Heinz plans layoffs at Idaho factory
The H.J. Heinz Co. plans to lay off 80 full-time employees at its Pocatello, Idaho, factory in March, following the discontinuation of the T.G.I. Friday's frozen meal line. "The factory also will be adjusting its production schedule to maximize efficiency and effectively manage costs," according to a statement from the Pittsburgh food company. The factory, which makes frozen entrees and snacks, will continue to employ more than 400 full-time workers.
ExOne expects $16-$18 share price for IPO
A North Huntingdon advanced manufacturing company anticipates its initial public offering will be priced between $16 to $18 per share, higher than its previous estimate. ExOne disclosed plans to go public in December. A prospectus filed with the Securities and Exchange Commission last week listed the offering price between $14 and $16 per share. The higher price was disclosed in documents ExOne filed with the SEC this week. The company expects the offering to raise $77.6 million after expenses.
• RTI International Metals reported sharply higher profits and sales for the fourth quarter and all of 2012 and forecast modest growth for this year. The Moon titanium producer reported quarterly income of $7.1 million, or 23 cents per share vs. earnings of $15,000 in the year-ago quarter. Sales rose 38 percent to $196.4 million. Titanium shipments fell 8 percent while prices were flat with year-ago levels. The results topped analysts forecasts. In 2012, RTI earned $23.5 million, or 77 cents per share, vs. 2011 earnings of $6.6 million, or 22 cents per share. Sales rose 39 percent to $738.6 million.
• GlaxoSmithKline Plc, the U.K.'s largest drugmaker, said sales and profit will rise this year as the company awaits regulators' approval of six drugs. Sales will increase about 1 percent, and earnings per share excluding some items will gain 3 percent to 4 percent at constant exchange rates, the London-based company said Wednesday in a statement.
Building materials maker sees rocketing stock price
Riding a U.S. housing recovery and a booming stock market, Boise Cascade, a maker of plywood and other building materials, jumped $5.15, or 24.5 percent, to $26.15 on its market debut Wednesday.
Liberty Global to buy Virgin Media for $16B
Liberty Global Inc., the cable TV operator owned by media mogul John Malone, is buying U.K.-based Virgin Media Inc. in a deal valued at $16 billion. The new broadband communications company will cover 47 million homes with 25 million customers in 14 countries. Liberty Global shares fell 2.7 percent to $66.06.
Australian court clears Google in ad case
Australia's highest court on Wednesday threw out a ruling against Google Inc. that had found the Internet giant guilty of breaching trade law by hosting deceptive advertisements in which advertisers used the names of competitors as keywords to trigger their own ads appearing. Google had argued that it was not responsible for the content of the ads.
From staff and wire reports