The aluminum-fencing and bike-frame maker that earlier this year considered a move to the Port of Vancouver will probably not bring 800...
The aluminum-fencing and bike-frame maker that earlier this year considered a move to the Port of Vancouver will probably not bring 800 jobs to Clark County, those familiar with the business confirmed on Monday.
“The economics make it less likely,” said Roy Bennion, managing partner of Seattle-based Sutherland Development, which was hired by a Portland-based aluminum-extrusion business to explore its options for expansion and relocation.
“The escalation in building costs, primarily of steel [for plant construction], would make the costs very difficult right now,” Bennion said.
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Nobody involved in siting the aluminum-extrusion business has named the company interested in expanding. But documents filed with the city said that 57 acres south of Vancouver Lake were for a Portland-area aluminum-extrusion and fabrication business that employs about 800 people.
Only Sapa Profiles matches the description, a company spokeswoman acknowledged.
Oil prices rise as storm forms
Oil prices ended a choppy session slightly higher Monday, edging back above $115 a barrel after Tropical Storm Gustav formed in the Caribbean.
Light, sweet crude for October delivery rose 52 cents to settle at $115.11 a barrel on the New York Mercantile Exchange after earlier falling as low as $113.68.
Trading was light heading into the Labor Day holiday, adding to the volatility that has characterized the market in recent days.
Canada firm buys gas driller for $2B
Canada’s Precision Drilling will buy Grey Wolf in a cash and stock deal worth more than $2 billion, the companies said Monday, apparently ending an extended fight for control of the Houston gas driller.
Grey Wolf shareholders had earlier spurned a rival offer from Basic Energy Services, a wellsite services company in Texas, that would have created a $2.9 billion company.
Under the new agreement, Precision will pay $1.12 billion in cash and 42 million shares valued at $896.7 million, based on Friday’s closing stock price.
The new offer involves less cash but would give Grey Wolf shareholders a larger stake in the new company through a fatter share offering.
Mortgage fraud jumps 42 percent
Reported incidents of mortgage fraud jumped 42 percent nationwide, with Florida reporting the highest number of cases, according to industry data released Monday.
Properties in the Sunshine State accounted for nearly a quarter of all mortgage-fraud incidents, the Mortgage Asset Research Institute (MARI) said. California ranked second, followed by a three-way tie for third among Illinois, Maryland and Michigan.
The report is based on data submitted by MARI subscribers about loans that were originated in the first quarter of this year and have since been classified as fraudulent.
The most common mortgage-fraud cases included misrepresenting income, employment history and debt and assets.
Mortgage fraud has represented about $1 billion in losses over the past decade, the Mortgage Bankers Association has said.
AMD selling chip-making unit
Advanced Micro Devices (AMD) will sell its unit that makes chips for digital TV sets to fellow chip maker Broadcom for $192.8 million in cash, the companies announced Monday.
AMD is selling the unit as part of a program to reduce debt and improve profitability, said Dirk Meyer, president and chief executive. The company is a distant second to Intel in its main market of computer processors, and competition has intensified.
The unit has about 530 employees. They will be invited to join Broadcom.
Delta draws $1B on credit line
Delta Air Lines said it drew on a $1 billion revolving credit line to boost its cash holdings as it prepares to acquire Northwest Airlines by year’s end.
Delta borrowed the full amount of its $1 billion revolver, Chief Financial Officer Ed Bastian said today in a memo to employees. The Atlanta-based carrier had $3.7 billion in liquidity at the end of July, he said.
Delta also extended a credit-card-processing agreement with Visa and MasterCard to 2011. The accord was set to expire in October and doesn’t require cash holdbacks or collateral.
Mondragon heads Ford of Canada
The Canadian arm of Ford has appointed David Mondragon as president and chief executive officer.
The move announced Monday is effective Sept. 1, when the company introduces its expanded 2009 model lineup.
The 47-year-old Mondragon assumes leadership of Ford of Canada as the company accelerates plans to introduce more new fuel-efficient vehicles. During his 23-year career, Mondragon has served in a variety of leadership roles within Ford’s sales and marketing organization.
He replaces Barry Engle, who announced last week that he is leaving the company to serve as president and CEO of New Holland Agricultural Equipment.
Compiled from The Associated Press and Bloomberg News