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
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