Koppers buys Texas chemicals company

Koppers Holdings Inc. said it acquired the creosote distribution business of KMG Chemicals Inc. of Houston for $12.5 million plus the value of inventory, estimated at $3.0 million. The transaction includes the transfer of leased railcars in Southwestern states and storage tanks in Louisiana to Downtown-based Koppers plus customer agreements. It involves fewer than five workers, who will transfer to Koppers. Annual sales of the unit were not disclosed. “This acquisition reaffirms our commitment to serve the railroad industry in all aspects of crosstie supply from procurement to processing and distribution to preservative supply,” said Tom Loadman, Koppers vice president of railroad and utility products and services. CEO Leroy Ball said the deal ensures consistent supply of an important component to treat railroad crossties.

Wal-Mart allows taxpayers to pick up cash refunds

Wal-Mart is starting a service allowing customers to pick up their tax refunds in cash at about 3,000 stores nationwide. It's the retailer's latest move to offer more financial services to bring more shoppers to its stores. The world's largest retailer, based in Bentonville, Ark., said the process will take the same time as if customers were to file their returns electronically and then get direct deposit, which could take just a week, said Daniel Eckert, senior vice president of services for Wal-Mart's U.S. division. The service could help people without bank accounts get their refunds more quickly and avoid high check-cashing fees. Wal-Mart doesn't charge a fee for the cash pickup. Tax preparers can charge a maximum of $7 for the service at the time of filing.

SpaceX sells 10% stake to Google, Fidelity for $1B

Space Exploration Technologies Corp., the rocket maker run by billionaire Elon Musk, said that Google Inc. and Fidelity Investments have invested $1 billion on a combined stake of almost 10 percent. The deal gives SpaceX cash as it explores ways to connect people to the Internet. Mountain View, Calif.-based Google is racing to spread Internet access as it looks for ways to boost its user base and sell more digital advertising. By teaming with SpaceX, Google would be seeking to gain an edge over rivals such as Facebook Inc., which is working on projects to deliver Internet service to underserved regions by building drones, satellites and lasers.

Schlumberger pays $1.7B for stake in Russian energy firm

Schlumberger will spend $1.7 billion for a minority stake in a big Russian energy company at a time when that country's relations with the West are under strain and as energy prices hit multiyear lows. Schlumberger said last week that it would cut 9,000 jobs in response to falling oil prices, which have forced other energy companies to lower their forecasts for 2015 and pare back spending plans. The world's largest oilfield services company, headquartered in Houston, will pay about $22 per share to acquire a 45.6 percent stake in Eurasia Drilling Co. Ltd., which will go private and delist from the London Stock Exchange. Eurasia is the largest provider of onshore drilling services in Russia.

Homebuilder confidence slips

Homebuilders are feeling slightly less confident in their sales prospects ahead of the spring homebuying season, traditionally the peak period for home sales. The National Association of Home Builders/Wells Fargo builder sentiment index released Tuesday slipped this month to 57, down 1 point from a revised reading of 58 in December. Even so, builders' overall sales outlook remains favorable. Readings above 50 indicate more builders view sales conditions as good rather than poor. Builders' outlook for sales over the next six months and a measure of traffic by prospective buyers both declined, while a view of current sales conditions held steady.

Baker Hughes to lay off 7,000

Oil services company Baker Hughes Inc. will lay off about 7,000 workers as it prepares for a downturn in orders because of the plunge in crude prices, the company said Tuesday. The layoffs represent about an 11 percent cut to the 62,000-plus workers Baker Hughes said it employs worldwide. The announcement arose in a conference call. The Houston-based company exceeded analysts' estimates with a record $663 million in net income in the fourth quarter of 2014, more than double its earnings during the same period of the prior year. Leading the growth was the company's North American division, which posted revenue of $3.3 billion. However, the company expects a “sharp drop in product sales” because of the plummeting price of crude, Chief Financial Officer Kimberly Ross said during the conference call. Prices have fallen by nearly half in six months, with major benchmarks trading below $50 a barrel.

— Staff and wire reports

---

Copyright ©2025— Trib Total Media, LLC (TribLIVE.com)

---