Saturday, July 29, 2000

Tristate Business Summary




The Cincinnati Enquirer

Local insurer's profits decline
        Legal costs involving two of its businesses caused American Financial Group Inc. to post a 60 percent decline in second-quarter profits.

        The Cincinnati-based property and casualty insurer had net income of $16.3 million, or 28 cents a share, down from $41.3 million, or 68 cents a share, during 1999's second quarter.

Zender selling BuySuite system
        Zender Electronic Communications Inc. of Walnut Hills has agreed to sell its BuySuite marketplace for office supplies dealers to eCommerce Industries Inc. of McLean, Va.

        No price was disclosed.

        BuySuite is a procurement system for some 500 independent office supplies dealers. ECI2 is a startup that has raised $40 million in venture capital to start a similar exchange. The company has already spent $20 million on acquisitions.

Coachmen sells business assets
        Coachmen Industries Inc., maker of Coachmen and Georgie Boy motor homes, said it sold assets of van-conversion and office-seating businesses and will sell at least four of its six recreational-vehicle dealerships as it focuses on making RVs and modular housing.

        The company didn't say how much it received for assets of the two businesses and didn't disclose details about the dealerships. The two businesses were breaking even at best and along with the dealerships generated about $500,000 in operating costs in this year's first half, the company said.

       



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