Vermillion takes helm as Avista’s president
Dennis Vermillion is the new president of Avista Utilities, the state-regulated business unit of Avista Corp.
Vermillion replaces Scott Morris, who was promoted to chairman, CEO and president of Avista Corp. last year. The position had been vacant since Morris’ promotion. Vermillion joined Avista in 1985. He has worked in a variety of jobs, and was most recently president and CEO for a subsidiary, Avista Energy, which was sold to Shell last year.
OLYMPIA
State plans auction of unclaimed valuables
Unclaimed jewelry, coins and collectibles such as comics and baseball cards will be auctioned Dec. 18 and Dec. 19 at the James G. Murphy auction house in Kenmore, Wash.
The state Revenue Department has 3,000 lots from abandoned safe deposit boxes that will go to the highest bidder.
Interested parties can preview the items two days before the auction or online.
The department tries to find owners of unclaimed property but auctions it off after five years. Proceeds go into the state general fund, where the money can be claimed if the owners ever come foward.
The state is holding $650 million for 3 million people.
midland, mich.
Dow Chemical to cut work force, close plants
Dow Chemical Co. said Monday it will slash 5,000 full-time jobs – about 11 percent of its total work force – close 20 plants and sell several businesses to rein in costs amid the economic recession.
The company, one of the largest chemical makers in the world, expects the plan to save about $700 million per year by 2010. Exactly which workers and plants will be affected was still being determined, a company spokesman said.
NEW YORK
McDonald’s sees boost in worldside sales
Consumers hungry for cheap meals boosted worldwide sales at McDonald’s Corp.’s established locations by 7.7 percent in November, more proof of how the fast-food leader is thriving in a downturn that has eaten into sales at its competitors.
Even recession-weary consumers in the U.S. were enticed by the Golden Arches during the month. U.S. same-store sales – or sales at locations open at least a year – rose 4.5 percent from the same month a year earlier, the company said Monday.