Business Briefs: Koppers set to acquire Australian timber supplier
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Koppers Holdings said it will acquire an Australian business that supplies timber for utility poles for an undisclosed sum. Koppers expects to complete the purchase from Ridolfo Forestry Products this month. The Downtown chemicals company forecast the business will add revenue of more than $10 million annually.
• TreeHouse Foods Inc. reported net income of $21.6 million, or 58 cents per share, for the third quarter, down from $30.4 million, or 82 cents per share, during the same period a year ago. Excluding unusual items, earnings per share would have been 70 cents compared to 85 cents last year. The Oak Brook, Ill., company, which makes soup in the former Heinz plant on Pittsburgh's North Side, said net sales of $538.1 million compared to $528.1 million last year. In August, the company announced plans to close its Mendota, Ill., soup facility and to shift the production to Pittsburgh.
• Horsehead Holding reported a third quarter loss of $9.1 million, citing lower zinc and nickel prices, noncash hedge-related charges, and a charge related to the closure of its Monaca refinery. The loss amounted to 21 cents per share and came on sales of $100.4 million, down 31 percent from year-ago levels. The Robinson metals recycler reported net income of $23.1 million, or 52 cents per share, and sales of $145.8 million in the year-ago quarter.
• Commercial National Financial Corp., parent company of Commercial Bank & Trust of Pa., reported net income fell to $1.07 million, or 38 cents per share, in the quarter ended Sept. 30, from $1.88 million, or 65 cents per share, in the same period a year ago. The Latrobe bank said nonrecurring charges, including a problem with counterfeit foreign check deposits and a legal settlement over ATM access for the disabled, affected the results. Net interest income, or profits on loans, of $3.4 million compared to $4.3 million a year ago.
• Lanxess said third quarter profits fell 39 percent on an 8 percent decline in sales. The German specialty chemicals producer, which has its North American headquarters in Findlay, reported net income of $120 million (94 million euros) on sales of $2.77 billion (2.16 billion euros) vs. earnings of $197 million (154 million euros) and sales of $2.99 billion (2.34 billion euros) in the year-ago quarter. Lanxess said weakening demand from the tire and automotive industries were partially offset by stronger demand for agrichemicals.
PNC Financial Services Group Inc. has named Steven C. Van Wyk, former global chief operating officer for ING. as head of operations and technology, succeeding Vice Chairman Thomas K. Whitford, who is retiring in March. ... South Side retailer American Eagle Outfitters hired Sherry Harris as executive vice president-chief talent and culture officer with base salary of $500,000 and a signing bonus of $200,000, according to a regulatory filing. ... RedZone Robotics, a Lawrenceville-based manufacturer of wastewater inspection technologies, appointed Mike Lach, former president of Sterling, Va.,-based analytics company NeuStar Inc., as its new CEO. ... Huntington Bank has named Susan Baker Shipley as president of its Western Pennsylvania and Ohio Valley Region, succeeding David Hammer. Prior to joining Huntington, Ms. Shipley was head of global trade finance North America for The Royal Bank of Scotland/Citizens Bank.
From staff and wire reports
First Published November 7, 2012 12:00 am