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Newspaper
Syracuse Herald Journal
Location
Syracuse, New York, United States of America
Date
Jan 04, 1983
Page
8
Nestle S A reevaluates its growth strategy as Helmut Maucher leads a lean phase. The two year pruning effort closed or sold 22 plants amid a shift from the 1970s expansion spree of acquisitions. The Vevey based company emphasizes efficiency over rapid expansion.
Nestle plans broad pruning across its 287 factories in more than 50 countries, but Fulton’s candy plant, employing about 1500, is expected to stay intact due to the nature of its products. The overhaul targets unprofitable units amid currency and recession pressures, while focusing on core food and specialty markets.
Heavy selling pushed the dollar to an 11 month low against major currencies with gold edging higher. The yen slid to 229.75 per dollar, the pound weakened to $1.6280 in London, and multiple European currencies fell from recent levels. Gold prices varied across London Zurich and New York, while silver rose slightly. Monarch Machine Tool to idle 40 workers for 3 weeks due to weak demand. New York retailers posted a 4.8 percent December gain, the slowest in seven years. Burlington Northern seeks to outbid El Paso for assets after El Paso plans to dispose of oil and gas holdings.
Investors react to weekly money supply data as a guide to monetary policy. The Fed reported Ml fell 2.4 billion in the week to Dec 22, a small drop that disappointed some analysts who expected a larger decline in cash in circulation and deposits. Long-term bond prices fell as yields rose after the report.
Mayor Latti says he will press political weight to support ADM in the Justice Department antitrust suit over Nabi sco Brands units leasing the Montezuma and Clinton plants. ADM’s Richard Burker notes first court hearing in March as local officials discuss roles. Parmley says county will consider involvement and ADM plans to reopen Montezuma next spring.
Chrysler Corp announced base prices for two 1983 models. The New Yorker front wheel drive luxury sedan will cost 10,950 dollars, while the Dodge Charger high performance model is priced at 8,290 dollars in a company statement.
Norstar Bancorp plans to acquire 67.7 percent of Bank of Commerce stock held by four directors and offer for remaining shares. The $50 million transaction requires approvals from state Banking Department, FDIC and Federal Reserve Board. The NYC bank earned 4.6 million last year and Norstar, based in Albany, operates nine banks in Upstate New York.
The FDIC using new powers has pumped about 175 million into 15 stressed savings banks, led by Bowery Savings at 58.7 million and Emigrant Savings at 28.3 million. Banks face ongoing losses from high long term deposits as interest rates fell, though outlook brightens with aid and rate declines. Savings banks mainly in the Northeast seek further support as FSLIC aid to be launched next February.
Atlantic City nine casinos report rising revenues despite recession with forecasts of 1.4 billion dollars for 1982. Executives praise profits improving and plan expansion including Harrah’s Boardwalk, Hilton and Trump Organization projects as Casino Control relaxes rules. Local leaders predict absorption for several new casinos over four years.
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