Wabtec buying maker of rail equipment

Wabtec Corp. said yesterday it would acquire Standard Car Truck, a rail equipment manufacturer based in Park Ridge, Ill., for about $300 million in cash. Wabtec said it would finance the acquisition with proceeds from a new $500 million credity facility. Standard has about 550 employees at nine U.S. manufacturing plants, including its Barber Spring operations in Lawrenceville and Melampy Manufacturing in West Deer, and at offices in offices in Malaysia and Scotland. Annual sales total about $225 million. Wilmerding-based Wabtec said it expected the transaction to be completed in the fourth quarter. A Wabtec spokesman said the purchase would increase the work force to 6,500.

Federated acquiring investment manager

Federated Investors said it would acquire Clover Capital Management, a value-oriented Rochester, N.Y., investment manager, for approximately $36 million. Additional payments of up to $57 million could be paid over the next five years based on growth of Clover's assets. Clover manages about $2.8 billion. Federated expects to complete the acquisition in the fourth quarter and will introduce three value-oriented mutual funds managed by Clover personnel.

Shareholders approve Peltz's Wendy's deal

Shareholders of Wendy's International Inc. and Triarc Cos. Inc. approved a $2.34 billion deal yesterday that will make the nation's No. 3 hamburger chain a part of billionaire investor Nelson Peltz's empire. Atlanta-based Triarc operates the Arby's fast food chain and is owned by Mr. Peltz. Mr. Peltz sits on the board of H.J. Heinz Co.; his Trian Partners holds a 2.86 percent stake in Heinz.

Industrial production, factory use tumble

Industrial production fell in August by the most in almost three years. The 1.1 percent decrease in production at factories, mines and utilities was more than forecast, Federal Reserve figures showed. Car output slumped 12 percent, the most in a decade, and declines ranged from semiconductors to building supplies. The Fed's production report also showed that capacity utilization, which measures the proportion of plants in use, decreased to 78.7 percent, the lowest level since October 2004.

Also in business ...

Alcoa said it restarted its Point Comfort alumina refinery in Texas. The plant, which is between Houston and Corpus Christi, was closed Friday in anticipation of possible damage from Hurricane Ike ... Mylan Inc. completed a private placement offering of $575 million of cash convertible notes maturing 2015. The notes pay 3.8 percent interest semiannually and are convertible into cash based on the price of Mylan shares. The Cecil generic drug maker will use proceeds to pay down existing debt ... Nucor Corp. boosted its third-quarter profit forecast to $2.15 to $2.20 a share, citing improved general performance and revenue from acquisitions. The steelmaker had forecast earnings per share of $1.80 to $1.85 for the quarter ending Sept. 27 ... United Airlines doubled its fee for a second checked bag to $50, citing volatile fuel prices. United said the $50 one-way fee would apply for tickets bought beginning today for travel beginning Nov. 10.