Action slows on second day of qualifying
Few people signed up to run for local offices on the second day of qualifying this morning. As of 11 a.m., neither U.S. Sen. Mary Landrieu nor her Republican challenge, state Treasurer John Kennedy, had signed up to run in the fall election. Mayor Kip Holden still had no opposition. Two Metro Council challengers did qualify this morning: Wayne Messina in District 4 and Brett Jackson in District 12. Messina is the security director for East Baton Rouge Parish Schools, and Jackson is a senior majoring in finance at LSU. Qualifying ends Friday afternoon. For a list of all candidates who have qualified, click here.
Dow agrees to buy rival Rohm and Haas
Dow Chemical Co. has agreed to buy rival Rohm and Haas Co. for more than $15 billion in cash in a deal that Dow hopes will fuel its growth in a more lucrative wing of the chemical-making business. "The addition of Rohm and Haas' portfolio is game-changing for Dow," Chairman and Chief Executive Andrew Liveris said today in a statement announcing the deal. The $78 per-share deal includes money from a Kuwaiti sovereign wealth fund and Warren Buffett's Berkshire Hathaway. The price represents a 74% premium to Philadelphia-based Rohm and Haas' closing share price of $44.83 on Wednesday. The acquisition is part of an effort by Dow to move into the higher-margin specialty chemicals market, which could provide a buffer against ups and downs in basic chemical sales. Specialty chemicals are produced for more specific uses, compared with those produced as high-volume commodities for manufacturing. Dow operates a plant in Plaquemine, while Rohm and Haas has two operations on Weeks Island, including a Morton Salt mine.
Beaumont Lane developer involved in Perkins project
M.L. "Mike" Waller, who designed and developed Beaumont Lane, is drawing up plans for a new subdivision on Perkins Road. Perkins Lane, which is being developed by Lonnie Bickford, will consist of 25 townhomes across the street from the Perkins Road fire station, between Acadian Thruway and College Drive. "This is going to have quality and real architecture, comparable to Beaumont Lane," says Waller, who heads the Charrette Design Group in Mandeville. Perkins Lane will be shielded from the busy street traffic by a wall running the length of the property. Waller says townhomes in the development will start around $800,000. "This will end up with the highest per square foot price in Baton Rouge," says Waller. Bickford is currently hiring contractors to put in streets and sewer lines, so homebuilding could start in the spring.—Timothy Boone
Name change for Arrighi Simoneaux
Arrighi Simoneaux, a Baton Rouge-based commercial builder, says it will now do business under the name Arrighi Construction. A company spokeswoman says the name better reflects of the sole ownership by David Arrighi. Arrighi Construction is a subsidiary of GROUP Industries. The company is building several projects, including the new LSU Tiger Park softball stadium.
B.R. ad agency awarded Navy work
Baton Rouge-based Rockit Science Agency will develop new branding for PMS 470, the U.S. Navy’s Mine, Amphibious, Auxiliary and Command Ships Program Office. The ad agency will provide branding and design work for future brands, logos and overall creative concepts. “This is a tremendous opportunity for the agency, it will allow us to assist with the Navy’s modernization of their brands,” Rockit Science President Brad BonGiovanni says. Capt. Johnny Walker, program manager for PMS 470, the Washington Navy Yard, will oversee the two- to three-month project. Walker says Rockit was chosen for its global marketing approach.
Fed chief: Empower financial regulators
Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson told Congress today that new regulatory powers are needed to insulate the national economy from damage if a big Wall Street firm collapses. Their recommendations were part of a broader debate before the House Financial Services Committee about the best ways to revamp the country's antiquated regulatory system. The idea is to brace the system to better respond to modern-day crises like the housing and credit debacles that have badly bruised the economy. Both Bernanke and Paulson endorsed creating new procedures by which the government can guide an orderly liquidation of a failing investment bank in an effort to minimize any fallout that might be inflicted on the broader financial system and the overall economy. Such procedures, which are in place for commercial banks, might have made the dissolution of investment firm Bear Stearns more orderly.
News roundup: LHC moving into West Virginia; HD radio fails to take off; GTE Federal Credit Union holds grand opening for B.R. branch
Lafayette health care company strikes deal: LHC Group has entered into a joint venture with Grant Memorial Hospital in Petersburg, W.Va., to provide home health and hospice services in the area. Lafayette-based LHC says the deal is not expected to add materially to this year's earnings. Not as popular as HDTV: Sales of HD Radio receivers are running far behind industry projections, USA Today reports. Stations had hoped the service, which offers CD quality sound and a wide variety of formats, would allow them to compete with satellite radio. So far, 500,000 receivers had been sold in the two years since the service was introduced, about half of what was expected. "Most listeners have heard of it, but there is a very tough row to hoe here in terms of interest," says Dave Van Dyke of research firm Bridge Ratings. Florida credit union dedicates B.R. location: GTE Federal Credit Union will hold a grand opening Saturday for its South Sherwood Forest Boulevard branch. The Tampa-based credit union has a location in New Orleans and is scheduled to re-open its Canal Street location next year.
