Tucson
Eaton to buy Argo-Tech for $695 million
An aerospace business with 45 employees in Tucson will be bought by Eaton Corp., an industrial manufacturer based in Cleveland. Eaton will buy Argo-Tech Corp. for $695 million. The deal is expected to close in the first quarter of 2007. Argo-Tech's aerospace business, making aerospace engine fuel pumps and fueling systems, employs about 640 people in Tucson, Cleveland, and Costa Mesa and Inglewood, Calif. Eaton has 60,000 employees. Eaton's aerospace operations will grow to about $1.5 billion in annual revenues, the company said.
Reservations being taken for Napolitano TCC speech
Reservations for Gov. Janet Napolitano's State of the State address and luncheon are being accepted. The Jan. 10 event will be held at the Tucson Convention Center, 260 S. Church Ave. Tickets cost $40 per person or $400 for a table of 10 people. Reservations are due by Wednesday. For information, call 792-2250, Ext. 132.
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Arizona
Ritzy shopping center to open in East Mesa
East Mesa will get 120,000 square feet of high-end shopping and dining options that will rival some of the poshest areas of Scottsdale, the East Valley Tribune reported. The Red Mountain Promenade, a shopping plaza at the southwest corner of Power and McDowell roads, will open in February and will house up to 15 upscale retail stores, said Jeff Harwell, the broker in charge of leasing. Harwell would not name any of the tenants that are planning to locate in Red Mountain, but he said the center's first phase, which will encompass about 25 stores, was about 60 percent leased. He said the developer, RTM Commercial Builders, intends to bring some luxury retail offerings to that area of Mesa and likened Red Mountain to The Shops at Gainey Village in Scottsdale, which has a mix of fine dining and pricey retail stores.
Nation
30-year mortgage rates up for 3 weeks in a row
Rates on 30-year mortgages rose for a third straight week as investors viewed improving economic reports as a sign that the Federal Reserve will not quickly cut interest rates. Mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.18 percent this week. That was up from 6.13 percent last week. However, it was still well below the high point for this year, which was 6.80 percent in July. The increases in recent weeks came after a prolonged slide in rates that helped set the stage for a rebound in sales of new and existing homes.
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