Roundup: Westinghouse says no deal with India; Rite Aid names president; more
Westinghouse: No deal with India
Westinghouse Electric Co., Cranberry, denied a published report that it will sign an agreement with Nuclear Power Corp. of India Ltd. in September to supply nuclear-power technology to the state-owned company. Westinghouse had entered into a memorandum of understanding with the Indian company in June 2012 to negotiate toward an agreement that would support development of its AP1000 nuclear power plants in India. During a three-day trip through India, Secretary of State John Kerry said the agreement will be signed in September, The Wall Street Journal reported. It said talks have bogged down over Indian law that places liability from a nuclear accident on technology suppliers. A State Department spokesman was unavailable for comment. “We're still working with Nuclear Power Co. of India Ltd. to reach an agreement for preliminary licensing and site development work and hope to reach an agreement with them as soon as possible,” said Westinghouse spokesman Scott Shaw. He acknowledged nuclear liability issues were a sticking point.
Men's Wearhouse founder leaves board
Men's Wearhouse Inc. founder George Zimmer resigned from the company's board of directors effective immediately, citing concerns with the retailer's strategic direction. Zimmer, who started Men's Wearhouse 40 years ago, was fired June 19 as executive chairman. In a letter of resignation submitted to the board on Monday, Zimmer says his termination shows the directors' unwillingness to address his “growing concerns with recent board decisions and the strategic direction of the company.” The executive's termination followed repeated clashes over strategy between Zimmer, 64, and Douglas Ewert, his hand-picked chief executive officer.
Rite Aid operating chief named president
Drugstore chain Rite Aid Corp. said Monday it has given Chief Operating Officer Ken Martindale the added title of president. CEO John Standley had previously held the title of president. Martindale will continue to report to Standley, the company said. Rite Aid is the nation's third-largest drugstore chain with more than 4,600 stores. Martindale, 53, also serves as the company's senior executive vice president. He joined Rite Aid as senior executive vice president of merchandising, marketing and logistics in December 2008 and became COO in 2010. Tenet to pay $1.8Bfor Vanguard
Tenet Healthcare Corp. is buying Vanguard Health Systems Inc. for about $1.8 billion, helping to expand its service offerings and broaden its geographic reach. Tenet will pay $21 per share, a 70 percent premium to Vanguard Health's Friday closing price of $12.37. The companies said Monday that the transaction includes $2.5 billion in debt and value the entire deal at $4.3 billion. Upon the acquisition, Tenet will own 79 hospitals and 157 outpatient facilities. Both boards unanimously approved the deal, expected to close before year's end.
Fresh Market to open July 3 in Mt. Lebanon
Mt. Lebanon will get its newest food store when Fresh Market opens July 3 at its location at 1551 Washington Road (Route 19), opposite the Galleria with a staff of 90, with most of the jobs filled locally. The 19,000-square-foot store will include a bakery, full service meat counter, ready-to-serve entrees, fresh seafood, more than 200 Imported and domestic cheeses, and a produce department with more than 400 items. The market is on a site formerly occupied by Roth Carpet store. There are 98 parking spaces.
Neiman Marcus plans $100M stock offering
Luxury retailer Neiman Marcus plans to raise up to $100 million by returning to the stock market with an initial public offering. That amount is likely to change, though, as bankers gauge investor interest. The plan to go public, announced in a regulatory filing Monday, comes about eight years after private equity firms TPG Capital and Warburg Pincus bought Neiman Marcus for $5.1 billion.
Other business news
• UPMC Presbyterian in Oakland was certified as a Comprehensive Stroke Center by the American Heart Association/American Stroke Association. The hospital, with 1,500 stroke patients annually, becomes one of 34 in the nation to receive the certification. It recognizes hospitals with significant resources in training, infrastructure and staff, UPMC said.
• The Fox Rothschild law firm said it merged with Denver-based Lottner Rubin Fishman Saul P.C., effective July 1. The transaction adds 16 attorneys in real estate, corporate and other legal practices to Fox Rothschild's more than 550 attorneys in 18 offices. Based in Philadelphia, the firm has 28 lawyers in its Pittsburgh office.
• CardConnect, a payment-processing firm based in Pittsburgh, will give $200,000 to Washington City Mission, a homeless shelter in Washington on Tuesday. The nonprofit provided 107,700 meals and 30,000 nights of shelter to 900 people last year.