Gardens land to cost $2.4M
Millcraft Investments, a Washington County developer, will pay $2.4 million to buy the land needed for a $95 million office, hotel and retail development to be built on Forbes Avenue, Downtown. City Urban Redevelopment Authority board members will consider the sale of the 37,391 square feet of real estate near Market Square at their meeting Thursday. The proposed purchase price is less than half of the $5.26 million the URA paid to acquire the properties over a period of years. Millcraft expects to break ground on The Gardens at Market Square project next month.
Erie hospital joins Highmark
Saint Vincent Hospital in Erie, formerly known as Saint Vincent Health System, is a part of Highmark Inc.'s Allegheny Health Network now that the deal between the two organizations has closed. Highmark and Saint Vincent have pledged to "collaborate [to] build a more efficient and consumer-focused" health system, Highmark CEO William Winkenwerder Jr. said Tuesday. Highmark, which is investing at least $65 million in the partnership, is launching a new brand campaign for the Allegheny Health Network today.
ATI will issue senior notes
Allegheny Technologies Inc., a Downtown specialty metals producer, announced Tuesday that it intends to offer a series of senior notes. The company, which did not say how much it hopes to raise, intends to use the money for general corporate purposes, including capital expenditures and the financing of future acquisitions.
Royal Dutch Shell selects new CEO
Royal Dutch Shell Plc unexpectedly named refining boss Ben van Beurden to succeed chief executive officer Peter Voser as Europe's largest oil company looks to manage rising capital spending.
Sprint, Clearwire deal is done
Sprint Nextel Corp. has completed its acquisition of wireless network operator Clearwire Corp. Clearwire runs a mobile broadband network that Sprint uses to provide 4G service on many of its phones. Clearwire's stock stopped trading on the Nasdaq after the market closed on Tuesday.
Kroger buying Harris Teeter
Kroger, the country's largest traditional supermarket operator, is expanding its reach in key southeastern and mid-Atlantic states by snapping up regional grocer Harris Teeter Supermarkets Inc. The $2.44 billion cash deal includes locations in Delaware, Florida, Maryland and Washington, D.C., where Kroger currently does not have a presence.
Also in business ...
U.S. Steel chief financial officer and executive vice president Gretchen R. Haggerty is retiring after 37 years. She was the first female executive in the company's history.
From staff and wire reports