Waupaca Foundry merger finalized with Hitachi Metals
Waupaca Foundry said Friday it has finalized its merger with Hitachi Metals Automotive Components.
According to Waupaca, the merger will have no affect on jobs at its Etowah, Tenn., plant and will likely provide more business.
Waupaca Foundry said earlier this year the proposed merger was part of a larger reorganization within Hitachi Metals Foundry America. Waupaca Foundry, the world’s largest producer of ductile iron and gray iron castings, will assume the assets and liabilities of HMAC.
Both companies are subsidiaries of the Japanese-based Hitachi Metals, Ltd., which acquired Waupaca in the summer 2014.
Construction spending retreats in February
U.S. construction spending fell in February by the largest amount in three months. Weakness in nonresidential construction and government offset the strongest month for home construction in more than eight years.
The Commerce Department says construction spending fell 0.5 percent in February following a 2.1 percent January gain. Spending declines on construction of factories, communication facilities and other nonresidential activities fell by 1.3 percent in February. Sending on government projects was down 1.7 percent.
Those declines offset a solid 0.9 percent rise in home construction, which pushed that sector to the highest point since October 2007.
Home construction has been a bright spot for the economy, growing at a sizzling 10.1 percent rate in the fourth quarter. Analysts are forecasting housing will remain strong this year.
Consumer sentiment slips to five-month low
U.S. consumer sentiment slipped last month to lowest level since October with Americans worried about the country’s economic outlook, the University of Michigan said Friday.
The university’s index of consumer sentiment dipped to 91 in March, from 91.7 in February. Richard Curtin, chief economist of the Michigan surveys, said consumers’ dim view of the economy offset improvement in their own finances. Last month’s reading was the lowest since the index registered 90 in October. A year earlier, it stood at 93.
Signs of economic weakness and rising gasoline prices have taken a toll on spirits.
AAA says the average gallon of U.S. gasoline costs $2.06, a 17 percent hike from the $1.76 they were paying a month ago.
Americans have grown cautious about spending. Consumer spending ticked up just 0.1 percent in February, same as in December and January.
This Old House’ brand is bought by Thorkelsen
“This Old House” is getting new ownership.
The venerable home-improvement brand – whose flagship TV series has been on the air since 1979 – has been acquired from Time Inc. by former Time Inc. exec Eric Thorkilsen in partnership with private equity firm TZP Group, the new company announced Friday.
This Old House Ventures LLC will be anchored by “This Old House” and its TV sibling, “Ask This Old House,” as well as This Old House magazine, online content, a line of books and other branded products.
Thorkilsen was named CEO of the new company. Susan Wyland, most recently an editorial consultant running her own firm, joins This Old House magazine as its new editor-in-chief.
As a fully integrated, multimedia business, This Old House Ventures LLC will manage all of its own core business functions, including original television production, digital content and operations, advertising sales, magazine editorial, brand licensing and marketing from new headquarters in Stamford, Connecticut, beginning this summer, the company said.
Time Inc., which launched the magazine in 1995 and later bought the TV show from Boston public TV station WGBH, will continue to provide back-office operations including magazine production and subscription services.
No financial terms for the purchase were disclosed.