Jawbone buys Body Media
Body Media, a Downtown-based body monitoring technology company, announced it has been acquired by San Francisco-based wearable technology company Jawbone. Neither Jawbone or Body Media have disclosed the terms of the deal, but media site All Things Digital reported that it is valued at $100 million. Body Media CEO Christine Robbins said the company will remain in Pittsburgh and will retain all of its 60 employees.
Building deals rose in March
The total value of future construction contracts in the Pittsburgh region rose by 46 percent in March, to $213.8 million, McGraw-Hill Construction reported. Nonresidential contracts jumped by more than 100 percent to $126.2 million, compared with $57.4 million in March 2012. Residential contracts slipped by 2 percent to $87.6 million from $89.5 million a year ago. For the year to date, total contract value was running 4 percent ahead of the first three months of 2012. The region includes Allegheny, Armstrong, Beaver, Butler, Fayette, Washington and Westmoreland counties.
MaterialScience to sell unit
Bayer MaterialScience has an agreement to sell its North American polyester resins business to Stepan Co., a specialty chemicals maker based in suburban Chicago. Terms were not disclosed but a statement from Stepan said the business it plans to acquire -- which has 45 employees at a production facility in Columbus, Ga. -- has sales of approximately $64 million. Polyester resins are used in coatings and adhesives. Bayer said employees at the Georgia operations will be offered positions at Stepan. The deal is expected to close in four to six weeks. Bayer's North American material science segment is headquartered in Robinson.
$15 million order for Wabtec
Wilmerding-based Wabtec Corp. has received an additional order valued at $15 million to provide electronically controlled pneumatic braking equipment for freight cars and locomotives operated by Rio Tinto, an international mining company based in Australia.
PG still leads in audience
The Pittsburgh Post-Gazette kept its position as the dominant media presence in Western Pennsylvania, posting the largest combined print and online audience reach of any news operation for the past six months. In print, it had an average Sunday circulation of 302,460 editions from October 2012 to March 2013, according to the latest report from the Alliance for Audited Media, formerly the Audit Bureau of Circulation. The Post-Gazette had an average workweek circulation of 180,433.
Speculation surrounds rue21
Warrendale-based teen retailer rue21 could become the target of a leveraged buyout, Bloomberg News is reporting. The $739 million company would be the industry's latest target after the $600 million buyout of retailer Hot Topic Inc. last month. Joseph Teklits, a spokesman for rue21, said the company doesn't comment on speculation.