Member companies in the Pittsburgh Business Group on Health prescription drug program saw their drug prices increase in 2005 by less than 1 percent vs. a 12 percent jump nationwide. Working with prescription drug manager PharmaCare, the 28 employers representing 188,000 members saved $12.7 million in drug benefits. "These results were significant when you take into account some member companies' costs in 2005 were lower than the year before, and retirees over the age of 65 account for 20 percent of our members," said Business Group on Health Executive Director Christine Whipple, in a statement. In 2004, prescription drug program members saved $7.6 million, as their drug prices rose 4.1 percent compared to 14.3 percent increases elsewhere in the country.
Creditors propose deadline
Pittsburgh Brewing Co.'s committee of unsecured creditors wants to limit the brewery's exclusive right to file a reorganization plan, setting an Oct. 15 deadline, rather than Nov. 1 as the brewery requested. The committee said in documents filed in U.S. Bankruptcy Court that there is no apparent reason the brewery can't file the plan by Oct. 15, which would allow it to emerge from bankruptcy by the end of the year. A delay will lower the company's value because the seasonal business slows in the fall and continues through the spring. The brewery was scheduled to submit a plan by Aug. 1, but requested a 90-day extension. A court hearing is set for Tuesday.
PPG opens Taiwan center
PPG Industries Inc. Wednesday said it opened Alltech Engineered Finishes, a Taiwanese facility that serves the fastener and small parts industry by applying PPG's electrocoat and dip-spin coatings. The plant, which was completed in June, coats parts for construction, industrial, electronics and automotive applications. It can apply multiple colors of electrocoat. The Pittsburgh-based company said it has the capacity to serve regional customers, plus room for expansion. The venture is PPG's first wholly owned, self-contained coating application facility.
Stocks fall again
Wall Street fell for a third straight session Wednesday as fresh signs of a housing slump triggered concerns that the economy is slowing too fast and could erode corporate profits. The data come after a Federal Reserve official hinted Tuesday that higher interest rates may still be needed to tame inflation, a move that could curtail consumer spending. Retailers and homebuilders, which have the most exposure to consumers, led major indexes lower. The Dow Jones industrial average fell 41.94, or 0.37 percent, to 11,297.90. Combined with Monday's and Tuesday's losses, the drop erased last week's five-day rally.
Apple to pay $100 million
Apple Computer Inc. will pay $100 million to rival Creative Technology Ltd. to settle five patent lawsuits over technology for navigating through songs on the popular iPod digital music player, the companies said Wednesday. The settlement allows Cupertino, Calif.-based Apple to recoup a portion of its payment if other electronics companies license Creative's technology. "Creative is very fortunate to have been granted this early patent," Steve Jobs, Apple's chief executive, said in a statement Wednesday. "This settlement resolves all of our differences with Creative, including the five lawsuits currently pending between the companies."
Construction mag launches
"Breaking Ground," a bi-monthly magazine published by Jeff Burd of Tall Timber Marketing Group, is a new publication that will highlight construction activities in the region. Published in conjunction with the Master Builders Association of Western Pennsylvania, the magazine made its first appearance at a kickoff event Tuesday at PNC Park's Montecristo Club. The magazine is the first comprehensive source of market information for all professionals in the commercial construction and real estate industry in Western Pennsylvania, said Jack Ramage, MBA's executive director.
Computer recycling event
Goodwill Industries of Pittsburgh will kick off its Reconnect Pittsburgh partnership with Dell Inc. Saturday with a "Super Computer Donation Bowl" at Alco Parking lot No. 2 outside Heinz Field. Unwanted computer equipment can be turned in from 9 a.m. to 3 p.m. for recycling, and donors will get receipts. Prizes including a flat screen TV will be given away in a drawing, and Steelers quarterback Charlie Batch is expected to attend from 10 to 11 a.m. Details, call 412-481-9005 or visit www.goodwillpitt.org.
Other business news
• Thermo Electron Corp., which is buying Fisher Scientific International Inc., said the companies received a request for more information from the Federal Trade Commission in connection with the merger. The request is related to information concerning "a single, minor product line," the companies said. To resolve issues raised by the FTC, the companies plan to sell a $17 million product line of Fisher's.
• Officials of Respironics Inc. will signal the start of a new day of trading next Wednesday, as CEO John L. Miclot and company founder Gerald E. McGinnis will ring the ceremonial opening bell on the NASDAQ stock exchange. The Murrysville-based manufacturer of breathing devices and sleep therapy products topped $1 billion in revenue this fiscal year.
• Pittsburgh-area stocks fell on Wednesday. The Bloomberg Pittsburgh Index of 68 stocks in the region fell 3.44 to 284.79.
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