Tuesday, February 11, 2003

Tristate Summary

GE, CFM win $200M in orders

GE Aircraft Engines and its CFM International venture have won engine orders valued at more than $200 million.

GEAE said China Southern Airlines placed a $35 million order for 23 performance improvement kits for the GE90 engines powering its Boeing 777 fleet.

China Southern, the largest Chinese airline, is the fifth customer for the performance improvement kits, which increase engine efficiency and lower maintenance costs.

CFMI, GEAE's joint venture with Snecma Moteurs of France, said Russia-based Aeroflot placed a $180 million order for CFM56-5B engines to power its fleet of 18 new Airbus A319/A320 narrow body twinjets. Aeroflot now operates 10 CFM56-powered Boeing 737s.

American Financial cuts IPO price

In an attempt to rescue what would have been the first initial public offering of 2003, American Financial Group Inc. Monday cut the proposed price for stock in its Infinity Property and Casualty Corp. unit to $16-$17 a share from $18-$20 a share.

The company had hoped to sell about 12.4 million shares at between $21 and $23 a share last month, but soft market conditions forced it to delay the offering. Cincinnati-based AFG would retain about 30 percent of Infinity, which would hold the insurance businesses that sell policies to higher-risk drivers.

AFG is the umbrella company for the financial interests of Reds owner Carl Lindner.

Taco Bell spurs Yum Brands sales

Louisville-based Yum Brands Inc., owner of the KFC and Pizza Hut fast-food chains, Monday said fourth-quarter earnings rose 4.8 percent, helped by increased sales at its Taco Bell restaurants.

Net income in the quarter ended Dec. 28 climbed to $172 million, or 56 cents a share, from $164 million, or 54 cents, a year earlier, Yum Brands said. Sales increased 12 percent to $2.46 billion from $2.20 billion.

- Staff and wire reports

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