Business briefs
Calgon Carbon profit slips despite sales increase
Calgon Carbon said thirdquarter profits fell 20 percent despite a 31 percent increase in sales, citing higher interest expenses and costs related to the company’s pending merger with a Japanese chemical manufacturer. The Moon environmental products and services firm reported net income of $5.1 million, or 10 cents per share, on sales of $162.6 million. A November 2016 acquisition accounted for about three quarters of the sales increase, but also contributed to higher interest expenses. The company reported $3.3 million in pretax costs related to its pending merger with Kuraray. The $1.3 billion deal was announced in September. Calgon Carbon shareholders will receive $21.50 in cash for each of their shares.
Ampco-Pittsburgh reports smaller loss in third quarter
Ampco-Pittsburgh reported a smaller loss for the third quarter. The Carnegie-based industrial products maker’s sales rose 25 percent. The company reported a loss of $2.2 million, or 18 cents per share, on sales of $103.9 million, vs. a loss of $27.4 million, or $2.23 per share, and sales of $82.9 million in the year-ago quarter. The prior year results included a tax-related charge of $2.19 per share. In the most recent quarter, Ampco-Pitt recorded a tax benefit of $1.8 million.
Appalachian Lighting Systems files for bankruptcy protection
A Lawrence County company that provided replacement lighting in Ellwood City, Pittsburgh International Airport and elsewhere has filed for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code. Appalachian Lighting Systems Inc., which was founded in 2007 and based in Wayne Township, listed assets and liabilities between $1 million and $10 million. The company makes LED lighting, which is twice as bright as
conventional lighting but uses much less energy.
Insufficient revenue results in layoffs at news sites
Spirited Media, which owns three local news sites including The Incline in Pittsburgh, has cut staff saying it is not generating enough revenue to support current employee levels. One sales person was laid off at The Incline, which now employs a total of five in news and sales functions. One also was laid off at Billy Penn in Philadelphia, and three were laid off at Denverite in Denver, Colo. The Incline launched in 2016. Investors in the company include newspaper publisher Gannett.
Kraft Heinz selling share of S. African joint venture
Kraft Heinz is selling its half of a joint venture in South Africa, meaning Pioneer Food Group Limited will control all of Heinz Foods South Africa. The announcement from the global food maker said Kraft Heinz’s subsidiary Heinz Foods South Africa Pty Ltd. now holds 50.1 percent of the joint venture. Terms of the deal, which is expected to close early next year if regulators approve, were not disclosed.