THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Tuesday, November 5, 1996 TAG: 9611050270
SECTION: BUSINESS PAGE: D3 EDITION: FINAL
LENGTH: 93 lines
Huntsman Corp. plans to acquire Amoco Corp.'s polystyrene business, making Huntsman the largest maker of the plastic in North America. Polystyrene is used to make a variety of goods including television and computer casings, household appliances, auto parts and packaging products. Huntsman didn't disclose terms in announcing the deal Thursday. Amoco's polystyrene business had revenue of $120 million last year. The business includes two plants in Joliet and Willow Springs, Ill. The deal is expected to close by the end of this month. Huntsman, based in Salt Lake City, is the world's largest privately held chemical company, with annual revenue of $4.3 billion. The company has operations in Chesapeake. (Staff) ValuJet reshuffles top management
In a reshuffling of senior management, ValuJet Airlines Chairman Robert Priddy on Monday turned over the reigns of the discount carrier to concentrate on running its holding company. Lewis Jordan will take over Priddy's duties as ValuJet Airlines chairman. He retains his title as president and chief operating officer of the holding company, ValuJet Inc. D. Joseph Corr, a former chairman of Continental Airlines, will become president and chief executive officer of the airline. Previously, Priddy held the title of CEO and Jordan was president of the airline. ``These organizational changes add significant strength to an already strong airline team and facilitate development of other holding company interests,,'' said Priddy. (AP) Approved Financial Corp. reports record earnings
Approved Financial Corp. reported net income for the three month period ended Sept. 30 of $769,614 an increase of 70 percent from $452,895 for the same period last year. The associated net income per share amounts are $0.57 for 1996 and $0.35 for 1995 on fully diluted shares of 1.34 million and 1.28 million respectively after adjusting for the 1996 2:1 stock split. Net income for the nine months ended Sept. 30, was $2 million up 82 percent from $1.1 million for the same period last year. The associated net income per share amounts are $1.55 in 1996 and $0.83 in 1995 on fully diluted shares of 1.32 million and 1.30 million shares respectively. (Staff) GM plants back to work at most locations
General Motors Corp. this week begins the long effort to make up light-truck production lost in last week's strike-related plant shutdowns, which crippled U.S. assembly of its most profitable vehicles. All four truck plants idled because of a United Auto Workers strike at GM's Indianapolis metal-stamping plant will be back to normal operation by Thursday, the automaker said. By Monday, nearly all of GM's plants slowed or idled by last month's Canadian Auto Workers strike were back at full operation. That strike shut down GM's Canadian operations and forced the layoffs of more than 25,000 workers at dozens of U.S. and Mexican plants. Analysts say it could be late winter or spring before GM recoups most of the lost production. (AP) Airline industry chiefs predicts risinf fares
Rising fuel prices are forcing the world's airlines to plan higher air fares, industry chiefs said Monday. Lufthansa Chairman Juergen Weber said the German airline already has put a fuel-price surcharge on cargo shipments and plans to raise passenger fares. Otto Loepfe, president of Swissair, said Switzerland's flag carrier also was raising cargo rates and was looking at increases in passenger fares. KLM Royal Dutch Airlines imposed a fuel-price surcharge starting Nov. 1. Weber, chairman of the International Air Transport Association, and Loepfe, its president, spoke at the annual meeting of the 254-airline association. (AP) France Telecom: No plan to boost Sprint stake
France Telecom dismissed press speculation that it and Deutsche Telekom might want to boost their stake in Global One partner Sprint Corp. after British Telecommunications Plc announced it will acquire MCI Communications Corp. The two national telecommunications operators each hold a 10 percent stake in Sprint. The three companies formed Global One, an international telecommunications provider expected to have up to $1 billion in sales in its first year, in January. (Bloomberg Business News) Invesco gives $1.6 billion for Aim Management
Invesco Plc said it will buy Aim Management Group Inc. for $1.6 billion in stock and cash, creating the world's 12th biggest fund manager, with almost $150 billion in assets. Invesco said it plans to issue about $1.1 billion in stock and pay $500 million in cash to 60 members of Aim's senior management and Boston-based TA Associates, which owns about 30 percent of Aim. Aim shareholders will own about 45 percent of the new company, Amvesco Plc, once the transaction is completed, the companies said. (Bloom) SCC hearing
The State Corporation Commission scheduled a hearing for April 10, 1997, to consider Virginia Natural Gas' request for a $13.9 million rate increase. The rate hike, which went into effect Oct. 25 subject to a possible refund, amounts to 8.25 percent. The hearing will be held at 10 a.m. in the second-floor courtroom of the commission's headquarters in the Tyler Building, 1300 E. Main St., Richmond. Those wishing to speak at the hearing should arrive by 9:45 a.m. and sign in with the commission's bailiff. (Staff) by CNB