Business news briefs: W.Va. Consol mine set to idle amid market stress
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Consol Energy Inc. expects to idle a coal mine near Bickmore, W.Va., in response to market conditions and increased regulatory pressure. The Cecil-based energy company said its Fola operations, which employ more than 300 employees, will be affected during a 14-day period beginning Aug. 30. Consol said increased pressure from environmental regulations has raised costs for surface mining and created "uncertainty for the company's power generation customers related to the continued use of Central Appalachian coal." In addition, the company noted the warm winter reduced demand for coal.
Wilmerding-based Wabtec Corp. announced Friday it has signed contracts worth about $25 million to provide components for 50 new transit cars being built by South Korea-based Hyundai-Rotem. The cars, which will be used on new commuter rail lines being built by Denver Transit Partners, are scheduled to be delivered in 2014. Several Wabtec units will provide equipment for the cars, including brakes and couplers, event recorders and doors.
U.S. consumers spent no more in May than in April after seeing almost no gain in their pay, the Commerce Department said Friday. Income growth edged up 0.2 percent. Wages were essentially flat.
Anheuser-Busch InBev, based in Leuven, Belgium, agreed Friday to buy the half of Corona maker Grupo Modelo it doesn't already own for $20.1 billion in cash. The combined company would have annual sales of $47 billion. In a related deal, Modelo agreed to sell its 50 percent stake in distributor Crown Imports LLC to its partner, winemaker Constellation Brands Inc. of New York, for $1.85 billion.
First Published June 30, 2012 12:00 am