Business briefs

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MORERose Parade grand marshal Rita Moreno talks New Year’s Day outfit and ‘West Side Story’ remake SAN FRANCISCO – Tyco International Inc. on Friday said it will take a charge of $250 million to $300 million, before taxes, for its sale of its plastics, adhesives and Ludlow coated products businesses. Tuesday, after the financial markets closed, Tyco said it agreed to sell the units, which make such products as trash bags, plastic sheeting and duct tape, to an affiliate of New York-based private investment firm Apollo Management LP for $975 million. The division generated $1.7 billion in sales in 2005, according to Tyco’s filing with the Securities and Exchange Commission. The transaction is expected to close during the first quarter. Google AOL stake may lead to IPO SAN FRANCISCO – Google Inc.’s $1 billion investment in America Online could lead to an IPO in 2008, giving the online search engine leader and AOL parent Time Warner Inc. an opportunity to capitalize on an Internet advertising boon that they hope to fuel through their partnership. Gas prices drop for another week Los Angeles-area gasoline prices dropped for the 11th consecutive week this week, but the trend is expected to end soon because of declining supply, an Automobile Club of Southern California expert said Friday. The average price for a gallon of unleaded regular was $2.263 in the Los Angeles area Friday morning – 2 cents less than last week and 25 cents less than last month. A year ago, the price was 18 cents higher. Prices have declined in 14 of the past 15 weeks. This week’s drop matched the lowest since prices dropped 2 cents in the Oct. 7-14 period, the first week of the streak of lower prices. Tyco transaction moving forward The possible timeline for an initial public offering by AOL emerged in a Friday filing with the Securities and Exchange Commission. The documents provided additional details about a deal announced earlier this week that extends the business ties that Google and AOL formed when they began working together in 2002. Although Google will hold only a 5 percent stake in AOL, it retains the right to demand an IPO beginning in July 2008, according to the SEC documents. If Time Warner doesn’t want to pursue an IPO then, it could buy back Google’s stake based on a fair market appraisal, the filing said. Time Warner has been under pressure from a group of shareholders led by hedge fund investor Carl Icahn to lift its stock, which has fallen by 9 percent this year to continue a prolonged slide. Wal-Mart: Exec had responsibility BENTONVILLE, Ark. – Wal-Mart argued in a court filing Thursday that former executive Tom Coughlin had a legal responsibility to tell the company that he had embezzled money. Thursday’s filing came in a suit Wal-Mart originally filed in July against Coughlin, seeking to void a multimillion-dollar retirement agreement after referring a company investigation to federal prosecutors. Wal-Mart claims that Coughlin conspired with others to defraud the company of money and property. Coughlin has denied wrongdoing. The 28-year Wal-Mart veteran retired earlier this year and gave up his seat on the retail giant’s board of directors in March. The company says Coughlin funneled company funds into everything from alcoholic beverages to personal vehicles and gifts for his family. Mediator advises break in UPS talks ATLANTA – The federal mediator overseeing negotiations between UPS Inc. and its pilots union called on Friday for an indefinite recess in contract talks. The recess comes a day after the Independent Pilots Association threatened to ask to be released from federal mediation so it can strike, citing three years of contract negotiations with the world’s largest shipping carrier that have failed to produce an agreement. UPS said this is the second recess since the Atlanta-based company and its pilots have been in federal mediated talks, which began in June 2004. The company said it was confident a contract agreeable to both sides could be negotiated.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more