Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

Fed drops McCarthy lawsuit * The Federal Reserve Bank of St. Louis filed a motion in federal court Wednesday to dismiss its breach of contract lawsuit against McCarthy Building Cos. over allegedly faulty windows after reaching a settlement with the builder. The St. Louis Fed filed a federal lawsuit in July against Ladue-based McCarthy, which oversaw the installation of 498 windows at the Fed's downtown headquarters that must be replaced. Other parties named as defendants were University City-based window manufacturer Winco Window Co. and its Florida subsidiary; and St. Louis-based Hilboldt Curtainwall, a designer of customer exterior wall enclosures. In the suit, the St. Louis Fed had alleged the windows installed in 2008 were defective and estimated its damages exceeded $1.5 million. Under Wednesday's motion, all parties would bear their own legal fees. Terms of the settlement were not disclosed. (Lisa Brown)

New leadership at Automation * Automation Service, a 57-year-old process control remanufacturer in Earth City, has new leadership in place following a bankruptcy filing by its former owner. Wesley Rarick is the new CEO and Paul Melnuk is chairman. Rarick is an associate of FTL Capital, the Clayton-based private equity firm that acquired Automation Service last month, and Melnuk is managing principal of FTL. Process Controls International, which operates as Automation Service, filed for bankruptcy a month ago. An auction for the business was held last month, and FTL Capital, one of its creditors, acquired the company's assets. Automation Service reconditions transmitters, control valves, and other equipment made by Emerson, Honeywell and other manufacturers. The company has about 140 employees, and Rarick said that number will grow as the company expands in new markets. (Lisa Brown)

SunEdison drops on offering news * Shares of SunEdison dropped 4 percent Wednesday on news that the O'Fallon, Mo.-based company plans to sell 30 million shares. SunEdison, formerly known as MEMC Electronic Materials Inc., had announced plans to sell the shares through a public offering, though the offering date wasn't disclosed. …

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