Direct Energy Business gains arm of Hess Corp.
Direct Energy Business LLC announced it will acquire the gas and power marketing arm of Hess Corp. for $731 million. Pittsburgh-based Direct Energy Business is a competitive electricity and gas supplier and a subsidiary of British company Centrica plc. Hess' Energy Marketing business, based in New Jersey, had revenue of more than $6 billion last year. The acquisition will quadruple the amount of gas Direct Energy Business supplies to customers.
Wabtec acquires turbocharger manufacturer Turbonetics
Wilmerding-based Wabtec Corp. has acquired Turbonetics Holdings Inc., a manufacturer of turbochargers and related components. Turbonetics, based in Moorpark, Calif., has about 40 employees and annual sales of about $15 million. The company designs and manufactures turbochargers and pressure control products used for energy, aerospace, marine and other high-performance applications.
Three new tenants this fall at Waterfront complex
The Waterfront retail development in Homestead announced the signing of three new tenants: Crunch Fitness, an upscale fitness club that will take the top level of the former Filene's Basement; local hamburger chain Burgatory, which will locate across from the AMC Loews movie theater; and Charming Charlie, a women's jewelry and accessories chain that will go in next door to Burgatory. All three are slated to open late this fall.
Starkist to offer gourmet sardine line at Wal-Mart
North Shore-based Starkist Co. on Tuesday announced the introduction of a new line of gourmet canned sardines, which will be sold exclusively at Wal-Mart. Cans will retail for $2.49 and come in three flavors: Extra Virgin Olive Oil, Tuscan Style Tomato Sauce and Whole Grain Dijon Mustard.
• RTI International Metals reported preliminary second quarter results and said final results will be disclosed once it completes a review of its policy for recognizing revenue from certain energy market business. The company reported net income from continuing operations of $1.4 million, or 5 cents per share, on sales of $215.8 million vs. earnings from continuing operations of $4.7 million, or 16 cents per share, and sales of $182.3 million in the year-ago quarter. Results for the most recent quarter reflect a $13.7 million pretax charge for repaying debt early, a $400,000 loss related to the accounting change, and an $8.1 million gain from import duties the company paid for raw materials that were refunded because products made from those materials were exported.
• HFF Inc. reported second quarter net income of $13.1 million, 35 cents per share, compared to net income of $10.9 million, 29 cents per share, for the second quarter last year. The Downtown-based commercial real estate broker beat analysts' expectations of 33 cents per share. Sales for the second quarter were $81 million compared to $67 million for the same period last year.
Consumer confidence index drops a bit in July
Americans' confidence in the economy dipped slightly in July but stayed close to a 5 1/2-year high. The Conference Board, a New York-based private research group, said Tuesday that its consumer confidence index was to 80.3 in July, down from 82.1 in June. Still, the Conference Board report showed consumers are still worried the economy remains vulnerable.