Metaldyne formed from three auto suppliers in Michigan
Three mid sized auto suppliers MascoTech Simpson Industries and Global Metal Technologies merge into Metaldyne led by interim chief Seulette under Heartland Industrial Partners. Metaldyne aims for 2 billion in revenue and 9500 workers at 50 sites as automaker cutbacks ripple through the supply chain. Analysts note the deal faces an unsure future while the industry slows.
MENTIONED IN THIS ARTICLE
Livonia, Mich
Metaldyne
MascoTech Inc
Simpson Industries Inc
Global Metal Technologies Inc
Tim Leuliette
GMT
Solon
Cleveland
Timothy Leultette
Livonia
Mich
MascoTech, Simpson
Global Metal Technologies
Heartland Group to merge three auto parts suppliers into Metaldyne
Detroit Free Press reports Heartland Groupacquires MASCOTECH SIMPSON INDUSTRIES INC and GLOBAL METAL TECHNOLOGIESNC merging into Metaldyne Corp with a $2 billion target for MASCOTECH. The combined group employs about 9,500 worldwide, including 2,400 at 18 Michigan sites Canton Farmington Hills Livonia Royal Oak Warren Detroit.
MENTIONED IN THIS ARTICLE
Heartland Group
Metaldyne Corp Mascotech
Michigan
Canton
Farmington Hills
Livonia
Royal Oak
Warren
Detroit
Simpson Industries Inc
Heartland
Global Metal Technologiesnc
Ads Turn Super Bowl Into A Commercial Film Festival
Advertisers chase fame as Super Bowl XXXV hype reaches epidemic levels with $23 million 30 second spots. EDS mans behind the scenes campaign with cat herders and quirky squirrels while CBS plugs a pregame special.
MENTIONED IN THIS ARTICLE
San Jose
Calif
Baltimore Ravens
New York Giants
CBS
Hollywood
Robert Thompson
Center For the Study of Popular Television
Syracuse University
New York
George Belch
San Diego State University
Belch
Electronic Data Systems Corp
EDS
Ross Perot
American Express
Jerry Seinfeld
Michael J. Fox
Bayer to Pay 14 Million to Settle Medicaid Fraud Claims
Bayer Corp agreed to pay 14 million to the federal government and 45 states to settle claims it caused inflated Medicaid reimbursement claims. The DOJ said Bayer reported inflated drug prices since the early 1990s and offered large discounts on three products to induce doctor purchases. Bayer did not admit liability, noting it sought a social solution and that states may use new pricing data to adjust reimbursements.
MENTIONED IN THIS ARTICLE
Washington
Bayer Corp
Justice Department
Bayer
Department
Koate-Hp
Gamimmune
Paul Kalb
Wall Street Gains as Traders Buy Bargains on Earnings Day
Stocks rise on cautious optimism as tech shares lead with Intel up to 35.48 and Microsoft at 60.56. Dow climbs 71.57 to 10649.81, Nasdaq gains 82.44 to 2840.39, S&P 500 adds 17.50 to 1560.40 amid hopes of lower rates and easing fears from weak earnings. EMC jumps 3.06 to 79.56 after beating expectations.
MENTIONED IN THIS ARTICLE
New York
Wall Street
Dow
Standard & Poor
Federal Reserve
Intel
Microsoft
National City earnings dip in Q4 2000 brief
National City Corp reports fourth quarter earnings of 308 million dollars, 50 cents a share, down about 10 percent from the previous year. For 2000, annual earnings fell 8 percent as interest income slid 1.5 percent to just under 3 billion, while loan losses rose nearly 15 percent to 287 million. The bank closes 69 Loan Zone stores and exits auto leasing, taking a 44 million pretax charge and cutting about 200 jobs. Diebold Inc posts Q4 earnings of 34.9 million dollars, 49 cents a share, on 477 million in sales, versus 1999 results of 35.5 million dollars and 60 cents on 365.9 million in sales.
MENTIONED IN THIS ARTICLE
National City Corp
Cleveland
National City
Wardtn Canton
Ap) Diebold Inc
Also Mentioned on This Page
Seulette
Delphi Automotive Systems Corp
Visteon Corp
U.S
Federal Mogul Corp
Dura Automotive Systems Inc
Michael Losh
General Motors Corp
Eric Goldstein
Detroit Free Press
Chronicle-Telegram
EMH Regional Medical Center
EMH
EMH Regional Healthcare System
Accent
Medicaid
Richard Dickson
Scott & Stringfellow Inc
Richmond
EMC
Diebold
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