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Business news briefs: Wesco acquiring Conney
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Wesco International Inc. -- the Station Square-based provider of electrical, industrial and communications products -- is acquiring Wisconsin-based Conney Safety Products LLC for an amount Wesco did not disclose, the company announced Monday. Conney Safety distributes maintenance, repair and operating products and has revenues of approximately $85 million. The deal is expected to close in July, and Wesco executives said the acquisition should increase earnings by at least 10 cents per diluted share in the first year of operation.
Confidence among U.S. builders ticked up this month to a five-year high. The National Association of Home Builders/Wells Fargo builder sentiment index rose in June to 29, the highest reading since May 2007. The index, which was released Monday, has risen in seven of the past nine months, suggesting builders are starting to see the seeds of a recovery taking shape after years of stagnation.
The government has expanded an investigation into fires that can start in the doors of several Toyota models, adding 600,000 Camrys and other vehicles to the probe. The investigation now includes 1.4 million cars and SUVs from the 2007 to 2009 model years. Certain Camrys from the 2008 and 2009 model years, as well as some 2007 to 2009 Yaris subcompacts and all 2008 Highlander Hybrid SUVs, have been added to the investigation, the National Highway Traffic Safety Administration said on its website Monday. A power window switch in the driver's door can overheat and cause fires, the government said.
Samsonite International SA pulled its Tokyo Chic line of luggage from Hong Kong stores on Monday after a consumer group there reported finding high levels of compounds linked to cancer in the handles, although the company insisted the bags were safe. Samsonite said it commissioned independent tests from German and Hong Kong laboratories that showed levels were "significantly lower" than the council's findings. The company is not pulling Tokyo Chic luggage from other markets.
Corn surged the most since March on signs that unusually hot, dry weather is eroding crop conditions in central and southern Midwest states, Kyle Tapley, an MDA Information Systems Inc. meteorologist, said Monday in a report. The price of corn for delivery after the harvest dropped 14 percent this year as the USDA forecast that domestic farmers would produce a record 14.79 billion bushels this year, after planting the most acres since 1937.
Facebook Inc., owner of the world's largest social-networking website, acquired Face.com, adding technology that enables facial recognition in photos. Terms weren't disclosed. Face.com helps users tag photos and find images online by distinguishing facial features on social networks and photo-sharing sites.
First Published June 19, 2012 12:00 am
