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Newspaper
Syracuse Herald Journal
Location
Syracuse, New York, United States of America
Date
Mar 28, 2000
Page
11
Penn Traffic, parent company of P C Foods, reports fourth quarter loss with slightly negative same-store sales. Chief executive officer Joseph V. Fisher notes ongoing pressure as the company posts an annual setback and restructures amid challenging retail conditions.
Niagara Bancorp, owner of Lockport Savings Bank, plans to acquire Iroquois Bancorp the Cayuga Bank parent for 80.3 million dollars. Cayuga Bank will keep its name and Homestead Savings will be merged into or folded into Cayuga. The deal covers Cayuga Oswego and Oneida counties and aims for completion in the fall after approvals.
John J Kennedy joins Higbee Inc in Syracuse as manufacturing manager for gasket and sealing product production. Michael E Grome becomes director of sales and marketing. Greg Wrona named vice president and director of finance and human resources. Osborne named branch manager at Oneida Savings Bank for Cazenovia office. Buckman named assistant director of market research at University Hospital Upstate Medical University. Mulvaney joins Konrad Associates in Syracuse as life insurance agent. Susan Roya
Investors in Bennett Funding Trusts face a partial payout, varying by holdings, as trustees and lawyers outline the plan amid a long class action. Critics branded the deal as inadequate while noting coverage gaps and disputed insurance claims.
Marquardt Switches Inc opens a Detroit office to pursue automotive switch work for DaimlerChrysler and Ford, aiming to expand the Nelson plant in Madison County. The Nelson site, with 275 employees, has grown strongly since 1995, and the parent company plans near customer localization for U.S. auto makers.
Barron’s last week listed Applied Theory Corp among about 290 publicly held Internet startups that may run out of money. The company disputes the ranking, noting it split short and long term investments, and says Barron’s misrepresented its finances.
Univera Healthcare asks state regulators for a further 15 percent rise in prescription drug riders effective May 1, adding to a 34.5 percent increase granted earlier this year. The proposal targets 62,733 Central New York members and Utica area residents, with hearings set for April 6 at Baldwinsville Library and comments welcome by mail.
Friendly Ice Cream Corp plans to shut about 80 underperforming restaurants immediately and 70 more over two years. Central New York locations in North Syracuse and Fingerlakes Mall near Auburn closed, while another Auburn unit remains open. Company aims to bolster core business and reduce administrative staff as revenues rose to 8709 million in 1999.
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