ROANOKE TIMES
Copyright (c) 1997, Roanoke Times
DATE: Friday, January 24, 1997 TAG: 9701240058
SECTION: BUSINESS PAGE: A-8 EDITION: METRO
No more laptops for Texas Instruments
DALLAS - Texas Instruments Inc. shed its money-losing notebook-computer business Thursday to focus on making microprocessor chips, ending an ill-fated bid to dominate one of the fastest-growing segments of the computer industry.
The sale to Taiwan's Acer Group came as Texas Instruments reported a $29 million loss in the fourth quarter, partly because of its laptop computer woes. The purchase price was not disclosed.
Texas Instruments stock soared 14 percent on the news, to $72.621/2 on the New York Stock Exchange, as investors applauded the decision to concentrate on the more lucrative chip business.
Some layoffs will result, although many employees are expected to transfer to Acer. TI has 680 people working in notebooks, with about 450 at its main factory in Temple.
-Associated Press
Tobacco lobbyist implicates governor
JACKSON, Miss. - A Philip Morris Cos. lobbyist asked the Mississippi governor's office for help in stopping a state lawsuit against the tobacco industry, according to the lobbyist's sworn testimony.
A spokesman for Gov. Kirk Fordice said Fordice already was opposed to the suit when Henry Turner of Atlanta, regional director of governmental affairs for Philip Morris' tobacco business, called last year. He denied the industry had influenced the governor to act.
But Attorney General Mike Moore, who is pressing the $940 million suit against tobacco companies, claims the lobbyist's testimony confirms collaboration between the governor and the industry.
Fordice on Feb. 16, 1996, asked the Mississippi Supreme Court to block the lawsuit by Moore that seeks reimbursement for taxpayer money used to treat smoking-related illnesses. The tobacco industry filed a similar petition days later. The case is pending.
-Associated Press
Ford won't replace retiring executive
DETROIT - Ford Motor Co. will eliminate an executive position when the head of its highly profitable Ford Credit finance arm steps down.
Bill Odom, 61, chairman and chief executive officer of Ford Credit, will retire March 1. Odom's boss, Ken Whipple, will assume his duties. Edsel Ford II will continue in the No.2 position as Ford Credit president and chief operating officer.
Ford disclosed the changes Thursday, saying Odom's retirement provides an opportunity to shed a management layer for a leaner organization.
-Knight-Ridder/Tribune
Briefly
* Patrick Henry National Bank will open its sixth office Jan. 31 in Eden, N.C. Don Powell, a vice president of the Henry County-based bank, will manage the new branch.
* Thirty-year fixed-rate mortgages averaged 7.85 percent this week, down from 7.87 percent last week and the lowest since 7.85 percent Jan. 9, according to a national survey released Thursday by the Federal Home Loan Mortgage Corp. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.57 percent, unchanged. Fifteen-year mortgages averaged 7.35 percent, down from 7.38 percent.
LENGTH: Medium: 65 linesby CNB