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The Seattle-based Medina Foundation yesterday announced it is selling 1,578 acres of Orcas Island, including Turtleback Mountain, to raise money to help social and educational programs.


The foundation was started by the late Norton Clapp, a former Weyerhaeuser chairman, who began buying the land in the 1950s and bequeathed it to the foundation upon his death in 1995.


“We appreciate and are sensitive to what Turtleback Mountain means to the people of Orcas Island,” Medina foundation director Tricia McKay said in a statement. “At the same time, the foundation’s mission is to fund organizations that provide basic human services to those in need.”

Precision Castparts

Company to buy maker of alloys


Portland-based Precision Castparts, a maker of metal castings for jet engines, has agreed to buy Special Metals, a maker of nickel-based alloys, for about $295 million.


Precision Castparts will take over payments on Special Metals’ $245 million debt.


Precision Castparts, the world’s largest user of premium-grade nickel, currently buys most of its raw material on the open market, the company said. It plans to increase production and efficiency at Huntington, W. Va.-based Special Metals to provide a dependable stream of nickel-based metal bars, it said.


News of the deal pushed Precision Castparts shares up $6.73, or 7.5 percent, to $96.75 yesterday.

Boeing

40 layoffs likely at cargo jet plant


Boeing on Thursday informed 40 employees of its C-17 assembly plant in Long Beach, Calif., that they are likely to be laid off in 60 days, spokesman Rick Sanford said.


The C-17 military cargo-jet program employs about 7,000 workers in Long Beach.


The layoffs are part of Boeing’s effort to continue reducing the cost of the C-17, Sanford said.

Seattle FHLB

Bank says it’ll miss Monday filing date


The Seattle Federal Home Loan Bank asked the Securities and Exchange Commission (SEC) yesterday to withdraw its preliminary registration statement, becoming the 10th of the nation’s 12 federal home-loan banks (FHLBs) to confirm they will miss Monday’s filing deadline.


The Seattle FHLB told the SEC in a letter that it needs to withdraw the filing it made in June to give it time to resolve accounting issues with its auditor, PricewaterhouseCoopers, and SEC staff members.


The bank didn’t say whether it would have to restate its earnings, as six of the FHLBs that are also delaying their registration have announced.


Only the New York and San Francisco FHLBs are expected to meet the deadline to register with the SEC as required by the systems regulator, the Federal Housing Finance Board.


Compiled from Seattle Times staff, Bloomberg News, The Associated Press, Dow Jones Newswires and Knight Ridder Newspapers