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Volkswagen on Wednesday reported its third-quarter net profit rose more than tenfold to $3 billion on strong demand and cost controls.

"The Volkswagen Group continues to have its sights firmly set on capturing pole position in the automotive industry," said VW Group Chief Executive Martin Winterkorn in a statement.

VW, which is building an auto assembly plant in Chattanooga, wants to overtake Toyota as the world's biggest automaker by 2018.


Byrne tappedas Propex chief

The board of Propex has appointed John Byrne as interim CEO, the company said Wednesday.

Byrne replaced Stan Brant, who resigned as president and CEO effective Oct. 13.

Byrne is the former CEO of Protective Industries, a designer and manufacturer of injection molded, vinyl dipped and extruded parts, and will bring that poly-chemical experience to his new role as Propex's new chief executive, the company said in a news release.

The company will continue to push toward growth and diversification, according to the release.

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