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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jun 25, 1988
Page
20
The Cedar Rapids site, in the Higley Building since 1920 and operating 36 years, will close its wood products unit serving 20 states and Canada. Functions move to Joplin Missouri. Retirements include Robert E. Creel, manager since 1952, and Audrey Stanford, assistant manager since 1974.
Weyerhaeuser Co announces an agreement in principle for sale of Oregon Aqua Foods Inc to Oregon Salmon Development Inc of Portland. The deal, contingent on financing, traces back to Weyerhaeuser’s 1975 acquisition of Oregon Aqua Foods, a leading West Coast salmon ranching operation.
A Montgomery Ward management group completes a two step leveraged buyout of the Chicago retailer from Mobil Corp. The deal pays Mobil 1.6 billion in cash and assumes 2.3 billion in debt. The group then sells WardCredit to General Electric Capital for 1 billion. Ward plans 225 new specialty shops in five years.
Acquisition Corp. an indirect wholly owned subsidiary, begins a cash tender offer for all outstanding Alco Health Services Corp. common stock at 30 per share. The offer, under a merger pact, expires midnight EDT July 22 unless extended.
Americans donated 93.68 billion to philanthropic groups in the latest Giving USA report, up about 6.5 percent from 1986. Individual donors supplied 82 percent of gifts, while inflation and personal income growth hovered near 6 percent.
Ford Motor Co confirms the Romeo Michigan plant will stop making tractors and shift production to Canada England and Belgium with tractor motors in Brazil. The 600 workers will remain employed as the plant converts to engine production ending 72 years of U S tractor manufacturing.
Penwest Ltd intends to sell its Pocatello Idaho malting plant to Anheuser Busch Cos. and weigh sales of its two remaining Great Western Malting units in Los Angeles and Vancouver Washington. The move aims to strengthen Penford Products operations in Cedar Rapids while boosting long term value growth for shareholders. Earnings for the quarter fell to 40 cents per share on 36.1 million dollars in sales, and nine month figures show 1.17 dollars a share on 103.9 million in sales amid higher costs and a shift to value added lines.
Stocks fell amid profit taking after a week of large advances. The Dow lost 9.94 points to 2142.96 as major indexes eased while the dollar rose and rates fell. Trading volume on the NYSE reached 179.88 million shares with mixed results among Eastern Town equities and notable moves in Penwest, Teleconnect, and Middle South Utilities.
Iowa savings and loans posted a 48.7 percent rise in cumulative regulatory capital in the first quarter ending March 31, the largest increase among the Eighth District states. Statesman Bank for Savings FSB expanded after acquiring Waterloo thrifts, closing five northeast Iowa branches to boost profitability. Mortgage lending rose to $140 million, while net new deposits totaled $5 million amid improved economic outlook and stable deposits.
Berry Development Corp announces a 56 acre office park development north of Blairs Ferry Road and west of Rockwell Drive NE to be named Rockwell Center Executive Park. City Council rezoning cleared the way with expected 40 million dollars added tax base and about 2000 jobs. First ten ants expected within days, says President Darrel Berry.
A survey by the International Council of Shopping Centers reports 169 million adults visit shopping centers in the United States each month, reflecting strong consumer activity in retail hubs nationwide.
Midland Transportation of Marshalltown announced its fourth expansion in two years, adding a 10,000 square foot metal building in the 1000 block of 66th Avenue SW to serve nine truck bays. The Cedar Rapids terminal has grown to 40 workers and 23 trucks, with routes to Chicago, Lincoln Nebraska, and nationwide expedited service. General manager is Gregg Mattox. Cedar Rapids terminal manager is Gary Miller.
Partial readable legal notice from Pana area mentions a disciplinary action with a one day period and probable demotion or related procedure. Details are fragmentary but indicate a formal proceeding under local rules and official sequence.
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