Insurance company offers $20K reward for arson tip
Two recent fires at Anderson Lumber in Waynesburg, Ky., may be the work of an arsonist, and Pennsylvania Lumbermens Mutual Insurance Co. wants to know who is responsible. The company’s insurer is offering a reward of up to $20,000 for information leading to the arrest and conviction of those responsible for the Dec. 20 and Jan. 1 blazes, which caused a combined estimate of $1.5 million in damages.
An old, vacant high school in the town has also been set on fire several times during the same time period, according to authorities.
The Kentucky Arson Task Force is also offering a $1,000 reward in the case.
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Armstrong announces WAVE refinancing
Flooring and ceiling products manufacturer Armstrong World Industries announced this morning the completion of a refinancing and a special dividend payment by WAVE, its 50% joint venture with Worthington Industries.
Under the deal, WAVE executed a $225 million three-year revolving credit agreement and a $50 million ten-year private placement bond. Proceeds of the transaction were used to repay WAVE’s previous credit agreement, as well as to pay $50 million special dividends to each of WAVE’s parent companies, Armstrong and Worthington.
"This is a good development for all parties involved," said Armstrong CEO Tom Mangas. "WAVE was able to refinance at a time of historically low interest rates and lock in its capital structure at a modest level of leverage, and the parent companies were able to realize the benefit of WAVE’s continued success in the form of the special dividend."
Primarily as a result of the special WAVE dividend, Armstrong is revising its free cash flow guidance range for 2011 to an estimate of $150 million to $175 million, up from its previous guidance range estimate of $80 million to $120 million.
Construction spending rises in November
Construction spending during November 2011 rose 1.2% over the previous month, according to an estimate released by the Department of Commerce, which posted a seasonally adjusted annual rate of $807.1 billion. The increase was the third in four months and followed a revised 0.2% drop in October.
The November figure is slightly higher (0.5%) than November 2010’s construction spending estimate of $803.0 billion.
For the first 11 months of 2011, construction spending amounted to $724.8 billion, which is 2.5% below the $743.6 billion for the same period in 2010, according to government estimates.
Residential construction rose 2.0% in November 2011, at a seasonally adjusted annual rate of $243.7 billion compared to the revised October estimate of $238.9 billion. Nonresidential construction was at a seasonally adjusted annual rate of $278.6 billion in November, nearly the same as the revised October estimate of $278.5 billion.
In year-over-year figures, residential construction rose 3.4% between November 2011 and November 2010. Residential construction includes both single and multi-family dwellings.
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