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Date: 29 September 1992
By Bloomberg News
Bloomberg News
The Justice Department said today that it would not oppose a merger of pump operations of the Ingersoll-Rand Company and Dresser Industries after the companies agreed to sell five product lines to a competitor. Ingersoll-Rand and Dresser agreed to sell the pump lines and "certain assets" to Goulds Pumps Inc. of Seneca Falls, N.Y., the department said in a statement.
Date: 29 September 1992
By Bloomberg News
Bloomberg News
The French military electronics company Thomson-CSF said today that it had won a contract worth 90 million francs, or $18 million, to design and produce a satellite and mission control site for the Meteosat Transition Program. Eumetsat, a European organization, awarded the contract as part of its program to develop the communications system of its weather satellite network.
Date: 29 September 1992
By Bloomberg News
Bloomberg News
The Rockwell International Corporation has pulled out of the General Motors Corporation's electric-vehicle program, apparently angry over having to rebid on its contract with the auto maker, Automotive News reported yesterday. Rockwell was to be the sole supplier for the car's plastic body panels, the weekly trade publication said. Both G.M. and Rockwell declined to confirm the report. G.M. has said it will mass-produce an electric car at a plant in Lansing, Mich., sometime in the mid-1990's.
Date: 29 September 1992
By Bloomberg News
Bloomberg News
A committee of unsecured creditors of the Salant Corporation said its restructuring plan was unrealistic and based on overly optimistic projections. "Salant's plan gives too much value to the shareholders and not enough to creditors," said Wilbur L. Ross Jr., senior managing director of Rothschild Inc., the committee's financial director. The committee urged other unsecured creditors to oppose the plan.
Date: 29 September 1992
By Bloomberg News
Bloomberg News
The Southwestern Bell Corporation said yesterday that it would move its headquarters to San Antonio from St. Louis by late March. The telephone holding company said the move would put it closer to its primary growth market in Texas, which represents about 60 percent of the company's business, as well as investment opportunities in Mexico and South America. About 500 people work at the holding company's headquarters..
Date: 29 September 1992
By Bloomberg News
Bloomberg News
The Market Street Mortgage Corporation, a subsidiary of Poughkeepsie Savings Bank, has agreed to sell its loan origination and servicing operations to Republic Bancorp, an Ann Arbor, Mich.-based bank holding company specializing in mortgage loans, Poughkeepsie Savings said. Terms were not disclosed. The sale is subject to approval by the Office of Thrift Supervision, the Federal Reserve Board and the companies' boards.
Date: 29 September 1992
By Bloomberg News
Bloomberg News
The Santa Fe Pacific Corporation's railway unit said yesterday that it had signed a new contract with the United Transportation Union to allow two-man crews to operate trains on the eastern half of the Santa Fe system. In exchange, the company will give each of the 1,800 employees affected by the agreement a $10,000 lump sum payment and a deferred pension payment of $65,000. The payments replace a productivity fund, which was used to give workers on smaller crews extra pay, the company said. The company said that no workers would be furloughed as a result of the new contract, but workers may choose to leave with a $75,000 payment. A similar contract with employees of the railway's western lines was put into effect in January.
Date: 29 September 1992
By Bloomberg News
Bloomberg News
Lands' End Inc. said today that it would open a telephone order and distribution center in Britain, where it began operations a year ago. The casual clothing retailer plans to lease 50,000 square feet of space for a telephone marketing center and a combination warehouse and distribution center, said David Zentmyer, vice president for international operations.
Date: 29 September 1992
By Bloomberg News
Bloomberg News
Immunogen Inc. today confirmed an investment bank's report that the company planned to begin human clinical trials of its major drug, Oncolysin B, for treating lymphoma and leukemia. Mark Ratner, a spokesman for the biopharmaceutical concern, said the tests would be conducted at 25 medical centers on patients who had undergone bone-marrow transplants.
Date: 29 September 1992
By Bloomberg News
Bloomberg News
The AMR Corporation, the parent of American Airlines, has accused the Hilton Hotels Corporation, the Marriott Corporation and Budget Rent-A-Car of undermining a 1988 agreement to develop a computer reservations network to serve all the travel industry. In a lawsuit filed in state court in Dallas on Friday, AMR accused its three former partners of trying to twist the Confirm reservation network to their own benefit.