Reluare marți, 2 noiembrie 1993

Plant Deal Set For Daily News

Date: 02 November 1993

The Daily News announced yesterday that it had completed an agreement to buy a Jersey City plant that the New York newspaper plans to convert to a color printing plant. The property has been owned by the Clorox Company. The companies did not disclose the terms of the agreement. But the total cost of the new Daily News plant, including the presses and the building, has been estimated at $135 million. The News's current black-and-white printing plant is outmoded, and newspaper analysts have said the construction of a new color plant is essential if the newspaper is to remain competitive.

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Ameritech Sues To Offer Cable

Date: 02 November 1993

By Bloomberg News

Bloomberg News

The Ameritech Corporation, a regional Bell telephone operating company, said today that it had asked United States district courts in Illinois and Michigan to declare a Federal cable law unconstitutional. The Cable Communications Policy Act of 1984 bars Ameritech from providing cable television services in areas where it provides telephone service.

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CINCINNATI MILACRON TO BUY GERMAN COMPANY

Date: 03 November 1993

By Bloomberg News

Bloomberg News

Cincinnati Milacron Inc. said yesterday that it would acquire Klockner Werke A.G.'s plastics injection-molding machine business for $56 million in cash and assumed debt. The unit being sold, Ferromatik, has 600 employees and annual sales of $100 million. Cincinnati Milacron makes plastics processing equipment, machine tools, computer controls and manufacturing systems.

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SOROS INVESTMENT SENDS GEOTEK SHARES SOARING

Date: 03 November 1993

By Bloomberg News

Bloomberg News

Shares of Geotek Industries jumped almost 26 percent yesterday after the company said a partnership that included the financier George Soros would invest $40 million in the company. In addition, Geotek, a company based in Montvale, N.J., that operates specialized mobile radio and wireless communications systems, said it had formed a strategic alliance with the Soros Group to acquire radio licenses and construct digital networks overseas.

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CONAGRA ADDS TO STAKE IN AUSTRALIAN MEAT HOLDINGS

Date: 03 November 1993

By Bloomberg News

Bloomberg News

Conagra Inc. said yesterday that it had agreed to buy most of the Foster's Brewing Group's interest in Australian Meat Holdings for about $60 million. The purchase, which is subject to regulatory review, would raise Conagra's stake in Australian Meat, a leading Australian beef processor and exporter, to more than 90 percent from its current 50 percent interest. The meat company has annual sales of more than $900 million. Since June 30, Foster's, the Australian brewing giant, has sold nonbrewing assets valued at about $360.1 million. Conagra, a diversified food company based in Omaha, has annual sales of more than $21 billion.

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TENNECO SAYS AILING CHIEF EXECUTIVE IS IMPROVING

Date: 02 November 1993

By Bloomberg News

Bloomberg News

Tenneco Inc. said yesterday that medical tests had confirmed that a cancerous brain tumor suffered by its chairman and chief executive, Michael H. Walsh, had stopped growing and was beginning to break up. Mr. Walsh, 51, said recent tests disclosed no active lesions anywhere in his brain. Mr. Walsh disclosed the discovery of the malignant brain tumor on Jan. 20. He began a course of radiation treatment shortly after the inoperable tumor was discovered and has since been undergoing chemotherapy. Mr. Walsh has remained at Tenneco's helm since announcing the tumor's discovery.

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NATIONAL GYPSUM STAKE SOLD AT REQUEST OF U.S.

Date: 03 November 1993

By Bloomberg News

Bloomberg News

An investment fund led by Goldman, Sachs & Company sold its 20 percent stake in the National Gypsum Company to a French maker of construction products to avoid Federal antitrust problems, the Justice Department said yesterday. The fund, Water Street Corporate Recovery Fund I L.P., sold about four million National Gypsum shares for about $76 million to Lafarge Coppee S.A., National Gypsum said.

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RAYTHEON LAYING OFF 1,150 EMPLOYEES IN MASSACHUSETTS

Date: 02 November 1993

By Bloomberg News

Bloomberg News

The Raytheon Company, based in Lexington, Mass., said yesterday that it would lay off 1,150 workers in Massachusetts in the next month because of cutbacks in military spending. The layoffs come on top of a voluntary work force reduction begun in September, in which 800 workers chose to leave the company. The combined reduction of 1,950 people will trim Raytheon's worldwide work force by about 3 percent, to 59,100. Raytheon is the largest employer in Massachusetts.

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INLAND STEEL FILES TO SELL 4 MILLION SHARES

Date: 03 November 1993

By Bloomberg News

Bloomberg News

Inland Steel Industries filed yesterday with the Securities and Exchange Commission to sell four million shares of stock as part of its plan to reduce debt. Based on the company's recent share price, Inland would raise $132 million with the offering. The Chicago steelmaker and iron-ore producer said it would sell 3.2 million shares in the United States and 800,000 internationally. Inland's shares fell 87.5 cents, to $32.75, on the New York Stock Exchange.

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OLD KENT TO ACQUIRE EDGEMARK FINANCIAL FOR $62 MILLION

Date: 03 November 1993

By Bloomberg News

Bloomberg News

The Old Kent Financial Corporation said yesterday that it had signed an agreement to acquire the Edgemark Financial Corporation for $62 million in stock. Edgemark, a Chicago-based bank-holding company with $534 million in assets, operates five banks and eight offices in Chicago and its suburbs. Old Kent, of Grand Rapids, Mich., has $9.5 billion in assets and owns 18 banks in Michigan and Illinois. Edgemark's shares soared $9.25 yesterday, to $33, in Nasdaq trading, while Old Kent's shares fell 12.5 cents, to $33.

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