Business briefs
Lanxess to sell 50 percent stake in specialty rubber venture
Lanxess said it plans to sell its 50 percent stake in the specialty rubber business Arlanxeo to its joint venture partner, Saudi Aramco. Germany-based Lanxess, which has its North American headquarters in Findlay, expects to receive 1.4 billion euros ($1.6 billion) in cash after deducting debt and other liabilities. Lanxess and Saudi Aramco founded the venture in 2016.
NASA awards Astrobotic $10M to help land on the moon
After Tuesday’s announcement that NASA has awarded Astrobotic $250,000 in Small Business Innovation Research contracts, the agency has added $10 million in funding for the Strip District-based lunar logistics and delivery startup. NASA is doling out $44 million to six U.S. companies — including Astrobotic — to develop 10 different “tipping point” technologies with the potential to benefit the commercial space economy and future NASA missions.
Online mattress seller Casper plans 200 stores in 3 years
Online mattress seller Casper plans to open 200 stores in the U.S. over the next three years as part of an effort to solidify its position in the retail market. The 4-yearold company has been testing locations by opening 20 stores with short-term leases over the past few years. Its expansion comes as Houston-based Mattress Firm is reportedly considering filing for bankruptcy.
Freshpet plans Lehigh Valley expansion that will add 100 jobs
Specialty pet-food maker Freshpet Inc. is cooking up its latest expansion project in the Lehigh Valley. The company will expand its manufacturing operations in Hanover Township, Northampton County, a project that will create 100 full-time jobs over the next three years, Gov. Tom Wolf said. Freshpet, which already employs more than 200 people in the area, makes its pet food in a 100,000-square-foot facility in Lehigh Valley Industrial Park IV.
Kroger mulls possible sale of Turkey Hill unit
Kroger says it is exploring the possible sale of a business unit that produces ice cream and beverages. The Cincinnati-based company says it has hired Goldman Sachs to evaluate a “potential sale” of the Turkey Hill business unit, which employs almost 800 people. The Cincinnati Enquirer reports Turkey Hill produces a variety of ice creams, milk and fruit drinks at its facility in Conestoga, Pa.
Samsung plans $22B for artificial intelligence
Samsung Electronics plans to spend $22 billion over the next three years on artificial intelligence, auto components and other future businesses as the company maps out its strategy under the restored leadership of Vice Chairman Lee Jae-yong after he was freed from prison. Samsung said it will spend some of the sum on increasing the number of artificial intelligence researchers to 1,000 at its artificial intelligence centers globally, ensuring it will be a player in next-generation telecoms technology called 5G and on deepening its involvement in electronic components for future cars.
Wrigley joins Ga.-based medical marijuana firm
One of America’s most iconic names has joined with Surterra Wellness, infusing the Atlanta-based medical cannabis company with millions of dollars, Surterra said. William Wrigley Jr., former CEO of chewing gum giant Wm. Wrigley Jr. Co., joined Surterra as chairman of its board of directors after leading the fundraising of $65 million for the company, which is licensed to operate dispensaries in Florida and Texas.
Amazon brings grocery pickup to Whole Foods
Amazon is adding a curbside pickup option at Whole Foods for Prime members. Shoppers will be able to order eggs, milk and other groceries on the Prime Now app, park in reserved spaces at the store, and then workers will place the items in their cars. Curbside pickup is a feature that Walmart, Kroger and other grocers have been expanding to make shopping more convenient and boost sales. From staff and wire reports