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Newspaper
Lawrence Journal World
Location
Lawrence, Kansas, United States of America
Date
May 07, 1999
Page
16
National retailers posted robust April sales for a third straight month, with many beating forecasts and shoppers confident about the economy. Yet shares fell on Wall Street as analysts warned the gains may be cooling and April gains lagged earlier months, signaling potential slower growth ahead.
Great Lakes Chemical Corp. agreed to buy FMC Corp's Process Additives Division for 159 million in cash. The division had 1998 sales of 160 million and includes FMC operations in Manchester England and Nitro West Virginia. The unit makes phosphate ester flame retardants flame retardant fluids lubricant additives and specialty water treatment chemicals for industrial use and desalination. FMC employs about 200 people in Lawrence Chicago.
KC based dry cleaning firm Pride Cleaners is sold to DCI Management Group which runs Delia's Cleaners in California and Arizona. The $50 million deal covers 100 Pride stores across Kansas City Wichita and Oklahoma City employing 850 people. Stores will keep Pride Cleaners name and DCI moves its headquarters from San Jose to Kansas City. DCI now runs about 370 stores with roughly $100 million in sales.
Pillsbury will permanently shut a Lenexa frozen bread plant acquired from HJ Heinz Co. last fall. About 80 workers are affected with an undisclosed severance package and out placement services, as the company also closes a New Jersey plant. Heinz also runs a Lawrence pet food plant employing about 165 people.
Farmland Industries and Cenex Harvest States Cooperatives plan a merger creating an agribusiness group with nearly 20 billion dollars in annual sales. The deal would nearly double Farmland’s size, with meetings in 1999 and a target close by June 1, 2000. Resolutions were approved by both boards, and information sessions will occur next year as members vote.
Federal Reserve Chair Alan Greenspan called the economy’s growth and low inflation phenomenal but warned of imbalances in the expansion. He cited risks from a high stock market, widening trade deficits, and tightening labor markets despite productivity gains that have kept inflation in check.
FCC staff open two day hearing on conditions to protect consumers and competition in the 57 billion SBC Ameritech deal. Lead reviewer Thomas Krattenmaker says merger could eliminate a major rival and curb entry in the 13 state territory. SBC Ameritech defend the merger as efficiency driven and needed for global market role.
Microsoft Corp funds 5 billion into AT&T to co create a pay one bill service over cable lines delivering Internet, email, and phone with interactive TV in three test cities. AT&T also moves to acquire MediaOne Group, drawing regulatory scrutiny and concerns over market power in the high speed Internet era.
The report outlines a service model offering electronic guides and program recording with options from news finance sports and weather providers plus local and long distance phone and Internet links. Lockheed Martin will create a 3.6 billion satellite venture to deliver wireless Internet 370 times faster. BellSouth MindSpring will test faster dial up in Atlanta. AT&T will deploy Windows CE in five million cable boxes and two test cities with other firms handling a third.
As of Thursday close, farm prices show Farmer's Coop South Elevator wheat at 2.43 soybeans 4.48 milo 1.64 corn 1.85. North Elevator wheat 2.48 soybeans 4.48 milo 1.64 corn 1.90. Hog receipts 300 with mixed declines from Wednesday. Kansas feedlot sales report 900 head with 68,960 weekly total and 42 percent previously contracted. Slaughter cattle quotes include steers 64.00 to 62.00 per hundredweight and Holsteins 357.50, with heifers 64.00. nonferrous metals and precious metals quot ed.
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