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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jun 21, 2008
Page
20
The Dow Jones Industrial Average dropped 220.40 points to 11,842.69, the S&P 500 slid 24.90 to 1,317.93, and the Nasdaq fell 55.97 to 2,406.09 amid rising worries over financial and auto sectors and higher oil prices.
PRC LLC plans to exit Chapter 11 within three weeks under a New York court approved plan. The firm will convert most debt into equity, making senior and secured lenders equity holders through a private holding company. Alicia Miyares said Cedar Rapids operation, with about 500 employees, is hiring.
Archer Daniels Midland reports its wet corn milling plant in southwest Cedar Rapids is running at partial capacity due to water use constraints. The facility shut briefly when Cedar River flooding cut city water capacity to 25 percent, though it lies outside flooded zones. Decatur Illinois based ADM will raise capacity as conditions permit.
Winnebago Industries reports a third quarter profit drop of 73 percent due to high fuel costs hitting motor home sales. The Forest City based maker earned 3 million dollars or 10 cents a share for the quarter ended May 31, down from 11.3 million dollars or 35 cents a share a year earlier. Sales declined nearly 40 percent.
A selective survey shows gas prices in the Corridor as of yesterday afternoon with figures rounded to the nearest cent. Prices vary by station and grade, reflecting current market conditions and regional factors.
After record Cedar River floods, CRANDIC rail bridge near Penford Products is destroyed and CN bridge near Quaker remains out of service. Replacement estimated at 6 million dollars. federal aid sought. Union Pacific may share a temporary route. Iowa Northern, Iowa Interstate face related damage and outages.
Ann Lipsky, president of Smulekoff's, recounts the 118 year old store's flood damage and the death of Abbott Lipsky, as the downtown landmark plans a quick regroup. The 411 Sixth Ave warehouse bears minor basement damage while the first floor faces the worst losses.
Diamond V Mills plans to resume production at its flood damaged Cedar Rapids plant within two weeks and build a second site at 26th Street and 60th Avenue SW. The firm employs 90 in Cedar Rapids and is coordinating cleanup with Paul Davis Restoration and Weitz Construction among others.
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