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daily briefing

January 24, 2009

Maryland-based Marcor acquired by Nuprecon/CST

Nuprecon/CST, the nation's second-largest full-service demolition and remediation company, said it acquired Maryland-based Marcor Remediation this week, which increases the company's work force to more than 1,500 employees nationwide. Launched more than 25 years ago in the basement of a Catonsville rowhouse, Marcor's primary business is asbestos removal and demolition. But in recent years, the company has been involved in several high-profile environmental cleanups, including in the aftermath of the Sept. 11 attacks. Marcor will continue to operate under its brand name. John Williams, a spokesman for Evergreen Pacific Partners, Nuprecon/CST's majority owner, said Marcor is not expected to lay off any of its 600 employees. Williams said the purchase gives the parent company a strong Northeast presence. "This is more about the future than consolidation," Williams said. The private companies would not release the price of the sale.

Brent Jones

Major airlines matching Southwest's fare sale

DALLAS: Major airlines moved yesterday to match a fare sale started by Southwest Airlines Co., as the carriers worry about weak demand for travel during a recession. Southwest said that through Monday it would sell seats to almost everywhere it flies starting at $49 to $99 each way. Tickets must be bought at least 14 days before flying, travel must be completed by March 11 and seats are limited, the airline said. AMR Corp.'s American Airlines, Continental Airlines Inc., US Airways Group Inc., JetBlue Airways Corp. and Delta Air Lines Inc. matched the Southwest prices, officials at those carriers said. UAL Corp.'s United Airlines has a fare sale that began Jan. 16.

Associated Press

Steel firm ArcelorMittal sued over coal contract

CHARLESTON, W.Va. : The U.S. arm of ArcelorMittal is facing a breach-of-contract lawsuit that accuses the world's largest steel producer of reneging on a $40 million deal to buy more than 200,000 tons of coal used for making steel. The suit filed by a subsidiary of Linthicum Heights-based Foundation Coal Holdings says ArcelorMittal began asking to renegotiate even before the delivery contract went into effect this month.

Associated Press

Freddie Mac to ask for billions more in aid

McLEAN, Va. : Mortgage finance company Freddie Mac said yesterday it will need an additional $30 billion to $35 billion in government aid as it copes with losses on loans the company backed during the U.S. housing bubble. The company disclosed in a Securities and Exchange Commission filing late yesterday that it expects its government regulator, the Federal Housing Finance Agency, to make the request from the Treasury Department. It comes on top of the $13.8 billion the company received last year.

Associated Press

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