New Braunfels Herald Zeitung, November 17, 1985, Page 10

Publication: New Braunfels Herald Zeitung November 17, 1985

New Braunfels Herald Zeitung (Newspaper) - November 17, 1985, New Braunfels, Texas Producer Price Index Money supply IMI **ln billions of dollars -e*    190311904 Bu siness H*r«ld-Zeitung Sunday, November 17,1985 Page SA Carol Ferguson, owner, stands with Dennis and Margie Meckel, builders Montessori builds 'little log schoolhouse' Carol Ferguson, New Braunfels, and Virginia Buckley, Houston, have moved their 25-year-old Montessori School system from Houston, and began construction of a new log school house on FM 306 in Comal county. Ferguson, a pioneer in Montessori education in Texas and an associate of The Association Montessori International and Mario Montessori, moved to Comal County six years ago and established the “Rocking Double F“ farms located in Comal County. She says of her and Buckley’s decision to reestablish The Texas Montessori Education (’enter and “The Little School House” in New Braunfels, “The years from 2‘» to 6 are crucial for setting down lifetime attitudes toward learning We are delighted to have the opportunity to serve the children and families of the Texas Hill Country.” Buckley has a master of education from the University of Hartford and a Primary Diploma of the Associa tion Montessori Internationale from the Washington Montessori Institute On the re-establishment of “The Little School House” in the Hill Country, Buckley says, “We are dedicated to providing an environment conducive to each child’s emotional, spiritual, intellectual, social and physical development ” The Montessori method of learning is based on the teachings of Dr Maria Montessori <1870 1952'. an Italian educator and physician Montessori established methods of developing a child s natural abilities Cluett merges with WestPoint Pepperell, Inc. Joseph L. Lanier, Jr. chairman of WestPoint Pepperell, Inc., and Henry H, Henley, Jr., chairman of Cluett, Peabody & Co. Inc., announced that their companies have agreed to a merger plan. Cluett will become a wholly-owned subsidary of WestPoint. The transaction is valued at approximately 1375 million. After the merger, the two companies, which had combined sales in 1984 of $2.2 billion, will become a diversified supplier of branded consumer soft goods with substantial private label volume. “Our product lineup will include such well-known names as Arrow shirts, Martex and Lady Pepperell bed and bath products, Gold Toe socks, Cabin Craft carpets, and Burberrys clothing,” they said, “and designer labels will include those of Alexander Julian, Perry Ellis, Ron Chereskin and Halston ” Under the terms of the merger plan, Cluett stockholders will receive for each share of common stock either $41 in cash or WestPoint com mon stock equivalent to 9704 WestPoint shares for each Cluett common stock share, which represents $41 per Cluett share, based on West Point ’s closing price of $42 25 per share on Onct 30 The equivalent share ratio will be adjusted to maintain this $41 value if WestPoint’s average share price during a specified period prior to the effective date of the merger varies from $42 25 by not more than 7 5 percent. Each share of Cluett preferred stock is convertible into 63 shares of its common stock In the merger, holders of each share of Cluett preferred stock will be entitled to receive either $25 83 in cash or a fraction of a share of WestPoint common stock based on 63 shares of Cluett common stock. Under the merger agreement, 55 percent of the outstanding Cluett common shares (assuming full con version of the preferred stock' will be converted into the right to receive WestPoint common stock, and 45 percent will be converted into the right to receive $41 in cash However, the cash available in the merger will be reduced to the extent that WestPoint makes certain purchases of Cluett shares, as described below WestPoint stated that it has entered into agreements with Paul A Bilzerian and with Craig Hall and three related stockholders to acquire the 23.5 percent of the outstanding Cluett common stock they hold Blizenan has agreed to terminate the tender offer by his CPC Acquisition Company, Inc for his shares, to dimiss all pending litigation between himself and Cluett Under the merger agreement, WestPoint also has the right but is not obligated to purchase in open market or private transactions an additional 5 percent of the voting stock of Cluett (equivalent to ap proximately 455,000 shares» Assuming that these purchases together with the Bilzerian and Hall purchases are consummated, ap proximately 75 percent of the remaining outstanding Cluett common shares (assuming full conversion of the preferred stock) will be converted into the right to receive $41 in cash. In connection with entering into the merger agreement with WestPoint. Area MBank not affected by retirement option MBank New Braunfels will be unaffected by a systemwide early retirement option offered by MCorp. according to Joe T Seibold. chairman of the board of MBank New Braunfels. The early retirement option is be ing offered to employees who will be at least 55 years old by the end of the year and who have worked for the corporation at least IO years This op tion is available to all eligible MCorp employees in the 63 member banks in Texas. “It’s not going to effect us at all.” Seibold said He added that only one employee at the New Braunfels bank is eligible for early retirement The bank has 45 employees Seibold said the early retirement option was not cause by economic problems "The early retirement option offered by MCorp should in no way be compared to the Interties! reductions in personell," he said InterFirst. a Dallas based banking firm, has announced it is restructuring the organization and several positions will be eliminated Reportedly, the reduction in personell is a result of tight market conditions caused by bank deregulation Seibold said economic conditions in New Braunfels are excellent He said New Braunfels is experiencing more economic development than some other areas of the state “I don't think business is the same throughout the state MBank New Braunfels is having a tremendous year I think the New Braunfels area is very stable economically.” Seibold said He added that growth and new building in New Braunfels is responsible for the good economic conditions Seibold said the one New Braunfels employee eligible for early retirement is not interested in retiring “He has looked it over and decided he wants to keep working for us and we’re glad he's staying with us,” he said “This is a strictly optional pra gram This is not the first time I’ve seen early retirement options offered by this bank or other banking corporations It s not a unique or new measure.” Seibold said he is not sure whether MCorp will continue to offer such an attractive retirement option Seibold said recent deregulation should not affect fees for bank services “We are always looking to improve what we are offering.” he said “Our fees are always being reviewed and changed I don’t think that I see anything on the drawing board at our bank where fees will be increased because of recent deregulations ” by encouraging the utilization of all senses and providing the child with the freedom to act Since its first introduction in Italy, the Montessori method has spread rapidly and widely throughout Europe, Asia and America For more detailed information and to arrange for an interview, we request that you call or write to: Texas Montessori Education Center. Star Route 3. Box IO. New Braunfels. (512 > 964 3959 Chipman changes logo The Guy Chipman Company, based in San Antonio,, has changed its logo On Oct 24, John Drought, pres! dent of Guy Chipman. addressed of Guy Chipman agents and employees at the San Antonio Museum of Art Commenting on the competitive real estate market today and the goals of Guy Chipman Company in supporting its agents. Drought said. “we are continuing to make changes and stay ahead of the rest ” Guy Chipman. Jr . chairman of the board, traced the history of the company logo This marks the first time in 22 years that the San Antonio-based real estate firm has changed its corporate identity During that time, the Guy Chipman Company has grown from a one man operation to IO offices including Universal City and Boerne with 200 sales associates and approximately $240 million in sales Diana Hawley. Chipman s director of marketing and Skipper Wood of Atkins and Associates Advertising presented the logo on the wide screen of the museum The Chipman Company plans to continue the transition throughout with business cards, stationery and exterior office signs the Cluett board of directors has redeemed the rights associated with Cluett common stock which were issued to shareholders in September pursuant to the terms of a Rights Plan adopted on Aug 14. by Cluett Cluett’s exchange offer has also been terminated WestPoint and Cluett stated that the merger is intended to qualify as a taxfree reorganization with respect to the Cluett shares that are exchang ed for shares of WestPoint The tran saction is subject to customary con ditions and approvals by the shareholders of both companies Don’t mouse around F7 Sell it in the Herald Classifieds 625-9144 Meet Robert Sohn Diamonds to Delinht in 14K Gold. V i Va V flV ► / 1 J*.. 'I , * SAMIS FINE JEWELRY 173 S. Seguin • New Braunfels • 629-3318 \ New Braunfels National Bank is proud to introduce Robert H. Sohn as a member of our Industrial Ad visory Council. Robert, manager of New Braunfels Utilities since 1980, is a Purdue University graduate with a B.S. degree in Electrical Engineering. He has had extensive experience in lighting design and has taught classes at San Antonio College in his field. Bob started his interest in electrical engineering before his entrance into the United States Air Force in 1950 and completed his work toward his degree af ter his honorable discharge in 1954. Mr. Sohn has served the New Braunfels area as President of the Greater New Braunfels Chamber of Commerce, President of New Braunfels, Rotary Club, member of the Wurstfest Association, Chairman of Central Texas Golf Fest, member Board of Education of NBISI), and is now a member of the New Braunfels National Bank Industrial Advisory Council. Bob and his wife, Gloria, have two grown sons. He lists golf, fishing and outdoor activities as a few of his many hobbies. With Bob’s illustrious background, we are proud to have Robert sohn as a member of our Industrial Ad visory Council. Member of New Braunfels National Bank Industrial Advisory Council lUbrrl H. Sohn Manager VB L'Ulitiea 1000 N. Walnut, N.B., Tx. 625 8587 New Braunfels National Bank ;

  • Alexander Julian
  • Carol Ferguson
  • Craig Hall
  • Diana Hawley
  • Joe T Seibold
  • John Drought
  • Joseph L. Lanier
  • Margie Meckel
  • Maria Montessori
  • Mario Montessori
  • Paul A Bilzerian
  • Perry Ellis
  • Robert H. Sohn
  • Robert Sohn
  • Ron Chereskin
  • S. Seguin

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Publication: New Braunfels Herald Zeitung

Location: New Braunfels, Texas

Issue Date: November 17, 1985

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