Friday, December 03, 1999

TRISTATE BUSINESS SUMMARY


Duramed gets OK for its generic drug

        Duramed Pharmaceuticals Inc. said Thursday that it has received regulatory approval for a generic version of the female hormone drug Provera, which, combined with sales of existing generic equivalents, posted $122 million in sales last year.

        Provera is one of the most widely prescribed treatments for secondary amenorrhea — abnormal absence of menstruation — and uterine bleeding due to hormonal imbalance, Pleasant Ridge-based Duramed said.

        Duramed will add its medroxyprogesterone acetate tablets to the list of generic equivalents of Provera after receiving U.S. Food and Drug Administration approval for the drug.

Formica Corp. here has new president
        Joseph Gonnella, former senior vice president at Engelhard Corp., has been named president of Formica Corp.'s North American operations based in Evendale.

        “Joe has a strong background in management and operations and an excellent record in manufacturing, product development, marketing and new business initiatives,” said Vincent Langone, president and CEO of the parent Formica Corp. in Warren, N.J.

        Before joining Engelhard, Mr. Gonnella was president of Amcast Automotive Products Group, vice president of operations for Interamerican Trade Corp. and held several executive posts at General Motors Corp.

Minnesota lottery extends Interlott deal
        The Minnesota State Lottery has extended its contract for the use of Interlott Technologies Inc.'s instant lottery machines.

        The contract extension with Blue Ash-based Interlott is now in effect and runs through Nov. 30, 2001. Interlott's original agreement with the Minnesota Lottery was awarded in November 1996.

        Interlott has contracts with 23 of the 32 states using instant lottery machines.

P&G closing shampoo plant in Indonesia
        Procter & Gamble said it will close a hair-care plant in Indonesia in July, eliminating 240 of 700 jobs at the plant.

        The Cincinnati-based consumer-products giant said in a statement that competition and the rising cost of shampoo production forced the company to abandon the plant.

        Indonesia has been gripped by a prolonged economic recession that resulted in the economy shrinking by 13.7 percent last year.

Multi-Color buys back 52,500 shares
        Multi-Color Corp., the Cincinnati-based label printing company, has completed a previously announced redemption and conversion of its outstanding preferred stock.

        The move eliminates an annual dividend obligation of $272,000 and will give shareholders a clearer picture of the company's earnings capability, officials said.

        About 52,500 outstanding shares of Series A Preferred were redeemed for $54 a share for a total of $2.8 million.

        The 11,918 outstanding shares of Series B Preferred were converted to 119,180 shares of common, at a ratio of 10 shares of common for each preferred share.

       



Citibank arm buys F&W
Western-Southern to buy 2 firms
Internet start-up secures $6 million
Web site aids disabled
Medicare HMO lays off 43; user choices cut
Hospitals prescribe plan
Warm weather cools sales
- TRISTATE BUSINESS SUMMARY
Change in the air at Delta, Comair
INDUSTRY NOTES: MANUFACTURING
PEOPLE ON THE MOVE
TRISTATE MARKET SPOTLIGHT