Business briefs
ATI acquires manufacturer in aerospace, defense
Allegheny Technologies Inc. has acquired Addaero Manufacturing, a New Britain, Conn., manufacturer serving the aerospace and defense industries. Terms were not disclosed.
Retail sales rise 0.5 percent in June despite higher prices
U.S. retail sales rose at a solid pace last month despite higher prices and modest wage gains, a sign of underlying consumer optimism. The Commerce Department said sales at retailers and restaurants increased 0.5 percent in June, following a big 1.3 percent gain the previous month. May’s figure was revised sharply higher from an initial estimate of 0.8 percent.
Salesforce buys Datorama
Salesforce.com, a cloud-based applications software company, is buying Datorama in an effort to boost its analytics capabilities and compete against rivals like Adobe Systems and Oracle. The companies didn’t announce terms of the deal. Israeli news site Calcalist reported Salesforce is offering more than $800 million in cash, citing unidentified people familiar with the transaction. Datorama provides cloud-based, artificial intelligence powered marketing software for companies including PepsiCo, Ticketmaster, Unilever and Foursquare.
Sears closes its final store inside Chicago’s city limits
Sears has closed its final store in Chicago, ending its retail legacy in the city. Sears Holdings Corp. announced this year that the store in the Portage Park neighborhood would close. The retailer now based in suburban Hoffman Estates has been scaling back its Chicago presence for years, with its name coming off the famed Sears Tower skyscraper in 2009. Sears still has hundreds of stores, including several in Chicago’s suburbs.
U.S. challenges China, EU, others at WTO over tariffs
The Trump administration is filing a challenge at the World Trade Organization against China, the European Union, Canada, Mexico and Turkey for retaliating against American tariffs on imported steel and aluminum. The United States has
imposed tariffs of 25 percent on steel and 10 percent on aluminum on the grounds that the imported metals pose a threat to American national security. China, the EU, Canada, Mexico and Turkey have counterpunched with taxes on $24 billion worth of U.S. exports.
Arconic surges amid speculation on buyout
Arconic surged early Monday amid speculation that well-heeled buyout firms have set their sights on the aeronautics-parts maker. While Arconic is facing a number of operational challenges, the company is a “plausible” takeover candidate, Morgan Stanley analyst Rajeev Lalwani said in a note after a report that Apollo Global Management LLC and other private-equity investors have expressed interest in a deal. The Wall Street Journal reported late Friday on the interest from buyout firms and said no deal was imminent. Representatives of Arconic and Apollo declined to comment.