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Business briefs

Briefs and news of note.

By Staff, wire reports
Published May 27, 2006

Ikea furniture store coming to Orlando

Ikea, the Swedish home furnishings retailer, has secured 22 acres in the tourist corridor of Orlando for a store scheduled to open in late 2007. At 310,000 square feet, the store next to Mall at Millenia will be a full-line Ikea identical to Florida's first Ikea which opens next summer near Sawgrass Mills mall in Broward County.

Walter spinoff gains in first day of trading

After trading as high as $17.20 per share Friday, Mueller Water Products Inc. closed its first day of public trading at $16.75. The spinoff of Tampa's Walter Industries Inc. went public at $16 per share.

Finance company moves to Tampa

UTEK Corp., a specialty finance company that focuses on technology transfer, has moved its headquarters from Plant City to Tampa. The company plans to add staff to the building it bought on Tampa's Palm Avenue and possibly transfer some workers from its other locations, but a spokeswoman would not say how many jobs may be added.

FedEx agrees to buy Lakeland freight firm

FedEx Corp., the No. 2 U.S. package-shipping company, agreed to buy Watkins Motor Lines of Lakeland for $780-million in cash, allowing it to move freight longer distances across the United States and to Canada. Watkins is the largest closely held U.S. freight company that carries goods for multiple customers on each truck. Watkins will become part of FedEx Freight, FedEx said in a statement Friday.

Michelin boss killed in boating accident

Edouard Michelin, the co-managing partner of the French tire company that bears his family name, was killed Friday in a boating accident, officials said. He was 42. Michelin, who had headed the tire group since 1999, was killed near Sein island off western France's Atlantic coast, a company statement said. He joined the company in 1985, nearly a century after it was founded in 1889 by two brothers, Edouard and Andre Michelin.

Rise in spending blamed on gas prices

Consumer spending grew in April at the fastest pace in three months, but much of that spending went to pay for higher gasoline prices. Rising price pressures pushed a key gauge of inflation favored by the Federal Reserve up by the largest amount in 13 months. The Commerce Department reported Friday that consumer spending jumped 0.6 percent last month. However, when inflation was removed, the increase in spending was a much smaller 0.1 percent.

London's Times to launch U.S. edition

Rupert Murdoch's London-based Times newspaper said Friday it will launch a U.S. edition next month as part of a push to make the paper an international brand. The 64-page U.S. edition will go on sale for a sample price of $1 in New York and New Jersey on June 6. "This is a key moment in the development of the Times as an international media brand," said editor Robert Thomson.

[Last modified May 27, 2006, 06:35:32]