Business briefcase

May 21, 2008

United Technologies Corp.'s new chief executive said Tuesday that the industrial conglomerate may drop its $2.6 billion bid for Diebold Inc. if it doesn't receive more financial information from the maker of automated-teller machines and security systems. The company, which also makes voting machines, has not filed completed financial statements, including earnings, since the first quarter of 2007, as regulators review how the company reports revenue. Louis Chenevert, who took over as UTC's chief executive April 9, told analysts Tuesday that any deal required a more detailed look at Diebold's numbers. Mike Jacobsen, a spokesman for North Canton, Ohio-based Diebold, said the company's board of directors has not budged from its position in early March rebuffing United Technologies' offer. Jacobsen reiterated Tuesday that Diebold will complete an internal financial review by June 30 and that statements with revenue and earnings will follow.

Faro to open sales office in Mexico

Lake Mary-based Faro Technologies Inc. is establishing a sales staff in Mexico to lead its expansion in that country, the company said Tuesday. Faro has set up account managers in Mexico City, Monterrey and other locations considered key to its expansion, officials said. It marks a change in strategy for Faro, which makes high-tech precision measurement systems used in manufacturing. It has sold products through a distributor in Mexico for the past decade. Officials expect the in-country approach to spur sales to Faro's existing customer base.

Firm prepares designs for project

Waldorf Architecture & Design of Fort Lauderdale is working on design details for the proposed World Trade Center Orlando mixed-use tower complex overlooking Lake Ivanhoe. South Florida-based Skyrise Development Group is the owner of the site and developer of the two-tower project, one with 25 stories and a second with 28. David Houri, founder and president of Skyrise Development Group, said the World Trade Center will be "technologically and ecologically focused" and Waldorf Architecture "shared the vision to make this as progressive as possible," and "has the expertise to carry out that vision." World Trade Center Orlando will be built at 68 S. Ivanhoe Blvd..

Business, first-class travel down

The number of international air travelers flying in business or first-class fell in March by the largest amount in five years, the latest bad news for an industry buckling under record fuel prices and slowing global economies. The International Air Transport Association on Tuesday said premium air traffic shrank 3.9 percent in March compared with the same month last year, after growing by 5.1 percent in February. Although the drop was exaggerated both by the leap year adding an extra day to February and because March business travel fell because of an early Easter, it was the largest "absolute decline" in business and first-class passengers since 2003.

Store sells 'green' auto products

An ACE Hardware store in Celebration is jumping on the green bandwagon. The hardware store is the first franchise in the country to carry biodegradable motor oil and car cleaning products, according to a news release issued Tuesday. "We've received a large number of requests for green product offerings," said Mathew Benetti, owner of the franchise in Celebration, in the prepared statement. The ACE Hardware store will carry an assortment of eco-friendly items from Green Earth, a maker of green automotive products. Green Earth uses an animal fat derivative as a substitute for petroleum in its motor oil and cleaning supplies. Its motor oil meets American Petroleum Institute standards and meets key performance measures, Green Earth said in its release.

Richard Burnett, Jerry W. Jackson and Mark Chediak of the Sentinel staff contributed to this report. Information from The Associated Press also was used.