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Business

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briefs

Contract adds work at Exelis

Exelis has been awarded a foreign military sales contract valued at $115 million to provide an existing international customer with additional communications equipment, spare parts, ancillary devices and operator training.

The company will recall 65 employees from layoff on a three-month basis, although many of the employees have likely found work, a company spokesman said.

Production of the radios for this international contract will take place at the Exelis’ Fort Wayne facility, 7310 Innovation Blvd.

Exelis is a global aerospace, defense, information and services company based in McLean, Va. The business has about 19,000 employees and recorded $5.5 billion in sales last year.

Busche wins contract, plans to add 24 jobs

Albion-based Busche Enterprise Division Inc. has been awarded a machining contract for an undisclosed amount.

Busche said 24 jobs will be created.

The company will perform work for Z.F. Industries of Marysville, Mich., which has an agreement with Chrysler Group LLC. Busche is a computer numerical control production machining organization with more than 650 employees at nine production facilities in northeast Indiana and northern Alabama.

“This is our first direct order with Z. F.,” Nick A. Busche, president and CEO, said in a statement. “We look forward to working with the Z.F. team on this project and additional programs in the future.”

JC Penney expects positive stock offering

J.C. Penney, the struggling retailer that is trying to reassure the market about its financial stability, expects to raise about $810.6 million via a public stock offering.

J.C. Penney said Friday it plans to offer 84 million shares priced at $9.65 per share. That is a 7.3 percent discount to Thursday’s closing price of $10.42 per share.

The company could raise more than that if the underwriters exercise in full a 30-day option to buy up to an additional 12.6 million shares.

The offering is expected to close on Tuesday.

Cleveland bishop nixes Ohio hospital deal

A Roman Catholic health-care system is restructuring a $250 million deal for minority ownership of a northeast Ohio hospital chain after the local bishop rejected the arrangement.

Catholic Health Partners was seeking the partnership with Akron-based Summa Health System, a deal requiring approval by Catholic authorities since it involves a non-Catholic hospital.

The Akron Beacon Journal reported Friday that Bishop Richard Lennon of the Catholic Diocese of Cleveland turned down the plan in a recent letter to Catholic Health Partners. The paper says Lennon cited Summa’s publicly stated plans to continue providing sterilizations, contraceptives and abortions on a limited basis when medically necessary.

Yahoo, Softbank back Alibaba in IPO battle

Chinese e-commerce giant Alibaba may be looking to the U.S. for its potentially mammoth IPO.

Its biggest shareholders, Yahoo and Japan’s Softbank Corp., on Friday backed the company’s unusual management structure that Hong Kong’s stock exchange was unwilling to accommodate, which may turn it toward the U.S. for its market debut.

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