Matthews to get $18M settlement from competitor
North Shore-based Matthews International Corp. will receive an $18.75 million settlement ending litigation initiated against its main competitor, Batesville Casket Co., and two former employees, Harry and Scott Pontone.
Batesville will pay Matthews $17 million as well as $1.75 million for attorney fees of the Pontones.
The case was filed in the U.S. District Court for the Western District of Pennsylvania alleging the Pontones unlawfully poached customers of Matthews subsidiaries, and that Batesville improperly interfered with business relations of Matthews and its subsidiaries.
U.S. Steel shifts to new management structure
U.S. Steel announced a new management structure that it says will result in closer collaboration with customers, more accountability and increased focus for its Carnegie Way efficiency initiative. The steelmaker will keep its North American flat roll, tubular and European business units but establish companywide entities that will focus on the automotive, consumer, energy and other markets.
Highest-paid CEOs get more than companies paid in taxes
Compensation for 29 of the 100 highest-paid U.S. CEOs last year exceeded what their companies paid in federal income taxes, according to the Center for Effective Government and the Institute for Policy Studies. The two interest groups said the average CEO in the group received pay of $31.7 million last year while the companies they manage received an average federal tax refund of $8.2 million.
Bayer donates antibiotic to treat Ebola patients
Bayer will donate antibiotic ciprofloxacin valued at 1.15 million euros ($1.43 million) to treat Ebola patients in Sierra Leone and Liberia. The drug does not treat the infection directly but treats secondary bacterial infections associated with the Ebola virus. Bayer previously donated ciprofloxacin valued at 2.57 million euros ($3.2 million) to treat Ebola patients in Africa. In addition, the German-based company will provide 50,000 euros ($62,250) for protective clothing in two isolation wards in Monrovia, Liberia.
American Eagle confirms fall layoffs
An American Eagle Outfitters spokesperson confirmed the South Side teen clothing retailer has had layoffs across the organization this fall, including at its New York design offices. The number of affected workers was not disclosed. Interim CEO Jay Schottenstein had noted the need for savings in August in a conference call with analysts. Last week, the company said third-quarter results would exceed earlier guidance, excluding 17 cents per share in restructuring and asset impairment charges.
Target to offer services in new clinic model
Target is testing a new model for its in-store health clinics in a partnership with Kaiser Permanente, a prominent health care provider. The Minneapolis-based retailer will offer a wider array of medical services including primary and pediatric care, women’s wellness exams and management of chronic conditions such as diabetes and high blood pressure in four new clinics opening in Southern California.
Target currently has in-store clinics in 80 of its 1,800 U.S. stores. They offer basic services such as physicals and vaccinations, and are staffed by Target employees. Under the new arrangement, Kaiser will take over the responsibility of hiring the nurse practitioners and other staff members.
Botox maker accepts $66B takeover bid
Botox maker Allergan Inc. accepted a $66 billion takeover bid from Actavis Plc , ending a seven-month hostile pursuit by activist investor William Ackman and Valeant Pharmaceuticals International Inc.
Dublin-based Actavis offered $219 per share in cash and stock, amounting to billions more than Canada’s Valeant was prepared to pay. Allergan shares rose 5 percent to $208.69. Actavis gained 1.3 percent to $247. Actavis’ approach may help the two companies integrate their operations and ensure some of Allergan’s promising experimental eye treatments for macular degeneration and glaucoma remain in the pipeline.
Facebook testing tools for workplace collaboration
Facebook Inc. is testing a version of its social network that will let people communicate and collaborate at work, a person familiar with the matter said, taking on tools from Microsoft Corp. and Salesforce.com Inc. The product, which is in trials at Facebook and several other companies, will probably debut publicly in a few months. Facebook at Work lets people communicate with their co-workers using the social network’s traditional tools, such as messaging and news feed, without mixing the professional posts with personal ones.
First Published: November 18, 2014, 5:00 a.m.