NBTY to close, sell seven sites; other business briefs
NBTY to close, sell seven sites
NBTY Inc. said Thursday it will sell or close seven out-of-state manufacturing, packaging and distribution facilities. The Ronkonkoma-based vitamin and health supplement manufacturer said in a regulatory filing the facilities are in California, New Jersey and North Carolina. "We made a decision to close facilities that we see as being underutilized and we're going to transfer that work to some of our larger operation centers across the country," NBTY spokeswoman Andrea Staub said. The company uses those locations to manufacture and distribute private label products, which are sold bearing other companies' labels. Some of the roughly 650 people who work at those facilities can apply for positions at the company's other locations, Staub said. The closures will cost the company between $30 million and $45 million. -- Ted Phillips
One-Stop job fairs scheduled
The Suffolk County One-Stop Employment Center plans a series of jobs fairs at various locations over the next three weeks. The center will bring together employers and job seekers at the Sachem Public Library on Friday from 10 a.m. to 1 p.m. Businesses expected to be on hand include FedEx, M3 Technology, Lowe's and St. Joseph's College. The One-Stop will co-sponsor a fair with Legis. Kate M. Browning (WFP-Shirley) on March 26 from 10 a.m. to 2 p.m. at the Mastic Fire Department. Employers expected to attend include St. Joseph's College, Riverhead Building Supply and the U.S. Army. For information, go to bit.ly/IUKkmQ. -- Carrie Mason-Draffen
Processing plant for Syracuse
An Ohio-based company that supplies the dairy industry plans to build a $50 million fruit processing plant outside Syracuse that will employ up to 120 people. Brecksville, Ohio-based AGRANA makes fruit preparations for dairy products, including yogurt. The company is getting a $600,000 grant and $2 million in tax credits from the state. State officials say New York's growing yogurt industry played a key role in AGRANA's decision to build its fourth U.S. plant in an upstate location.
Fed orders for Chase, Goldman
JPMorgan Chase and Goldman Sachs need better plans for coping with a severe recession, the Federal Reserve said Thursday, giving the banks until September to revise them. The announcement came as part of the Fed's so-called stress tests, its annual checkup of 18 of the country's big banks. The government runs the tests to see how the banks would fare in a severe recession. As a result of the tests, it also tells each bank whether it's allowed to raise its dividend or buy back more of its own shares. The Fed said that JPMorgan and Goldman were allowed to start any dividend increases or share buybacks they may have asked for. Ally Financial and BB&T Corp. fared worse: The Fed forbade them from going through with any dividend increases and share buybacks.
Billionaire Buffett's worth sinks
Warren Buffett's total compensation declined 14 percent last year to $423,923 as Berkshire Hathaway spent less on his security, but his salary remained unchanged at $100,000. Buffett's salary for leading Berkshire as chairman and chief executive hasn't changed in more than 25 years. The $323,923 for security was the only other element of Buffett's 2012 compensation because the billionaire foregoes typical executive perks. Buffett again paid Berkshire $50,000 to reimburse the Omaha-based company for any personal costs. The proxy statement Berkshire mailed to shareholders this week also showed that chief financial officer Marc Hamburg, whose compensation grew 6 percent to just over $1 million, is paid significantly more than Buffett. -- AP