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Business News Briefs: 7/3/01
Tuesday, July 03, 2001
USX a holding company
USX Corp. reorganized into a holding company with two subsidiaries yesterday, United States Steel LLC and Marathon Oil Co. USX said the reorganization was independent of the move to split its steel and energy units into separate companies. Shareholders are expected to vote on that proposal later this year. Yesterday's move does not change the rights of U.S. Steel or Marathon stockholders. Their shares continue to reflect the assets and liabilities of each of those businesses, USX said.
UBICS buys stake in tech firm
Canonsburg-based UBICS Inc. said yesterday that it had signed a memorandum of understanding to acquire a 70 percent stake in DSF Internet Services Pvt Ltd., a privately held New Delhi-based technology firm, for $1.75 million. The stake is being purchased from the existing shareholders of DSF, and the transaction is expected to close by the end of the month. DSF, an Internet software development company, has 50 employees.
Western Psych averts a strike
UPMC Health System spokeswoman Jane Duffield said the system's Western Psychiatric Institute and Clinic reached a tentative labor settlement with its nurses. Details of the settlement, which was agreed to Saturday, were not disclosed. Duffield said the 110 registered nurses, whose union, JNESCO, had set yesterday as a strike deadline, are scheduled to vote on the pact next Tuesday. JNESCO is affiliated with the International Union of Operating Engineers.
Also in business ...
Medrad Inc. said it had transformed its Japanese sales operations, previously operated by a licensed distributor, into a direct marketing unit staffed by Medrad personnel. The July move to direct sales, which has been in the planning phase for months, is intended to help the Indianola-based medical technology company expand markets for new product lines ... FirstEnergy Corp.-owned Beaver Valley Power Station scored positive ratings in its most recent performance report from the Nuclear Regulatory Commission.
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