Roundup: UPS abandons merger; Samsung sells 100M smartphones; more
UPS abandons $6.9B deal for TNT Express
UPS scrapped plans to grow in Europe through the acquisition of Dutch delivery company TNT Express because European regulators were getting ready to reject the $6.9 billion deal. It would have been the largest acquisition in UPS history. UPS had offered in March to buy TNT, Europe's second-largest delivery company, to better compete with Europe's largest, Deutsche Post's DHL. Regulators objected, saying the deal would reduce competition in the market for express delivery of small packages in Europe. UPS said Monday that it had proposed “tangible remedies,” but after meeting with regulators on Jan. 11, the Atlanta company told TNT it saw no prospect of the deal being approved.
Samsung sells 100M Galaxy Ss
Samsung Electronics Co. said Monday that global sales of its Galaxy S smartphones passed 100 million units since the first model in the series was released less than three years ago. Samsung said it has sold more than 25 million Galaxy S smartphones, 40 million Galaxy S II smartphones and 41 million Galaxy S III smartphones. Samsung introduced the first Galaxy S model at the end of May 2010, scrambling to catch up with Apple, which was reshaping the market with the iPhone. But Samsung was quick to narrow the gap with bigger smartphone makers. Research firm IHS iSuppli said last month that Samsung beat Nokia in cellphone sales and Apple in smartphone sales last year.
Abarta newspaper group for sale
Abarta, a diverse holding company based in Pittsburgh, has put its Press Media Group up for sale, the company said Monday. Included in the planned sale is The Press of Atlantic City, a daily newspaper that Abarta has owned for 60 years, along with other newspapers. John Bitzer III, CEO of the fourth-generation, family-held enterprise, said in a statement that the paper was profitable but subject to “certain growth constraints.” The Press Media Group publishes five other weekly, Sunday and monthly publications. In addition, Abarta owns interests in the beverage, frozen-food, energy and technology sectors.
Bath Fitter, Cabinet World merge
Two of Pittsburgh-area home improvement companies merged, reuniting individuals who formed one of them. Bath Fitter of Pittsburgh acquired the operations of Cabinet World in December, bringing together the founders of Cabinet World. Frank Witkowski, who with Sam Lucci are co-owners of Bath Fitter, now are re-united with Larry Lucci of Cabinet World. He is one of the three Lucci brothers who with Witkowski began Cabinet Warehouse, which later became Cabinet World in 1980. Terms of the merger were not disclosed. Bath Fitter employs 38 to 44 employees and is in the process of opening showrooms in Canonsburg, Center and a yet-to-be determined location in the North Hills. The business expect sales of more than $8 million this year.
Other business news
• Former Westinghouse Electric Co. president Ric Perez joined System One as chief nuclear officer, said the technical outsourcing company based on the North Shore on Monday. The 30-year nuclear industry veteran will lead the expansion of nuclear energy staffing solutions worldwide for System One, which serves the engineering and scientific sectors.
• Duquesne Light Co.'s efforts to help restore power after Hurricane Sandy was recognized by the Edison Electric Institute, which presented Duquesne Light with its 2012 Emergency Assistance Award. Duquesne Light sent more than 100 employees to the East Coast following the storm.
— Staff and wire reports