Tuesday, January 19, 1999
TRISTATE BUSINESS SUMMARY
Some Jan. Cinergy bills to be based on estimates
Some 94,000 electric and gas customers of Cinergy Corp. in the Cincinnati area will receive estimated bills this month because severe weather prevented meter readers from completing their normal routes.
A Cinergy spokesman said the number of estimated bills represented about 25 percent of the meters normally read the week of Jan. 1-7. Cinergy said the estimates are based on past usage patterns and weather data. The estimates are reconciled with actual usage after the next meter reading. Customers will questions should contact Cinergy's customer service center at 421-9500 or (800) 544-6900.
Research company buys allergy/asthma center
Hill Top Research Inc., a Cincinnati-based clinical researcher and consumer-products tester, has acquired Allergy & Asthma Centers of Charleston — a South Carolina research center with $1.8 million in annual revenue.
The acquisition gives Hill Top 22 company-owned research centers and its first dedicated to asthma and allergy research.
Ashland files statement for $220M in notes
Covington-based Ashland Inc. has filed a shelf registration statement with the Securities and Exchange Commission for up to $220 million in medium-term notes maturing in nine months.
The specialty chemical and automotive products manufacturer said the proceeds from any offerings would be used for general corporate purposes including acquisitions and debt refinancing.
The new shelf statement, coupled with an existing filing, means Ashland can raise up to $600 million in debt and/or equity securities.
Seagram names execs for overseas operations
Seagram Co., the beverage and entertainment company that owns a distillery in Lawrenceburg, Ind., named new executives to run its wine and liquor business in Europe, Africa and Asia as part of a restructuring to counter slower sales that is moving top management to New York.
Anthony Froggatt was named president of Seagram's Europe and Africa spirits business, effective Feb. 1. Winston Mah will become president and chief operating officer of Seagram's Asia Pacific spirits division on July 1.
Ramesh Vangal, currently president of that business, will remain chairman through June 2000.
Montreal-based Seagram is revamping its slow-growing spirits business, which accounts for about 45 percent of its revenue, as it also expands its entertainment business.
The spirits division has been hurt by declining liquor sales in Asia.
OfficeMax and IBM pair up for experiment
OfficeMax Inc. of Cleveland, the No. 3 office-supply chain in the United States, said it agreed to run a test program in six cities to sell only computers and related products made by International Business Machines Corp.
OfficeMax will open special departments to display the IBM merchandise and phase out sales of all other computer products in the six cities. IBM will operate three of the departments under license, while OfficeMax will run the other three with IBM-trained staff. OfficeMax said it won't announce the cities until the program starts this spring.
“This new relationship with IBM will enable us to better serve our small and medium-sized business customers as well as higher-end consumers and home-office users,” said OfficeMax Chairman and Chief Executive Michael Feuer.
OfficeMax expects the venture to help it sell more computers and may extend it to all the company's 832 stores during the next 12 to 18 months. It said every IBM department will be located near the front of an OfficeMax store.
AtHome to buy Excite
Check-cashing fees take hold
Super Bowl could be super bust for host cities
Retail key: Make your own mark
Electronics, home items tops for '99
Betts bought for $165M
UAW struggling to keep plant alive
INDUSTRY NOTES: BANKING
TRISTATE BUSINESS SUMMARY
