Saturday, October 4, 2003

Business summary



From wire reports

Steinway closing Indiana plant

Steinway Musical Instruments Inc., the maker of the namesake pianos and Selmer saxophones, will close one of its Elkhart, Ind., plants and eliminate as much as 4.3 percent of its work force, blaming less-expensive imports.

The company's Conn-Selmer unit will close the factory by the second quarter, cutting 100 jobs and moving production to other U.S. sites, Waltham, Mass.-based Steinway said in a statement. Steinway expects $4 million to $5 million in severance and other costs, $3 million of the amount in cash.

Steinway sales fell 5.8 percent last year to $332.3 million as it lost business to Chinese and Taiwanese imports. The company closed a plant in Arizona in August, shedding 90 jobs.

Trucker purchase expected this year

Yellow Corp. executives continue to expect to close the acquisition of trucking rival Roadway Corp. of Akron in December.

Yellow Corp. general counsel Dan Churay said Friday in a conference call for analysts that the companies plan a joint shareholders meeting in early December to vote on Overland Park, Kan.-based Yellow's offer for Roadway.

In July, Yellow said it would buy Roadway for $966 million in cash, shares and debt assumption.

Rail repairer picks Ohio site

American Railcar Industries, which repairs rail equipment, has selected Alliance, Ohio, for a parts-making plant that could employ up to 400.

Alliance Mayor Toni Middleton said the plant will operate in the former American Steel Foundries facility.



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