Pittsburgh Business Times articles from April 1998

Pittsburgh Business Times archives from April 1998

Jim Manzi repaid in Nets Inc. deal: chairman will get $1.4 million from bankruptcy.
April 17, 1998... Chairman will get $1.4 million from bankruptcy Jim Manzi will get his way. According to a plan of liquidation approved by a federal bankruptcy court in Boston last week, the Nets Inc. chairman will be among the first to receive money from...

WESCO leaning toward a management-led buyout. (WESCO Distribution Inc.)
April 17, 1998... April 23 deadline set for former Westinghouse unit SOUTH SIDE - With its $300 million initial public offering postponed for the foreseeable future, WESCO Distribution Inc. may be leaning toward a management buyout led by its current CEO....

A widening Highmark, UPMC rift. (planned merger between UPMC Health System and Magee-Womens Hospital criticized by Highmark Blue Cross Blue Shield)
April 17, 1998... UPMC-Magee draws Highmark criticism OAKLAND - The merger plans between UPMC Health System and Magee-Womens Hospital have hit a raw nerve in the executive suites of Highmark Blue Cross Blue Shield. Not all that long ago, UPMC and Highmark...

A defensive blunder: hospitals, Highmark face hefty losses from their medical practice purchases. (Highmark Blue Cross Blue Shield)
April 17, 1998... Hospitals, Highmark face hefty losses from their medical practice purchases Call it an expensive, defensive gamble. To secure their positions in a competitive market, many of the regions hospitals and Highmark Blue Cross Blue Shield...

Strategic Energy scouting for investors.
April 17, 1998... DOWNTOWN - Deregulation of the electricity industry has sparked significant growth at Strategic Energy Ltd. And the company is about to plug into some cash that could expand its energy consulting business even further. "We currently have...

Local firm sues tobacco companies. (food broker Williams and Drake Co.)
April 17, 1998... Williams & Drake Co. wants to expand liability DOWNTOWN - A local company has sued the U.S. tobacco industry in federal court here, seeking to create a new class of claimants injured by tobacco-related health claims. Food broker Williams &...

US Airways must snare an overseas partner to continue profitable path. (US Airways Group Inc.)
April 17, 1998... Airline is desperate for international routes FINDLAY TOWNSHIP - Experts say an alliance between US Airways Group Inc. and a larger carrier hinges on one major feature: international flights. Though company officials have been mum on talks...

Charity cases. (Gary and Venetia Torre's Venetia's Boutique sometimes take part in charity functions)
April 17, 1998... Entrepreneurs are playing benefactors in a variety of ways, all in the name of business. Gary Torre's involvement with charity started with a fund-raiser invitation he wadded up and tossed in the trash. Mr. Torre, who along with his wife,...

Mellon, PNC are building on a big scale. (Mellon Bank Corp.; PNC Bank Corp.)
April 17, 1998... The region's two largest banks dominate Downtown real estate DOWNTOWN - If you thought the new Lazarus store was the biggest thing happening in center city construction, think again. PNC Bank Corp. and Mellon Bank Corp. rank first and...

Crown American Realty Trust. (proxy report excerpts)(Company Profile)
April 17, 1998... (NYSE: CWN) Crown American Realty Trust, based in Johnstown, is a real estate investment company that owns, acquires, manages and develops shopping malls. It is the managing general partner of Crown American Properties LP. Together, with...

WESCO slows IPO; buyer talks go on. (WESCO Distribution Inc)
April 10, 1998... $300 million stock offer pulled by lead underwriter SOUTH SIDE - WESCO Distribution Inc.'s $300 million initial public offer is off of underwriter Merrill Lynch & Co.'s calendar, meaning the IPO is postponed for the foreseeable future....

N.J. firm acquires assets of Nova Data. (Paradigm Technologies Inc's acquisition of Nova Data L.P.)
April 10, 1998... Paradigm4 has plans to pursue local work with Para Data subsidiary Nova Data L.P. had big plans to crack the public safety software market when it formed in 1997, with the help of some capital from Birchmere Investments Inc. Those dreams...

A hospital within a hospital. (Intensiva HealthCare Corp's health care facility in Mercy's Hospitals)
April 10, 1998... Intensiva HealthCare Corp., a publicly traded firm based in St. Louis, runs a specialized health care facility on Mercy Hospital's 11th floor UPTOWN - The Pittsburgh region has just gained another specialty hospital - and additional...

Windy City offers target for MARC. (MARC and Company Inc's acquisition of a Chicago ad agency)
April 10, 1998... Region's largest agency continues expansion SOUTH SIDE - MARC Advertising is close to buying a Chicago advertising agency. CEO Tony Bucci said he expects the deal to be completed by mid-May. He declined to name the shop and said the deal...

Clark Bar talks to Pleasant Hills about building a new factory and office. (Clark Bar America Inc; Pleasant Hills Planning Commission)
April 10, 1998... Deal may be close, but Clark says it is still considering other offers O'HARA TOWNSHIP - The "For Rent" sign is up at Clark Bar America Inc. in RIDC Park. The candy company is planning to relocate its plant, offices and warehouse in the...

Northstar Health still feeling the effects of its disastrous 1995 merger. (Northstar Health Services Inc)
April 10, 1998... But the red ink has been cut substantially over last three years INDIANA, Pa. - Northstar Health Services Inc. has reported its third straight year of losses. But the provider of physical rehabilitation services may be benefiting from some...

Ex-Aristech officer helps link PECO managers' pay to firm's performance. (former Aristech Chemical Corp CFO Michael Egan; PECO Energy Co)
April 10, 1998... Michael Egan hired to prepare utility for competitive market PECO Energy Co., stirring from its regulated doldrums, is implementing a former Pittsburgh executive's plan to hike top managers' stock holdings in the company. It's a...

State's small business development centers to create alumni network. (Pennsylvania's Small Business Development Centers to form the Pennsylvania Society of American Entrepreneurs)
April 10, 1998... Banding together could help small firms compete Pennsylvania's Small Business Development Centers plan to form a network of companies they've helped over the years to give small businesses the sort of buying power enjoyed by larger...

Shooting for the stars. (Stargate Industries CEO Marcus Ruscitto)
April 10, 1998... Marcus Ruscitto has made Stargate the area's largest Internet service provider Marcus Ruscitto isn't one to hedge his bets. "Somebody once said that the world belongs to the risk takers and what's left is split up among everybody else,"...

PRA members can't agree on consolidation. (Pittsburgh Regional Alliance)
April 3, 1998... DOWNTOWN - Organizational politics have killed plans to consolidate the six member organizations of the Pittsburgh Regional Alliance. Consolidation and increased cooperation among six of the region's largest economic development agencies had...

Does a new IPO boom lie ahead? (Western Pennsylvania companies; initial public offering)
April 3, 1998... Federated Investors may set the mark for top gain DOWNTOWN - Although it's early, 1998 may prove a record year for initial public offerings by Western Pennsylvania companies - at least terms of the cash raised. That's a reflection of...

Insurance execs get big checks. (Pittsburgh health insurers)
April 3, 1998... Reports to state show healthy 1997 pay Local insurers paid their top executives healthy salaries during 1997, reflecting a fiercely competitive market in which they say big dollars are needed to keep top positions filled. While basic...

Alcoa's 'lust' pays off with Alumax buy. (Aluminum Company of America)
April 3, 1998... Alumax CEO, board played hard-to-get with O'Neill Allen Born wasn't an easy sale. Paul O'Neill, chairman and CEO of Alcoa, called him, faxed him at home on a Sunday morning, lobbied individual members of Mr. Born's board and otherwise...

New 'softer' GNC to convert 55 more stores to 'Live Well' retail concept. (General Nutrition Cos. Inc.)
April 3, 1998... Larger stores carry health and beauty products, aroma therapy DOWNTOWN - General Nutrition Cos. Inc., the expansion-minded retailer of vitamins, minerals and health-related products, expects to convert 55 existing stores to its GNC Live Well...

State lawmakers focus attention on boosting future of downtowns. (Pennsylvania)
April 3, 1998... Rep. Kukovich's grant proposal joins flurry of programs HARRISBURG - As more and more people head out to the suburbs to live, government officials are casting an eye toward preserving Pennsylvania's downtown communities. State officials...

Melding minds, making steel. (J and L Specialty Steel Inc.)
April 3, 1998... New CEO of J&L Specialty Steel implements a collaborative approach Eugene Salvadore could tell by the look on the union member's face that the worker did not agree with his point of view. But Mr. Salvadore continued on, explaining to his...

USX Corp. - U.S. Steel Group. (Proxy Report Excerpts)(Company Profile)
April 3, 1998... (NYSE: X) U.S. Steel Group, a unit of USX Corp., based Downtown, is a maker of steel mill products, coke and low-grade iron ore. The Mon Valley Works and Clairton Works are its local operations. USX Corp. has one other operating unit, the...

Rents are on the rise, as available space tightens up in Pittsburgh region.(Commercial Real Estate Leasing Guide)
April 3, 1998... Downtown, North, West are focal points for coming year DOWNTOWN - This year, local companies will empty more than 1.2 million square feet of Downtown office space. Can Pittsburgh fill it? It will be tough. The list of big tenants looking...