Tuesday, October 21, 2003

Tristate Summary



Convergys has Fifth Third deal

Convergys Corp. has signed a five-year agreement to provide human resource and payroll administration for Fifth Third Bancorp.

Financial terms weren't disclosed. Convergys will provide Fifth Third with payroll processing, compensation and benefits administration, time and attendance management, recruitment technology and a self-service Web portal. The agreement is the latest in a series of human-resource outsourcing agreements announced by Convergys, the billing and customer care provider.

P&G buys small detergent brands

Procter & Gamble Co. has purchased several smaller detergent brands from competitor Colgate-Palmolive Co. The brands are sold in France, Denmark, Italy and Sweden.

The companies did not reveal a purchase price. The deal does not include the transfer of any employees or manufacturing plants.

Colgate said it wanted to concentrate on its oral care business, where it is P&G's biggest competitor. The deal should help P&G expand its laundry offerings in the mid-tier price range in Europe.

Hillenbrand closes purchase

Hillenbrand Industries Inc. in Batesville, Ind., has completed its previously announced purchase of Advanced Respiratory Inc., St. Paul, Minn., a developer of the Vest airway clearance therapy system, for $83 million in cash.

The purchase includes up to $20 million in additional payments if the company achieves certain revenue targets. The business will become part of a new clinical division within Hillenbrand's Hill-Rom unit to provide non-invasive therapy products.

- Staff reports




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