Staff/Wire reports

Middletown's AK Steel has taken another step in its restructuring plan, completing the previously announced sale of its 600-acre industrial park in the Houston ship channel to Greensport Management LLC of Houston for about $75 million in cash.

The company said it would use most proceeds from the sale of the park and its recently divested Douglas Dynamics LLC unit to reduce debt. AK Steel said it expects to record a pre-tax gain of $40 million in the second quarter from the sale.

State awards tech grants

Two Southwest Ohio companies will receive a total of $350,000 in Third Frontier Project grants announced Monday by Gov. Bob Taft.

Taft awarded 12 grants worth a combined $2 million to nine Ohio companies engaged in technology development and commercialization projects. Clifton Labs of Evendale received $174,706 to transform an optical sensing prototype into production samples, while Enable Medical of West Chester received $175,000 to develop a design and manufacturing system for a device to treat the heart condition atrial fibrillation.

P&G increases coffee prices

Procter & Gamble Co will raise the prices of its Folgers coffee sold to offices and food service companies because of the rising cost of raw beans.

The price of Folgers old to offices and warehouse clubs such as Wal-Mart Stores Inc.'s Sam's Club and Costco Wholesale Corp., will rise 4 percent, effective May 3, a spokeswoman said. The price for restaurants and hotels will rise 6 percent. The increase does not affect retail Folgers products sold at supermarkets and grocery stores or other P&G coffees such as Millstone.