June 18, 2013

Briefcase

Midcoast energy company to expand after acquisition

Seacoast Energy Solutions said Monday that it has acquired Damariscotta-based TempControl for an undisclosed price to expand its range of services and geographic territory.

The consolidation of the two companies creates a full-service, residential and commercial heating, air conditioning, refrigeration and indoor air quality company.

"This is part of a strategic shift toward delivering more sales and service solutions to our customers," said Casey Pratt, owner and CEO of Seacoast Energy Solutions.

"We are evolving from being simply a fuel delivery company that provides limited service options to a fully integrated service provider that offers fuel as well. We can now offer clients everything from sales and installation to service and maintenance," Pratt said.

Seacoast Energy Solutions will continue to serve customers in Boothbay, Newcastle and Wiscasset and will expand to incorporate TempControl's service area, the entire midcoast. The company's headquarters will be located on Route 1 in Newcastle.

Major stock indexes rise on assumptions about Fed

Investors are in a game of wait-and-see with the Federal Reserve. On Monday, they guessed that the Fed will continue trying to prop up the economy, and sent stocks higher. The major stock indexes all rose about 1 percent in early trading and stayed there for most of the day, before dipping slightly in the afternoon. The Standard & Poor's 500 index rose 12.31 points, or 0.8 percent, to 1,639.04.

The market's gains were broad. Telecommunications was the only one of the 10 industry sectors in the S&P 500 to post a loss. Netflix did better than any other stock in the S&P 500 after announcing that it will run original TV series from Dreamworks Animation.

Google settles lawsuit that blocked stock split

Google has resolved a shareholder lawsuit blocking a long-delayed stock split, clearing the way for the Internet search leader to issue a new class of non-voting shares later this year.

The settlement announced Monday came on the eve of a scheduled Delaware chancery court trial that threatened to cast an unflattering light on Google co-founders Larry Page and Sergey Brin.

The class-action by the Brockton Retirement Board in Massachusetts and another Google shareholder, Philip Skidmore, alleged that Page and Brin engineered the stock split in a way that unfairly benefits them while shortchanging the rest of the shareholders.

Google denied the allegations and maintained that the proposed stock split announced 14 months ago would benefit shareholders by ensuring that Page and Brin would preserve the power that has enabled them to make the same kinds of bold bets on technology that has helped increase the company's market value by more than $260 billion during the past nine years.

-- From news service reports

 

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