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28th of June 1994 News
Nyheder, som de udkom på forsiden af New York Times på 28. juni 1994
Sports of The Times; A Slice Of Sports In Drag
Date: 28 June 1994
By Ira Berkow
Ira Berkow
GAY GAMES IV are gone from New York, but they have left an indelible, colorful imprint, and not just pink. Other hues are red, white and blue. The weeklong games, which ended Saturday, have suffixed themselves with a self-bloated numeral, like the Olympics and the Super Bowl. But, like much else with these games, they seemed to do so with a wink, which was frequently missed in the coverage by mainstream news organizations.
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Observer; Activism Epidemic!
Date: 28 June 1994
By Russell Baker
Russell Baker
In May I became aware of the disturbing new ism that is loose in America. It is activism. Activism must have been putting its roots down for several years because it was in full bloom when I first noticed it. In fact, activism and activists -- people who believe in the doctrine of activism -- had become as commonplace in the media as Communism and Communists had been back during the cold war.
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ARROW ELECTRONICS TO ACQUIRE DISTRIBUTOR
Date: 28 June 1994
By Bloomberg News
Bloomberg News
Arrow Electronics Inc., a distributor of semiconductors and other electronic parts, agreed yesterday to acquire Gates/FA Distributing Inc. for about $142 million in stock. Arrow, based in Melville, L.I., will offer $22.50 in stock for each of the 6.3 million shares of Gates/FA, an electronics distributor in Greenville, S.C. Shares of Gates/FA climbed $2.50, to $20.50, on volume of almost 1.8 million shares in Nasdaq trading. Arrow shares gained 37.5 cents, to $35.25, on the New York Stock Exchange. The acquisition will increase Arrow's presence among so-called value-added resellers, who customize hardware and software for specific businesses. Value-added resellers have slightly better profit margins than standard distributors.
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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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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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TENNECO TO SELL ITS AUTOMOTIVE BRAKE DIVISION
Date: 28 June 1994
By Bloomberg News
Bloomberg News
Tenneco Inc.'s automotive parts subsidiary said yesterday that it had agreed to sell its brake division to focus on more profitable vehicle parts. Terms of the transaction between Tenneco Automotive and James E. Bennett Jr. of Charleston, S.C., were not disclosed. Tenneco Brake manufactures brake friction products for the automotive and heavy-duty markets, and sells a broad line of brake components and accessories. The brake division produced $54 million of Tenneco Automotive's $1.8 billion in revenue in 1993. Tenneco Inc. had total revenues of $13.3 billion last year. Mr. Bennett is forming a new corporation to acquire the brake unit.
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CAMPBELL SOUP OFFERS 175 WORKERS EARLY RETIREMENT
Date: 28 June 1994
By Bloomberg News
Bloomberg News
The Campbell Soup Company said yesterday that it would offer early retirement benefits to about 175 employees as it pares operations at its headquarters in Camden, N.J. Retirement benefits will be available to employees 55 and older with at least 10 years of service, Campbell said. Employees are to notify the company by Sept. 9, with their effective retirement dates Oct. 1. In the fiscal quarter that ended May 1, Campbell's net income rose 13 percent, to $119 million, or 47 cents a share, compared with the quarter a year earlier.
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SALE OF SOME HOOK-SUPERX STORES IS DISCUSSED BY REVCO
Date: 29 June 1994
By Bloomberg News
Bloomberg News
Revco D.S. Inc. said yesterday that it was negotiating with Federal regulators about the possibility of selling some Hook-Superx Inc. stores so that its acquisition of the drugstore chain would meet antitrust standards. Revco, based in Twinsburg, Ohio, said in April that it had reached an agreement to buy Hook-Superx, based in Cincinnati, for $13.75 a share, or about $600 million. Revco's general counsel, Jack Staph, said the Federal Trade Commission had raised the issue of selling stores in some regions. "We're in negotiations on it," he said. An F.T.C. spokesman said he could not comment on the case. Revco and Hook-Superx each operate about 1,200 stores. The acquisition would create the second-biggest drugstore chain, behind Rite Aid.
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