Business category, Page 102
3M agrees to pay $6 billion to settle earplug lawsuits from U.S. service members
NEW YORK — Chemical and consumer product manufacturer 3M has agreed to pay $6 billion to settle numerous lawsuits from U.S. service members who say they experienced hearing loss or other serious injuries after using faulty earplugs made by the company. The settlement, consisting of $5 billion in cash and...
John Dorfman: Paccar and American Woodmark show value, momentum
Most value stocks (those that are reasonably priced or cheap) are struggling to gain traction this year. Growth stocks are ruling the roost. But a few value stocks are outperforming the market. For people who relish both value and some price action, here are five stocks to consider. Each sells...
Sheetz to build facility in Ohio to support food preparation, distribution
Sheetz Inc. plans to build a $145 million facility in Findlay, Ohio, to boost the convenience store chain’s food preparation and distribution as it aims for further expansion. The project will create more than 700 jobs over five years, the Altoona-based company said Monday. “We’re excited to bring new opportunities...
Dealership #1 Cochran expands with South Hills Honda purchase
Auto retailer #1 Cochran has snapped up another dealership, acquiring South Hills Honda in Peters Township. The deal is the fourth acquisition for the company this year and fifth in the last 10 months. South Hills Honda makes the first Honda store in #1 Cochran’s Pittsburgh market and second overall...
North Shore industrial site redevelopment underway, lands distribution firm
An industrial site near the former Heinz plant on Pittsburgh’s North Side is welcoming new tenants — and developers of the site have an eye on future expansion along the Allegheny River. New Jersey-based distributor Champion Container Corp. has moved into the first phase of the River Avenue Distribution &...
Pa. Public Utilities Commission names Jennifer Berrier as executive director
The Pennsylvania Public Utility Commission on Thursday appointed Jennifer Berrier, the former secretary of Labor & Industry under Gov. Tom Wolf, as the agency’s new executive director. Berrier takes over leadership of the agency on Sept. 11. The PUC regulates electric, natural gas, pipeline, rail, telecommunications, water and wastewater services....
UPMC sees growth in insurance usage during first 6 months of the year
More people are using UPMC’s insurance options, particularly in Eastern Pennsylvania. The Pittsburgh-based health care giant reported an 11% increase in insurance enrollment, bringing membership to about 4.5 million during the first half of 2023. UPMC attributed the growth to its expansion of behavioral health and Medicaid products into the...
Sandwich chain Subway will be sold to fast-food investor Roark Capital
Subway said Thursday it will be sold to Roark Capital, a private equity firm with expertise in restaurant management that could help the sandwich chain expand and improve its stores. Terms of the deal weren’t disclosed. Earlier this week, The Wall Street Journal reported that Atlanta-based Roark was offering around...
From ketchup storage to data storage: Microsoft’s Pittsburgh team launches large-scale data storage system
In a North Shore building that once warehoused Heinz condiments, Microsoft engineers are building infrastructure that stores a precious commodity: data. The product today isn’t necessarily physical, like a ketchup bottle, but for big companies, having large-scale, high-performing data storage is “their livelihood,” according to Ron Bianchini, distinguished engineer at...
Have home prices bottomed? While low housing inventory stymies sales, bidding wars prop up prices
LOS ANGELES — The housing market remains in a deep sales slump, but the worst declines may be over when it comes to home prices. While home sales have fallen 22.3% through the first seven months of the year versus the same stretch in 2022, prices are being propped up...
Cleveland-Cliffs wants U.S. Steel to disclose other buyout proposals
Cleveland-Cliffs, the steelmaker attempting to acquire the historic Pittsburgh company U.S. Steel, wrote a letter demanding that U.S. Steel disclose any other buyout offers it has received. Last week, the United Steelworkers union (USW) said it would only back the Cleveland-based steel producer in acquiring U.S. Steel. The letter, dated...
Unionized UPS workers approve contract leaders agreed to in late July
The union representing 340,000 UPS workers said Tuesday that its members voted to approve the tentative contract agreement reached last month, putting a final seal on contentious labor negotiations that threatened to disrupt package deliveries for millions of businesses and households nationwide. The Teamsters said in a statement that 86%...
Dick’s Sporting Goods to lay off employees as retail theft cuts into profits
Dick’s Sporting Goods said on Tuesday that retail theft has hurt its profits, one of the reasons the Findlay-based chain is laying off an unspecified number of employees. “We are conducting a business optimization of our organization to better align our talent, organizational design and spending in support of our...
Europe’s sweeping rules for tech giants are about to kick in. Here’s how they work
LONDON — Google, Facebook, TikTok and other Big Tech companies operating in Europe are facing one of the most far-reaching efforts to clean up what people encounter online. The first phase of the European Union’s groundbreaking new digital rules will take effect this week. The Digital Services Act is part...
Jailed Sam Bankman-Fried can’t prepare for trial without vegan diet and adequate meds, lawyers say
NEW YORK — FTX founder Sam Bankman-Fried can’t adequately prepare for trial in six weeks while in jail without proper access to computers, necessary medications to help him concentrate, and a better diet than bread, water and peanut butter, his lawyers told a magistrate judge Tuesday. The lawyers made their...
John Dorfman: These 5 stocks look enticing on cash flow
It’s a simple formula, right? A business’s profit equals its revenue minus expenses. Yet, this can be tricky. Some expenses are intangible. Say you’re a cruise company and bought some ships five years ago, paying out $30 million. You didn’t subtract the whole $30 million from your profits that year....
Looking for a new car under $20,000? Good luck. Your choice has dwindled to just 1 vehicle
DETROIT — Just five years ago, a price-conscious auto shopper in the United States could choose from among a dozen new small cars selling for under $20,000. Now, there’s just one: The Mitsubishi Mirage. And even the Mirage appears headed for the scrap yard. At a time when Americans increasingly...
Pittsburgh becoming a ‘space city’ as Astrobotic, ProtoInnovations prepare to send technology to the moon
Pittsburgh was once known as the steel city, but two local companies believe they’re transforming it into a space city. “We’re a space base now,” said Alivia Chapla, director of communications at North Shore-based Astrobotic. Astrobotic and Lawrenceville-based ProtoInnovations have received millions of dollars in NASA funding and are playing...
Emerging economies are pushing to end the dollar’s dominance. But what’s the alternative?
ABUJA, Nigeria — Business has vanished at Kingsley Odafe’s clothing shop in Nigeria’s capital, forcing him to lay off three employees. One culprit for his troubles stands out: The U.S. dollar’s strength against the Nigerian currency, the naira, has pushed the price of garments and other foreign goods beyond the...
North Shore-based Arconic completes sale to private equity firm
North Shore-based aerospace parts maker Arconic finalized its acquisition by private-equity firm Apollo Global Management, Inc. The $5.2 billion deal, which will take the company private, was announced in May. Arconic will continue to operate under its name and brand. “The closing of this transaction with Apollo Funds brings new...
Union says it supports Cleveland-Cliffs in possible U.S. Steel takeover
Talks are intensifying between U.S. Steel and potential suitor Cleveland-Cliffs about a possible takeover. The United Steelworkers union (USW) said this week it only would back the Cleveland-based steel producer in acquiring the iconic Pittsburgh company. In announcing the potential agreement, Cleveland-Cliffs said it “is the only realistic buyer able...
Pennsylvania’s July unemployment rate at record low 3.5%
WILKES-BARRE — Pennsylvania’s unemployment rate declined three-tenths of a percentage point over the month to 3.5% in July — the lowest rate on record going back to January 1976. On Friday, the Pennsylvania Department of Labor & Industry released its preliminary employment situation report for July. The U.S. unemployment rate...
Average long-term mortgage rate climbs to 7.09% this week to highest level in more than 20 years
The average long-term U.S. mortgage rate climbed this week to its highest level in more than 20 years, grim news for would-be homebuyers already challenged by a housing market that remains competitive due to a dearth of homes for sale. Mortgage buyer Freddie Mac said Thursday that the average rate...
Aldi to buy 400 Winn-Dixie, Harveys groceries in Southern U.S.
Discount grocer Aldi said Wednesday it plans to buy 400 Winn-Dixie and Harveys supermarkets in the southern U.S. Under a proposed merger agreement, Aldi will acquire all outstanding shares of Jacksonville, Florida-based Southeastern Grocers Inc., the parent company of Winn-Dixie and Harveys. If the deal is approved by regulators, it’s...
Intel calls off $5.4B Tower deal after failing to obtain regulatory approvals
HONG KONG — Intel will terminate a $5.4 billion deal to acquire Israeli chip manufacturer Tower Semiconductor after China failed to sign off on the deal amid rising tensions with the United States. It was a mutual decision between Intel and Tower, the companies said Wednesday. Intel said that the...
