Nova Chemicals Corp. yesterday named Randy Woelfel as its new CEO. Mr. Woelfel will succeed Christopher Pappas, who is scheduled to retire Dec. 31. Mr. Woelfel started his career at Shell Oil Co. and most recently was managing director, energy, at the Houston Technology Center and president of Cereplast Inc., a California-based company that develops renewable plastics. Nova, a Canadian-based plastics and chemicals manufacturer with executive and administrative operations in Moon, was acquired earlier this year by International Petroleum Investment Co. of the United Arab Emirates.
Mylan Inc. said yesterday that two of its subsidiaries settled a long-standing dispute with the U.S. Justice Department over Medicaid drug rebates. The $121 million settlement involving Mylan Pharmaceuticals Inc. and UDL Laboratories Inc. will result in an after-tax charge of about $83 million in the third quarter. Cecil-based Mylan and other drug companies were accused of violating laws that require them to sell drugs to Medicaid at the lowest price they are sold to other customers. Mylan, which disclosed the Justice Department probe in 2005, said the settlement did not include an admission of wrongdoing. Separately, Teva Pharmaceutical Industries sued Mylan for patent infringement on Friday over Mylan's application to market a generic version of Teva's multiple sclerosis drug Copaxone.
Eaton Corp. said third-quarter net income fell by 39 percent but still beat analysts' estimates while sales declined by 26 percent. Net income was $193 million, or $1.14 per share, down from $315 million or $1.87 per share a year ago. Income before charges related to acquisitions was $205 million, or $1.21 per share, beating analysts' estimates of 92 cents to $1 per share. Sales were $3 billion, down from $4.1 billion a year ago. Chairman Alexander Cutler said Eaton benefited from companywide cost cuts that included job reductions. Cleveland-based Eaton employs about 800 at its electrical unit in Moon.
Holcomb's KnowPlace stores in five states are going to close, including stores at McIntyre Square in Ross and Miracle Mile Shopping Center in Monroeville. The 137-year-old school supplies retailer based in Cleveland known as Holcomb's Education Resource once had as many as 33 stores. It now has 10 locations in Ohio, Michigan, New York and Pennsylvania. Employees have been told the stores will shut by December. Holcomb's began as a mail-order business in 1872.
Six research projects at the Allegheny Singer Research Institute, the research arm of Allegheny General Hospital, have been selected to receive about $2 million in grants under the American Recovery and Reinvestment Act of 2009. The awards are part of the $5 billion in recovery act money given to the National Institutes of Health for medical research. The money will be used at Allegheny Singer to look at treatments for strokes, infectious diseases and metabolic disorders.
Comcast Corp., DirecTV Group Inc. and 11 other pay-TV providers won dismissal of an antitrust lawsuit brought by consumers who said they are harmed by the industry practice of bundling programs in subscription packages. U.S. District Judge Christina Snyder denied a request by lawyers for the consumers that they don't have to show competitors have been excluded to proceed with their antitrust claims. Both sides previously agreed that, if the judge denied the request, the case would be dismissed and the decision appealed. A complaint filed against cable and satellite-TV programmers in September 2007 accused the companies of preventing competition among TV providers by offering only prepackaged tiers of programs and by refusing to allow consumers to buy channels "a la carte."
St. Clair Hospital in Mt. Lebanon said it planned to break ground in December for three new operating rooms to accommodate growing patient volume. ... Ross-based medical safety startup ClearCount Medical Solutions announced yesterday that it closed $3.4 million in Series B financing. ClearCount said the money would be used in the development and marketing of its technology designed to prevent surgical sponges from being left behind in patients.