Friday, April 16, 2004

Tristate business summary



Sale of Hillman Cos. completed

Allied Capital Corp. has completed the previously announced sale of New Burlington-based Hillman Companies Inc. to a unit of Code Hennessy & Simmons LLC for about $510 million. As part of the deal, Allied Capital provided $47.5 million in new subordinated debt financing to Hillman, a leading supplier of fasteners, key blanks and other items to home improvement retailers. With the sale, Hillman's publicly traded trust securities remain outstanding.

Record profit for Midland Co.

Midland Co., the specialty insurer in Amelia, reported record first-quarter profit Thursday. The company said it posted net income of $16.9 million, up 68 percent over the same period last year. The

amount included $3 million in net gains from investments. Revenue rose 13 percent to $190.6 million, mainly on the strength of policy underwriting for manufactured homes.

Chiquita lauded for housing aid

Chiquita Brands International Inc. has been named 2004 Corporate Citizen of the Americas for a home-ownership program in Honduras, the company said Thursday. The award was presented by the Trust for the Americas, a group that confronts poverty and promotes democracy in Latin America. In the project, called Nuevo San Juan, Chiquita subsidizes up to three-quarters of the cost of houses for banana-farm workers, it said.

Aircraft engine order for $350M

GE Aircraft Engines has won a follow-on engine order valued at $350 million from EVA Airways to power eight new Boeing 777 extended range jets. The new order from the Taiwan carrier is in addition to seven of the GE90-powered 777s ordered in 2000. The new 777s, powered by the GE90-115B power plant, are slated for delivery starting next year.

Staff reports




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The Toyota Way
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Delta's finance chief leaving
Home goods major focus at Federated
Real estate booming in ex-communist states
Other banks fare well in 1st quarter
Perry nuclear power plant flagged for minor violations
N.Ky. gets big convention
Tristate business summary
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