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Pittsburgh Business Times
Animal wins gold Addy at national advertising awards event
A Pittsburgh production firm brought home the gold at the American Advertising Awards.<\p> Animal Studio was honored with a gold Addy for Internet Commercial Campaign, film/video/sound. Titled “Who’s a Good Owner?" the campaign was created for Progressive Insurance.<\p>
Robotics firm to relocate near Pittsburgh International Airport
Titan Robotics, a nearly 10-year-old company working to build on its niche in serving the aerospace industry, is moving its headquarters to the Airside Business Park near Pittsburgh International Airport where it already operates a research facility.<\p> The company has reached an agreement with the Elmhurst Group, owner of the three-building flex office park in Moon Township, to take a 34,330-square-foot space in building 400 this fall, according to a joint announcement by Elmhurst and the Pittsburgh office of JLL, which represents the complex.<\p>
Citizens hires new market manager for business banking
Citizens has tapped a local executive well-versed in working with small and midsize companies in the Pittsburgh area for a leadership post. <\p> Renee Coyner came aboard as senior vice president and business banking market manager for western Pennsylvania. Citizens said its business banking segment covers companies with up to $25 million in annual revenue and that Coyner specifically will focus on businesses with up to $10 million in annual revenue. <\p>
Plum Borough School District announces $5 million for new project
Plum Borough School District announced $5 million in funding to add 25 electric school buses through the federal EPA Clean School Bus Program.<\p> “The addition of electric school buses into our fleet will not only help to improve air quality and reduce greenhouse gas emissions, but they also reduce maintenance expenses and provide a more comfortable and quiet ride for our students,” Superintendent Rick Walsh said in a release.<\p>
Pittsburgh Technical College bringing teach-out partners to campus
Following the news of its impending closure, Pittsburgh Technical College has released plans to host visits with six local institutions and universities with which it has entered into teach-out agreements for students. <\p> The first visit, according to information released by PTC on June 12, was scheduled for June 13 from 9 a.m. to 1 p.m. A second visit is scheduled for June 17 from 10 a.m. to 2 p.m. <\p>
The Playbook: The common pay threads for high-performing companies
Editor's Note: Welcome to The Playbook Edition, a look at stories, trends and changes that could affect your business and career. Want more stories like this in your inbox? Sign up for The Playbook newsletter. <\p> During a time when more workers expect transparency around pay, most top-performing companies are proving to be forthcoming — but that's not the only common thread. <\p>
Iron City Distiller's Reserve Gin wins multiple industry awards
When distiller Matt Strickland joined Iron City Distilling, he and the team were focused on whiskey. He wasn't expecting to distill gin — and he certainly wasn't expecting to win multiple industry awards from the first batch.<\p> "I've made a lot of gin throughout my career but I did not expect to be doing it here," Strickland said. "We are very much focused on whiskey, but if we're going to do something we're going to try to do it the best we can."<\p>
BAM Capital buys Ascent 430 in Warrendale
A fast-growing Indianapolis investor group has bought a high-profile apartment complex in the north suburbs.<\p> The company couldn't be immediately reached for comment. But BAM Capital now lists Ascent 430, a garden-style multifamily development that Cleveland-based NRP Group built and opened in 2015 that includes a total of 319 apartments, as part of its growing portfolio on its website.<\p>
Wary Fed keeps rates steady, but indicates 1 rate cut in 2024
One and done, at least for 2024. The Federal Open Market Committee expects to make one rate cut this year. <\p> It didn’t happen at FOMC’s two-day June meeting, which concluded on Wednesday. The Federal Reserve kept rates steady at 5.25% to 5.5% as the regulator noted “modest further progress” on bringing inflation down to its 2% goal. <\p>
FERC approves Mountain Valley Pipeline
The Federal Energy Regulatory Commission on Tuesday approved the Mountain Valley Pipeline, clearing the way for the $7.85 billion pipeline to be put into service carrying natural gas from the Marcellus Shale.<\p> A letter from the director of the Office of Energy Projects approved the application by Equitrans Midstream Corp. (NYSE: ETRN), based in Canonsburg, to place the pipeline into service.<\p>
NAR settlement threw a wrench into VA loans but a fix is coming
The class-action lawsuits that rocked the residential real estate industry over the past year have resulted in nearly $1 billion in settlements so far — and also put in place changes that could have hurt veterans’ ability to shop for homes.<\p> The National Association of Realtors and big brokers such as RE/MAX Holdings Inc., Anywhere Real Estate Inc. and Keller Williams Realty Inc. agreed to prohibit mandatory so-called “cooperation agreements,” in which sellers pay both the selling agent and the buyers agent commission for a sale, in exchange for being allowed to list a home on a multiple listing service.<\p>
PNC announces $500M credit facility and that's just the start
PNC Bank announced the closing of a $500 million senior secured credit facility for Seismic, a San Diego-based software firm.<\p> It was the kind of deal PNC and fellow big banks crave, given that corporations have been conservative when it comes to spending, particularly with interest rates at the highest point in more than two decades.<\p>
Lenzner, Megabus owner Coach USA files for Chapter 11 bankruptcy
Coach USA, the owner of Megabus and Lenzner lines, filed late Tuesday for Chapter 11 bankruptcy protection as the bus company struggled in the wake of drastic changes to Americans' transportation habits during and after the Covid-19 pandemic.<\p> The filing in U.S. Bankruptcy Court in Delaware also includes several dozen other coach and tour companies owned by Coach USA including several in the Pittsburgh region including Lenzner Tours Inc., Pennsylvania Motor Transit, Lenzner Tours Ltd., Lenzner Transit Inc., Lenzner Transportation Group Inc., all of Sewickley, and Butler Motor Transit Inc. in Butler. Coach USA is headquartered in Paramus, New Jersey, just outside of New York City, but owns a number of bus companies around the country.<\p>
New Crunch Fitness location to open in Pleasant Hills
A new, state-of-the-art Crunch Fitness location operated by franchisee Fitness Ventures LLC is set to open in Pleasant Hills at the end of this month.<\p> All 45,000 square feet of the gym have been renovated, according to a release, with $1 million of fitness equipment installed. Amenities will include babysitting, personal training, massage chairs and tanning beds. <\p>
UPMC and Washington Health System officials celebrate affiliation
On Wednesday morning, a new flag rose over the campus of what was once called Washington Hospital, marking a new era of health care for the rural communities just south of Pittsburgh. <\p> The flag bore the hospital's new name — UPMC Washington, a name it adopted officially just last week when the merger between UPMC and Washington Health System closed, nearly a year after it was first announced. <\p>
Beacon Communities breaks ground on The Standard in Uptown
Getting financing in place for any development project is a major challenge these days let alone for an affordable housing development.<\p> Michael Polite, senior vice president for Beacon Communities, detailed all the funding sources that had to come together for his company and Uptown Partners of Pittsburgh to be able to reach the point of starting construction on The Standard, a 51-unit apartment project along Fifth Avenue near the Birmingham Bridge.<\p>
Pitt Athletics to partner with collective to host fundraising event
University of Pittsburgh Athletics and its official athletics collective, Alliance 412, will host “A Night with the Panthers” on August 3 at the Petersen Event Center.<\p> According to a release from the athletics department, Pitt coaches and current student-athletes will be there ready to socialize with guests. <\p>
Penn State consolidates leadership structure at 11 campuses
Penn State is making some changes in its leadership structure.<\p> According to a release from the university, after several chancellors have either retired, left for other positions or opted in to PSU's Voluntary Separation Incentive Program, the school had a chance to "streamline its Commonwealth Campus leadership structure."<\p>
Echo Realty lands Barnes & Noble for Meridian redevelopment
The book store business is back enough that America's largest remaining chain store, Barnes & Noble, has committed to establishing a new store at The Meridian, Echo Realty's redevelopment along Penn Avenue in Shadyside.<\p> Echo announced landing Barnes & Noble, detailing the company will establish a 10,791-square-foot store at redevelopment project, the latest name tenant at a project anchored by a Market District by Giant Eagle store and a previously announced Shake Shack.<\p>
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