Region's gasoline prices still dropping
Pittsburgh area gas prices continue to drop. The average price for a gallon of regular unleaded gas was $3.709 Monday, compared to $3.789 a week ago, according to GasBuddy.com. Gas prices in the region remain higher than the nationwide average of $3.579 a gallon. A year ago, the average price for a gallon of regular unleaded in the Pittsburgh region was $3.979.
FNB finishes takeover of Annapolis Bancorp
FNB Corp. in Hermitage said Monday it had completed the previously announced takeover of Annapolis Bancorp in Maryland, including eight BankAnnapolis offices.
Union ratifies labor pact at Hussey Copper
Hussey Copper said members of the United Steelworkers union have ratified a five-year contract covering about 183 workers at its Leetsdale plant. The labor agreement expires in November 2017. Terms were not disclosed.
J.C. Penney names Ullman as new CEO
J.C. Penney is naming Mike Ullman as its new CEO. He takes over from Ron Johnson, who is leaving the company. Mr. Ullman was head of the department store chain prior to Mr. Johnson's appointment in 2011. Mr. Johnson's turnaround strategy, which included slashing sales in favor of everyday low prices, failed to win over shoppers.
GE will buy Lufkin Industries for $3.1B
General Electric Co. has agreed to buy the oilfield equipment maker Lufkin Industries Inc. for $3.1 billion, furthering an effort by GE to grow its oil and gas operations. GE said Monday that it would pay Lufkin shareholders $88.50 per share, a 38 percent premium over Lufkin's closing price on Friday of $63.93. The companies valued the deal at $3.3 billion, which includes $200 million in debt to be assumed by GE.
Old Spice ready with cheeky ads
Old Spice is introducing a line of scented soap bars this month through a series of tongue-in-cheek ads. Procter & Gamble, which has refashioned the 75-year-old brand to target younger men, is going retro with the move since body wash has eclipsed bar soap, according to research firm Euromonitor International.
Avon to cut jobs, restructure businesses
Avon is eliminating more than 400 positions and abandoning or restructuring smaller or underperforming businesses in Africa, the Middle East and Europe, including an exit from Ireland.