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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Mar 08, 1994
Page
20
United States Treasury sold 12.6 billion in three month bills at 3.52 percent and 12.6 billion in six month bills at 3.75 percent. One year bill yields rose to 4.16 percent from 4.01 percent a week earlier per Federal Reserve data.
Stocks closed broadly higher as lower interest rates buoy markets and Martin Marietta agreed to buy Grumman. The Dow rose 23.92 to 3856.22 with Eastern Iowa shares mixed as 24 up, 8 down, 11 unchanged. Strong gains seen in AMR Deere United Technologies and W R Grace amid inflation fears and favorable credit conditions.
Martin Marietta Corp agrees to acquire Grumman Corp for 1.9 billion dollars. The deal ends Grumman independence amid defense industry consolidation as rivals pursue mergers while federal spending tightens.
Martin Marietta plans to buy Grumman Corp for 1.9 billion dollars in a merger of two leading U S defense contractors. The deal follows prior acquisitions and signals ongoing consolidation amid budget cuts.
A Newark distributor, Cooper Distributing Co., won a 9.4 million judgment after jurors found it served as a franchise for Amana appliances, with 2 million more for lost profits linked to P.C. Richard & Son. Amana plans an appeal as Cooper seeks added interest and legal fees.
Rockwell Graphics Systems in Cedar Rapids reached an out of court settlement with Machinists Local 831 after the company agreed to hire a Chicago firm to prepare shipping for a large printing press bound for Australia while paying Cedar Rapids workers as if they performed the work. The union had sought a temporary restraining order to block subcontracting the crating. Union official Joe Ironside said Cedar Rapids shipping and crating are standard and the contract allows subcontracting only if no layoffs occur, noting workers were on layoff status.
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