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23rd of August 1994 News
Nyheter som framträdde på New York Times framsida den 23 augusti 1994
WESTINGHOUSE TO SELL APTUS UNIT TO ROLLINS
Date: 24 August 1994
By Bloomberg News
Bloomberg News
The Westinghouse Electric Corporation signed a letter of intent yesterday to sell Aptus Inc., a subsidiary that operates hazardous waste incinerators, to Rollins Environmental Services Inc. for $160 million. The sale of Aptus is part of a plan by Westinghouse, which is based in Pittsburgh, to shrink its environmental service business and pare debt. Aptus operates hazardous waste incinerators in Coffeyville, Kan., and Salt Lake City, and a storage and transportation operation in Lakeville, Minn. Rollins, based in Wilmington, Del., will pay Westinghouse $3 million in cash, $45.3 million in senior unsecured debentures, $66 million in subordinated convertible debentures and $45.7 million in industrial revenue bonds.(Bloomberg Business News)
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PETROLITE AND ASHLAND UNIT TO FORM ALLIANCE
Date: 24 August 1994
By Bloomberg News
Bloomberg News
The Petrolite Corporation and the Drew Industrial division of Ashland Oil Inc. said yesterday that they had agreed to form a strategic alliance for selling chemicals to the petroleum refining industry. The alliance will provide an integrated approach to water and process treatment management. Drew Industrial, based in Boonton, N.J., provides water treatment products and services. Petrolite, based in St. Louis, sells oilfield chemicals and other specialty chemicals.
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NORWEST TO BUY INDEPENDENT BANCORP OF ARIZONA
Date: 23 August 1994
By Bloomberg News
Bloomberg News
The Norwest Corporation said yesterday that it had agreed to acquire Independent Bancorp of Arizona Inc., the parent of Caliber Bank of Phoenix, for $158.6 million in cash. Caliber Bank has $1.8 billion in assets and 41 branches in Arizona, of which 21 are in the Phoenix metropolitan area. In Arizona, Norwest has $2 billion in assets and 58 branch and loan offices. Under terms of the transaction, Norwest would pay $23.67 for each share of Independent Bancorp, or 1.13 times Independent's equity at Dec. 31, 1993. Norwest, based in Minneapolis, is the nation's 13th-largest banking company.
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BANKAMERICA TO PAY $1.98 BILLION FOR CONTINENTAL BANK
Date: 23 August 1994
By Bloomberg News
Bloomberg News
The BankAmerica Corporation, which had agreed to acquire Continental Bank Corporation in January, said yesterday that it would pay $1.98 billion in cash and stock for it. Each share of Continental will be exchanged for either 0.7993 share of BankAmerica common stock or $38.279 in cash. BankAmerica plans to issue about 21.5 million shares to Continental holders. BankAmerica is the nation's second-largest banking company.
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SEQUOIA SYSTEMS COURTS DIGITAL PRODUCT LINE
Date: 23 August 1994
By Bloomberg News
Bloomberg News
Sequoia Systems Inc. said yesterday that it was negotiating to buy the Digital Equipment Corporation's line of "fault tolerant" products. The companies signed a letter of intent to continue talks aimed at reaching a definitive agreement in September. Sequoia Systems, based in Marlborough, Mass., makes computers designed to continue working when parts break down. Digital sells a fault-tolerant system in its VAX product line and the company is nearing completion of a new fault-tolerant system. If the transaction is completed, the availability of Alpha AXP fault-tolerant products could be ready for volume shipment by early 1995, said Neil McMullan, Sequoia's chief executive.
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SHARES OF 3DO SOAR ON FORECAST FOR NEW SYSTEM
Date: 24 August 1994
By Bloomberg News
Bloomberg News
Shares of the 3DO Company jumped yesterday to their highest level since April, after the company, a video game maker based in San Mateo, Calif., issued a bullish forecast for its nascent entertainment system. The stock has risen 27 percent in the last two days. Late Monday 3DO issued a statement from its president and chief executive, William M. Hawkins 2d, saying that the company had "just had our best month ever" and was "building momentum for the holiday season ahead. Shares of 3DO rose $2.50, to $19.50, in Nasdaq trading.
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Merrill to Pay Back Investors in Coin and Art Partnerships
Date: 24 August 1994
By Bloomberg News
Bloomberg News
Merrill Lynch & Company said yesterday that it would pay $20 million to $30 million to settle lawsuits by investors in its ancient-art and rare-coin limited partnerships. Units in the partnerships, which failed, were bought by about 3,500 investors from 1986 to 1990. They will receive the full $1,000 they paid for each unit in the Merrill Lynch Athena Fund I, Athena Fund II and Numismatic Fine Arts World Coin Fund, excluding any distributions they received from the first two funds.
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LOTUS NAMES NEW OVERSEAS CHIEF IN SHUFFLE
Date: 24 August 1994
By Bloomberg News
Bloomberg News
The Lotus Development Corporation has replaced its overseas chief in a shuffle of executives, a company spokesman, Richard Eckel, said yesterday. Lotus noted the changes in a memorandum to employees two weeks ago, shortly after the company reported disappointing second-quarter earnings. Among the changes, Lotus consolidated worldwide sales and marketing under Robert K. Weiler, formerly senior vice president for the North American business group. The former international business chief, Robert P. Schechter, remains a senior vice president, but was put in charge of a new services business group.
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GENESCO CUTTING 525 JOBS IN VIRGINIA PLANT CLOSING
Date: 23 August 1994
By Bloomberg News
Bloomberg News
Genesco Inc. said yesterday that its Greif Companies division would close its plant in Verona, Va., by the end of October, eliminating 525 jobs, or about 8 percent of its total work force. Genesco, which makes and markets Perry Ellis, Kilgour, French & Stanbury and other men's apparel labels, took a $38 million pretax charge in the quarter that ended Jan. 31 to trim its manufacturing and retail operations. The 525 workers at the Verona plant sew, press and put other finishing touches on the apparel the company makes. The company also has manufacturing operations in Allentown and Shippensburg, Pa. As of Jan. 31, the company had 6,950 employees.
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BRITISH STEEL COMPANY TO BUY BIG STAKE IN SHARON STEEL
Date: 23 August 1994
By Bloomberg News
Bloomberg News
The Caparo Group, a British steel and engineering company, will pay $59 million in cash and notes to acquire most assets of the Sharon Steel Corporation, an idled and bankrupt steelmaker near Pittsburgh. Sharon has been in Chapter 11 bankruptcy protection since late 1992. It disclosed the amount offered by Caparo in a reorganization plan filed last week. Earlier this month, Caparo's United States subsidiary, Caparo Inc., said it had sent a letter of intent to acquire most assets of Sharon Steel for an undisclosed price. Caparo, a London-based company founded by Swraj Paul, wants to expand in the United States, where business is booming for steelmakers. Caparo plans to begin making flat-rolled steel at Sharon Steel next spring, with a goal of one million tons by the second year. The company intends to hire about 450 members of the United Steelworkers of America at the Sharon mill. Under the reorganization plan, Caparo would pay $7 million in cash and would issue $20 million in senior notes and $32 million in junior notes to Sharon Steel's secured creditors.
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