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Business News Briefs, 3/28/00
Tuesday, March 28, 2000 Pittsburgh Post-Gazette
Housing for black residents
Public agencies, private groups and lenders are supporting an outreach program aimed at increasing home ownership among black residents in the six-county region. "One of the most important challenges local leaders face is finding new, creative ways to increase the opportunities for more African-American families to become homeowners," said Howard B. Slaughter Jr., director of Fannie Mae's Pittsburgh Partnership Office, which will oversee the effort.
Development agency picks CEO
A Westmoreland County economic development agency has named a former Hempfield supervisor with experience in development as its chief executive officer. John Skiavo, currently the president of Johnstown Area Regional Industries, also an economic development agency, will oversee the direction of Economic Growth Connection of Westmoreland, a group formed in January from the merger of three county development agencies. Skiavo played an important role in luring Sony Corp. to New Stanton, and he was named Economic Developer of the Year in 1996 by the Pennsylvania Economic Development Association.
Red Hat posts quarterly loss
Linux software operating system distributor Red Hat Inc. yesterday reported a smaller-than-expected fourth-quarter loss. Red Hat said that adjusting for one-time items, it lost $5.6 million, or 4 cents a share, vs. a loss of $1.2 million, or 3 cents, a year earlier. Revenues rose 39 percent to $13.1 million. Including noncash charges and one-time acquisition costs, Red Hat said it lost $24.6 million, or 17 cents a share. In January, Red Hat acquired Hell's Kitchen Systems, a Pittsburgh-based software maker, for $90 million.
Also in business ...
Global real estate developer TrizecHahn Corp., which owns a portion of Gateway Center, yesterday said it would sell most of its Canadian office portfolio for about $1.7 billion to create liquidity and seek technology investments ... David C. Kay has been named president of Universal Aggregates Inc., a joint venture between Consol Inc. and SynAggs Inc. of Pittsburgh ... Black Box Corp. said it acquired Advanced Network Technologies Inc., a California-based provider of premise cabling services. Terms of the deal weren't disclosed.
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