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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jan 11, 1996
Page
15
VisionAire Corp aims to raise about 3.5 million to fund a 150 employee Ames jet factory with production slated for mid-1997. CFO Gary Plath says the April prototype target will likely slip to late June while a New York bank helps secure funds after 2 million raised last year.
Stocks tumbled for a second straight day as Newt Gingrich signaled a budget deal may wait until after the November elections. The Dow dropped 97.19 points to 5032.94 as fears of weaker earnings and a possible recession spiked. Eastern Iowa names moved unevenly amid the broad sell-off.
The long running Iowa Iron Works inc vented 75 years of furnace work in Cedar Rapids as the firm idles its 400 12th Ave site and 22 employees seek new jobs after converting Chapter 11 to Chapter 7. The company faced back taxes and flood related costs plus past reliance on Iowa Manufacturing and major customers like Caterpillar FMC LeFebvre and Harnischfeger.
The Senate Agriculture Committee backed a bill to split regulation by farm type, requiring a 20,000 bushel grain base and 50 mile land area to classify a 10,000 hog operation as a family farm. Counties would regulate others, while some Republicans warned of higher land prices and expanded contract farming. Vote delay was urged by GOP members.
AT&T Corp s computer unit returns to the NCR name ahead of a three company split. AT&T GIS had been NCR until January 1994 after acquiring NCR in 1991. The move aims to leverage NCR brand loyalty while acknowledging cost cuts affecting 8 500 of 43 000 jobs in the unit and broader 40 000 job reductions across AT T s other divisions.
Edgecombe County commissioners approved a rezoning to allow a large IBP hog slaughtering plant in Tarboro. IBP Inc plans a facility capable of slaughtering 15 000 to 20 000 hogs daily with a $65 million price tag and about 1 500 jobs and a $45 million annual payroll. Environmentalists and locals fear pollution and more hog farms near the Tar-Pamlico River.
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