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Business news briefs: 11/11/06
Saturday, November 11, 2006

Benkovitz talks possible

Picketing continues at Benkovitz Seafoods in the Strip District but union and management representatives could meet as early next week to discuss contract issues, according to a lawyer representing the company. The seafood store is owned by Nordic Holdings LP, which recently sold its Nordic Fisheries wholesale operation to a Monroeville company. Workers from the store, as well as several employees who lost jobs when the wholesale business was sold, have been picketing since their contract expired at the end of October. The retail store remains open and is staffed by temporary employees, said the attorney.

Tube City sale in works

Wellspring Capital Management, the controlling owner of Tube City IMS, said yesterday it would sell all of the shares of the Glassport-based steel industry supplier to Onex Partners for $620 million. Wellspring, a New York-based private equity firm, has controlled the company since 2004. Onex is a unit of Toronto-based Onex Corp. Tube City, which had revenue of $1.2 billion last year, supplies raw materials and other services at 66 steel mills in the United States and Central Europe. The sale is expected to be completed early next year.

Energy assistance available

Volunteers from Duquesne Light will offer free assistance today for consumers who want to sign up for the Low Income Home Energy Assistance Program (LIHEAP), the federally funded program that provides grants to help low-income households with heating needs. The volunteers will be available from 9 a.m. to 1 p.m. at Goodwill Industries outlets on the South Side and in Rochester and Mc-Keesport, and at Holy Family Institute offices in Swissvale and McKees Rocks. Applicants should bring proof of income for all household members; their most recent electric and natural gas bills; and Social Security or current medical assistance cards.

USW, Goodyear to meet

The United Steelworkers union and Goodyear Tire & Rubber Co. will have their first negotiating session on Tuesday since 12,000 workers in North America went on strike a month ago, the union and company said yesterday. The two sides will meet as Goodyear moves forward with its plan to shut down its tire plant in Tyler, Texas, eliminating about 1,100 jobs. The Steelworkers insist that the Tyler plant remain open.

Sale catches Dick's eye

A California-based sporting goods retailer selling more than 30 stores in bankruptcy court appears to be drawing interest from several major players, including Dick's Sporting Goods and Sports Authority. The Deal.com, an online publication tracking merger and acquisition news, reported Copelands Enterprises has discussed a potential asset sale with several parties, including Findlay-based Dick's. A sale hearing is scheduled for next week.

Also in business ...

Fidelity Bancorp Inc. reported fiscal fourth-quarter net income of $948,000, or 31 cents per diluted share, vs. $966,000, or 32 cents, a year ago. For fiscal year 2006, net income totaled $3.87 million, or $1.26 per diluted share, vs. $3.88 million, or $1.27, for the prior year ... Mylan Laboratories said it received final approval from the Food and Drug Administration to market oxybutynin chloride in tablet form. The drug is the generic version of Alza Corp.'s Ditropan XL, which is used for the treatment of overactive bladder ... Waterford, Mich.-based Dunham's Sports will expand its Pittsburgh-area presence with a new store that is scheduled to open next week in McIntyre Square on McKnight Road in Ross.

First published on November 11, 2006 at 12:00 am