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Alcoa Inc., the largest U.S. aluminum producer, said Wednesday it lost $454 million during the second quarter, as the global recession continued to dampen demand and prices for the lightweight metal.
It was Alcoa’s third straight quarterly loss and fresh evidence of slumping orders from key customers in the aerospace, automotive and construction industries. Aluminum makers have struggled since last year with sharply lower orders for the metal used in products ranging from beer cans to jumbo jets.
Alcoa, the first of the Dow Jones Industrial Average companies to post results and a bellwether of industrial health, has scaled back its production by about 20 percent. It has undertaken a campaign to cut costs and raise cash, announcing 13,500 layoffs and the planned sale of four business units earlier this year.
Enzyme Solutions Inc. has acquired Vintage Chemical Enterprises Inc. for an undisclosed sum.
Fort Wayne-based Enzyme Solutions is a biotechnology company that makes enzymes and enzyme formulas used in cleaners for medical equipment, removing coffee stains and other applications. Fort Wayne-based Vintage Chemical is a specialty chemical manufacturer. The deal took effect July 1.
Tim Beck, Enzyme Solutions CEO, described the merger as “a natural fit” for two companies that have been working together almost daily for several years. Vintage Chemical formulates several Enzyme Solutions products, using Enzyme Solutions technology.
The combined venture, which employs 12, will operate in Fort Wayne at 314 E. Wallace St. and in Garrett at 2105 Forrest Park Drive.
AT&T Inc. said Wednesday it expects to close on its $944 million acquisition of wireless and broadband service provider Centennial Communications Corp. during the third quarter.
The transaction, which was initially announced in November and expected to close in the second quarter, will help AT&T expand its wireless coverage in areas of the Midwest and Southeast as well as Puerto Rico and the U.S. Virgin Islands. Wall, N.J.-based Centennial has about 1.1 million wireless customers. Subsidiary Centennial Wireless’ operating headquarters is in Fort Wayne.
Centennial’s shareholders approved the acquisition in February, but the transaction still needs approval from the Department of Justice and the Federal Communications Commission.
Nestle USA is asking the Anderson City Council for a tax break on equipment for its expanded plant that it says will lead to the hiring of nearly 100 people.
Nestle has asked for a 10-year tax abatement on new equipment valued at $200 million. The break is worth about $9.3 million and is part of the incentive package the central-Indiana city offered for Nestle’s expansion.
The company plans to expand its plant along Interstate 69 in Madison County by about 200,000 square feet.
Linda Dawson, Anderson’s economic development director, says Nestle could have about 500 employees at the plant after the expansion.
