North Shore company announces Ill. aquisition
North Shore-based Matthews International Corp. announced it has acquired Schawk Inc., a leading brand development company based in Des Plaines, Ill., with 2013 sales of $443 million and about 3,600 employees in more than 20 countries. Under the terms of the deal, Schawk stockholders will receive $11.80 cash and 0.20582 shares of Matthews common stock for each SGK share held. The new company will have more than 9,500 employees and annual revenues of about $1.4 billion.
FNB Corp. cleared for Germantown bank deal
FNB Corp. said it received regulatory clearance for the previously announced acquisition of OBA Bank in Germantown, Md. OBA shareholders are to vote on the transaction Aug. 21. The deal is expected to be completed in mid-September.
NYC real estate firm to invest in properties here
A New York City real estate investment firm plans to spend more than $100 million to upgrade two Pittsburgh residential properties. Faros Residential announced plans Tuesday for the Washington Plaza apartment building and the four-building Allegheny Center residential complex. Faros acquired Washington Plaza in 2012 and Allegheny Center last year. In addition to the investment, it is renaming Washington Plaza as City View and Allegheny Center as Park View.
Foundation to award 6 universities science grants
The Charles E. Kaufman Foundation said it will award $1.95 million to support scientific research at six universities in Pennsylvania. The foundation was established with funds from the estate of Charles Kaufman, a chemical engineer who died in 2010 and left almost $50 million to the Pittsburgh Foundation. This year’s grant recipients are affiliated with the University of Pittsburgh, Carnegie Mellon University, Penn State, Lehigh University, the University of Pennsylvania and Villanova University.
• Indiana, Pa.-based S&T Bancorp reported net income for the second quarter rose 4 percent to $14.7 million, or 49 cents per share, from $14.1 million, or 47 cents, in the same three months last year. The provision for loan losses fell to a negative $1.1 million in the most recent period. That compared with a provision of $1 million a year earlier.
• U.S. Steel reported second quarter results that handily beat Wall Street estimates. President and CEO Mario Longhi said operating profits for the current quarter should increase significantly. The Pittsburgh steelmaker lost of $18 million, or 12 cents per share vs. a loss of $78 million, or 54 cents per share, in the year-ago quarter. Sales were flat at $4.4 billion. Excluding one-time items, the company reported adjusted net income of 17 cents per share. Analysts surveyed by Bloomberg had forecast an adjusted loss of 31 cents per share on sales of $4.2 billion.
• Pittsburgh-based vitamins and supplements retailer GNC Holdings Inc. reporting a slight drop in second quarter revenue, $675.2 million, compared with $676.3 million a year ago. Net income was $69.89 million, down from $71.69 a year ago, and diluted earnings per share was 77 cents for the three months, compared with 73 cents for the same period in 2013. Same store sales decreased 4 percent in domestic, company-owned stores. A year earlier, those sales showed a 6.8 percent increase.
Consumer confidence sees considerable boost in July
The Conference Board’s consumer confidence index rose to 90.9 in July from an upwardly revised 86.4 in June. The July reading is the highest since October 2007, two months before the Great Recession officially began.
Crayola to open family attraction in Orlando
Crayola is building a family attraction in Florida, similar to the one it operates in its home state of Pennsylvania. The company said Tuesday that Crayola Experience Orlando will open next summer.
McDonald’s: NLRB says it's a ‘joint employer’
McDonald’s says it has been notified by the National Labor Relations Board that it can be named a “joint employer” for workers in its franchisee-owned restaurants. The decision could expose McDonald’s to liability for the working conditions and practices in its franchisees’ stores.
Suzuki recalls nearly 26,000 cars for fire risk
Suzuki is recalling nearly 26,000 midsize cars in the U.S. because the daytime running light modules can overheat and could cause a fire. The recall covers the Verona from the 2004-2006 model years. It’s an expansion of an earlier recall of the Forenza and Reno.