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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jan 28, 1989
Page
17
Fort Dodge Laboratories will close its Amarillo Texas vaccine plant by April and move operations to Fort Dodge, Iowa. The Texas plant employs 16 people with unclear transfer numbers to Fort Dodge.
English name Harveys will keep Bristol in its brand but move most operations to Spain and Portugal. About 300 jobs will vanish as plants blending bottling and distributing sherry and port close in June. Headquarters remain in Bristol where the business began in 1792. Harveys owns six plants and over 25,000 acres of vineyards in Spain.
Toyota Motor Corp evaluates building a British factory to manufacture 1800 cc passenger cars by 1992. The plan envisions 200,000 cars annually, about 3,000 workers, and an investment of 140 billion yen roughly 1.1 billion dollars.
Swiss authorities turn over bank records linked to an insider trading probe in France. The SEC had asked to suspend strict secrecy rules to assist U.S. investigators. The case centers on alleged use of confidential information for large profits when Pechiney acquired Triangle Industries last November.
The Dow Jones Industrial Average closes at 2322.86, up 31.79, the first time above 2300 since 1987 as heavy volume signals a strong weekly rally. Analysts caution that February may be weak and warn investors to stay prudent amid post election optimism.
Des Moines AP reports regional regulators aligned with President Bush to calm thrift depositors amid above normal withdrawals. Thurman C. Connell of the Home Loan Bank of Des Moines stressed deposits are safe and FSLIC insures up to 100000 per account.
Banks of Iowa, Des Moines based holding company, reports 1988 net income of 21.1 million dollars, up from 13.6 million in 1987. Full year per share 5.34, vs 3.52. fourth quarter income up 91 percent to 7.7 million, per share 2.05. Loan growth, tax credits, and lower taxes lift earnings. Nonperforming assets 32.1 million, 2.3 percent of loans. assets 2.49 billion. loans 1.41 billion. Book value per share 56.17 up from 51.28.
Heartland Quality Foods Inc. will convert a 70 000 square foot building in an industrial park in North Sioux City South Dakota into a plant that will produce dog and cat food. Production is set to begin this fall with about 40 workers, rising to 66 within two years and a 1 5 million dollar payroll. The plant’s location was chosen for access to raw materials within a 150 mile radius of Sioux City.
The Iowa Economic Development Board approved a 212000 loan package to back the startup of RPB Ltd. in Marion and a 132000 no interest loan to West Union for North Star Foods expansion. RPB will lease a Marion building to assemble cabinets and enclosures, creating about 45 jobs. North Star Foods will renovate deboning facilities, also estimating 45 new jobs with wage ranges of 5.50 to 6.00 per hour.
Iowa Realtor leader notes 1988 housing market gains with 13 percent higher sales than 1987 and steady prices. Total single family homes and condominiums sold reached 20 129, up from 17 658 in 1987, with a median price of 47 644. Homes moved faster, averaging 67 days on market versus 83 in 1987.
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