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Business news briefs: Vector Security will move from Ross to Warrendale
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Vector Security Inc., an electronic security company in Ross, has signed a lease to move its North American headquarters to Keystone Summit Corporate Park in Warrendale. The new site will house 150 employees and the company's largest monitoring station. Vector will move into the 28,000-square-foot office in November.
Addiction treatment specialists Pinnacle Treatment Centers in the Strip has acquired Recovery Works, a residential treatment center based in Georgetown, Ky. Pinnacle, now with facilities from Kentucky to the eastern seaboard, is also planning to open three new methadone clinics this year, as well as expand inpatient and outpatient services. Terms of the Recovery Works deal were not released.
A federal appeals court ruled Monday that former employees of The Boeing Co. failed to demonstrate a pattern of age discrimination in the wake of the 2005 sale of its commercial aircraft business in Kansas and Oklahoma. Ninety former Boeing workers sued in December 2005 claiming they lost their jobs because of their age when the Chicago-based aerospace manufacturer sold operations in Wichita, Tulsa, Okla., and McAlester, Okla., to Onex Corp. In its 47-page ruling, the appeals court said while older employees "fared slightly worse" than younger ones, they had failed to show the companies' hiring practices unfairly hurt older workers.
Best Buy Co. Inc. and its founder and former chairman Richard Schulze say they have an agreement that will allow Mr. Schulze to pursue his plan to try to buy the nation's largest consumer electronics chain. Best Buy said the agreement will allow him access to confidential financial statements and allow him to form an investment group with private equity sponsors to make the bid. He already owns 20 percent of the company's stock. The agreement is the first step toward Mr. Schulze making an official bid.
Rental car company Hertz is buying its rival Dollar Thrifty Automotive Group Inc. for approximately $2.3 billion, giving it more ways to attract business and leisure travelers and an expanded international presence. Hertz Global Holdings Inc. said late Sunday that it will pay $87.50 for each Dollar Thrifty share, an 8 percent premium to the company's closing price of $81 per share on Friday. Media reports had said last week that Hertz of Park Ridge, N.J., was considering a new bid for Dollar Thrifty, a Tulsa, Okla.-based company it had pursued for two years.
Ethanol futures fell a fourth day in Chicago as corn prices eased on signs of slowing global demand for the grain. Prices extended the longest streak of losses in a month after the Agriculture Department said corn supplies inspected for export in the week ended Aug. 23 fell 52 percent from a year earlier to the lowest since July 2003. Lower prices for the grain reduce costs to manufacture ethanol, as one bushel makes at least 2.75 gallons of the biofuel.
First Published August 28, 2012 12:00 am
