Thursday, September 06, 2001
Tristate Summary
General Cable to trim business
Highland Heights-based General Cable Corp. Wednesday said it plans to exit the building wire business and is closing an electrical cordset plant.
The company said it would generate about $120 million in proceeds from the planned sale of its building wire business to privately held Southwire Co. of Carrollton, Ga. The building wire business, which generated sales last year of $457 million, employs 640 at plants in Watkinsville, Ga., and Kingman, Ariz.
Separately, General Cable said it is closing its Montoursville, Pa., cordset plant, which employed 319 and had sales last year of $80 million.
Audit ordered for investment firm
A Hamilton County judge has ordered an audit of Guardian Investments, an Erlanger company that raised at least $4.5 million from buyers of unsecured promissory notes not registered in Ohio.
The audit ordered by Common Pleas Court Judge Robert Ruehlman accompanied a preliminary injunction issued against George J. Fiorini II and The Fiorini Agency, both of Cincinnati, and Guardian.
The Ohio Division of Securities said Mr. Fiorini's “10 Percent Plus Income Plan” was advertised as a low-risk investment opportunity but was part of a fraudulent scheme. Some of the plan's investors were instead sold the high-risk, unsecured Guardian IOUs.
Finan joins insurer's board
Ohio Senate President Richard Finan, R-Evendale, has been named to the board at Union Central Life Insurance Co.
Mr. Finan, who represents the 7th district, was first elected to the senate in 1978.
Union Central, with $5.5 billion in assets, is one of the nation's largest mutual life insurance companies and was founded in Cincinnati in 1867.
— From staff reports
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P&G bets on newer Pampers
Unilever settlement talks continue in N.Y.
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Space, defense keys for Boeing
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