Aviation firm buys 3 Boeing 777 freighters
Published 9:00 pm Tuesday, December 12, 2006
The Boeing Co. said Tuesday that Guggenheim Aviation Partners LLC has ordered three 777 Freighters in a deal valued at about $708 million at list prices. The U.S.-based aviation investment firm also will have the option to purchase one additional plane. Delivery of the 777 Freighters will begin in 2009. The order was previously accounted for on Boeing’s Web site and attributed to an unidentified customer.
U.S. pursues WTO case against Airbus
The U.S. will proceed with its World Trade Organization complaint against what it says are illegal forms of government support by European governments for plane manufacturer Airbus. John Veroneau, the deputy U.S. trade representative, said he met last week with European Union officials to discuss their long-standing dispute over subsidies to rivals Airbus and the Boeing Co. The U.S. claims that Airbus has benefited from billions in aid from the EU and its member states.
Eden shares could be cut from Nasdaq
Bothell-based Eden Bioscience Corp.’s stock could be removed from the Nasdaq Capital Market if it doesn’t trade above $1 a share for 10 straight days. The potential delisting could happen by mid-2007, Nasdaq warned. Last week, Eden announced it’s selling most of its assets and laying off much of its staff after struggling to increase sales of its crop enhancement products.
Competition forces Best Buy price cuts
Best Buy’s third quarter earnings took a hit when Wal-Mart Stores Inc. lowered prices on high-ticket items in advance of the Thanksgiving shopping weekend, forcing Best Buy and other retailers to do the same. As a result, Best Buy’s gross profit margin fell nearly 1 percent to 23.5 percent for the quarter, the company reported Tuesday. Still, revenue grew 16 percent to $8.47 billion for the quarter ended Nov. 25, from $7.33 billion last year. Same-store sales rose 4.8 percent.
Bellingham firm in military contract
Northrop Grumman Corp’s electronic-warfare unit has signed an agreement with Aluminum Chambered Boats Inc. of Bellingham to look into ways of building boats for the Navy’s Riverine/Coastal Warfare program. The companies also will build a boat to demonstrate their capabilities in the field. The Navy plans an industrywide competition for contracts to build relatively small boats to be used for river and shoreline patrols.
Les Schwab names new chief executive
Les Schwab Tire Centers on Tuesday announced a new chief executive and new location for the company. Its board of directors approved the appointment of Dick Borgman, 51-year-old president of the company, to serve as chief executive officer. The CEO position is new at Les Schwab. The company also said it will be moving its corporate offices to Bend, Ore., from nearby Prineville.
From Herald staff and news services
