Wednesday, December 22, 1999
TRISTATE BUSINESS SUMMARY
Bank of Kentucky to buy Fort Thomas Financial
The Bank of Kentucky Financial Corp. agreed Tuesday to acquire the parent of Fort Thomas Savings Bank for about $27.5 million in stock.
The purchase of Fort Thomas Financial Corp. will give the Bank of Kentucky a thrift with two branches in Fort Thomas and Alexandria, assets of $100 million and deposits of $71 million.
Fort Thomas shareholders will receive 0.5645 shares of Bank of Kentucky common stock for each share of Fort Thomas stock. The value to Fort Thomas shareholders would be $18.06 a share.
The Florence-based Bank of Kentucky, with assets of $303 million, has 11 branches in Boone, Kenton and Grant counties.
P&G wins order blocking Swiffer comparison ad
A federal judge has issued a temporary restraining order against S.C. Johnson, prohibiting the company from airing a television commercial that compares its Pledge Grab-It product with Procter & Gamble's Swiffer.
The restraining order, issued Friday, was the result of a lawsuit filed by Cincinnati-based P&G in U.S. District Court in New York less than a week ago.
The lawsuit alleges that the Grab-
It commercial makes false statements about Swiffer, implying its inferiority. P&G's new electrostatic disposable cleaning cloths have posted $200 million in worldwide sales since their introduction this summer.
Durk Jager, P&G's chairman, president and chief executive, said he was pleased with U.S. District Judge Loretta Preska's decision.
S.C. Johnson said it would appeal.
Milacron to sell European extrusion unit
Milacron Inc. has agreed to sell its European plastics-extrusion business to SMS Aktiengesellschaft for about $47 million in cash. The agreement includes operations in Vienna, Austria, and Kawasaki, Japan, employing 325 and having sales of $65 million. SMS, which is majority-owned by German truck maker MAN AG, will operate the business under the name Cincinnati Extrusion Ges.m.b.H.
Milacron said it would retain its faster-growing North American plastics-extrusion-equipment business based in Batavia.
Milacron said it expects an after-tax gain of about $11 million, or 30 cents a share, after the sale is completed. Milacron said it would use proceeds to reduce debt.
Ramp, cargo workers at Delta can vote on union
Ramp and cargo workers at Delta Air Lines Inc. soon will receive ballots for their first-ever union election.
The Transport Workers Union of America (TWU) got approval Tuesday from the National Mediation Board to conduct the election. No date has been set. After ballots are cast, a simple majority would determine whether the group becomes unionized.
According to Delta, there are 11,000 workers eligible to vote. The union says there are 8,500 to 1,000 of them at Cincinnati/Northern Kentucky International Airport.
Delta, based in Atlanta, operates its second-largest hub at the local airport and carries about 93 percent of the passengers. It is the least unionized major U.S. carrier.
The TWU submitted petitions this month to the National Mediation Board. The board certified Tuesday the union had signatures from at least 35 percent of the ramp and cargo workers necessary to proceed to a vote.
The TWU unsuccessfully tried to organize the ramp and cargo workers in 1997. Federal law required the union to wait at least a year before submitting another election petition.
From staff and wire reports
Comair pilots ordered to fly
Rates hike expected early next year
Sears to open urban store
Drive, nerve push 4 firms toward goals
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