FNB Q4 net income down 2%
Hermitage-based FNB Corp., parent company of First National Bank of Pennsylvania, reported net income for the fourth quarter dipped 2 percent, to $28.4 million from $29 million a year earlier, as expenses rose. Per-share profits skidded 14 percent, to 18 cents from 21 cents. For the full year, net income was $117.8 million, up 7 percent from $110.4 million in 2012. Per-share profits edged up 1 percent to 80 cents from 79 cents. CEO Vincent Delie in a statement called 2013 a transformational year that saw FNB, the third biggest retail bank in the Pittsburgh region by deposits, expand into Maryland and beef up its presence in Ohio. Top executives were to discuss the financial results, which were released Tuesday after the stock market closed, in a conference call with analysts today.
Average gas price here falls
Pittsburgh-area gas prices dropped slightly this past week, following a national trend of falling prices. The average price for a gallon of gas was $3.52 Sunday, down 1.1 cents from the previous week, according to a survey of 731 local retailers by GasBuddy.com. The national average dropped 2.2 cents per gallon to $3.27, but prices could soon begin to rise as refineries start gearing up for the summer.
PLSG investment milestone
South Side-based Pittsburgh Life Sciences Greenhouse has reached a milestone $20 million in total investments since its inception. Since 2001, PLSG has worked with more than 400 companies that have attracted nearly $900 million in follow-on funding. Approximately $22 million in investments through the PSLG Accelerator fund brings the total level of direct and indirect investment to $42 million.
$50K headed toward projects
Vibrant Pittsburgh and the Urban Affairs Foundation of the Jewish Federation of Greater Pittsburgh's Community Relations Council awarded a total $50,000 through the 2014 Civic Inclusion & Engagement Fund. The money will be distributed to 12 projects that support diverse communities in the Pittsburgh region.
Irwin acquires manufacturer
Irwin Mine and Tunneling Supply, a subsidiary of Irwin-based Irwin Car and Equipment, has acquired TDT, a West Virginia rock duster and belt clamp manufacturer, the company announced Tuesday. The spot dusting and re-dusting products, which are used as a safety precaution in coal mines to dilute the explosive properties of coal dust, will add to Irwin's existing line and will be housed at the company's Blairsville, Indiana County, complex. Financial terms of the deal were not announced.
Koppers makes Tolko move
Koppers Inc. closed on its acquisition of the crosstie treating operations of Tolko Industries Ltd. in Ashcroft, British Columbia, for 32.4 million Canadian dollars ($29.5 million).
Bombardier announces layoffs
Aircraft and rail manufacturer Bombardier Corp. said Tuesday it was laying off 1,700 people in its aerospace division. The layoffs will affect about 1,100 employees in Montreal and more than 500 people at its plant in Wichita, Kan. Bombardier has several hundred employees in the Pittsburgh area, who work on its people mover and heavy rail products.
IMF: U.S. to lag behind world
The International Monetary Fund, in an updated outlook released Tuesday, forecasts that the world economy will grow 3.7 percent in 2014 and that the U.S. economy will grow 2.8 percent. The global forecast is 0.1 of a percentage point higher and the U.S. forecast 0.2 of a point higher than the IMF's October forecast.
Chinese infringement sweep
Chinese police seized almost 60,000 suspects involved in intellectual property infringement cases with a total estimated value of 173 billion yuan ($28 billion) in 2013, state media reported Tuesday. China's rampant piracy and widespread production of bogus goods is a major irritant in its relations with trading partners.
Peltz on Mondelez board
Activist investor Nelson Peltz is no longer pushing for PepsiCo to buy Mondelez and create a global snack foods giant, after Mondelez on Tuesday named him to its board of directors. Mr. Peltz, a founding partner of Trian Fund Management, had criticized the performance of the maker of Oreo and Chips Ahoy cookies since it split from Kraft Foods in October 2012.
Also in business ...
The H.J. Heinz Co. said in a regulatory filing that John Mastalerz Jr., principal accounting officer, left the company effective last Friday. He had been with Heinz since 2001. ... The Benedum Foundation has joined the Center for Sustainable Shale Development, a collaboration between Marcellus Shale companies, environmental nonprofits and philanthropic groups. ... PPG Industries' protective and marine coatings business extended a contract with the U.S. Navy's Military Sealift Command to provide coatings, solvents and technical services to a fleet of 110 ships. Value of the contract was not disclosed.