Ericsson AB will post a second straight annual loss, cut a fifth of its work force and seek $2.9 billion from shareholders as clients curb spending. Its stock fell as much as 26 percent to a five-year low. The world's biggest maker of wireless networks will shed 17,000 jobs by the end of next year to return to profit at some point in 2003, CEO Kurt Hellstroem said. The Stockholm-based company joins other competitors in trimming market estimates after mounting debt and slowing growth prompted phone companies to rein in spending. U.S. rival Lucent Technologies Inc., the biggest U.S. maker of telephone equipment, will eliminate about 6,000 more jobs after second-quarter sales slid 40 percent.
Westinghouse licenced
Salton Inc., the maker of George Foreman grills, bought the right to use Viacom Inc.'s Westinghouse brand name to spur sales of small kitchen appliances, fans and air purifiers. The companies agreed to a six-year licensing contract; terms weren't disclosed. Salton won't make payments until the third year of the contract, the company said. The license ends March 31, 2008, and is renewable for five years. Salton, based in Lake Forest, Illinois, also gets the brand's Circle W trademark and its slogan "You can be sure if it's a Westinghouse." Salton plans to start selling a line of Westinghouse-brand vacuums, including a wireless, upright model.
Baseball contract win
CB Richard Ellis Sports said it signed a contract with Major League Baseball to implement its Crowd Management Initiative program. The contract covers all 30 Major League franchises for the 2002 and 2003 seasons. The program aims to improve the experience of attending a baseball game by establishing a code of conduct; training game-day staff to recognize and interact with disruptive fans; and managing the sale of alcohol. CB Richard Ellis Sports was established last year when CB Richard Ellis/Pittsburgh acquired North Hills-based Lighthouse Consulting Group Ltd.
Straightline expands
Straightline Source, a division of U.S. Steel Corp., expanded its electronic procurement and online steel distribution service to steel buyers in Pittsburgh. The service offers instant price quotes and delivery for a range of carbon flat-rolled steel products. Straightline offers products to manufacturers of all sizes that typically don't buy directly from steel producers. Straightline has more than 1,300 registered users and delivered nearly 7,000 quotes in March, an increase of 75 percent from February.
PNC, PPG make list
IBM topped this year's list of companies ranked the best corporate citizens by Business Ethics magazine. The Minneapolis-based magazine released its third annual list Monday, based on corporate service to stockholders, employees, customers, the community, the environment, overseas stakeholders, and women and minorities. IBM was followed by Hewlett-Packard, Fannie Mae, The St. Paul Cos., and Procter & Gamble. Among Pittsburgh companies, PNC Financial Corp. ranked 83rd and PPG Industries Inc. 95th.
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