Bangor engineering firm expands with acquisition

A Maine-based engineering firm has expanded its staff to about 95 employees.

S.W. Cole Engineering Inc. of Bangor recently acquired Summit CMT, a construction materials testing company, from CES Inc., a Brewer-based engineering services and surveying firm. Summit is moving to Cole’s offices in Augusta and Gray.

Cole provides geotechnical engineering services. Technicians provide inspections and field testing of construction materials for projects that include buildings, roads and bridges, sewer projects and wind projects.

Cole, founded in 1979, has seven branch offices, in Augusta, Caribou and Gray, Maine; Keene, Manchester and Somersworth, N.H.; and White River Junction, Vt.

Average gas price in Maine 10 cents above U.S. average

Prices at the pump in Maine have fallen by a little more than a penny in the past week, but a gallon of gas remains a dime above the national average.

MaineGasPrices.com reported Monday that the average retail cost of a gallon of gas in Maine is now $3.67.

Maine prices are now more than 17 cents per gallon lower than the same day a year ago and nearly 11 cents per gallon lower than a month ago.

A company analyst says prices may inch up slightly due to a decline in gasoline inventories.

The Maine price is based on a survey of more than 1,200 gas stations.

 

JPMorgan ordered to pay billionaire $42.5 million

JPMorgan has been ordered to pay billionaire Leonard Blavatnik $42.5 million in damages in relation to a soured investment in mortgage-backed securities.

Blavatnik, who ranks 44th on Forbes list of billionaires, had sought to recover more than $100 million due to JPMorgan’s “alleged mismanagement” of his funds during the early part of the 2007 housing crisis.

In a decision made public on Monday after a three-week trial, New York State Supreme Court Justice Melvin Schweitzer ruled that JPMorgan had breached its contract with Blavatnik’s CMMF fund because it exceeded a 20 percent cap for mortgage-backed securities in the fund.