Wabtec acquires Missouri manufacturer of freight car equipment
Wabtec Corp. announced it has acquired Aero Transportation Products, a manufacturer of components for freight rail cars with annual sales of about $40 million. ATP, based in Independence, Mo., and with plants in Missouri and Kansas, produces hatch covers and outlet gates for freight cars, which Wabtec said is a nice addition to its portfolio of products. Wabtec did not disclose a purchase price.
Walgreens said ready to sell more assets to win Rite Aid nod
Walgreens is trying to sweeten its proposal to win U.S. antitrust approval to buy rival pharmacy chain Rite Aid, according to people familiar with the talks. Walgreens is nearing an agreement to sell more assets to Tennessee-based discount chain Fred’s — boosting the number of stores and adding distribution centers, software and personnel. Walgreens could present the beefed-up package to the Federal Trade Commission within weeks, in hopes of satisfying the agency’s concerns after an initial proposal fell short. The merger, which would combine the No. 2 and No. 3 in the industry, has also raised concerns among state attorneys general, at least a dozen of whom are scrutinizing the deal, another person familiar with the matter said.
Neiman Marcus: Exploring options for company including sale
Luxury retailer Neiman Marcus says it’s exploring strategic alternatives including a possible sale of the company. The announcement came as the retailer, which also operates Bergdorf Goodman, reported a loss in its second fiscal quarter that ended Jan. 28 and its sixth consecutive quarterly drop for a key revenue measure. Like many department stores, Neiman Marcus has been wrestling with declining customer traffic and sluggish sales as shoppers increasingly buy online. Neiman Marcus didn’t specify which retailers it was looking at. The Wall Street Journal reported the company is in discussions with department store operator Hudson’s Bay Co., which has been on an acquisition spree over the past few years and operates such stores as Saks Fifth Avenue, Lord & Taylor and its namesake chain.
American Airlines bringing back free coach meals on two transcontinental routes
In an industry where no popular change goes uncopied for very long, American Airlines announced it’s bringing back free coach meals on two of its longest domestic routes, mirroring a move made by rival Delta Air Lines last month. American plans to introduce a selection of free meals on transcontinental flights in both directions between New York and Los Angeles and New York and San Francisco beginning May 1.
Trump spurs sharp jump in optimism of top U.S. CEOs, survey finds
The nation’s top chief executives like what they’re seeing and hearing from President Donald Trump and his fellow Republicans, according to survey results released by the Business Roundtable. The economic expectations of the heads of the nation’s largest companies jumped in the first quarter by the most in more than seven years amid optimism about corporate tax cuts, reduced regulations and a boost in infrastructure spending promised by Mr. Trump and congressional leaders, the trade group found. The group, composed of the heads of the largest U.S companies, said its quarterly CEO Economic Outlook Index shot up to 93.3 from 74.2 in the second quarter. It was the biggest increase since the third quarter of 2009 and the highest level in nearly three years.
First Published: March 15, 2017, 4:00 a.m.