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PNC building project aims to revitalize downtown
PITTSBURGH -- PNC Financial Services Group Inc. plans to build a $170 million complex that will include a 23-story high-rise for offices, a 150-room hotel and at least 30 condominiums.
The project is located in the city's Fifth and Forbes corridor, a stretch of two downtown streets lined with empty and decaying storefronts. The development, known as Three PNC Plaza, will be a catalyst to downtown revitalization, James E. Rohr, PNC's chairman and chief executive officer, said Monday.
PNC plans to invest $122 million in the project. The state is contributing $30 million, and the city, Allegheny County and the Pittsburgh Public Schools are contributing $18 million through tax increment financing, which allows a portion of the additional tax money from developed property to be used to pay off debt incurred by the project.
Elkem to sell W.Va. plantto Ohio-based company
OSLO, Norway -- Elkem ASA announced a $130 million deal Monday to sell a U.S. silicon plant and an option to sell an associated hydroelectric plant as part of a restructuring of its silicon metals operations.
The Oslo-based light metals group said it had agreed to sell the silicon plant in Alloy, W.Va., to Beverly, Ohio-based Globe Metallurgical Inc. and agreed on an option to sell the hydroelectric plant with U.S. investment firm D.E. Shaw & amp; Co.
Elkem said the deal would be completed early next year.
The company said in a statement that the silicon plant has a capacity of 70,000 tons per year and the hydroelectric plant has a 500 gigawatt annual capacity.
Hershey files lawsuit over book cover's picture
HARRISBURG, Pa. -- The distinctive chocolate bar on the dust jacket of a new book about the founder of The Hershey Co. violates its trademark, the candy maker said in a federal lawsuit.
The company wants an injunction to prevent publisher Simon & amp; Schuster Inc. from using Hershey-owned images to market "Hershey: Milton S. Hershey's Extraordinary Life of Wealth, Empire and Utopian Dreams," which is coming out next month.
Hershey spokeswoman Stephanie Moritz said Monday the company is concerned that consumers may think it "authorized, sponsored or approved" the book. It wants to prevent Simon & amp; Schuster from distributing the dust jacket.
Associated Press
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