Range Resources launches fleet of CNG trucks
Range Resources Corp. on Tuesday unveiled its new company fleet of trucks that run on compressed natural gas. The Texas-based oil and gas operator, whose regional headquarters is in Southpointe, said about 100 of its 184 CNG vehicles, a mix of Ram 2500 and Chevrolet Silverado 2500 pick-ups, are in this region. Range joins other Marcellus operators, such as Chesapeake Energy and EQT Corp., who've announced a transition in their fleets to CNG. For now, most of the Range trucks here are filling up at Waste Management's CNG fueling station in Washington, but spokesman Mark Windle said the company is considering partnering with another firm to build a dedicated station, or to go it alone.
First Commonwealth closes two branches
Indiana, Pa.-based First Commonwealth Bank has closed branches on North Center Avenue in New Stanton and on Jancey Street in Morningside.
Fitch raises rating to A- for county airport authority
The Allegheny County Airport Authority's bond rating has been raised by Fitch Ratings of New York to A- from BBB+, reflecting a long-term improved and stable financial outlook. The airport authority's revenue bond was upgraded in May to A3 from Baa1 by Moody's Investor Services. The higher bond rating is a result of the authority's new lease agreement with Consol Energy for oil and gas drilling rights on airport property, which includes an upfront payment of $46.3 million and monthly royalty payments starting mid-2014.
Second-quarter sales down from year ago at rue21
Cranberry teen clothing retailer rue21, which is being sold to a private equity investor, said sales at stores open at least a year were down almost 6 percent in the second quarter as compared with last year. Total sales of $229.3 million are up from last year's $202 million, the company said in a filing with the Securities and Exchange Commission. Slow sales in categories such as girls' and guys' tops, the filing said, added to inventory left from the first quarter as a result of a soft economic environment and cold weather. The retailer took markdowns to clear out spring-to-summer goods to make way for back-to-school styles.
Shadyside's LightSide Labs is awarded $25,000 grant
LightSide Labs, a Shadyside-based education software company, has been awarded a $25,000 grant through the Gates Foundation's Literacy Courseware Challenge. The grant will help the company fulfill its mission to create digital learning tools for writing instruction.
ExOne buys land for planned facility in Germany
The ExOne Co. said it purchased land in Gersthofen, Germany, for construction of a nearly 180,000-square-foot facility, expected to be completed in the second half of 2014. The North Huntingdon 3-D printing company said the project -- housing production, warehouse, service, office and research and development space -- would give it capacity to expand and allow it to consolidate operations at five leased facilities in the region.
DQE selects Morozzi as first president, CEO
DQE Communications has hired James Morozzi as its first president and CEO. The South Side-based subsidiary of Duquesne Light provides data networking services for businesses, and has been growing in recent years -- enough to warrant its own executive. Until now, it has been managed by senior officials of the parent company, the Downtown-based electric utility. DQE Communications has 42 employees, up from 8 just two years ago. Mr. Morozzi was previously president and CEO of D&E Communications Inc., in Lancaster County.
Consumer borrowing rose to $2.85 trillion in June
Americans borrowed more in June to buy cars and attend schools. But they were frugal again with their credit cards. The Federal Reserve says borrowing rose $13.8 billion in June from May to a seasonally adjusted $2.85 trillion, the highest ever.
Amazon will offer fine art from prominent dealers
Amazon.com is getting into the fine art arena with original and limited edition works of art from more than 150 prominent galleries and dealers via Amazon Art. Prices range widely. There's a photograph by Clifford Ross for $200 and a painting by Norman Rockwell for $4.85 million.
Also in business...
Robert P. Ostryniec, who had been senior vice president, chief supply chain officer and global enterprise risk management for the H.J. Heinz Co. before the Pittsburgh company was sold earlier this year, has been named chief product supply officer of Waterbury, Vt.-based Green Mountain Coffee Roasters Inc.