Business Briefs: Planned sale of Nova business terminated
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Nova Chemicals said Friday it was calling off the planned sale of its performance styrenics business, which includes a plant in Monaca, to PFB Corp. in Calgary, Canada. The companies agreed to terminate the deal after it became apparent that PFB would be unable to complete certain steps necessary for its planned expansion of its building products in the United States, Nova said in a statement. Nova, which announced the sale in May for an undisclosed amount, said it would continue to operate the unit, which makes foam resins used in construction, packaging and beverage cups. Calgary-based Nova, which has its executive operations in Moon, had planned to acquire an equity stake in PFB and secure two seats on the company's board after the deal closed.
U.S. factory production of machinery and equipment fell sharply last month, held back by temporary disruptions caused by Superstorm Sandy and companies' fears that a federal budget crisis could trigger a recession next year. The Federal Reserve said Friday that factory output, the most important component of industrial production, fell 0.9 percent in October from September. It would have been unchanged without the storm, the Fed said. Overall industrial production fell 0.4 percent last month.
Nike announced Friday that it had reached an agreement to sell its Cole Haan unit to the private equity firm Apax Partners for $570 million. The sneaker and athletic-wear giant telegraphed a sale earlier this year when it said it was disposing of its Cole Haan and Umbro brands to focus on its core businesses. Apax, which operates out of New York and London, has deep experience with retail and fashion brands, including investments including Tommy Hilfiger and Pittsburgh-based rue21.
From staff and wire reports
First Published November 17, 2012 12:00 am