Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, April 2, 1993 TAG: 9304020399
SECTION: BUSINESS PAGE: A-7 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
IN BUSINESS
NationsBank details MNC buyout termsNationsBank Corp. said Thursday it will pay 50.1 percent of the purchase price for MNC Financial Inc. of Baltimore in NationsBank common stock and 49.9 percent in cash. The acquisition will be structured as a "cash election" merger, in which holders of MNC common stock can opt to receive stock or cash in exchange for their MNC shares.
The total purchase price will be $1.36 billion. Completion of the merger is expected in the second half of 1993. - Staff report
Federal-Mogul to sell British bearings unit
Federal-Mogul Corp., Southfield, Mich.-based operator of an engine bearings plant in Blacksburg, said Thursday it has agreed to sell the assets and business of its subsidiary, Westwind Air Bearings Ltd., in England and its operations in the United States and Japan for about $17 million and a 20 percent equity in the new Westwind operating company.
Westwind's management and funds managed by Kleinwort Benson Development Capital Ltd. will own 80 percent of the newly formed company, which will run the air bearing spindle business. The deal is expected to close during the second quarter.
Westwind is the leading producer of air bearing spindles in the world. It reported 1992 sales of $15 million and employs about 200. KBDC is part of the Kleinwort Benson Group, an investment banking group based in London. - Staff report
Briefly . . .
\ Hoechst Celanese Corp., Somerville, N.J., operator of a cigarette filter fibers plant at Narrows, and Heron Inc. of Charlotte, N.C., are fielding a new player in the U.S. contract computer programmer market. Osprey Systems Inc., the new Charlotte-based company, is 100 percent owned by Heron, a project management and consulting firm that will provide Hoechst Celanese with applications programmers, analysts, technical writers and data-base designers. No full-time Hoechst Celanese jobs are affected by the arrangement.
\ United Dominion Realty Trust Inc., Richmond owner of apartments and industrial property in Roanoke and Salem, said Thursday it has bought Dover Village Apartments in Orlando, Fla., for $9.3 million from Century Properties Fund XVII, a California Limited Partnership. Dover Village is a 296-unit garden and town-house community on 30 acres.
\ Norfolk Southern Corp. and Consolidated Rail Corp. (Conrail) on Thursday launched Triple Crown Services Co., a truck-rail joint venture based at Fort Wayne, Ind. Formerly a NS subsidiary, Triple Crown was formed to compete for truckload business. The joint venture with Conrail extends Triple Crown Services' geographic coverage into the Northeast.
\ The Roanoke Times & World-News on Thursday implemented a 4.6 percent increase in its home-delivery subscription rates. The price for a seven-day subscription paid directly to the newspaper's office rose from $9.75 to $10.20 per month. It is the first such increase since 1989, said circulation director Helen A. Burnett. For more information, subscribers can call the customer service department at 981-3211 or (800) 346-1234, ext. 211.