Labor Ready said it will pay $46.2 million to acquire CLP Resources, a skilled-trades staffing company, in a move that...
Labor Ready said it will pay $46.2 million to acquire CLP Resources, a skilled-trades staffing company, in a move that bolsters its work force and expands the range of labor services it offers.
The Tacoma temporary agency for manual laborers said the purchase of CLP, based in Reno, Nev., would close today. CLP provides carpenters, electricians, plumbers and other skilled trades workers to more than 4,500 contractors in 20 states, including Washington, Labor Ready said.
CLP’s investors are Baird Capital Partners and William Blair Capital Partners, a fund managed by Chicago Growth Partners and William Blair.
Russell Investment Group
“Microcap” launch will be next month
Russell Investment Group said yesterday it would launch a new “microcap” index next month, joining the firm’s several other stock indexes.
Tacoma-based Russell’s indexes are used widely by mutual funds, money managers and others to benchmark and compare their performance. The best known are the Russell 1000, made up of the 1,000 largest U.S. stocks by market capitalization, and the Russell 2000, the 2,000 next-biggest stocks.
The new Russell Microcap Index will include the 1,000 smallest companies in the Russell 2000, plus the next 1,000 companies below them. They will be ranked as of their market capitalization on May 31; their market caps will range from $55 million to $500 million, Russell said.
Nation / World
Scrushy jurors asked to work longer days
Confused and deadlocked on a key count in their sixth day of deliberations, jurors in the trial of former HealthSouth chief Richard Scrushy got a judge’s OK yesterday to move on to other charges.
U.S. District Judge Karon Bowdre also encouraged the jury — which has been deliberating from 9 a.m. to 2:30 p.m. daily — to consider working longer days as members try to reach a decision in a trial that began Jan. 25.
Bowdre’s comments came in response to a sixth handwritten note from the jury. It is considering the first 36 counts in the indictment, which accuses Scrushy of directing a huge accounting fraud at the medical services chain.
GAO report details some weaknesses
The Securities and Exchange Commission (SEC), which enforces rules mandating strong internal controls for public companies, lacks effective oversight of its financial reporting, congressional investigators said in a report yesterday.
They found “material internal-control weaknesses” in the SEC’s recording of fines and restitution to investors that the agency wins in settlements. Also faulted was the SEC’s preparation of financial statements and the security of its information. As a result, the Government Accountability Office (GAO) said, the SEC “did not maintain effective internal control over financial reporting” as of last Sept. 30.
SEC officials said the agency will add staff to handle financial reporting and create an internal committee to correct deficiencies.
Compiled from Seattle Times business staff and The Associated Press