REGION

REGION

RTI to supply flight groups

PITTSBURGH — RTI International Metals, which has a facility in Niles, has signed two long-term contracts to supply structural and flight control component parts and electro-mechanical assemblies to Bombardier Aerospace and Bell Helicopter.

RTI, a supplier of high-end titanium products and solutions, said it expects the contracts to collectively generate more than $85 million in revenues over the next five years.

RTI will manufacture Bombardier aircraft parts, such as seat tracks, center console pedestals, wing hinge boxes, wing ribs and vane actuators for six models for the duration of the programs. Similarly, RTI will produce flight parts for Bell Helicopter Textron Canada’s program, including pilot control sticks and floor and roof beams. Bell has signed a minimum five-year agreement with RTI, which may be extended, for work on nine models. RTI’s Claro facility, located near Montreal, Canada, will manufacture the components for both contracts, RTI officials said.

KeyCorp reduces dividend

CLEVELAND — The KeyCorp banking company said Thursday it will cut its dividend in half and raise about $1.5 billion in capital to shore up its balance sheet following an unfavorable ruling in a tax case. The Cleveland-based company said the recent federal court decision involving tax treatment of part of its leveraged lease portfolio will force it to take an after-tax charge of about $1.1 billion to $1.2 billion against second-quarter earnings.

The board also plans to reduce its annual dividend by 50 percent to 75 cents per share beginning in the third quarter to save about $200 million. The decision to reduce our dividend after 43 consecutive years of annual increases was made after great deliberation, KeyCorp Chief Executive Henry Meyer said.

NATION

United adds $15 bag fee

CHICAGO — United Airlines will follow rival American Airlines in charging $15 for a first checked bag. The new fee was announced Thursday, three weeks after American set the precedent.

United says the fee affects customers who buy tickets beginning Friday for domestic flights from Aug. 18 or later. Also, the Chicago-based carrier is increasing the fee to check three or more bags, overweight bags or items that require special handling to $125 from $100, or to $250 from $200, depending on the item.

Airline expert Tom Parsons says, as of July 1, Southwest Airlines will be the only U.S. carrier that permits two checked bags for free.

PTS meets over strike

DETROIT — Union and company negotiators are meeting as a strike by Teamsters union members enters its fourth day against the car hauler Performance Transportation Services Inc. at 24 facilities in 15 states.

PTS Chief Executive Jeff Cornish said in a letter to employees that a deal at Thursday’s meeting is necessary to “save our company” which has sought Chapter 11 bankruptcy protection. The company also is seeking a court order to halt the 1,250-worker strike.

The International Brotherhood of Teamsters said PTS is trying to “undercut the union’s bargaining strength.” The union is protesting an emergency 15 percent pay cut granted by a bankruptcy court judge, and unfair labor practices.

Vindicator wire services