Latest news with #Espinosa
Cision Canada
a day ago
- Business
- Cision Canada
Jose Espinosa appointed as President & CEO of 407 ETR
Mr. Espinosa brings over 25 years of infrastructure leadership to the role TORONTO, July 16, 2025 /CNW/ - 407 ETR is pleased to announce the appointment of Jose Espinosa as President & CEO, effective July 16, 2025. Mr. Espinosa succeeds Javier Tamargo who has served as President & CEO since September 2020. Mr. Espinosa brings more than 25 years of international experience in tolling and highway infrastructure across Canada, Europe, Australia and the United States. He recently served as CEO of North Texas Highways: Lyndon B. Johnson Expressway, North Tarrant Express and North Tarrant Express 35W. In this role, he spearheaded multiple projects to increase capacity and connectivity while reducing congestion on main arteries serving the Dallas-Fort Worth community. Prior to that, he served as CEO at I-77 Mobility Partners in Charlotte, North Carolina. "Mr. Espinosa comes with a proven track record in complex infrastructure management and is well positioned to lead 407 ETR through its next phase of growth and operational excellence. His global experience will be instrumental as we continue to drive innovation, enhance the customer experience, and deliver long-term value to our stakeholders," says David McFadden, Chair of the Board, 407 International. "On behalf of the 407 International Board, we thank Mr. Tamargo for his exceptional leadership during the challenging times of the pandemic. His contributions have helped position 407 ETR for continued success in a rapidly evolving transportation landscape." Learn more about 407 ETR's leadership team at Fast Facts Mr. Espinosa is a seasoned executive with over 25 years of global experience. He recently served as CEO of three highways in Dallas-Fort Worth, Texas. Prior to his role in Dallas, he held CEO positions at I-77 in Charlotte, USA; Western Netflow Western Roads Upgrade in Melbourne, Australia; and Autema in Barcelona, Spain. Mr. Espinosa's appointment marks a return to 407 ETR. Between 2009 and 2016, he held positions as Corporate Shareholder Liaison & Reporting Manager, and later as Project Director for Highway 407 ETR East operations. Mr. Tamargo has been appointed CEO of Cintra US. About 407 ETR Highway 407 ETR is an all-electronic open-access toll highway located in the Greater Toronto Area in Ontario, Canada. The highway spans 108 kilometres from Burlington in the west to Pickering in the east. 407 International Inc. is the sole shareholder of 407 ETR and is owned by: Cintra Global S.E., a subsidiary of Ferrovial S.A. (48.29%) Canada Pension Plan Investment Board (CPP Investments) and other institutional investors (44.20%) Public Sector Pension Investment Board (PSP Investments) (7.51%)
Yahoo
a day ago
- Automotive
- Yahoo
Nissan is closing a major factory in Japan to cut costs. Could American plants be next?
Nissan announced July 15 the company will close its flagship factory just south of Tokyo in Oppama, Japan, the latest edition of the company's cost-cutting efforts. The move is part of a larger company shakeup that includes cutting 11,000 jobs and closing seven of its manufacturing plants worldwide. "Nissan will restructure production operations at the Oppama plant and plans to transfer and integrate into the Kyushu plant by end of fiscal year 2027," a Nissan spokesperson said. "This step supports our goal of building a resilient and responsive global manufacturing footprint." The Japanese automaker, whose American operations are based in Franklin, Tenn., will also close the doors to its Nissan Shatai's Shonan factory by March 2027, CEO Ivan Espinosa said. "It was a difficult decision for both myself and the company," Espinosa said at a press conference in Yokohama, reported by Reuters. "However, we believe it is necessary for Nissan to overcome its current challenging situation." The report follows an abysmal fiscal year for the Japanese automaker. The company reported a 200 billion yen ($1,352,111,000) operating loss in its first quarter, a 88% crater in operating profits, according to Reuters. Opening in 1961, the Oppama site was one of Japan's first large-scale auto factories. Employing 3,900 workers, the site dubbed Nissan's 'mother factory' has manufactured more than 17.8 million vehicles to date. Oppama operations will be consolidated at Nissan's Kyushu plant. On average, Nissan's Japanese factories run at 60% capacity, but once production moves to Kyushu, the factory will run at 100%, Espinosa added. Roughly 2,400 workers could be transferred to non-factory functions or other plants, Espinosa added. Other facilities and functions in the district like the Nissan Research Center and the crash test site, among others, will 'remain unaffected and continue to operate as usual,' the spokesperson said. Despite Nissan's cuts overseas, the automaker's Smyrna and Canton, Mississippi, manufacturing plants remain in full swing, producing Nissan Pathfinder, Murano, Rogue, Altima, Frontier and Infiniti QX60. 'Our manufacturing operations in Tennessee and Mississippi are strategically important to the company's future in this crucial market,' Nissan Americas Corporate Communication Director Kyle Bazemore told The Tennessean in May following the job cuts announcement. Reuters contributed to this story This article originally appeared on Nashville Tennessean: Nissan plans to close Oppama, Japan production plant Sign in to access your portfolio
Yomiuri Shimbun
a day ago
- Automotive
- Yomiuri Shimbun
Nissan Faces Difficult Journey as Firm Carries Out Restructuring Measures
Nissan Motor Co. announced its determination to carry out restructuring measures without exceptions — it will effectively close its Oppama plant in Yokosuka, Kanagawa Prefecture, a symbol of its domestic production, at the end of fiscal 2027 and its Shonan plant in the prefecture by the end of fiscal 2026. However, the road for the firm's revival remains difficult considering the impact of high tariffs imposed by U.S. President Donald Trump's administration and a serious sales slump in China, the world's largest auto market. 'It was a difficult decision for both myself and the company,' Nissan President Ivan Espinosa told a press conference on Tuesday. 'However, we believe it's necessary for Nissan to overcome its current challenging situation and return to a growth trajectory.' The Oppama plant in Kanagawa Prefecture, which is home to the company's global headquarters in Yokohama, had been positioned as a 'mother' plant for establishing the firm's production technology. Taiwan-based major electronics manufacturer Hon Hai Precision Industry Co. was believed to have been hoping for a partnership with Nissan that would have included jointly making electric vehicles at the plant. Espinosa denied any talks about establishing a joint venture or outsourcing production, suggesting that he made the painful choice of closing the plant. Nissan's domestic production capacity is about 1.2 million cars, but the company only produced 640,000 in fiscal 2024. Domestic sales in the January-June period of 2025 are expected to slump to about 220,000 units, the lowest in 30 years. Operating profit in the April-June period of 2025 is expected to fall into the red by about ¥200 billion. U.S. tariffs on imported automobiles could push Nissan's operating profit, representing its core business profit, down by as much as ¥450 billion in the fiscal year ending March 2026. Espinosa said that exports are uncertain considering the U.S. tariff policy. 'The world is changing by the minute.' Nissan's sales volume in China in fiscal 2024 fell 12% from the previous year, hit by the rise of local manufacturers. Sales of the N7 electric sedan, whose development was led by local joint venture Dongfeng Nissan, have been strong. However, fierce price competition has left it uncertain whether the company will be able to secure stable profits. Through a series of restructuring measures, Nissan is hurrying to downsize its excessive production facilities, putting pressure on management. Espinosa explained that with production terminated at its Oppama and Shonan plants, the capacity utilization rate of the remaining 10 factories in Japan and overseas will increase to an average of nearly 100%. However, the financial market still has strong concerns about Nissan's restructuring. The company's share price fell to its lowest level in about 16 years this month, falling below ¥300 at one point. Nissan once aimed to integrate its operations with Honda Motor Co. by establishing a holding company but decided to terminate talks with Honda in February of this year. The Economy, Trade and Industry Ministry and Nissan's main bank, Mizuho Bank, Ltd., have called for the resumption of talks, but Nissan remains committed to improving profitability by closing plants and prioritizing restructuring on its own for the time being.
Auto Blog
2 days ago
- Automotive
- Auto Blog
Nissan Plans to Shutter Historic Japanese Factory in Cost-Cutting Move
By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. View post: Walmart is selling a 'lightweight' $75 mini chainsaw for just $33, and shoppers say it's a 'little powerhouse' Nissan is saying sayonara to a storied facility In a stunning move, Japanese automaker Nissan announced that it plans to cease production at its storied Oppama plant and transfer its operations to reduce its costs and production capacity as part of its dramatic restructuring plans. The plant outside Tokyo has operated since 1961 as Nissan's central facility in Japan and employs about 2,400 employees. However, in a statement dated July 15, the Japanese carmaker said it will cease production by March 2028, a massive move that could leave a noticeable scar on the local economy. 0:07 / 0:09 2025 Nissan Z undercuts Toyota Supra by a surprising amount Watch More This drastic move comes as the automaker implements its Re:Nissan restructuring endeavors. Not long after taking the helm as CEO, Espinosa announced plans to cut 20,000 jobs and consolidate the company's manufacturing from 17 factories to 10. By doing so, Nissan will likely reduce annual production to 2.5 million units from 3.5 million. Nissan Oppama Plant — Source: Nissan Closing Oppama was a hard decision, CEO Espinosa said According to Nissan, at the end of the fiscal year 2027, all production at the Oppama Plant will be transferred to Nissan Motor Kyushu Co., Ltd in Fukuoka Prefecture, western Japan. In its statement, Nissan defended the move by stating that after a thorough assessment, it concluded the move from the Oppama Plant to Nissan Motor Kyushu 'is the most effective solution based on production capacity, cost efficiency, and investment potential,' adding that the transfer will lower its manufacturing costs in Japan, strengthen the competitiveness of its plants, improve the profitability of Nissan products and support the automaker's long-term growth. However, the raw numbers will be revealed during its fiscal Q1 results. Nissan CEO Ivan Espinosa — Source: Nissan However, in prepared remarks included in Nissan's statement, CEO Ivan Espinosa showed some sympathy for the workers who will be affected when the plant completely shutters. 'Today, Nissan made a tough but necessary decision. It wasn't easy—for me or for the company—but I believe it's a vital step toward overcoming our current challenges and building a sustainable future,' he said. 'The Oppama Plant is a proud part of our history, and its legacy will endure. I want to sincerely thank our employees, the local community, and our partners who have supported this plant with dedication and heart. We will continue to operate in the Oppama area with strong support for the local community, as we carry forward the spirit of the Oppama plant and work to restore Nissan's true value.' Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. Nissan also added that production at other plants in Japan will not be consolidated and that it will 'explore a wide range of options to determine the most appropriate path forward' for its employees after production ends. Further, it said it will establish and communicate policies to affected employees and begin discussions with their union once decisions are finalized. Nissan Oppama Plant — Source: Nissan Nissan is losing an important, historic facility Nissan's announcement regarding Oppama is a blow to both the company and the region. Opened in 1961 with the production of the Datsun Bluebird, the Oppama plant holds some historical weight for the Yokohama-based automaker. In 2010, it became the first Nissan plant to mass-produce electric vehicles, as Leaf production started at the plant. According to the automaker, it has an annual production capacity of around 240,000 cars and employs 3,900 people in manufacturing and research roles. As a direct result, the shutdown of the Oppama plant could devastate Nissan and the area. The plant is also a popular tourist attraction, and many of Nissan's important parts suppliers are located near the plant. Within its 170 hectares, Oppama is also home to Nissan's research center, testing facilities, and a wharf for car carriers. In its announcement, Nissan said that the Nissan Research Center, GRANDRIVE, the crash test facility, and Oppama Wharf are unaffected and will continue operations. 1962 Datsun Bluebird 1200 Deluxe 'Flower Car' — Source: John Beltz Snyder Nonetheless, Kanagawa prefectural government officials emphasized during a May 19 meeting that the effects will have a sizable impact on the region. Kanagawa Gov. Yuji Kuroiwa noted that if Nissan does close, 'it will have a huge impact on employment and the economy.' Final thoughts The news comes a little more than a week after Reuters and Nikkei reported that Foxconn, the contract electronics manufacturer of items like iPhones and Nintendo Switches, was said to be talking with Nissan to build EVs at Oppama. However, as I mentioned previously, Nissan must overcome more than low sales and a bloated production capacity to save itself; it still has to play ball in its largest market, the United States. Last week, President Trump announced that he planned to impose 25% tariffs on all Japanese exports if a deal isn't made by August 1. Manufacturers like Nissan and its contemporaries, Honda and Toyota, face a 25% tariff on imported cars, regardless of country of origin. In remarks to ABC News, Hideo Kumano, the Japanese chief economist at Dai-ichi Life Research Institute, warned that if U.S. tariffs are imposed on Japanese goods, Japan will likely experience a recession. 'It's inevitable to see some kind of damage,' Kumano told ABC News. 'There is a possibility that we will fall into recession.' About the Author James Ochoa View Profile
Qatar Tribune
2 days ago
- Automotive
- Qatar Tribune
Struggling Nissan to shut its Oppama plant in Japan to cut costs
Agencies Nissan is set to close its flagship factory in Oppama, Japan, to cut costs, while it will move all its production from that area to another plant in southwestern Japan, the struggling company said on Tuesday. Vehicle production at the Oppama plant in Kanagawa Prefecture, south of Tokyo, will end at the end of the 2027 fiscal year, in March 2028, the Japanese automaker said. After that, all models that have been made or scheduled for production at Oppama will be manufactured at Nissan Motor Kyushu, located in Fukuoka Prefecture. The Oppama plant has been a prized symbol for Nissan Motor Corp., which rolled out its Leaf electric car there in 2010, ahead of key rivals. Chief executive Ivan Espinosa, who took on the job in April, said the decision was extremely difficult, calling the Oppama plant 'an icon for Nissan.' He promised employees that they would be treated fairly and responsibly, with transfer offers to other locations or alternative work in the area, in consultation with the labor union. The plant now employs 2,400 people. 'I believe it's a vital step toward overcoming our current challenges and building a sustainable future,' he said. 'The world is changing by the minute' 'The world is changing by the minute,' he told reporters at a hastily called news conference at Nissan's Yokohama headquarters. Espinosa said the company was in talks about possibly selling the factory land or using it for another purpose. He declined to give details. Even if a buyer is not found, the decision on ending production will not change, he added. The plant's closure was expected, as the maker of the Infiniti luxury models and the March subcompact has repeatedly stated that it is restructuring its operations to boost profitability, including by consolidating production sites. Nissan says the tariff policies of President Donald Trump have hurt its bottom line. Earlier this year, Nissan announced it was slashing approximately 15% of its global workforce, or around 20,000 employees, which would include a 9,000 headcount reduction announced late last year, including in China. The company has been racking up losses, hurt by slipping vehicle sales in China and elsewhere, huge restructuring costs and ballooning inventories.
