Business news briefs
MGIS Cos. gets top
The MGIS Companies Inc., a Salt Lake City-based provider of insurance products and services for physicians, was named one of the best places to work in insurance for the third consecutive year by Business Insurance magazine. The national program identifies quality workplaces through an assessment process that includes employee feedback.
The union that represents some 13,000 CenturyLink employees, including 820 in Utah, is still negotiating with the giant telecommunications company even though its labor contract expired last week. Al Kogler, a spokesman for the Communications Workers of America, said union members remain on the job under a "day-to-day" extension of the contract.
U.S. job openings
dipped in August
U.S. employers advertised slightly fewer jobs in August than July, while they filled the most positions in three months, offering a mixed signal for the job market. The Labor Department said job openings dropped by 32,000 to 3.56 million in August. July's openings were also revised lower. In a positive sign, employers hired 4.39 million people in August the most since May.
EADS & BAE
One month after announcing they were in merger talks, Airbus parent European Aeronautic Defence & Space Co. and BAE Systems decided to terminate their discussions due to a political impasse. The combination of the two European aerospace/defense giants would have created the largest such company in the world.
U.S. wholesalers increased their stockpiles by a half percent in August. Sales rose nearly 1 percent, the first gain in four months and the biggest increase since February. Companies typically boost their stockpiles when they anticipate sales will rise. Faster restocking helps drive economic growth by stimulating more factory production.
Bain to buy maker
of Craftsman tools
Bain Capital agreed to buy Apex Tool Group LLC, the maker of Craftsman hand tools, from Danaher Corp. and Cooper Industries for about $1.6 billion in its largest deal so far this year. Danaher expects the sale to generate after-tax net proceeds of about $650 million and be completed in the first half of 2013. Danaher and Cooper each own 50 percent of Apex.
Investors are driving up shares of FedEx Corp. after the world's second-largest package delivery company lifted the veil on a much anticipated cost reduction and restructuring plan. FedEx plans to add $1.7 billion to its annual profit by 2016 by cutting employees, grounding aircraft and trimming underused assets. Shares closed Wednesday at $90.01, up $4.43, or 5 percent for the day.
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