Saturday, September 16, 2000

Tristate Business Summary




Elder-Beerman's strategy endorsed

        An investor in Elder-Beerman Stores Corp. who had been pressuring the company to improve its profitability has increased his stake after the retailer adopted several shareholder proposals.

        James Bennett of Stamford, Conn., increased his stake in the Dayton-based department store chain to 8.86 percent from 7.4 percent. Elder-Beerman has announced that it would nominate a new slate of investor-preferred directors and buy back more than 3.3 million shares of its stock.

        In a federal document, Mr. Bennett said the moves by Elder-Beerman “represent positive steps by the company to increase shareholder value.”
       

RPI Graphic doubles space

        RPI Graphic Data Solutions, a Price Hill pre-press and printing firm, dedicated its $3 million expansion Friday, doubling the size of the 31-year-old company.

        RPI expanded into the remaining 25,000 square feet of its building at 1950 Radcliff Drive, and added a new Komori waterless press with a City of Cincinnati Enterprise Zone tax abatement.

        RPI, whose clients include Procter & Gamble, has added 20 jobs, bringing its total employment to 75. Ken Rellar, president, said the company expects to add another 15 to 20 jobs over the next year.
       

Federated files securities sale

        The financing unit of Federated Department Stores Thursday said it has filed to sell $1 billion in asset-backed securities.

        The announcement follows by a month a $500 million common stock buyback authorized by Federated's board. Another repurchase program of $500 million was announced in January.

        Prime Receivables Inc., a Federated subsidiary, will register the securities in advance, so Federated can sell them when it needs the money or in appropriate market conditions. The money will be used for general corporate purposes.

       

— From staff reports

       



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- Tristate Business Summary
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