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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jul 14, 1999
Page
8
Cardinal Health Inc. says it has bought Pharmaceutical Packaging Specialties Inc. to expand international packaging, merging PPS with PCI Services of Philadelphia. Terms were not disclosed. A.P.
Lorain based firm Fairless Shopping Center Limited bought the Fairless Drive site for 350000 on June 30. The plan is to renovate and attract tenants including a possible food store while CVS may remain for years. City officials welcome the development and cite untapped local disposable income and HUD notes on the area as under retailed.
Oberlin's Co-op Bookstore says it needs a tenant to stabilize finances after buying 37 West College Street in 1993. With $16,000 monthly mortgage and about 300 members, officials hope to rent the second floor currently occupied by a natural foods store to raise cash and avoid harming downtown foot traffic.
The BFGoodrich Coltec merger faced Rep. Dennis Kucinich concerns over the Cleveland landing gear plant which might close and 650 jobs at risk. Officials said no plant decision yet. The deal includes Crane brake control sensors for bids over 10 years and ends after a prior settlement with AlliedSignal. The merger, reviewed by DoD and FTC, moves Goodrich to Coltec HQ in Charlotte, eliminating 170 Akron jobs.
U.S. stock markets eased as Latin America recovery concerns weighed on investor sentiment. The Dow fell 25.96 to 11175.02, Nasdaq slid 12.21 to 2776.23, and S&P 500 declined 5.54 to 1383.56 amid mixed earnings and weak Latin American exposure. Major banks dropped while Merrill Lynch and Amgen rose on strong reports.
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