United Laundry Services announced Friday that it has merged with Las Vegas-based PureStar Linen Group.
PureStar owns 18 commercial laundry facilities on the mainland and operates in Mexico and the Bahamas.
United Laundry, run by former Hawaii first lady Vicky Cayetano, will remain a Hawaii-based company, a news release said. Cayetano will continue as president and chief executive officer for Honolulu and Kona operations.
The company said operations will not be affected and that all 475 employees, including management, will continue in their current roles. The United Laundry Services brand also will not be affected, the release said.
U.S. economy shows signs of resilience
WASHINGTON >> Americans spent more money at retailers, and factories revved up production in June, offering encouraging signs of the U.S. economy’s resilience in the face of global head winds.
Industrial production shot up 0.6 percent, fueled by a big rebound in auto output. It was the best showing since August. Meanwhile, retail sales also rose 0.6 percent last month, three times the gain in May. And inflation pressures remained modest, with consumer prices climbing 0.2 percent in June.
Herbalife dodges most serious U.S. charges
NEW YORK >> Federal regulators closed an investigation of the nutritional supplements company Herbalife, which has for years been dogged by accusations that it is an elaborate pyramid scheme.
Though Herbalife was ordered to restructure its U.S. operations and pay a $200 million settlement Friday, it avoided being classified by the U.S. as a pyramid scheme.
A business model that rewards participants for bringing in others to take part in an enterprise is essentially the base model of a pyramid scheme.
Samsung in talks to invest in carmaker
SEOUL >> Samsung Electronics said Friday it is in talks to buy shares of Chinese electric-car maker BYD in the latest tech-auto collaboration.
The South Korean company said that the move is aimed at strengthening its burgeoning semiconductor business for vehicles.
On the Move
HomeStreet Bank has made the following new hires in its Honolulu Home Loan Center:
>> Clint Lacaden has been hired as a new loan officer. He has 15 years of mortgage industry experience and was previously a loan officer at a local bank.
>> Larry Lau has been hired as a new loan officer. He has 10 years of mortgage industry experience and was previously a branch manager at a mortgage lender.
>> Leona Tafiti has been hired as a loan officer. She has 17 years’ experience in the banking/investments industry and was previously a banking/financial representative at a local bank
