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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Dec 20, 2003
Page
20
The Dow rose 30.14 to 10,278.22 while the Nasdaq fell 95.16 to 1,951.02 as investors considered whether prices have run high. Peter Dunny of Wall Street Access noted ongoing gains and cautious optimism after a volatile trading session.
Rockwell Collins Chairman CEO and President Clay Jones earned a 2003 total compensation of 3.7 million including a 525000 bonus and 2.475 million long term incentive payout on top of a 700000 salary. The pay mix relies 80 percent on performance with free cash flow up over 250 percent in the two years ended Sept 30. Executives Peters Erickson and Chiusano also received notable raises and long term incentives as the firm boosted stock and repurchased shares amid pension funding actions.
U SD A report shows November red meat production at 3.53 billion pounds down 10 percent from November 2002. Beef output dropped 18 percent to 1.78 billion pounds while cattle slaughter fell 15 percent to 2.43 million head and live weights slid 24 pounds to 1,236. Pork at 1.71 billion pounds rose slightly with hog kills 8.58 million, down 1 percent. Hansen Beverage recalls about 40,000 bottles of Hansen's Classic Sparkling Cider due to possible bottle breakage and yeast contamination risks. Yeast does not pose a health risk, but spoiled smell and extra breakage reported. refunds available at Hansen's consumer line.
Ryder System Inc plans to buy assets of privately owned Ruan Leasing Co based in Des Moines. Ruan operates about 6,800 trucks and 4,800 tractors or trailers under contract maintenance for over 550 U.S. customers. In July Ruan cut 100 jobs amid weak truck leasing demand. The deal may close by end of Q1 2004 subject to a purchase agreement and board approvals.
Retailers report strong crowds across Lindale Mall Cedar Rapids Westdale Mall and Coral Ridge Mall as shoppers flock to gift certificates and bargains. Weather favorable and extended hours boost weekend traffic with expectant highs around Dec 23. Tanger Outlet Williamsburg opens 9 a.m. to 9 p.m. and some stores started at 4:30 a.m.
Two Eldora based companies Global Resource Recovery Organization and United Suppliers will build the first commercial hog confinement without a manure storage lagoon in Hardin County. They will dry 2000 gallons of liquid manure daily from 2400 hogs using the Tempest Drying System. Solids will be used as crop fertilizer reducing odor and storage losses. The project will be monitored by Jerry Hatfield of the US Agricultural Research Service to compare yields odor and soil quality with conventional systems.
The Iowa Values Fund will commit 1.6 million to proposed projects including 400 thousand for Golden Grain Energy LLC to build a 55 million dollar ethanol plant near Mason City creating 32 jobs and 400 thousand for Midwest Renewables to develop a 64 million dollar ethanol plant near Iowa Falls creating 33 jobs.
A Friday study says increased packer ownership benefits farmers and consumers, despite Iowa and federal bans and opposition from Sen. Grassley. John Skorburg of The Heartland Institute led the analysis, while critics warn it ignores antitrust and rural impacts. Senator Edwards comments tie ownership to protecting family farms.
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