Thursday, January 23, 2003

Tristate summary

From staff reports

Avon closing plant in Montreal

Avon Products Inc. said Wednesday it will close its Montreal manufacturing plant next year and split its production between its plants in Springdale and Morton Grove, Ill.

The Springdale plant, which employs 1,300, has 1.1 million square feet and includes warehousing and a national call center in addition to manufacturing. A spokesman said the realignment would mean "a very small number" of new jobs in Springdale.

Newport Steel parent sees loss

NS Group Inc., parent of Newport Steel Corp. in Wilder, said it expects to report a fourth-quarter loss of about $14.3 million, or 69 cents a share, when it discloses financial results on Feb. 10.

In the year-ago period, NS Group reported a net loss of $10 million, or 48 cents a share. The tubular steel maker said the operating loss for the three months ended Dec. 31 includes $2 million in restructuring charges, increasing the net loss by 10 cents a share. The charges stem from evaluation of assets held for sale from its 2001 decision to exit steel making at the Wilder mill.

Progressive plans two new offices

Progressive Casualty Insurance Co. will open new claims offices in Northern Kentucky and Norwood.

The insurer's Tristate expansion will include a Norwood office of about 25 employees, opening this month at Belvedere's Central Parke complex.

Corporex has also leased a 9,800-square-foot office at Corporex Cos. Reflections II building at Circleport. The claims office also will have 25 positions.

Jeff Carey of Carey Laumer Commercial Realty represented Progressive in both deals.

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