarter 2019.

Marriott International is gearing up to start a new home-rental business with the goal of competing with Airbnb and other home-sharing companies, The Wall Street Journal reports.

Marriott is the world's largest hotel company and would be the first major hotel company to create a home-rental platform for the U.S., following its pilot program in Europe.

The company partnered with Hostmaker, a home-rental management company, and offered 340 properties for home-sharing stays in Paris, Rome, Lisbon and London. The properties came with a 24-hour support line and an in-person check-in through Hostmaker, Marriott told the Journal.

Marriott would allow guests using the platform to earn and redeem loyalty points as they do with other brands Marriott owns, including Sheraton, W hotels and Ritz-Carlton.

Other hotel operators such as Hilton Worldwide Holdings and Hyatt Hotels are also exploring or studying the home-rental industry, according to the Journal.

Kraft Heinz’s U.S. chief marketing and global brand officer,  Eduardo Luz, is leaving the company as executive turnover continues at the embattled food giant. 

At Heinz, Luz worked as managing director for consumer products. And he manage the brands Kraft Heinz sells in the center-of-the-store grocery unit, like its namesake ketchup, frozen foods and Maxwell House coffee.

He was later promoted to the U.S. chief marketing and global brand officer role. Luz is credited with the Heinz brand’s growth, which has seen sales rise 26% over the past six years, according to Nielsen.

Kraft Heinz announced last month its long-time CEO Bernardo Hees is stepping down on June 30 and will be replaced by Miguel Patricio, Anheuser-Busch InBev’s former chief marketing officer. 

Kraft Heinz’s head of strategic projects, Eduardo Pelleissone, is also leaving the company to pursue other opportunities, effective June 30.