Roundup: Kennametal CEO's compensation drops; sale of National Envelope to Cenveo completed; more
Kennametal CEO's pay decreases
Total compensation for Kennametal Inc. CEO Carlos Cardoso decreased 14 percent to $5.8 million in the fiscal year ended June 30 from $6.7 million the year earlier, according to proxy materials filed by the high-tech manufacturer on Tuesday. Cardoso's base salary rose slightly to $971,750 from $933,000 the year earlier, and the value of his stock and option awards remained virtually unchanged. But his cash payments under the company's Prime Bonus Program fell to $149,468 from $1.25 million the year earlier. Annual earnings fell 34 percent to $203 million, or $2.52 a share, from $307 million, or $3.77 a share, the year earlier. Kennametal will host its annual meeting at 2 p.m. Oct. 22 in company headquarters in Unity. Among the proposals on the agenda is one asking shareholders to cast non-binding advisory votes approving overall, top-executive compensation and related policies.
Sale of National Envelope completed
Cenveo Inc., the world's largest envelope maker, has completed the purchase of bankrupt National Envelope's operating assets for $25 million. The purchase includes a plant that employs 400 workers in Upper Tyrone Township, Fayette County, its largest of eight plants. The Stamford, Conn.-based Cenveo said on Tuesday that it entered into a letter of intent to sell its custom envelope unit that includes a plant in Claysburg, near Altoona, to Ennis Inc. of Midlothian, Texas, for $47.25 million in cash and trade liabilities. The purchase is expected to close by Sept. 27. Cenveo CEO Robert G. Burton Sr. said the company is evaluating strategic options for all of its operations. Spokesman Robert G. Burton Jr. could not be reached for further comment. National Envelope's parent, Frisco, Texas-based NE Opco Inc., sought Chapter 11 bankruptcy protection on June 10 for the second time in three years.
W.Pa. projects to receive government loans
Two Western Pennsylvania development projects, expected to establish 1,320 jobs, have received loan financing through the state's Commonwealth Finance Authority. Almono LP, owner of the former LTV Hazelwood site, will receive a loan of $5 million for roadway improvements and improvements to the aging municipal and sanitary sewers, which involves eliminating unnecessary sewers and rerouting active sewers into common corridors. The project is expected to create at least 1,020 jobs. Kubrick Enterprises LLC will receive a $1.2 million loan to help finance its redevelopment of the former Alcoa Research Lab in New Kensington, Westmoreland County. The funds will be used for acquisition, utility infrastructure improvements; demolition of and improvements to its roof; and engineering and administrative costs. At least 300 new jobs are forecast.
Consumer prices rise just 0.1% in August
Consumer prices barely rose last month, the latest sign that slow economic growth is keeping inflation tame. The consumer price index increased 0.1 percent in August, the Labor Department said on Tuesday, compared to a 0.2 percent increase in July. Excluding volatile food and energy costs, core prices rose just 0.1 percent. In the past 12 months, prices have risen 1.5 percent. That's down from the 2 percent year-over-year gain in July and below the Federal Reserve's 2 percent inflation target. Core prices are 1.8 percent higher than a year ago, the largest 12-month gain since March. The increase in core prices could help persuade the Fed to start pulling back on its low interest rate policies. But significantly lower inflation would pressure the Fed to keep stimulating the economy.
Penthouse owner files for bankruptcy
FriendFinder Networks Inc., the owner of Penthouse magazine and a bevy of online dating and adult websites, filed for Chapter 11 bankruptcy protection on Tuesday. The Sunnyvale, Calif., company said bankruptcy protection is the “most efficient and cost-effective” way for it to improve its balance sheet. FriendFinder, like many of its peers, has been struggling with lower revenue as free adult content online has lessened demand for paid content. It faces tough competition for its online dating sites, as well. The company reported a loss of $49.4 million in its last fiscal year. The company's dating sites include Friendfinder.com, Seniorfriendfinder.com and Bigchurch.com. Its adult websites include Getiton.com, Nostringsattached.com and Hotbox.com.
— Staff and wire reports
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Clues to Chief Justice John Roberts’ thinking on new ObamaCare case
- Pirates enter Plan B with Martin off market
- Reflecting frustration, Webb eyes presidency
- 5 arrested on firearm, drug charges in Spring Hill
- Allegheny County adoption event joins 40 children with families
- For Steelers, a fight to finish for playoff berth
- Mears savors success, credits legendary Lange for guidance, inspiration
- Derry water outage may be resolved by 5 p.m. Sunday, authority says
- Shooting victims live with bullets to survive, thrive
- Starkey: No explaining Steelers, AFC North
- Boy with fake gun dies after being shot by Cleveland cop