From wire reports

State Farm posts $2.8B loss in 2002

BLOOMINGTON, Ill. - Underwriting losses and a sluggish stock market combined to produce a $2.8 billion net loss at State Farm in 2002, the second straight year in the red for the nation's largest insurance company.

Despite the loss, the company saw the results as "encouraging" after a $5 billion net loss in 2001, the worst in its 80-year history, said State Farm spokesman Dick Luedke.

Mattel combines girls, boys divisions

EL SEGUNDO, Calif. - Mattel Inc., maker of Barbie and Hot Wheels, announced Friday that it will combine its girls and boys units and cut 10 executive positions, or about 5 percent of its managerial staff.

The toy maker is consolidating the units into a global division called Mattel Brands in order to eliminate duplication and foster "an environment of best practice sharing," Mattel chairman Robert A. Eckert said.

Ocean Spray rejects Northland offer

BOSTON - No. 1 cranberry juice maker Ocean Spray on Friday rejected an $800 million offer for its juice business from Northland Cranberries Inc., accusing its smaller rival of trying to sow dissension among the 900 growers who own the Ocean Spray cooperative.

Northland's CEO, John Swendrowski, vehemently denied that, calling the offer good for Ocean Spray's shareholders by helping their brand compete with those backed by Coca-Cola Co. and PepsiCo Inc.

But the decision by Ocean Spray's board, which has repeatedly signaled its opposition to a sale, could heighten tensions at the cooperative's annual grower's meeting next week in Chicago, where a group of shareholders will push to replace the current board with a slate that would view a sale more favorably.