Friday, October 06, 2000
Tristate Business Summary
Owens Corning in bankruptcy
Owens Corning filed for bankruptcy protection Thursday after it ran out of options to pay asbestos lawsuit claims that could reach $7 billion.
The supplier of building and industrial materials estimated that it has paid or agreed to pay $5 billion. It faces about $2 billion more in asbestos payouts even though it stopped selling insulation that contained asbestos more than 25 years ago.
Toledo-based Owens Corning, probably most familiar for its Pink Panther mascot, has paid money to 440,000 people who said asbestos made them ill.
Asbestos payments this year will reach $600 million — more than Owens Corning expects to get in sales from its building products.
Two promoted at Cinergy Corp.
Cinergy Corp. has elected Lisa D. Gamblin vice president and treasurer and Wendy L. Aumiller assistant treasurer.
Ms. Gamblin succeeds Andrew M. Turk, who has left the company. She is vice president and chief financial officer of Cinergy's energy delivery business. Ms. Aumiller is general manager of electric generation financial planning.
Scripps to buy Ky. newspaper
The E.W. Scripps Co. added to its stable of daily newspapers Thursday by agreeing to buy the Gleaner, a Henderson, Ky., daily, from Belo Corp.
The Gleaner, which does not publish Mondays, circulates 11,000 daily papers and 13,000 Sundays. The newspaper will be the 21st daily newspaper owned by the Cincinnati-based media company. The transaction must be approved by the Federal Trade Commission, said Tim Stautberg, vice president-communications for Scripps. Terms were not disclosed.
— From staff
and wire reports
Hamilton cutback will cost 350 jobs
Office shutdown puts strain on city
Papermaking big part of Hamilton's history
Airline delays worsen, but Delta fares better
Buyers flock to discounts
Redox adds brand
Corning plans to expand Precision Lens unit again
Frost & Jacobs to join with Louisville law firm
Industry notes: Manufacturing
Recalled tire used as spare
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