The power generation services division of General Electric told employees of a West Mifflin facility this week of a "restructuring" plan that could end with the operation being closed. The GE Service Shop on Buttermilk Hollow Road employs 70 workers, and the facility's union is currently negotiating with the company. The restructuring is occurring across GE's entire power generation division, but only some operations are expected to be affected. A company spokesman said any closing has to be preceded by such an announcement, which then triggers bargaining with the union.
Pittsburgh home market shows growth in January
Residential homes in the Pittsburgh region placed under agreement increased nearly 24 percent to 2,793 homes last month compared to 2,258 homes in January 2011, according to West Penn Multi-List Inc. Average sales prices increased nearly 3 percent to $157,051 from $152,495 in the 13-county region.
L.B. Foster Q4 earnings fail to meet analyst forecasts
Green Tree-based L.B. Foster Co. reported fourth-quarter net income of $6.7 million, or 65 cents a share, compared to net income of $6.1 million, or 58 cents a share, for the same quarter last year. Analysts had expected the company to earn 70 cents a share. Net income for the 12 months ended Dec. 31 was $16.1 million, or $1.46 a share, compared to net income of $22.9 million, or $2.16 a share, for the 12 months ended December 2011. Net sales for the fourth quarter were $140 million compared to $133 million for the fourth quarter of 2011. Net sales for the 12 months ended Dec. 31 were $588 million compared to $575 million for the 12 months in 2011.
Global McDonald's sales drop 1.9% in January
McDonald's says a key sales figure dropped again in January because of ongoing weakness in Japan and sales in China that were hurt by a food scare and the timing of Chinese New Year. The Oak Brook, Ill.-based company said global sales at restaurants open at least 13 months dropped 1.9 percent for the month. In the region encompassing Asia and Africa, McDonald's said its sales sank 9.5 percent in January.
Wholesale business stockpiles fall in Dec.
The Commerce Department said Friday that wholesale business stockpiles dipped 0.1 percent in December from November to $497.7 billion. That followed a 0.4 percent rise the previous month.
Pontiac G6 recall could expand to 550K vehicles
U.S. safety regulators are looking at expanding a small recall of Pontiac G6 midsize cars so it includes up to 550,000 vehicles. About 8,000 of the cars made in January of 2005 were recalled by General Motors in 2009.