A Columbia City factory that was the center of labor strife for more than a year is under new ownership.
But working conditions arent likely to change significantly at Coupled Products LLC. The buyer, Rochester Hills, Mich.-based TJD Industries, is a partnership between Jonathan Drew and Tina Johnson.
The two were formerly president and operations director, respectively, of Coupled Products.
Union contract negotiations came to an impasse in June 2011, prompting 29 members of United Auto Workers Local 2049 to go on strike, alleging unfair labor practices. They walked a picket line daily for more than a year.
Drew and Johnson hired replacement workers to keep the production line moving. The manufacturer makes metal fittings that connect hose and tube assemblies for the automotive and other industries.
In June 2012, an administrative law judge ruled that Coupled Products did not commit an unfair labor practice during union negotiations.
Johnson didnt return messages seeking comment Tuesday. The sale closed Dec. 31.
Biomet quarterly loss jumps to $66 million
Biomet Inc. on Tuesday reported a fiscal second-quarter loss of $66.2 million, more than a $50 million increase from the $14 million loss posted for the same three months of the prior year.
The Warsaw-based orthopedic devices makers 2013 fiscal year will end on Aug. 31.
The company reported net sales of $790 million for the quarter, a 9 percent increase from the $725 million reported for the second quarter of fiscal 2012.
Special items totaled $96.8 million for the quarter, including $74.2 million related to the companys 2007 sale. A private-equity consortium paid $11.4 billion for Biomet, a transaction the new owners characterize as a merger.
Biomets gross debt as of Nov. 30 was $6.04 billion. The manufacturers cash and cash equivalents totaled almost $168 million.
AIG board considers joining suit against US
American International Group Inc. says its board of directors will weigh whether to take part in or try to block a shareholder lawsuit against the U.S. over the governments $182 billion bailout of the insurer.
AIG said its directors will take up the matter today and expects it will have a decision by the end of the month.
Starr International Co., the investment firm of ex-AIG CEO Maurice Greenberg, sued on behalf of the firm and AIG shareholders. The complaint asserts that the government didnt provide shareholders just compensation when it took a nearly 80 percent stake in the insurer as part of its 2008 bailout.
AIGs board must consider whether to take over the lawsuit or allow Starr to continue to pursue the complaint.
Consumer debt rises on car, school loans
U.S. consumers took on more debt in November to buy cars and attend school, but stayed cautious with their credit cards.
The Federal Reserve said Tuesday that consumers increased their borrowing in November by $16 billion from October to a seasonally adjusted record of $2.77 trillion.
Borrowing that covers autos and student loans increased $15.2 billion. A category that measures credit card debt rose by just $817 million.