Supervalu selling five grocery chains to Cerberus
NEW YORK -- Supervalu Inc. is selling off five of its grocery chains, including Albertson's and Jewel-Osco, after years of being squeezed by intensifying competition.
The nation's No. 3 traditional supermarket operator said Thursday that the sale of 877 stores to an investor group led by Cerberus Capital Management will also include Acme, Shaw's and Star Market. The group already owns about 200 Albertson's in the South and Southwest.
Following the sale, Supervalu will focus on its Save-A-Lot discount stores, as well as its smaller regional chains Cub, Farm Fresh, Shoppers, Shop 'n Save and Hornbacher's. It will also keep its wholesale business that distributes groceries to stores.
The investor group will pay $100 million in cash for the stores, and the new company will assume $3.2 billion in existing debt. Cerberus will also offer to buy up to 30 percent of the remaining Supervalu for $4 per share after the deal closes.
Honda will build hybrid Accord at Ohio plant
COLUMBUS, Ohio -- Honda will add about 50 new jobs at its central Ohio assembly plant as it starts building a new hybrid Accord sedan there this year, the company announced Thursday.
The Japanese automaker said it will invest about $23 million in outfitting the plant in Marysville, near Columbus, to build the 2014 hybrid Accord. The third Honda hybrid to be built in the United States, the car will go on sale nationwide in the fall. Pricing has yet to be announced.
Rainelle hearing set on wind farm expansion
RAINELLE, W.Va. -- State regulators are holding a public hearing on the proposed expansion of Invenergy's wind farm operations in Greenbrier County.
Invenergy subsidiary Beech Ridge Energy II is seeking approval from the Public Service Commission to construct 33 turbines west of the company's existing Beech Ridge Energy wind farm.
The existing farm has 67 turbines.
Invenergy tells WVVA-TV that the expansion is expected to create more than 150 construction jobs. At least three jobs will be created when the turbines are operational.
The public hearing is scheduled for 7 p.m. Thursday at Rainelle City Hall.