Business & Finance
Philip Morris USA is expected to appeal to the Illinois Supreme Court after a judge Friday restored the full $12 billion bond the tobacco giant must pay to appeal a judgment in a class-action lawsuit over "light" cigarettes. Madison County Judge Nicholas Byron gave Philip Morris 60 days to comply - enough time for the high court to weigh in. An appeals court previously ruled Byron didn't have the authority to cut the bond to $6 billion. Philip Morris, a unit of Altria Group, has said posting the full amount could force it into bankruptcy.
Zimmer Holdings Inc. moved a step closer to becoming the world's largest maker of orthopedic products after the management of Swiss rival Centerpulse recommended that shareholders accept its $3.15 cash and stock offer. The decision was expected after a second bidder, Britain's Smith & Nephew, announced earlier this month that it would not raise its $2.6 billion offer. Zimmer, which is based in Warsaw, Ind., specializes in artificial hips and knees. Centerpulse, based in Zurich and formerly known as Sulzer Medica, is the orthopedics industry leader in Europe.
Weyerhaeuser Co. announced plans to close mills in two Oregon communities, North Bend and Junction City, citing "poor market conditions." The facilities employ 158 and 128 workers, respectively, but the forest-products giant said 90 jobs from Junction City will be transferred to its operations elsewhere in the state. Weyerhaeuser is based in Federal Way, Wash.