Ups and downs Featured

9:37am EDT September 30, 2002
UPS to Medrad Corp. for giving employees a day off to perform volunteer work on the United Way's Day of Caring last month. Employees donated more than 5,000 hours at 29 social service agencies. The estimated payroll costs to Medrad were $150,000. The benefit to the community -- you be the judge.

UPS to Allegheny Technologies' decision to spend $35 million at its Brackenridge plant. The investment, which the company expects will cut $20 million in costs annually, includes replacement of four 50-year-old furnaces with two electric arc furnaces. Who says we're not the Steel City anymore?

DOWNS to Bayer AG's plan to cut 4,700 more jobs. That comes on top of 10,300 job cuts over the next four years that Bayer announced earlier this year. It's enough to give you a headache.

UPS to UPMC's recruitment of Dr. Amadeo Marcos, a pioneer in live-donor liver transplants. Marcos performed more than 50 live-donor transplants last year at the University of Rochester.

UPS to the Pittsburgh Regional Alliance's efforts to attract Remotec Inc., of Oak Ridge, Tenn., to establish a research and development center in Pittsburgh that would work with robotics researchers at Carnegie Mellon University.

DOWNS to Consolidated Freightways' shutdown and plan to file for reorganization. More than 100 workers in Western Pennsylvania were idled as the company sent pink slips to 15,000 workers nationwide.

UPS to Dick's Sporting Goods Inc.'s plan for an initial public offering in a tough market. IPOs aren't for the faint-hearted, and when a company has the gumption to launch one in a volatile investment environment, that shows real confidence in the strength of its business.

DOWNS to the closing of St. Francis Medical Center. While Children's Hospital will get a new home as a result of the takeover of St. Francis by UPMC, the sale of the 137-year-old health system consolidates a big chunk of the region's health care assets into the hands of the market's biggest player. We're not sure that's healthy for the region, but the full prognosis is yet to come.