Tuesday, September 19, 2000
GE scores Navy jet contract
GE Aircraft Engines' plant in Lynn, Mass., has won a $385 million Navy contract to supply engines for the F/A 18E/F Super Hornet jets.
GEAE will supply 73 F414-GE-404 engines, inlet devices and spare parts through 2002. The contract also includes an option for 92 additional engines valued at $440 million.
The contract is the latest installment of the Navy's plan to purchase 1,096 of the F414 engines and spares to 548 F/A-18E/F jets. Under earlier contracts, 70 of the F414 engines are in service powering 29 F/A 18E/F jets.
Mead to close Atlanta plant
Dayton, Ohio-based Mead Corp., the top U.S. supplier of school notebooks, said it will close a containerboard plant in Atlanta and fire 90 workers as part of a cost-cutting program.
As a result of the shutdown, Mead said it will take pretax charges of about $4 million to $5 million in the third and fourth quarters. The charges are for severance payments, moving expenses and other shutdown-related costs, Mead said.
Workers losing their jobs will receive severance payments, Mead said. The company has about 16,300 workers, spokeswoman Amber Garwood said.
Great American hires strategist
Great American Insurance Co. has hired Armstrong Laing Group to help integrate financial reporting and management strategy in its different units, the Cincinnati company said. Great American is a unit of American Financial Group Inc. It will use Armstrong Laing's Metify ABM software.
Media firm to buy
Indianapolis-based Emmis Communications Corp., which owns radio and television stations and magazines including Cincinnati Magazine, agreed to buy Denver radio station KALC-FM from Salem Communications Corp. for $98.8 million to expand in Colorado.
The cash transaction, subject to regulatory approvals, is expected to close in January, Emmis said in a statement. It will begin managing the station next month under a special agreement.
From staff and wire reports
Venture capital exceeds $1 billion
Start-up looks for trouble
Tristate's growth to slow
P&G hopes to clean up with tablets
Port authority set to buy Sharonville site
What's the Buzz?
Industry notes: Banking
Nike 'slasher' parody pulled by network
Avon now calling at Sears, Penney's
Cadbury Schweppes snaps up Snapple