Most auto factories close for two weeks starting in early July to get updated for the new model year. GM added a third week at the Volt factory that straddles the border between Detroit and the small enclave of Hamtramck. The plant was already planned to close from March 19 through April 23 to reduce the supply of Volts on dealer lots. About 1,300 workers at the factory have been idled.
Express Scripts' $29.1 billion deal for Medco closes
NEW YORK (AP) â¿¿ Express Scripts Inc. said Monday that it completed its $29.1 billion acquisition of Medco Health Solutions Inc., creating the largest pharmacy benefits manager in the country by far.The closing came after the Federal Trade Commission voted to close its investigation into the deal, clearing the last hurdle in its path. Express Scripts shares rose $2.29, or 4.3 percent, to $56.47 in premarket trading. The deal creates a pharmacy benefits manager, or PBM, so large that it will handle the prescriptions of about 135 million people, or more than one in three Americans. ___ AFA Foods files for Chapter 11, citing 'pink slime' NEW YORK (AP) â¿¿ Ground beef processor AFA Foods said Monday that it is filing for Chapter 11 bankruptcy protection and selling its assets after the public outcry over the beef filler known as "pink slime" derailed its efforts to save its already struggling business. A spokesman said in an email that the company does not rely on the filler made from boneless lean beef trimmings and uses it only based on customer specifications. But he said the controversy over the ammonia-treated filler has dramatically reduced demand for all ground beef products. AFA Foods, based in King of Prussia, Pa., processes more than 500 million pounds of ground beef products a year. It distributes to retailers including Wal-Mart Stores Inc., Safeway Inc. and BJ's Wholesale Club. Fast-food chain customers include Burger King, Jack in the Box and Wendy's.