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29th of June 1994 News
Nyheter som framträdde på New York Times framsida den 29 juni 1994
Journal; Another Media Morning After
Date: 30 June 1994
By Frank Rich
Frank Rich
Once O. J. Simpson was under lock and key, the press found itself in a quandary: How would it keep the most exciting murder case in years alive without looking as if it were pandering to its insatiable, irresponsible, hopelessly vulgar audience? There were easy, legitimate choices at first: the spouse-abuse angle, the race angle, even the rental car angle. (Why did Hertz keep O. J. as a spokesman after his 1989 arrest, and did that Bronco have unlimited mileage?) But by the weekend after the great freeway chase, the media had finally alighted upon its favorite and most narcissistic angle for extending any story: "Is it all the media's fault?"
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World Book in China
Date: 30 June 1994
By Bloomberg News
Bloomberg News
World Book International, the encyclopedia publisher, will print a Chinese-language edition for distribution by the Government of China. The edition is expected within four years, at a cost of about $4 million, to be paid by the Chinese Government, the company said today. The Government will pay World Book royalties, John E. Frere, the company's president, said. The People's Education Press, the Government agency responsible for printing reference materials, will translate the encyclopedia and distribute it. World Book is a subsidiary of the Omaha-based holding company Berkshire Hathaway Inc.
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RUBBERMAID PLANS TO ACQUIRE EMPIRE BRUSHES
Date: 29 June 1994
By Bloomberg News
Bloomberg News
Rubbermaid Inc. said yesterday that it would acquire Empire Brushes Inc., a closely held maker of brushes, brooms and mops. Rubbermaid, based in Wooster, Ohio, said it would also buy back 10 percent of its shares outstanding. The repurchases, to be made in the next five years, will allow Rubbermaid to replace shares issued for acquisitions, compensation and benefit plans, the company said. Rubbermaid said it would pay an undisclosed number of common shares for Empire, which has annual sales of $65 million. Empire, based in Greenville, N.C., will become a part of Rubbermaid's home products division.
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FOUNDATION HEALTH TO BUY H.M.O. IN FLORIDA
Date: 29 June 1994
By Bloomberg News
Bloomberg News
Consolidation in the health care industry continued yesterday, as the Foundation Health Corporation, based in Rancho Cordova, Calif., said it would buy CareFlorida Health Systems Inc. for $250 million in stock. Foundation Health, a health maintenance organization with 527,000 members, will use the acquisition of privately held CareFlorida to expand into Florida, one of the fastest-growing markets for managed care. CareFlorida, based in Miami, is also an H.M.O. The transaction will dilute Foundation Health's earnings by about 5 percent this year, the company said. But it said the acquisition should lead to added earnings within 12 to 18 months after the expected closing on Oct. 1. Shares of Foundation Health closed up 37.5 cents, to $38.75, on the New York Stock Exchange.
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EXXON UNIT TO CUT 430 JOBS IN A REVAMPING
Date: 29 June 1994
By Bloomberg News
Bloomberg News
The Exxon Corporation said yesterday that it would cut 430 jobs in its domestic production subsidiary, or 2.8 percent of the unit's work force. The company said it would take a charge on the cutbacks, but declined to disclose the amount or when it would be taken. "Exxon will take an appropriate charge, but the amount will be immaterial to Exxon's results," a spokesman for the company said. The job cuts by the Exxon Company U.S.A., based in Houston, are part of a revamping of the unit. The company said it would consolidate some production division activities in Houston from offices in Thousand Oaks, Calif., New Orleans and Midland, Tex.
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E-SYSTEMS BUYS ARCO POWER TECHNOLOGIES
Date: 30 June 1994
By Bloomberg News
Bloomberg News
E-Systems Inc. said yesterday that it had acquired ARCO Power Technologies, a subsidiary of the Atlantic Richfield Company, or ARCO, for undisclosed terms on June 10. Power Technologies has had essentially no net income since it opened in the late 1980's, an ARCO spokesman, Al Greenstein, said. He said the subsidiary was involved in research financed by Government grants. E-Systems, based in Dallas, said that the name of the acquired company had been changed to Advanced Power Technologies Inc., and that it was under contract to make high-powered transmitters in central Alaska.
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INTEGRA TO ACQUIRE LINCOLN SAVINGS FOR $52.2 MILLION
Date: 29 June 1994
By Bloomberg News
Bloomberg News
The Integra Financial Corporation of Pittsburgh signed a definitive agreement yesterday to acquire Lincoln Savings Bank of Carnegie, Pa., for $52.2 million in cash. Lincoln Savings has $250 million in assets and seven branches in two western Pennsylvania counties. Integra, which has assets of $13.9 billion and 258 offices in 22 counties near Pittsburgh, said it would pay $58 a share for the 900,000 shares of Lincoln Savings. Integra already owns about 45,000 shares of the savings bank. Shares of Lincoln jumped $3.875, to $54.375, on Nasdaq, while shares of Integra rose 25 cents, to $47, on the New York Stock Exchange.
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FLEET BUYS $3.8 BILLION OF MORTGAGE LOAN SERVICING
Date: 30 June 1994
By Bloomberg News
Bloomberg News
Fleet Mortgage Group said yesterday that it had purchased $3.8 billion of mortgage loan servicing from undisclosed parties. The purchase involved two portfolios. One was for $1.7 billion, which had more than 18,000 loans with an average loan size of about $92,000 and a weighted average note rate of 7.5 percent. The other was for $2.1 billion. It consisted of more than 20,000 loans averaging about $200,000 and a note rate of 7.3 percent.
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HUDSON CITY SAVINGS CANCELS PLANS TO GO PUBLIC
Date: 30 June 1994
By Bloomberg News
Bloomberg News
Hudson City Savings Bank said yesterday that its board had unanimously voted to cancel plans to go public. The savings bank said it had withdrawn the regulatory applications filed in connection with a proposed $825.2 million initial public offering, which would have been the largest-ever such offering by a savings bank. The company, based in Paramus, N.J., did not explain the decision, which comes amid increased regulatory scrutiny of savings banks' plans to sell stock to the public.
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FIDELITY SEEKING AN ACTIVE ROLE AT MERRY-GO-ROUND
Date: 30 June 1994
By Bloomberg News
Bloomberg News
The Fidelity Investment Company has accumulated a large stake in Merry-Go-Round Enterprises Inc. and intends to play an active role in the retailer's bankruptcy reorganization, according to a filing yesterday with the Securities and Exchange and Commission. Fidelity has acquired creditor claims against Merry-Go-Round with a face value of at least $90 million, giving it to a significant say in the company's reorganization. Fidelity, which owns a 9.54 percent stake in Merry-Go-Round, said in the filing that it intended to "participate actively in the formulation of a Chapter 11 plan of reorganization." Isaac Kaufman, Merry-Go-Round's chief financial officer, said that management had met with Fidelity several times but that he was unaware that Fidelity wanted an active role in its reorganization.
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