Departing Kennametal chief receives $6M compensation
Carlos Cardoso, Kennametal chairman, president and CEO, received compensation valued at $6 million in the fiscal year ended June 30, up 3 percent from the previous year.
The figure does not include $8.3 million he realized from restricted stock that vested and by exercising stock options.
The Latrobe tool maker announced last month that Mr. Cardoso is retiring at the end of the year. The pay figures are included in a proxy statement prepared for the Oct. 28 shareholder meeting at company headquarters.
Railway signal design firm acquired by Wabtec Corp.
Wilmerding-based Wabtec Corp. has acquired C2CE Pty Ltd., a provider of railway signal design services based in Perth, Australia. C2CE has annual sales of about $35 million and about 200 employees.
Financial terms of the transaction were not disclosed.
Fed survey finds moderate economic growth
The U.S. economy strengthened in all regions of the country in July and August, in areas from consumer spending to auto sales to tourism, the Federal Reserve reported in a survey released Wednesday.
Growth in the Cleveland District, which includes Pittsburgh, was characterized as “moderate.”
The survey, known as the Beige Book, found no clear evidence that the economy is expanding so fast that the Fed might soon need to begin raising interest rates to prevent inflation.
Factory orders up record 10.5 percent in July
Factory orders rose 10.5 percent in July, the biggest one-month increase on records going back to 1992, the Commerce Department reported Wednesday.
Orders for civilian jetliners rose four-fold. But excluding transportation, orders edged down 0.8 percent.
CVS changes name, stops tobacco sales early
CVS Caremark said Wednesday it will now be known as CVS Health, effective immediately. The signs on its roughly 7,700 drugstores won’t change, so the change may not register with shoppers. The nation’s second-largest drugstore chain also ended the sale of tobacco nearly a month sooner than planned.