Area's median home price falls

The median home price in the five-county Pittsburgh area dropped to $110,000 last month, only the second time the figure has dropped since 2005, according to RealSTATS, a company that tracks local real estate transactions. The median price in April 2007 was $112,000. Meanwhile, sales activity fell in April, with the number of local home sales down 13.2 percent from April 2007 and the total amount spent on home purchases in the region down 13.8 percent. The metropolitan area consists of Allegheny, Beaver, Butler, Washington and Westmoreland counties.

Kennywood sale draws closer

Kennywood is one step closer to being sold to a Spanish company. The amusement park's owners, descendants of F.W. Henninger and A.S. McSwigan, voted overwhelmingly in favor of the sale to Madrid-based Parques Reunidos. Mr. Henninger and Mr. McSwigan acquired the park in 1906. The sale still needs the approval of the Federal Trade Commission and a state agency in Connecticut. The sale of the West Mifflin company would include Kennywood Park in West Mifflin; Idlewild Park & SoakZone in Ligonier; Sandcastle Waterpark in West Homestead; Lake Compounce theme park in Bristol, Conn.; and Story Land in Glen, N.H.

Ford recalling pickup trucks

Ford Motor Co. is recalling about 605,700 F-150 and Lincoln Mark LT large pickup trucks nationwide to replace a brake hose that can come loose. The recall affects 2005 and 2006 models with 5.4-liter, 3-valve engines, Ford said in a letter posted on the Web site of the National Highway Traffic Safety Administration.

IBT holders approve merger

IBT Bancorp. Inc., the Irwin-based parent company of Irwin Bank, said its stockholders approved the merger between it and S&T Bancorp Inc. at a special meeting on May 13. Each share of IBT Bancorp common stock will be converted into cash or shares of S&T Bancorp common stock in a deal valued at about $171 million. The merger is expected to be completed in June.

USW targets Latrobe steelmaker

The United Steelworkers union has filed an unfair labor practice charge against Latrobe Specialty Steel, claiming the workers are being illegally locked out by management. In the filing with the National Labor Relations Board, the union said the 360 employees went on strike on May 1, but offered to come back the following day. The company has not allowed the workers to return to work, the union claimed.

Court overturns Vioxx verdict

A Texas appeals court yesterday overturned a multimillion-dollar verdict against Merck & Co. in a case involving its withdrawn painkiller Vioxx. A Texas jury in April 2006 awarded the widow of 71-year-old Leonel Garza $32 million. That later was cut to about $7.75 million under Texas damage caps. Yesterday, the Texas court overturned the verdict, ruling that Mr. Garza's family failed to provide evidence that Mr. Garza's long-standing heart disease could not have been the cause of his fatal heart attack in 2001. Mr. Garza died of a heart attack after taking Vioxx for less than a month.

More business briefs, Page C-2.

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