Saturday, October 09, 1999

TRISTATE BUSINESS SUMMARY


Armco employees pick union leaders

        Aurba Edward “Ed” Shelley Jr. has been re-elected president of the Armco Employees Independent Federation (AEIF) which represents 3,200 workers at AK Steel's Middletown Works.

        Mr. Shelley defeated Mark E. Spencer for a one-year term.

        James E. Fetters defeated Richard J. Hryszko for one-year term as vice president, and secretary-treasurer Frances T. Heard was defeated by Brian C. Daley.

        Elected to two-year terms as trustees were Michael A. Bailey, A.C. Combs, Edward L. DeVault and Dick Grubbs.

P&G completes REI acquisition
        Procter & Gamble announced Friday it has completed the acquisition of Recovery Engineering Inc. (REI) through a merger. REI designs, manufactures and markets drinking-water purification systems under the PuR name.

        In late September, P&G completed a tender offer in which it purchased 97.7 percent of the outstanding shares of common stock of REI for $35.25 per share in cash.

        Each of the remaining publicly held shares has now been converted into the right to receive $35.25 in cash, without interest.

Measure would merge Ohio jobs, welfare agencies
        Legislation that would merge the Ohio Bureau of Employment Services and the Department of Human Services was introduced Friday, marking the first step in Gov. Bob Taft's plan to streamline the delivery of welfare and job services.

        The new agency, to be called the Ohio Department of Job and Family Services, must be in place when new federal welfare rules take effect on July 1, 2000. Sponsoring Rep. Bill Harris, R-Ashland, said the changes necessary in Ohio law should be ready by the end of November.

        In January, Mr. Taft announced his intention to merge the departments, which employ a total of about 4,000 workers, to eliminate duplication in the two agencies and to allow recipients to receive benefits and sign up for job training at the same office.

Raytheon-led group wins $21.6M contract
        A consortium led by Raytheon Co.'s Fort Wayne operation has won a $21.6 million contract to develop a new generation of radios for the U.S. military.

        The contract is the fruit of five years of planning and a $15 million investment. The new technology the consortium will produce is expected to be used for decades in all U.S. military communications equipment. It will also have commercial applications.

        Any U.S. Defense Department communications equipment supplier will be able to use the technology. Raytheon will be compensated for providing technical support, said David Molfenter, division vice president.

RPM earnings dip on restructuring charge
        A $45 million pre-tax restructuring charge caused a 77 percent drop in first-quarter earnings for RPM Inc., a maker of industrial coatings, sealants and adhesives.

        The charge was announced in August when Medina, Ohio-based RPM said it would close 23 facilities and eliminate 730 jobs, about 10 percent of the company's work force.

        Earnings for the quarter ending Aug. 31 were $7.3 million, compared with $31.2 million for the same period a year ago.

       



Kroger talks break off; strike possible tonight
Double whammy hits air passengers
Inner G has P&G drinking to its health
Office park at home in Mason
Skyline serves up $50,000 to loyal customer
TRISTATE MARKET SPOTLIGHT
IBM cuts up to 10% of computer workers
- TRISTATE BUSINESS SUMMARY