“Worthington Industries Acquires Steel Processing Assets - Azom.com” plus 3 more |
- Worthington Industries Acquires Steel Processing Assets - Azom.com
- Duplicity in mother-of-all mortgage walkaways - MSNBC
- U.S. Trade and Development Agency to Host Business Briefing for ... - Earthtimes
- Cubic Corp. (CUB) Business Unit Selected to Provide Testing Equipment for KC-135 Stratotanker Engines - StreetInsider.com
| Worthington Industries Acquires Steel Processing Assets - Azom.com Posted: 01 Feb 2010 06:44 AM PST Worthington Industries, Inc. (NYSE: WOR) announced today that its Steel Processing business segment has acquired the steel processing assets of Gibraltar Industries, Inc. (NASDAQ: ROCK). The acquisition will expand the capabilities of The Worthington Steel Company's cold rolled strip business and its ability to service the needs of new and existing customers. The acquisition is expected to be accretive in Worthington Industries' fiscal year."This is an excellent growth opportunity for Steel Processing to add higher margin business, while enhancing our capacity to serve existing customers, and new customers in new markets," said John McConnell, Chairman and CEO of Worthington Industries. "We are bringing together two leading steel processing companies well known for a commitment to high-quality products and superior customer service. We are gaining an excellent workforce to join with us in continuing to deliver the best strip steel products in the industry." McConnell added, "Worthington Steel has shown continued improvement and profitability during tough economic conditions largely due to its Transformation efforts. The addition of this business will help accelerate our efforts to increase the earnings capacity of Worthington Steel. Our balance sheet remains strong, allowing us to pursue other opportunities that match our criteria for strategic growth." Worthington acquired Gibraltar's Cleveland facility with the added capabilities to roll wider and lighter gauge material along with oscillate slitting. Also included in the transaction were the equipment and inventory of Gibraltar's Buffalo facility, and a warehouse facility in Detroit (Integrated Terminals). As it exits the steel processing business, Gibraltar plans to begin an orderly process of closing the Buffalo facility and working with Worthington Steel to coordinate customer accounts as they are transferred to Cleveland and Columbus, Ohio. Worthington also acquired a 31% interest in Samuel Steel Pickling, a joint venture with operations in Cleveland and Twinsburg, Ohio. Posted Feb 1, 2010 Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. | |
| Duplicity in mother-of-all mortgage walkaways - MSNBC Posted: 31 Jan 2010 09:51 AM PST NEW YORK - Tishman Speyer Properties walks away from 11,232 Manhattan apartments because it can't pay its mortgage. That's good business. Rick Gilson, a college custodial supervisor in South Dakota, wants to walk away from the mortgage on his mobile home. If he does, he'll be a deadbeat. Those two borrowers face the same financial dilemma: Their mortgages far exceed the values of their properties. Yet one gets to walk away without guilt, while the other can't. Gilson is too scared to dump the mortgage on his mobile home. He owes $31,973, but the home is only worth about $14,000. "I have 12 years of money put into this property that I will never get out," said the 50-year-old Gilson, from Rapid City, S.D. "But I am still paying because this is what I have been told to do. That's what I think is right." Until now, the focus of the real estate crisis has been on individuals. One in four U.S. homeowners, or nearly 11 million Americans, are underwater on their mortgages. In some parts of the country — Florida, Nevada, Michigan, California and Arizona — the share tops 40 percent. Some experts say it makes sense for some people to walk away if they're deeply underwater, even if doing so could wreck their credit score for seven years. It may not be worth it to keep paying a mortgage when they can find comparable rental housing for considerably less money. The argument against walkaways is that they will wreak economic havoc if a lot of people do it. Banks will have more bad loans on their books. They'll make fewer loans. Home prices will plunge more. The rules are different, though, for the walkaway of all walkaways. That title is reserved for what happened to one of New York's trophy properties, the 56-building Stuyvesant Town and Peter Cooper Village complex. Spanning 80 acres on Manhattan's east side, it's the largest single-owned residential area in the city. Its red brick buildings, built by Metropolitan Life in the 1940s for World War II veterans, are still a haven for the city's middle class. Commercial real-estate firm Tishman and its partner, investment firm BlackRock, paid $5.4 billion to buy the property from MetLife in late 2006 — right at the market's peak. They hoped to make money by converting rent-regulated apartments into luxury condos and raising rents. Then the housing crash hit. The value now: $1.8 billion. Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. | |
| U.S. Trade and Development Agency to Host Business Briefing for ... - Earthtimes Posted: 01 Feb 2010 05:32 AM PST ALEXANDRIA, Va. - (Business Wire) Energetics Incorporated, a wholly owned subsidiary of VSE Corporation (Nasdaq: VSEC), reported today that the U.S. Trade and Development Agency (USTDA) is hosting a delegation from Thailand on a visit to Washington, D.C. to encourage partnerships with U.S. businesses to support Thailand's civil nuclear power development plans. The delegation is comprised of senior leaders from the Ministry of Energy, the Electricity Generating Authority of Thailand and the Ministry of Science and Technology. As part of the visit, USTDA is sponsoring a Business Briefing on Monday, February 22 for U.S. companies to learn more about Thailand's construction plans, investment opportunities, and regulatory framework for civil nuclear energy. U.S. companies with expertise in the commercial nuclear power industry are invited to participate in this one-day business briefing to:
Register today at http://events.energetics.com/ThailandNuclearEnergy10/. Timing and location of the Business Briefing are subject to change. Check the website periodically for updates. For more information on the event, please contact Peter Reed at (410) 953-6260 or preed@energetics.com. About Energetics Energetics Incorporated, a wholly owned subsidiary of VSE Corporation, is a technical and management consulting firm headquartered in Columbia, Maryland. Energetics specializes in a range of energy, environmental, homeland security, and global health issues. Its staff of engineers, scientists, economists, policy and business analysts, environmental specialists and marketing professionals assists public and private-sector clients with the management of research, development and demonstration programs; strategic and tactical planning; engineering, economic, and environmental analysis; the development of public/private partnerships; and outreach and communications. For more information on services and products provided by Energetics, please see the Company's web site at www.energetics.com or contact Brad Spear, Director of Business Development, at (202) 479-2748. About VSE VSE marked its 50th year as a government contractor in 2009. VSE is a diversified Federal Services company of choice for solving issues of global significance with integrity, agility, and value. VSE is dedicated to making our clients successful by delivering talented people and innovative solutions for consulting and program management, logistics, equipment and vehicle/vessel refurbishment, engineering, information technology, energy consulting, and construction program management. For additional information on VSE services and products, please see the company's web site at www.vsecorp.com or contact Randy Hollstein, VSE Corporate Vice President of Sales and Marketing, at (703) 329-3206. Safe Harbor This news release contains statements which, to the extent they are not recitations of historical fact, constitute "forward looking statements" under federal securities laws. All such statements are intended to be subject to the safe harbor protection provided by applicable securities laws. For discussions identifying some important factors that could cause actual VSE results to differ materially from those anticipated in the forward looking statements in this news release, see VSE's public filings with the Securities and Exchange Commission.
VSE Corporation Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. | |
| Posted: 01 Feb 2010 04:28 AM PST Cubic Defense Applications, Inc., the defense systems business unit of Cubic Corporation (NYSE: CUB), will supply equipment for testing the power units that quick-start the engines of KC-135 Stratotanker refueling planes under a new contract with the U.S. Air Force. Cubic's San Diego manufacturing facility will produce 30 new KC-135 APU Testers for Robins Air Force Base, Georgia. The compact, toolbox-sized test sets will be used for testing and troubleshooting the Auxiliary Power Unit (APU) located in the tail of the aircraft. The APU generates the electricity that fires up the KC-135's engines. The test sets will be used on APUs on USAF aircraft in the U.S. and abroad. Delivery is scheduled for mid 2010. Related CategoriesCorporate News
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