EQT Corp. sells pipeline
EQT Corp. plans to sell its Sunrise Pipeline and associated assets to its affiliate, EQT Midstream Partners LP, for $540 million. Sunrise is a 41.5-mile interstate gas pipeline that runs from Wetzel County, W.Va., to Greene County, Pa. The system includes gas storage and the Jefferson compressor station in Greene County that is undergoing an expansion that will more than double its capacity. EQT Midstream leases the pipeline from EQT Corp. and operates it to process gas from EQT's production segment.
Highmark buys web domain
Highmark Inc. spent $50,000 to buy the Web domain ahn.org, which directs visitors to the new website for Highmark's Allegheny Health Network. The sale was reported by Afternic.com, a marketplace for domain-name sales, and represented one of the company's highest sales prices of the year. Previously, ahn.org had been owned by Tucows Inc., a Toronto domain registry and website-parking company.
Koppers' earnings down
Koppers Holdings said the depressed European economy, falling prices and reduced demand for some carbon and chemicals products caused it to lower its second-quarter and full-year earnings forecast. For the second quarter, the Downtown-based company expects adjusted earnings per share of 66 to 70 cents, down from $1 per share. For the full year, Koppers expects adjusted earnings to be lower than last year's $3.27 per share though it did not specify a target figure. Walter Turner, Koppers' president, said the company will implement cost reduction initiatives and that he expects conditions to stabilize in 2014.
Genco awards contract
Genco said it has been awarded a one-year, $38.8 million contract from the Defense Logistics Agency to manage a distribution center in Bahrain. The center will support Navy operations in the U.S. Central Command, which encompasses Afghanistan, Iraq and 18 other countries in the Middle East.
Nova sets private offering
Nova Chemicals said it will offer $500 million of senior notes in a private offering. The notes will be due in 2023. The proceeds will be used to purchase $350 million in outstanding senior notes due in 2016. Nova, which makes plastics and resins used in consumer and industrial packaging, is based in Calgary, Canada, with executive offices in Moon.
North Side companies merge
Marketing firm Pipitone Group, with its office on the North Side, is merging with Vance Wright Adams on North Lincoln Avenue. The new agency will carry the Pipitone name and consolidate into its offices.
Employee dies in accident
A 51-year-old employee of PPG Industries died Monday as a result of injuries suffered in an accident at the company's Barberton, Ohio, plant near Akron. The Summit County Medical Examiner's Office said Wendy Breiding, of Barberton, died after becoming entangled in a paper rolling machine. The medical examiner's office ruled the incident accidental.
CPI increases 0.5 percent
Higher gasoline costs helped propel the consumer price index 0.5 percent in June from May, the Labor Department said Tuesday. Excluding volatile food and energy costs, so-called core prices rose just 0.2 percent. Overall prices have risen just 1.8 percent over the past 12 months. And core prices are up just 1.6 percent in that period.
Manufacturing output rises
U.S. factories cranked out more business equipment, home electronics and autos in June, boosting manufacturing output for the second straight month. The Federal Reserve said Tuesday that manufacturing production rose 0.3 percent in June from May.
Homebuilders feel optimistic
Homebuilders are feeling more optimistic about their home sales prospects than they have in more than seven years. The National Association of Home Builders/Wells Fargo builder sentiment index released Tuesday jumped to 57 this month from 51 in June. The index hasn't been that high since January 2006.
Also in business...
The Heinz Endowments named Edward Kolano vice president for finance and administration. He was formerly vice president and treasurer at the Hillman Co.