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Business briefs
Tuesday, January 29, 2008
Columbia Gas seeks rate hike

Columbia Gas of Pennsylvania has filed a request with the state Public Utility Commission to raise its distribution rates, effective March 28. The PUC's review of the proposal, which would add $10.99 to the average bill of a residential customer's monthly bill, is expected to take nine months.

Allegheny, Merrill Lynch settle

Allegheny Energy Inc. said yesterday it settled a legal dispute with Merrill Lynch & Co. dating back to the utility's 2001 purchase of Merrill's energy trading unit, Global Energy Markets. Under the terms of the settlement, Allegheny agreed to pay $50 million for Merrill's minority stake in Allegheny Energy Supply Co.

Eagle executive flies away

New York-based teen retailer Delia's has named Michele Donnan Martin to serve as president of the Delia's brand. Ms. Martin most recently led product design and development for Martin & Osa, a new chain of stores targeting 28- to 40-year-old customers that is being launched by South Side-based American Eagle Outfitters Inc.

A successor to Ms. Obama

TreeHouse Foods Inc. has appointed a replacement to fill the board position vacated in May by Michelle R. Obama, the wife of Democratic presidential candidate Barack Obama. She had cited increased demands on her time. The Chicago-area company that makes baby food and soup on Pittsburgh's North Side has tapped Diana S. Ferguson, executive vice president and chief financial officer of Merisant Worldwide Inc., to serve out the term that expires in 2010.

Verizon's earnings climb

Verizon Communications Inc. reported fourth-quarter net income of $1.07 billion, or 37 cents per share, vs. $1.03 billion, or 35 cents, a year ago. Excluding charges, the latest earnings were 62 cents per share, matching the average forecast of analysts surveyed by Thomson Financial. Revenue rose 5.5 percent to $23.8 billion.

Fire engine maker feels heat

Fire engine maker American LaFrance yesterday filed for bankruptcy protection, citing inventory problems and a depressed market for emergency equipment. The Berkeley County, S.C.-based company, which employs about 1,000 in six states, including Pennsylvania, has more than 1,000 creditors and more than $100 million in liabilities. Its Pennsylvania plant is in Ephrata, Lancaster County.

Also in business ...

American Eagle Outfitters said it was increasing by 30 million the number of shares it would buy under its repurchase program, bringing the number of shares available for repurchase to 41.2 million ... Harsco Corp. said it signed a multiyear agreement with Israel Railways to provide undisclosed services through it Harsco Track Technologies unit. Financial terms were not disclosed ... Hershey said it was raising the wholesale price of its chocolate bars by about 3 percent, effective immediately.

First published on January 29, 2008 at 12:00 am