Friday, August 06, 1999
TRISTATE BUSINESS SUMMARY
Bad weather causes Ohio Casualty loss
Severe weather, including tornadoes in Cincinnati and Oklahoma City, caused Ohio Casualty Corp. to report a second-quarter operating loss.
The Hamilton-based property and casualty insurer had an operating loss of $12.4 million, or 20 cents a share, vs. operating income of $4.7 million, or 7 cents a share, in 1998's second quarter.
Ohio Casualty said catastrophe losses totaled $23.8 million, making the last quarter the second-worst in the company's history.
But the sale of securities helped Ohio Casualty post second-quarter net income of $96.8 million, or $1.58 a share, up from $10.3 million, or 15 cents a share, in same quarter a year ago. Those sales helped the company realize after-tax capital gains of $110 million, up from capital gains of $5.3 million a year ago.
Hampton Inn chain opens another hotel
Hampton Inn, a national chain that operates seven hotels in Greater Cincinnati, has opened another one, in the Eastgate area.
The 120-room hotel at 858 Eastgate N. Drive includes an outdoor pool, exercise room and meeting space. Room rates range from $61 to $85 a night.
Hampton Inn also operates hotels in downtown Cincinnati, Mason, Fairfield, Sharonville, Blue Ash, Fairfield and Monroe, Ohio.
Federated creates new-business position
Federated Department Stores has promoted one of its executives to a newly created position to oversee new business development at its New York-based Federated Merchandising Group.
The retailer has named Susan Bertelsen Finkelstein as senior vice president/new business development. She will be responsible for implementing new areas of business opportunities, including international sales. Her promotion takes effect Aug. 16.
Ms. Finkelstein, 43, is vice president/special services at Macy's West. She joined Macy's in 1978.
Convergys extends contract with Ameritech
Convergys Corp., the Cincinnati billing and customer services provider, has agreed to provide services to Ameritech Mobile Communications Inc., through September, 2004.
The new contract extends an agreement that went into effect in 1997. Financial terms weren't disclosed.
Convergys also announced that it raised its ownership of Wiztec Solutions Ltd. to 93 percent as a result of its recently concluded tender offer for shares in the cable billing software company.
Convergys offered $25 in cash for each Wiztec share.
GE-Snecma partners get orders worth $150M
The partnership of GE Aircraft Engines and Snecma of France has won engine orders valued at $150 million to power 15 firm and 10 optional Airbus Industrie A318 narrow-body jetliners ordered by Air France.
The agreement launches the CFM56-5B as an alternative power plant for the new A318, the smallest of the Airbus A320 family of jets.
Drug wholesaler buys packaging company
Dublin, Ohio-based Cardinal Health Inc., the second-largest U.S. drug wholesaler, Thursday said it would buy Automatic Liquid Packaging Inc. for about $390 million in stock, adding a company that packages medicines for drug makers such as Pharmacia & Upjohn Inc. and Pfizer Inc.
Cinergy defends wholesaler cutoffs
Retailers doing best in decade
Dillard's guards McAlpin's sales figures
Kendle stock takes a fall
IPO to test success of Windows alternative
Nike plans shoe line for auto racing fans
Travel agents hit online ticket sales
TRISTATE BUSINESS SUMMARY
INDUSTRY NOTES: MANUFACTURING
PEOPLE ON THE MOVE
TRISTATE MARKET SPOTLIGHT