Wednesday, May 12, 1999
TRISTATE BUSINESS SUMMARY
Auto-parts industry's largest merger completed
Cleveland-based TRW Inc., the world's second-largest maker of automobile air bags, said it completed its $6.5 billion purchase of LucasVarity Plc, enabling TRW to sell entire sections of cars to automakers.
In the largest acquisition ever in the auto-parts industry, TRW purchased all of LucasVarity's outstanding stock. LucasVarity's American depositary receipts, which each represented 10 shares, were to be delisted from the New York Stock Exchange on Tuesday, and its ordinary shares will be taken off the London Stock Exchange today.
Automakers are pushing parts companies to supply entire sections of cars, rather than individual pieces, to lower their assembly costs.
GE Engine Services wins $35M contract
GE Engine Services has won a $35 million contract to maintain, overhaul and repair the Pratt & Whitney JT9-7 engines powering PeaceAir's fleet of five Boeing 747-200 jets. The work under the 10-year agreement will be done at GE Aircraft Engines' overhaul and repair facility in Nantgarw, Wales.
GE Engine Services has been handling the overhaul and repair of PeaceAir's GE CF6-80C2 engines since last year.
Storm losses cut profits for Ohio Casualty Corp.
Catastrophe losses from heavy storms caused Ohio Casualty Corp. to post a 36 percent decline in first-quarter profits.
The Hamilton-based company had net income of $11.3 million, or 36 cents a share, compared with $31.2 million, or 93 cents a share, in 1998's first quarter.
Ohio Casualty also said it expects its second-quarter earnings to be $16.5 million, or 53 cents share, because of losses incurred from tornadoes in the Cincinnati area and Oklahoma City.
headMolded plastics executives
can learn about services
Owners and managers of molded plastics companies in the Cincinnati area are invited to an open house at 2 p.m. today at the Institute of Advanced Manufacturing Sciences (IAMS) in Bond Hill to introduce the services of the Edison Polymer Innovation Corp. (EPIC).
The Akron-based EPIC has been working with IAMS to help plastics manufacturers in Southwest Ohio for more than two years. For example, Willy Tychesen, an EPICS engineer, has established a roundtable among firms to share technical information.
Following a presentation of the resources available through the nonprofit EPIC, there will be a demonstration of Milacron Inc.'s new electric injection-molding machines. For more information contact Rene Wierzbinski, (513) 948-2076.
headNuclear power plant up
and running ahead of time
FirstEnergy Corp. said its Davis-Besse nuclear power plant in Oak Harbor, Ohio, has returned to service three days ahead of schedule, following a maintenance outage.
The 900-megawatt unit, located about 20 miles southeast of Toledo, was taken off-line April 23.
During the outage, plant workers rebuilt a reactor coolant-pump motor, which drives one of four pumps that circulates water to the reactor, the company said.
Akron-based FirstEnergy's electric operating companies — including Toledo Edison, The Illuminating Company, Penn Power and Ohio Edison — serve customers in Ohio and Pennsylvania.
AOL makes deals to put Internet on TV sets
Net access called civil rights issue
IRS reform still isn't a reality
Technology Acquisition sold
PNC launches investment services unit
Gold Star top business
Continental, TWA rated best
TRISTATE BUSINESS SUMMARY
INDUSTRY NOTES: MEDIA & MARKETING
PEOPLE ON THE MOVE
TRISTATE MARKET SPOTLIGHT
