Business briefs
Stryker OKs all-cash takeover
Stryker Corp., a maker of artificial knees and hips, has agreed to buy a Boston Scientific Corp. unit that makes devices to treat strokes for $1.5 billion to move into faster-growing markets. The all-cash deal includes a $100-million payment to Boston Scientific contingent on development of a device for stroke victims and on the transfer of manufacturing plants, Kalamazoo, Mich.-based Stryker said in a statement Thursday. The transaction is expected to close by year-end.
GM to cut debt load before IPO
General Motors Co. has moved to strengthen its finances ahead of an initial public stock sale, announcing plans Thursday to cut debt and pension obligations by $11 billion. The automaker, whose IPO is expected next month, will lighten its debt load by paying back money owed to taxpayers, company retirees and a health care trust. It will pay for the moves mainly with its stockpile of cash, which now totals about $24 billion.
Markets mixed after 3M report
Stocks struggled to a mixed finish Thursday after weak earnings news from 3M and other companies weighed on the market. The Dow Jones industrial average fell 12.33 points, or 0.1 percent, to close at 11,113.95. The Standard & Poor's 500 index rose 1.33 points, or 0.1 percent, to 1,183.78, while the Nasdaq composite rose 4.11, or 0.2 percent, to 2,507.37.
- From wire reports
'It's depressing, it's frustrating' A Newsday investigation revealed that Grumman Aerospace knew toxic chemicals were leaking into the ground in Bethpage. Newsday Associate Editor Paul LaRocco and Deputy Editor David Schwartz explain.
'It's depressing, it's frustrating' A Newsday investigation revealed that Grumman Aerospace knew toxic chemicals were leaking into the ground in Bethpage. Newsday Associate Editor Paul LaRocco and Deputy Editor David Schwartz explain.
