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15th of June 1994 News
Nyheder, som de udkom på forsiden af New York Times på 15. juni 1994
In America; Forget Farrakhan
Date: 15 June 1994
By Bob Herbert
Bob Herbert
I remember the rally in Madison Square Garden in October 1985 when Louis Farrakhan, standing beneath championship banners honoring sports heroes named Frazier and Reed and Bradley and DeBusschere, fired up a crowd of 25,000 black people with his ranting against Jews and his demand to know if black leaders who "sold out" should be allowed to live. The audience was wild for Mr. Farrakhan. His every pronouncement provoked the kind of thumping, foot-pounding, whistle-blowing, mind-boggling ecstasy normally reserved for playoff games and rock concerts.
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GOODYEAR AND UNION TO MEET TO AVERT STRIKE
Date: 16 June 1994
By Bloomberg News
Bloomberg News
Negotiators for the Goodyear Tire and Rubber Company and the United Rubber Workers union were scheduled to meet today in what could be a last attempt to avoid a strike by 12,000 Goodyear employees at plants in seven states. Twice last month, Goodyear workers rejected tentative contract agreements that had been endorsed by union leaders. The accords would have increased wages and pensions and paid profit-sharing and cash bonuses during a three-year period. Goodyear, based in Akron, Ohio, is eager to set a new master contract. The union represents Goodyear employees at nine tire and auto parts plants in Ohio, Alabama, Nebraska, Kansas, Virginia, Tennessee and Wisconsin.
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ANOTHER 1,170 JOBS TO BE ELIMINATED BY MICHELIN
Date: 15 June 1994
By Bloomberg News
Bloomberg News
Michelin, the world's largest tire maker, said yesterday that it would eliminate 1,170 jobs in France by the end of 1995 in addition to job cuts it announced in 1993. Michelin said last year that it would eliminate 5,000 positions in France in 1993 and 1994 through early retirement, employee buyouts and increased use of part-time workers. By the end of this year, 2,950 out of 30,000 workers will have lost their jobs from the earlier round of restructuring. The latest plan did not surprise analysts, who said Michelin was moving ahead with a long-term revamping and needed fewer workers as it introduced new technology.
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VARITY UNIT PLANS TO ACQUIRE DORMAN DIESELS
Date: 16 June 1994
By Bloomberg News
Bloomberg News
The Varity Corporation said yesterday that its Perkins Group would acquire Dorman Diesels Ltd. in a transaction valued at about $50 million, including the assumption of $12 million of debt. Varity, based in Buffalo, said the acquisition was part of its plan to expand its core businesses. Closely held Dorman, based in Peterborough, England, provides high-horsepower diesel engines for the power generation market and specializes in natural gas engine technology. Dorman had revenue of about $75 million in 1993. Perkins had revenue of $702 million in 1993.
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GREAT SOUTHERN BANCORP TO TERMINATE ACQUISITION DEAL
Date: 16 June 1994
By Bloomberg News
Bloomberg News
Great Southern Bancorp Inc. said yesterday that its board had decided to terminate its definitive agreement to be acquired by the Fourth Financial Corporation, based in Wichita, Kan. The board of Great Southern, based in Springfield, Mo., decided that the proposed acquisition in exchange for about $84.1 million of Fourth Financial stock did not reflect the value of the company, said William V. Turner, chairman and chief executive of Great Southern. "Our recent strong financial performance led us to conclude that it would be in the best interest of our stockholders for Great Southern to remain independent," Mr. Turner said, adding that Great Southern would consider a stock repurchase program and a possible stock split.
Full Article
LESLIE FAY GETS EXTENSION ON A BANKRUPTCY PLAN
Date: 15 June 1994
By Bloomberg News
Bloomberg News
The Leslie Fay Companies, which designs and makes women's clothes, has won an extension of its exclusive right to file a Chapter 11 bankruptcy reorganization plan until Oct. 3. United States Bankruptcy Judge Tina Brozman approved the three-and-a half-month extension at a hearing yesterday. Both of the creditor committees of Leslie Fay, which is based in New York, agreed to the extension. The International Ladies Garment Workers Union, whose members are striking against Leslie Fay, also agreed to the move. But the union, saying it had been unfairly blamed for the company's predicament, objected to the language of the company's request. Leslie Fay's lawyer, Alan Miller, said the company hoped to begin negotiations on a plan of reorganization at the end of the summer.
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CHASE TO BUY BACK UP TO 4.5 PERCENT OF ITS STOCK
Date: 16 June 1994
By Bloomberg News
Bloomberg News
The Chase Manhattan Corporation said yesterday that it planned to buy back as much as 8.5 million shares, or 4.5 percent, of its stock. Chase, the sixth-largest banking company in the United States, with $112.6 billion in assets, said it would buy back the stock during the next 12 to 18 months to offset the effect of stock warrants and options that will be exercised. In June 1996 Chase plans to issue 3.3 million new shares to cover the expiration of warrants outstanding. The company's shares outstanding will also increase as various options are exercised, the bank said. At yesterday's closing price of $39.50, up 62.5 cents, the buyback would be valued at nearly $336 million.
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Bausch & Lomb in Deal
Date: 16 June 1994
By Bloomberg News
Bloomberg News
Bausch & Lomb Inc. signed an agreement today with the International Business Machines Corporation to develop the next generation of soft contact lens manufacturing technology. Terms of the agreement with I.B.M. were not disclosed.
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Houston Marriott Sale
Date: 15 June 1994
By Bloomberg News
Bloomberg News
The Host Marriott Corporation said it would purchase the J W Marriott Hotel in Houston from the Historic Houston Corporation for $32.5 million. The purchase of the hotel by Host is part of its strategy to acquire full-service hotels to complement its lodging portfolio. The J W Marriott is a 494-room hotel that opened in 1984 across from the Galleria Mall. Host Marriott was created last year in the split of the old Marriott Corporation into Host Marriott and Marriott International.
Full Article
50,000 Orders For New Fords
Date: 16 June 1994
By Bloomberg News
Bloomberg News
The chairman of the Ford Motor Company, Alexander J. Trotman, said today that the auto maker already had 50,000 dealer orders for its new Ford Contour and Mercury Mystique compact cars, which go on sale in the United States in September as 1995 models. Ford will start building the cars next month at a plant in Kansas City, Mo., after a $375 million investment there. The cars, which will also be made at a Ford assembly plant in Mexico, replace the smaller and less expensive Tempo and Topaz compacts.
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