GE cutting jobs
General Electric Co. plans to cut 950 jobs at a Pennsylvania locomotive plant, wiping out most of the site’s recent employment growth, as it shifts some production to a lower-cost Texas factory.The reductions are slated to start in six months pending a 60-day period of talks with union leaders, said Lorenzo Simonelli, head of GE’s transportation unit. The new plant in Fort Worth, Texas is about 20 percent more efficient than the Erie, Pa. facility, which is more than 100 years old.
Hostess sale approved
Hostess Brands Inc. won approval to sell its Drake’s snack-cake brands to McKee Foods Corp., makers of Little Debbie cakes. U.S. Bankruptcy Judge Robert Drain on Tuesday approved the sale to McKee, which made the only qualified bid for the brands. McKee will pay $27.5 million for Drake’s products including Devil Dogs, Ring Dings, Yodels, Yankee Doodles, Sunny Doodles, Funny Bones and Drake’s Coffee Cake.
SeaWorld Entertainment Inc., the aquatic theme-park operator owned by Blackstone Group LP, is seeking to raise as much as $540 million in its initial public offering. The company will offer 20 million shares at $24 to $27 a piece.
Cargill earnings fall
Cargill Inc. said fiscal third-quarter profit dropped 42 percent as the worst U.S. drought since the 1930s reduced supplies of crops and raised feed costs. Net income fell to $445 million in the three months through February from $766 million a year earlier, the Minneapolis-based company said Tuesday. Sales increased 1 percent to $32.2 billion, Cargill said.
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