Business Briefs – May 3, 2016

Suspended Executive At Volkswagen’s Porsche Brand Is Replaced

FRANKFURT, Germany (AP) – Volkswagen’s Porsche division has replaced a top vehicle development manager suspended since the start of the Volkswagen group’s scandal over diesel cars rigged to cheat on emissions tests.

Porsche said in a news release that Wolfgang Hatz, 57, would be replaced by Michael Steiner, 51.

Hatz served both as Volkswagen’s head of engine development as well as at Porsche head of development. He terminated his employment contract “on his own initiative” due to the ongoing investigation.

Lights Out: Philips to Launch IPO for Lighting Division

THE HAGUE, Netherlands (AP) — Royal Philips NV announced Tuesday that it is spinning off its iconic lighting division in an initial public offering so it can focus on its future as a health technology provider.

The listing on Amsterdam’s Euronext exchange will involve the company selling at least 25 percent of its stock in Philips Lighting, which had sales of 7.5 billion euros ($8.7 billion) in 2015, Philips said in a statement. After the IPO, Philips aims to sell the remaining shares in its lighting division over the coming years. The price of the stock and timing of the IPO were not announced.

Tampa Bay Times Purchases Main Competitor, The Tampa Tribune

ST. PETERSBURG, Fla. (AP) — Florida’s largest newspaper, The Tampa Bay Times, said Tuesday it has purchased its main competitor, the Tampa Tribune, ending a decades-long newspaper rivalry.

Times chairman and CEO Paul Tash said he intends to create one financially secure, locally owned daily newspaper in the Tampa Bay region. Tash did not disclose the purchase price.

The Times bought the paper from Revolution Capital Group, which bought the Tribune in 2012 for $9.5 million.

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