From staff and wire reports

Intl. Knife & Saw completes merger

International Knife and Saw Inc. in Erlanger has completed its merger with Simonds Industries Inc., a Fitchburg, Mass., maker of cutting tools.

The new company, called Simonds International Corp., will be based in Fitchburg. As part of the merger, the combined companies have been recapitalized through an exchange of stock among shareholders of Simonds, International Knife and holders of Simonds' 10.25 percent subordinated notes.

The recapitalization eliminated $82.5 million in debt from the company's balance sheet, the companies said in a statement.

Officials of the newly merged companies weren't available for comment.

P&G helps launch 'rent a retiree'

Procter & Gamble Co. is one of two founding members of a new retiree-services company called Your-Encore.

Created by Barnard Associates, an Indianapolis executive advisory organization, YourEncore will recruit retired research and development professionals to provide problem-solving skills to corporations on a short-term basis.

The other founding member is Eli Lilly & Co.

"This is an outstanding way for us to continue to tap the talents of experienced scientists who have made key business-building contributions throughout their careers and are now retired, but still want to contribute,'' said Gil Cloyd, P&G's chief technical officer.

For information go to www.yourencore.com.

Lubrizol to cut 3% of workforce

Cleveland-based Lubrizol Corp. plans to cut 150 jobs, or 3 percent of its 5,200 work force, by the end of the year, saying a rebound in customer demand is uncertain.

The cuts will result in about $15 million in savings starting in 2004, the company said Tuesday.

Lubrizol will take a $13 million restructuring charge in the fourth quarter and said it expects its 2003 earnings to be $1.72 to $1.82 per share including restructuring costs.

Previously, Lubrizol had been expecting earnings of between $2 and $2.10 per share, excluding charges. Analysts surveyed by Thomson First Call are expecting 2003 earnings of $2.09 per share.

Lubrizol will cut about 100 jobs at its Wickliffe headquarters, around 25 to 30 from its manufacturing plants in Deer Park and Bayport, Texas, and about 20 from its plant in Hazelwood, England.