Saturday, June 10, 2000

Tristate Business Summary


Machine-tool alliance formed

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        Cincinnati Machine and DS Technologie GmbH of Germany have formed a joint venture to offer machine-tool product lines to North American companies.

        Called Cincinnati DST, the joint venture will give the two companies a leading share of the North American market. It will handle sales and service for DST's lines, and also provide rebuilding and retrofitting services for Cincinnati Machine products.

        Cincinnati Machine was formed from the former machine-tool business of Cincinnati Milacron.

Lowe's changes mind on financing
        Lowe's, the nation's second-largest home improvement firm, is backing out of a financing deal with the Toledo-Lucas County Port Authority for a $75 million distribution center, but the project is still planned.

        Out-of-state building companies used by Lowe's didn't want to be tied to state requirements that all workers on the project be paid prevailing wages, said Jerry Arkebauer, a port authority executive.

        Prevailing wages are set on public building projects under state law to reflect wages paid to skilled union workers on a county-by-county basis.

        Lowe's pulled the plug May 31 on the $75 million financing package being offered by the Toledo-based port authority, The (Toledo) Blade reported.

        The deal would have saved the company $1.3 million in sales tax on building materials.

Safelite files for Chapter 11
        Columbus-based Safe- lite Glass Corp. filed a petition for protection under Chapter 11 of federal bankruptcy law in U.S. Bankruptcy Court in Wilmington, Del., on Friday.

        The automotive-glass replacement and repair company listed in the petition assets of $559.2 million and liabilities of $591.4 million.

        According to the Chapter 11 petition, Safelite Glass has hired financial advisers The Blackstone Group LP and Deloitte & Touche LLP to provide assistance during its bankruptcy proceedings.

        — From staff and wire reports

       



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