Thursday, December 22, 2011
Pipeline system plans to expand
YOUNGSTOWN
A group of shale-related companies has announced a planned expansion of the Texas Eastern pipeline system that will connect it with Ohio’s Utica and Marcellus shale gas supplies.
Spectra Energy Corp. of Houston plans to increase shipping capacity for natural-gas production in Ohio.
American Electric Power and Chesapeake Energy Marketing Inc., a subsidiary of Chesapeake Energy Corp., will develop 70 miles of new lines.
Oklahoma City-based Chesapeake is the largest natural-gas and oil leaseholder in Ohio.
The pipeline will be called the Ohio Pipeline Energy Network and will create an additional 1 billion cubic feet of transportation per day.
The project is slated to begin sometime in 2014. Financial terms were not immediately disclosed.
Wal-Mart pulls infant formula
LEBANON, Mo.
Wal-Mart says it has pulled a batch of powdered infant formula from stores nationwide after a newborn Missouri boy became gravely ill with a suspected infection and died after being taken off life support.
Wal-Mart spokeswoman Dianna Gee said Wednesday the move is cautionary as health officials investigate Sunday’s death of 10-day-old Avery Cornett of Lebanon, Mo.
No government recall has been ordered for the 12.5-ounce cans of Enfamil Newborn powder with the lot number ZP1J7G.
The Lebanon Daily Record reports Avery received a preliminary diagnosis of infection from a rare bacterium called Cronobacter sakazakii.
The formula’s manufacturer, Mead Johnson Nutrition, says the batch Wal-Mart pulled tested negative for the bacterium. Spokesman Christopher Perille says numerous companies sell the formula, though it’s unclear if others sold from that batch.
Shareholders OK Express Scripts deal
FRANKLIN LAKES, N.J.
Pharmacy benefits manager Medco Health Solutions says its shareholders have approved the company’s proposed acquisition by Express Scripts for $29.1 billion.
The Franklin Lakes, N.J., company says a preliminary count of votes from a special meeting shows that 99 percent of shareholders voted for the deal. About 72 percent of the shares entitled to vote were present at the meeting.
Express Scripts agreed in July to buy its fellow PBM Medco in a cash and stock deal. The deal still needs approval from the St. Louis company’s shareholders, and regulators are still reviewing it. The companies hope to complete the deal in the first half of next year.
Staff and wire reports