Fairfield-based Kroll-O'Gara Co. is continuing its expansion in South America with an agreement to buy an Argentinian investigations and security consulting firm.
Kroll-O'Gara, the international supplier of security services and hardware, said it will pay $6 million in cash and stock for Holder Associates S.A. in Buenos Aires. The company had sales of $3 million and operating profits of $235,000 in the fiscal year ended June 30. Frank Holder, operating manager, will continue in that role after closing of the sale, expected by the end of the year.
Cincinnati banks follow Fed's interest cut
Cincinnati's two largest banks lowered their prime lending rate a quarter of a percentage point Wednesday, a day after the Federal Reserve cut two key interest rates.
Fifth Third and Star lowered the rate they charge their most credit-worthy customers to 7.75 percent from 8 percent. Those banks were joined by KeyCorp, which also cut its prime rate.
The reduction came after the Fed Tuesday lowered by a quarter of a percentage point both the rate banks charge one another on overnight loans and the rate the Fed charges banks for loans.
Bank One Corp. and PNC Bank Corp., both with operations locally, were among other banks that cut their prime rates Tuesday.
Convergys, Lucent team up in telemarketing
Convergys Corp., the telemarketing and customer billing subsidiary of Cincinnati Bell Inc., has signed an 18- month agreement with Lucent Technologies to provide business-to-business telemarketing. Terms of the agreement weren't disclosed, but Convergys said it will provide outbound telemarketing to current and prospective customers of Lucent's PARTNER Advanced Communications Systems and peripherals. Convergys will supplement Lucent's own telemarketing operations.
Environmental trouble dips Multi-Color in red
Cincinnati-based Multi-Color Corp. had a loss of $287,000, or 15 cents a share, for the second quarter ended Sept. 27 after increasing its reserve for a pending environmental settlement in Indiana. The consumer-products label printer said last month that it faced up to $1.3 million in fines and costs from settling record-keeping and environmental-compliance issues at its Scottsburg, Ind., plant.
Multi-Color said Wednesday it has an agreement in principle with the the state of Indiana to settle the matter and increased its environmental reserve by $544,000. It also took a $182,000 accrual in the quarter to settle workers' compensation issues at its now-closed Eastern Avenue plant.
Clear Channel, Jacor to sell off 20 stations
Clear Channel Communications Inc. and Jacor Communications Inc. will sell 20 radio stations as part of Clear Channel's $4.4 billion purchase of Covington-based Jacor.
The companies said the divestiture is to address potential regulatory concerns about overlapping station ownership in five cities. The stations are in Cleveland and Dayton, Ohio; Jacksonville and Tampa-St. Petersburg, Fla.; and Louisville.
Clear Channel said last month it would buy Jacor and form the second-largest U.S. radio chain. The sale almost doubles San Antonio, Texas-based Clear Channel's ownership to 436 radio stations.
