Catania expands its Ayer plant


Catania Oils expands its head office and manufacturing plant in Ayer. The company plans to invest $ 14.4 million in the 51,500 square foot expansion and will add 30 jobs to the company’s 170 people. The State Economic Assistance Coordinating Council last week approved local tax relief worth nearly $ 785,000 over the next 10 years for the project. General Manager Joseph Basile and his team are still discussing the product line that will move to the new space. Catania is the largest producer of plant-based edible oils in the northeast, such as olive oil and vegetable oil. The family business sells its own Marconi brand and also supplies private label products for other brands. – JON CHESTO

INDUSTRY

GE Healthcare has a new CEO

General Electric chief executive Larry Culp has hired another senior lieutenant, hiring Peter Arduini from Integra LifeSciences to be chief executive of GE Healthcare. It is one of GE’s four main industrial divisions, and last year reported sales of $ 18 billion and approximately 47,000 employees worldwide. Arduini will replace Kieran Murphy, a GE veteran who will continue to lead Healthcare until the end of the year. This is when Arduini is expected to leave Integra, which he has managed since 2012, and join GE. Murphy will then serve as a strategic advisor to Culp and work with Arduini to ensure a smooth transition, before retiring from the company. GE is based in Boston, while Murphy is based in the UK; it is not yet clear where Arduini will be based, although Integra is headquartered in New Jersey. – JON CHESTO

MEDIA

BuzzFeed goes public

BuzzFeed will become a publicly traded company with an implied value of $ 1.5 billion through a merger with a specialist acquisition company. The company, founded by Jonah Peretti in 2006 and initially known for its lists and online quizzes, has established itself as a serious contender in the news industry, winning a Pulitzer for international reporting this year. BuzzFeed also announced Thursday that it plans to buy Complex Networks from Verizon and Hearst for $ 300 million, a global youth network that engages with millennials and millennials. – ASSOCIATED PRESS

MANUFACTURING

Durable goods factory orders up for 12th time in 13 months

Orders at US factories for large-scale manufactures rose for the 12th time in the past 13 months in May, driven by strong demand for civilian aircraft. The Commerce Department said on Thursday that durable goods orders – expected to last at least three years – rose 2.3% in May, reversing a 0.8% drop in April and despite a lagging supply chain and a shortage of workers. Aircraft orders jumped 27.4% last month after climbing 31.5% in April. – ASSOCIATED PRESS

RESTAURANTS

Sales up 80% at the company that owns Olive Garden

Darden Restaurants, owner of Olive Garden and other restaurant chains, increased their sales by 80% in the last quarter, recouping all the revenue they lost during the height of the COVID-19 pandemic. The company’s same-store sales, a key industry metric, anchored earnings with a 90% increase in the March-May quarter, compared to the same period in 2020, when Americans pulled back. isolated. – BLOOMBERG NEWS

EQUITY

Best Buy to spend at least $ 1.2 billion on minority businesses by 2025

Best Buy says it will spend at least $ 1.2 billion with businesses owned by blacks, natives and other people of color by 2025, as U.S. businesses expand commitments to the racial equity a year after the protests last summer. The money will go to suppliers, advertising and the media. The electronics retailer will send 10 percent of its media spending to BIPOC media and it has also pledged to require production crews and miscellaneous actors in at least 30 percent of its paid advertising. – BLOOMBERG NEWS

CLOTHING

Canada Goose is the latest to stop using fur

Canada Goose plans to stop using fur in all of its products after years of criticism from animal rights activists. The brand and the clothing retailer will stop buying fur by the end of this year and stop making fur no later than the end of 2022, the company said on Thursday. The company received negative press for its use of coyote fur. He has also been criticized for treating geese whose down is used in his jackets. Canada Goose becomes the latest company to move away from fur as the clothing industry grapples with concerns about the treatment of animals. Saks Fifth Avenue said in April it would stop selling animal fur products by 2023, following similar moves by Macy’s, Bloomingdale’s and Nordstrom. – BLOOMBERG NEWS

FINTECH

Visa to buy a Swedish startup

Visa has agreed to buy Swedish open banking platform Tink as the payments giant seeks to expand beyond its card network. San Francisco-based Visa said it would pay a total of 1.8 billion euros ($ 2.15 billion) – including cash and retention incentives – to acquire the fintech company, according to a press release released Thursday. Banks and startups use Tink to access consumers’ financial data. The startup was founded in Stockholm in 2012 and has around 400 employees, with technology that connects to more than 3,400 banks reaching more than 250 million banking customers across Europe. – BLOOMBERG NEWS

TECHNOLOGY

Google delays the deletion of cookies by two years

Google says it is delaying plans to phase out Chrome browser technology that tracks users for advertising purposes because it needs more time to develop a replacement system. The tech giant said on Thursday that proposals to remove so-called third-party cookies would be pushed back to the end of 2023, almost two years later than expected. Third-party cookies are code snippets that record information about users and are used by advertisers to target their campaigns more effectively, thereby helping to fund free online content like newspapers and blogs. However, they are also a long-standing source of privacy concerns, as they can be used to track users across the Internet. – ASSOCIATED PRESS

SOCIAL MEDIA

Snap signs agreement to give users access to music

Snap has entered into a licensing deal with Universal Music Group that gives its users access to thousands of songs, including tracks from Taylor Swift and Drake, as part of the latest merger between social media giants and houses. discs. Snap users will be able to use songs from Universal in the app’s messages and posts, the two companies said Thursday. Music fans can also share links to full songs from the streaming service of their choice. – BLOOMBERG NEWS

MORTGAGES

The 30-year loan rate exceeds 3%

After hovering below 3% for the past two and a half months, the 30-year fixed mortgage average broke that hurdle this week. According to the latest data released Thursday by Freddie Mac, the 30-year fixed rate average has climbed to 3.02%. It was 2.93% a week ago and 3.13% a year ago. The 15-year fixed rate average jumped to 2.34%. It was 2.24% a week ago and 2.59% a year ago. – WASHINGTON POST



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