Lanxess completes deal for Chemtura
Specialty chemicals maker Laxness said it closed on its $2.1 billion cash purchase of Chemtura, which produces flame retardants and lubricant additives. Germany-based Lanxess, which has North American headquarters in Findlay, said the $2.1 billion deal is the largest acquisition in its history. Philadelphia-based Chemtura has annual sales of about $1.6 billion and 2,500 employees.
CMU ranked 10th, Pitt ranked 24th, for technology transfer
The Miliken Institute ranked Carnegie Mellon University tenth out of more than 200 universities for technology transfer. In 2015, CMU attracted $244 million in research funding and generated $38 million in licensing income. Miliken ranked the University of Pittsburgh 24th.
For sale: Tiny Oregon town, including 6 houses, closed store
The tiny, dying timber town of Tiller in Oregon is generating big-city buzz for an unlikely reason: Almost the entire town is for sale. The asking price of $3.5 million brings with it six houses, the shuttered general store and gas station, the land under the post office, undeveloped parcels, water rights and infrastructure that includes fire hydrants and a working power station. Tiller Elementary School, a six-classroom building that closed in 2014, is for sale separately for $350,000. The listing represents a melancholy crossroads for Tiller, a once-bustling logging outpost that sprang up after the turn of the last century deep in what is now the Umpqua National Forest. Nearly three decades ago, logging on the federal forest lands that encircle Tiller came to a near standstill because of environmental regulations. The mills closed. One longtime resident began buying up properties. When he died three years ago, the family owned much of the town. About 235 people still live in the unincorporated area around Tiller.
Judge orders Volkswagen to pay $2.8B in emission scandal
A judge on Friday ordered Volkswagen to pay a $2.8 billion criminal penalty in the United States for cheating on diesel emissions tests, blessing a deal negotiated by the government for a “massive fraud” orchestrated by the German automaker. U.S. District Judge Sean Cox stuck to the plea deal during the sentencing hearing, six weeks after VW pleaded guilty to conspiracy and obstruction of justice in a bold scheme involving nearly 600,000 diesel cars in the U.S. They were programmed to turn on pollution controls during testing and off while on the road. Separately, VW is paying $1.5 billion in a civil case, mostly to settle allegations brought by U.S. environmental regulators, and spending $11 billion to buy back cars and offer other compensation. Seven employees have been charged with crimes in the U.S.
Wells Fargo ups sales practices settlement to $142 million
Wells Fargo agreed Friday to expand a recently settled class-action lawsuit by an additional $32 million as well as extend claims for fraudulent accounts that may have been opened going back to 2002. The bank said it will now pay $142 million to customers for damages caused by any accounts opened without their customers’ permission. That’s on top of the $185 million that Wells Fargo was fined by federal and local authorities back in September. While the increase of $32 million is notable, the bigger news is Wells has now expanded its window for unauthorized accounts going back 15 years. Wells will now cover all customers affected going back to May 1, 2002.
First Published: April 22, 2017, 4:00 a.m.
