Business Briefs
Roundup: Peoples wins approval for rate increase; Applications for US unemployment aid fall to 340,000; more
By Staff and Wires 12:01 a.m.Peoples’ rate increase approved Peoples Natural Gas Co. and Peoples TWP customers will start receiving rate increases this summer. State utility regulators on Thursday approved a plan for company pipeline upgrades. The related companies still have to set the precise …
4moms plans to add 75 positions as part of $1M expansion
By Alex NixonBaby products manufacturer Thorley Industries LLC is spending $1 million to expand operations and grow its workforce in the Strip District by more than 75 percent by the end of the year. The expansion by Thorley, which does business as …
Roundup: Tesla uses stock, note sale to repay government; JC Penney secures $2.25B loan; more
By Staff and WiresTesla uses stock, note sale to repay government Electric car maker Tesla Motors says it has repaid a loan from the U.S. government nine years early. The company says it wired a $451.8 million payment to the government on Wednesday …
Roundup: Moody’s upgrades Airport Authority debt; Mylan wins patent infringement case; more
By Staff and WiresMoody’s upgrades Airport Authority debt Moody’s Investor Services this week upgraded its credit rating for the Allegheny County Airport Authority’s $375.4 million in outstanding debt. In a report issued Sunday, Moody’s boosted the authority’s rating to A3 from Baa1. Moody’s …
Roundup: Actavis buying Warner Chilcott in $8.5B deal; economists predict consumer spending hike; more
By Staff and WiresActavis to pay $8.5B for Warner Chilcott Actavis is buying Warner Chilcott in an all-stock deal valued at about $8.5 billion that would create the third-biggest specialty pharmaceutical company in the U.S. market. The announcement on Monday occurs after the …
Roundup: Insurance regulators fine Highmark $50,000; Transocean shareholders oust chairman; more
By Staff and WiresInsurance regulators fine Highmark $50K Highmark Inc. was fined $50,000 by the state Insurance Department for minor violations relating to denying claims. The state’s largest health insurer disputed most of the findings of the department’s Market Conduct Examination, but said …
Roundup: Alcoa cuts 500 jobs, 2 production lines; #1 Cochran acquires Billco; more
By Staff and WiresAlcoa cuts 2 production lines, 500 jobs at Canada plant Aluminum smelter and parts-maker Alcoa said on Thursday that it will close two production lines at a plant in Canada and cut about 500 jobs there because of lower aluminum …
Roundup: Standard Life Building faces foreclosure threat; PNC Bank to close 10 branches in region; more
By Staff and WiresStandard Life Building faces foreclosure threat First Commonwealth Bank is moving to foreclose on Standard Life Building, Downtown, which is used to house students at the Art Institute of Pittsburgh. The bank filed a foreclosure lawsuit in Allegheny County Common …
Roundup: CEO abruptly departs Pittsburgh Brewing Co.
By Tribune-ReviewPittsburgh Brewing Co. CEO departs The owner of the Pittsburgh Brewing Co. announced Tuesday that the beer brewer’s chief executive was leaving the company — an abrupt departure for the man who was hired two years ago. Edwin Lozano’s departure …
Wabtec announces executive changes and stock split
By Thomas OlsonWabtec Corp. said Tuesday that William Kassling is stepping down as chairman of the Wilmerding-based rail supplier and will be replaced by CEO and President Albert Neupaver. Neupaver will relinquish the position of president but will remain CEO. Chief Operating …
Roundup: Drug manufacturer agrees to $500 million penalty; Kennametal acquires Tungsten supplier in Bolivia; more
By Tribune-ReviewDrug manufacturer agrees to $500M penalty A subsidiary of an Indian pharmaceutical company has agreed to pay $500 million fines and civil penalties for selling adulterated drugs and lying about tests to federal regulators, the Justice Department said on Monday. …
Roundup: Dollar remains above 100 Japanese yen; Bloomberg bars reporters from client log-in data; more
By Staff and Wire ReportsDollar stays strong against yen The U.S. dollar continued to soar above 100 yen on Friday, driven by aggressive credit easing aimed at reviving Japan’s sluggish economy and improved U.S. economic figures. The dollar broke through the 100-yen barrier on …
Pittsburgh Glass Works debt rating downgraded by Moody’s
By John D. OraveczPittsburgh Glass Works debt rating downgraded by Moody’s Moody’s Investors Service downgraded ratings on debt held by Pittsburgh Glass Works LLC, blaming weakness in the company’s automotive replacement glass and insurance and service segments. Glass Works’ original equipment business, which …
Roundup: Passenger traffic down at Pittsburgh airport; Bayer eliminating about 50 jobs; more
By Staff and WiresPassenger traffic down at Pittsburgh International Airport Passenger traffic at Pittsburgh International Airport decreased 3.6 percent in March compared with March 2012, the Allegheny County Airport Authority said Thursday. Pittsburgh had 677,724 passengers in March, down from 702,878, authority data …
Roundup: Giant Eagle sues drug makers over generics; Fed says mistakes made in mortgage settlement; more
By Staff and Wire ReportsGiant Eagle sues drug makers over delays in generics Giant Eagle Inc. claims in a federal antitrust lawsuit filed Wednesday in Pittsburgh that AstraZeneca LP and three generic drug makers conspired to delay the availability of generic versions of Nexium …
Roundup: U.S. job postings fell in March; home prices rise in Pittsburgh region; more
By Staff and Wire ReportsJob postings, hiring fell in March Employers nationwide posted fewer job openings in March compared with February and slowed overall hiring, underscoring a weak month of job growth. The Labor Department said on Tuesday that job openings fell 1.4 percent …
Roundup: Developer buys Northway school; area gas prices still falling; more
By Tribune-ReviewDeveloper buys Northway school as part of project The vacant Northway Elementary School, the final piece in a redevelopment project that includes the Shoppes at Northway in Ross Township, has been purchased by Levey & Co. of Akron, Ohio. The …
Cranberry farmers struggle as surplus drops prices
By The Associated PressCranberry farmers who spent millions of dollars to replant and expand bogs are in a financial crisis as a result of a huge harvest in Canada that flooded the market. Farmers in Wisconsin, the leading cranberry producer, have been working …
Horsehead Holding 1Q results improved from a year ago
By John D. OraveczZinc producer Horsehead Holding Corp. of Crafton on Monday reported improved results, with net income rising to $2.8 million, or 6 cents a share, in the first quarter. That compared with a loss of $8.5 million, or 19 cents a …
Profit rises 27 percent at Calgon Carbon despite lower revenue
By Thomas OlsonCalgon Carbon Corp. reported quarterly earnings increased 27 percent as cost controls offset a dip in revenue. The company, which is based in Robinson, earned $9.8 million, or 18 cents per share, in the three months ended March 31, compared …
