Merck &Co. on Tuesday named as its new CEO the executive who engineered the company’s legal strategy following the Vioxx recall, which culminated in a multibillion dollar nationwide settlement. The promotion puts Kenneth C. Frazier in the top spot as Merck absorbs Schering-Plough. The $41 billion acquisition added a strong lineup of drugs to bolster Merck’s pipeline. Frazier, 55, is Merck’s president and will become a board member as part of the promotion.
Airbus won’t replace A320 before 2025
Airbus says it has no plans to replace its A320 family of medium-range passenger jets before 2025 despite competition from new manufacturers. Airbus Senior Vice President Rainer Ohler said Tuesday that a new project costing about 10 billion euros ($13 billion) would not be justified unless it could offer a 25 percent increase in overall performance. He says new technologies needed to achieve this target are not available.
Motorola to split into two companies
Motorola Inc. will split into two companies effective Jan. 4, finalizing the breakup of one of the founders of the U.S. electronics industry. Motorola is splitting its consumer-oriented side, which makes cell phones and cable set-top boxes, from the side that sells police radios and barcode scanners to government and corporate customers. Shareholders of record on Dec. 21 will receive shares in both the consumer business, Motorola Mobility, and the professional business, Motorola Solutions. The breakup is motivated by the desire to present two simple stories to investors, rather than one complicated one.
Qantas engine repairs could hit $70 million
An insurance consulting firm estimates the repair bill for the engine blowout on a Qantas A380 superjumbo jet could be almost $70 million. The Chicago firm Aon bases its estimate on the significant damage to the plane’s engine and wing. That’s just the repair estimate. The total expense will be higher due to extra inspections and repairs, and from Qantas grounding its A380 fleet for most of November. Flights on those Qantas jets just resumed on Saturday. The Australian airline has said it will seek compensation for some of the losses from Britain’s Rolls-Royce, which makes the engine that blew apart on Nov. 4.
Comcast Arena adds Top Pot Doughnuts
Seattle’s Top Pot Doughnuts has been named the official doughnut partner for the Comcast Arena at Everett, Kim Bedier, general manager, said Tuesday. She noted that President Barack Obama recently visited Top Pot on his trip to Seattle. The doughnuts will be made at the arena and served at the southeast end of the concourse. The company also sells doughnuts at its only other location in Snohomish County at the University Book Store in Mill Creek.
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