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Business news briefs
Tuesday, August 05, 2008
Arcelor to acquire Koppers coke plant

Koppers Holdings Inc. said yesterday it would sell its coke plant in Monessen to ArcelorMittal for about $160 million. The Koppers plant produced 320,000 metric tons of coke last year. Revenue from the plant in the first quarter was about $16 million, or 5 percent of sales for that period. Koppers expects the deal to close in the fourth quarter. Separately, ArcelorMittal said it would build a $600 million mill in Mexico to produce steel for construction and car making. The mill site has not been selected.

JCPenney moving store to Washington Mall

JCPenney said its store at The Foundry shopping center in South Strabane will move temporarily to its former location in Washington Mall in Washington, Pa. The store at The Foundry has been closed since June 6 due to the problem of soil movement at the JCPenney building. The store at Washington Mall is expected to open in mid-September.

Kohl's holding job fair for Richland store

Kohl's Department Stores said yesterday that it would hold a job fair Aug. 10-14 for prospective employees for its new store in Richland Mall. The retailer said it would hire about 150 full-time and part-time workers for the store, which is scheduled to open in October. Job seekers should visit www.kohlscareers.com or call 1-877-639-5645 for more information on the application process.

BNY Mellon seeking $2B from Countrywide

Bank of New York Mellon Corp. has sued Bank of America Corp.'s Countrywide Financial Corp. seeking repayment of $2 billion in notes. Countrywide failed to inform holders of its Series B floating rate convertible notes due in 2037 that its acquisition by Bank of America Corp. on July 1 gave holders the option to keep the notes or cash them in, BNY Mellon said in a complaint filed in Delaware Chancery Court.

Also in business ...

TreeHouse Foods reported second-quarter net income was $8.3 million, or 26 cents per diluted share, vs. $9.4 million, or 30 cents, a year ago. Net sales rose nearly 44 percent to $367.4 million ... UPMC Cancer Centers has leased 10,673 square feet at Meadow Pointe Plaza I at 470 Johnston Road in North Strabane. The property is owned by Horizon Properties Group LLC ... FedFirst Financial Corp., Monessen, reported second-quarter net income of $65,000, or 1 cent per diluted share, vs. a net loss of $58,000, or 1 cent, a year ago.

First published on August 5, 2008 at 12:00 am