Roundup: Bernanke praises Fed's move to transparency; Emerson snags $11M contract; more
Bernanke praises Fed's move to transparency
Federal Reserve Chairman Ben Bernanke said increasing the Fed's openness and accountability has been a top priority of his during the eight years he has been leader of the central bank. Bernanke said the Fed, which is marking its centennial this year, was reluctant during its early years to explain its actions or otherwise engage with the public. But he said that began to change in the 1990s and the process has accelerated during his time as chairman. Bernanke spoke at a town hall meeting the Fed held Wednesday night with teachers gathered in Washington and participating by webcast across the country. It was the third teacher town hall meeting for Bernanke, who will be stepping down as Fed chairman on Jan. 31.
Emerson lands $11M contract
Emerson Process Management said on Wednesday it was awarded an $11 million contract by Daelim Industrial Co. Ltd. to supply control systems for the two, 1,050-megawatt, coal-fired power-generation units Daelim is constructing in South Korea. Based in O'Hara, Emerson Process Management employs almost 600 people in the Pittsburgh area. The South Korea contract was reached a day after Emerson was awarded a $21 million contract by PGE Górnictwo I Energetyka Konwencjonalna SA to modernize control and monitoring systems and electrical systems on a 370-megawatt, thermal power generation unit in Poland. Neither of the contracts will result in any local hiring, Emerson spokeswoman Amy Schlemmer said.
ExOne narrows quarterly loss
ExOne Co. of North Huntingdon, a maker of 3-D printers, on Wednesday said it lost $224,000, or 2 cents a share, in its third quarter ended Sept. 30, compared to a loss of $5.9 million in the same period a year ago, before it sold stock to the public on Feb. 6. Revenue increased to $11.6 million vs. $8.5 million a year ago, with 3-D printing machines representing 67 percent of sales, increasing by 50 percent from a year ago. ExOne reported losses in the first and second quarters of this year. A first-quarter loss of $1.9 million was tallied on revenue of $7.9 million. In August, it reported a second-quarter net loss of $1.12 million on revenue of $9.23 million. CEO S. Kent Rockwell said ExOne continues to execute its strategic plan of increasing machine sales and expanding production capacity. Shares of ExOne fell $1.15, or 1.95 percent, to $57.85 in after-hours trading.
— Staff and wire reports