Biz Bits

Kennametal sold to Chinese company

A Chinese drill bit manufacturer finalized its purchase of Kennametal's Evans facility Tuesday.

Top-Eastern Drill Co. made an agreement with Kennametal in May to buy four facilities and a high speed drill product line for $29 million.

Dale Erkkila, the vice president of corporate development for Top-Eastern Drill Co., said last week that about 160 Kennametal employees from Evans and Clemson, S.C., will join the company.

He also said production from the Evans plant at 470 Old Evans Road would shift to Clemson.

Triangle Dodge adds Chrysler and Jeep

Triangle Dodge on U.S. Highway 1 has the rights to sell Jeep and Chrysler vehicles.

On June 3, Dick Smith Chrysler Jeep in Aiken closed as part of a dealer network reduction.

The newly renamed Triangle Dodge Chrysler Jeep has hired two employees, said owner Lynn Brisson, and will be adding service and parts staff.

Ms. Brisson is purchasing new Chrysler and Jeep vehicles from other dealers until she can receive a shipment from the automaker, which just emerged from bankruptcy and is restarting its manufacturing operations.

Food prices may drop with boost in planting

ST. LOUIS --- Farmers planted an unexpectedly large crop of corn and soybeans this year, easing fears of rising food costs.

The U.S. Department of Agriculture said Tuesday that a record 77.5 million acres of soybeans were planted through June, up 1.8 million acres from last year. Farmers also planted 87 million acres of corn, up 1 million acres from last year.

This could mean crop supplies won't be as tight as analysts feared. Ethanol makers and meat companies would welcome lower commodity prices after being stung by higher feed prices the past two years.

In other news

OIL PRICES FELL Tuesday not long after hitting an eight-month high. Benchmark crude for August delivery dipped $1.60 to settle at $69.89 a barrel on the New York Mercantile Exchange.

GASOLINE PRICES edged lower again Tuesday, falling 0.6 cents to $2.633 a gallon, according to auto club AAA, Wright Express and Oil Price Information Service. Prices are a nickel below where they were a week ago and $1.453 lower than a year ago.

HYUNDAI SAID TUESDAY that customers in the U.S. who buy or lease its vehicles by Aug. 31 will receive a gas card that lets them buy fuel at $1.49 a gallon for a year.

-- From staff and wire reports