Saturday, September 04, 1999

TRISTATE BUSINESS SUMMARY


Cinergy joint venture to install Lafarge power

        A joint venture of Cinergy Corp. has signed a 25-year agreement to install and operate a 5.2-megawatt combined heat and power system at Lafarge Gypsum's new $90 million drywall plant in Silver Grove in Northern Kentucky.

        The Cinergy partnership with Trigen Energy Corp., known as Trigen-Cinergy Solutions, said exhaust heat from the plant's gas turbine will be used to dry the wallboard made at the plant.

        The project is expected to reduce the fuel needed to produce heat and power on the site, thus cutting wallboard costs.

        The Lafarge plant, to open next year, will recycle calcium sulfite from the William H. Zimmer power plant to produce gypsum wallboard. The new plant will have the capacity to produce 900 million square feet of drywall annually.

        The Zimmer plant, across the Ohio River in Moscow, is partly owned by Cinergy.

SaveWell.com to sell health products, services
        Medical Mutual of Ohio has created a subsidiary company and named a chief executive for that company to offer health-related products and services through the Internet.

        SaveWell.com Inc. already sells a program that offers consumers the same discounts that the insurer gets on prescription drugs. It plans to expand the concept to offer discounts on vision care, dental care, alternative medicine and nutritional supplements.

        Ben Zelman, Medical Mutual's vice president of care management, will serve as president and CEO of SaveWell.com.

Discount diaper outlet to open in Kenwood
        Parents tired of paying for high-priced diapers have a new source for discount supplies.

        The Maternity and Diaper Outlet has opened at 7876 Montgomery Road, Kenwood, to sell premium disposable diapers at discount rates. The diapers, sold in cases, have minor irregularities such as misprinted designs or off-center tab fasteners.

        Owner Barbara Schulman, who also runs several maternity clothing outlet stores, said she picked up the concept after seeing other diaper outlet stores springing up in Salt Lake City and Savannah, Ga.

Duramed must amend stock conversion data
        Duramed Pharmaceuticals Inc. said Friday that it will file an amendment to its annual report to the Securities and Exchange Commission to comply with new reporting rules for the conversion of preferred stock to common stock.

        The amendment will show no change in previously reported net losses, stockholders' equity or cash flows, the company said.

        Pleasant Ridge-based Duramed is among a number of companies that have been affected by the new SEC rules and have or will be filing amended reports.

Convergys: Suits over Wiztec offer withdrawn
        Convergys Corp. this week said several shareholder lawsuits filed in Hamilton County Common Pleas Court challenging its tender offer for Wiztec Solutions Ltd. have been voluntarily withdrawn by the plaintiffs.

        The lawsuits challenged the adequacy of Convergys' tender offer for Wiztec, a cable billing software developer in Israel.

        With completion of its most recent tender offer for Wiztec at $25 a share, Convergys controls about 95 percent of Wiztec stock.

       



Nasdaq, DJIA up sharply
PEOPLE ON THE MOVE
Tourism outlasts heat wave
- TRISTATE BUSINESS SUMMARY
Udris to join beer company
Unions take advantage of economic growth
Up-down-up week ends down