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Anchor Glass raises $120 million in stock sale | TribLIVE.com
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Anchor Glass raises $120 million in stock sale

Anchor Glass Container Corp., the third-biggest U.S. maker of glass containers, raised $120 million in an initial public stock offering after being bought out of bankruptcy by Cerberus Capital Management LP. Tampa, Florida-based Anchor Glass, which operates a plant in Connellsville, Fayette County, sold 7.5 million shares at $16 each, compared with a price range of $16 to $18 indicated by the company. Credit Suisse First Boston and Merrill Lynch & Co. managed the sale that paid underwriters fees of as much as $7.8 million.

Board member resigns

Wendell F. Holland has resigned from the board of Allegheny Energy Inc., due to his recent appointment as a commissioner with the state Public Utilities Commission. Holland, 51, has served on the board of the Hagerstown, Md.-based utility company since 1994. Previously, Holland served as a PUC commissioner from 1990 to 1993, and prior to that as a judge. Allegheny Energy serves about 600,000 power customers in Pennsylvania under the name Allegheny Power. The utility did not disclose if or when a replacement would be named.

Enginners meeting here

The Association of Iron and Steel Engineers will hold its convention and exposition at the David L. Lawrence Convention Center from Sunday through Wednesday. It will be the association’s first convention in Pittsburgh since 1995. The association moved its convention citing lack of space at the old convention center. About 6,000 people are expected at the convention.

Bank names CEO

S. Wayne Whitehead was named president and CEO of Manor National Bank, following the death last month of Christoper C. “Christ” Walthour Jr., former president and CEO. Walthour was president for 57 years. Whitehead has been with the Westmoreland County bank since 1961. Ross F. Walton Jr. was appointed vice president, and Rand G. Denale was appointed as director. The full-service bank marked its centennial last October. The bank does not operate any branches, and employs eight workers. Manor National Bank has assets totaling around $20 million.

Labor backs free speech

The United Steelworkers of America and other organized labor backers are holding an event “celebrating free speech and civil liberties” from Oct. 2 to Oct. 5 in Homestead. Participant include United Steelworkers President Leo Gerard, Lt. Governor Catherine Baker Knoll, Pennsylvania AFL-CIO President Bill George and U.S. Rep. Mike Doyle, a Swissvale Democrat. Activities include the unveiling of a community mural by Ian Green, a “free speech march” and a concert.

Jordan re-elected

Gregory Jordan was re-elected managing partner of Reed Smith on Wednesday by the partners of the Downtown law firm. Jordan, 44, has headed Pittsburgh’s second-largest law firm since 2001. In that time he has steered the firm, which has about 1,000 attorneys overall, through significant firm acquisitions in New York and California. A native of Wheeling, W.Va., Jordan joined Reed Smith in 1984 after graduating from the University of Pittsburgh School of Law.

Other business news:

  • Fisher Scientific International Inc. said Wednesday it now holds 99 percent of Perbio Science AB of Sweden after securing an additional 5 percent of the company’s outstanding shares. Fisher assumed operational control of the company Sept. 8. Perbio shares will be delisted today. Fisher offered to buy Perbio, a maker of protein-based scientific research products, for $714 million in June.

  • BodyMedia Inc., a Pittsburgh-based provider of body monitoring devices for clinical and consumer healthcare applications, said Wednesday it has been awarded a U.S. patent for mechanisms for applying a heat flow sensor to the human body. Accurately measuring heat flow is afactor in determining calories burned, activity level and sleep.

  • Pittsburgh-area stocks fell on Wednesday. The Bloomberg Pittsburgh Index of 67 stocks declined 3.21 to 185.69.


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