Thursday, June 17, 1999
TRISTATE BUSINESS SUMMARY
Convergy Corp. acquires Technology Applications
In a move to tap the exploding Internet access market, Convergy Corp. said Wednesday it acquired a leading St. Louis company providing customer care and billing software to Internet service providers.
Convergy didn't disclose the purchase price for Technology Applications Inc., which employs 32 and has revenues of $27 million. Convergy shares Wednesday jumped $1.433/4, closing at $20.371/2 on the news.
Begun in 1995, TAI, which has customers in North America, Europe, Africa and Asia, develops support systems such as order entry, provisioning, registration, usage processing and credit card billing for the Internet protocol market.
Comair to fly to S.C. from Chicago, NYC
Comair Inc. is breaking from its tradition of flying to or from the Cincinnati/Northern Kentucky International Airport by adding weekend point-to-point flights from New York and Chicago to Myrtle Beach, S.C.
The Erlanger-based airline serves as a Delta Connection carrier, meaning it feeds passengers from regional cities to the major airline at its Cincinnati hub. Comair also has a hub at the Cincinnati airport, as well as a secondary hub in Orlando, Fla.
Comair spokeswoman Merry Meyer said the added flights don't signal a move for the airline to add more point-to-point service.
“We saw an opportunity to provide travelers (in New York and Chicago) with nonstop jet service to Myrtle Beach,” she said.
Nursing-home company sues Vencor Inc.
A Massachusetts nursing-home company has sued Vencor Inc., accusing the struggling Louisville company of fraud and breach of contract stemming from their business transactions in 1996.
Lenox Healthcare Inc. of Pittsfield, Mass., bought 15 facilities and leased 15 others from Vencor that year.
The federal suit filed early this month accuses Vencor of “intentionally submitting inflated book values” of accounts that were part of the deal and concealing the true values from Lenox.
Lenox is seeking more than $2 million in specific damages along with other yet-to-be-determined amounts and punitive damages.
Libbey increases bid for rival Oneida
Glassware maker Libbey Inc. said Wednesday it has increased its offer to acquire rival Oneida Ltd., the world's largest maker of silverware.
Libbey's offer of $625 million, or $37.50 per share, tops last month's offer of $500 million, or $30 per share.
“Our enhanced proposal represents an unprecedented opportunity to maximize value for Oneida shareholders,” Libbey Chairman John F. Meier said in a statement.
GM extends production of Cavaliers, Sunfires
General Motors Corp. said Tuesday that it will extend production of Chevrolet Cavaliers and Pontiac Sunfires past 2002, improving the job security of 5,200 workers at GM's Lordstown assembly plant in northeast Ohio.
GM spokesman Kyle Johnson in Detroit confirmed newspaper reports Tuesday that the company was not ready to replace the two small cars. The Plain Dealer of Cleveland and the Tribune-Chronicle of Warren reported that the production extension is likely through 2004, but Mr. Johnson would not confirm that.
5/3 makes its biggest acquisition
Brewery plans fiscal rehab
CEO sees plenty of room for growth
COMMERCIAL REAL ESTATE PROJECTS
Delta may have to build center
GE cleaning up in Paris
GE sells engines to Embraer
Government 'light hand' working fine, Gates says
INDUSTRY NOTES: MEDIA & MARKETING
INDUSTRY NOTES: REAL ESTATE
Inflation chatter inflated or real?
Midland stock volatile
P&G set to export area jobs
Public gives gambling 3 cherries
TRISTATE BUSINESS SUMMARY
TRISTATE BUSINESS SUMMARY
TRISTATE MARKET SPOTLIGHT
Updated 'lemon law' in effect in 90 days
