THE VIRGINIAN-PILOT
Copyright (c) 1997, Landmark Communications, Inc.
DATE: Friday, January 3, 1997 TAG: 9701030556
SECTION: BUSINESS PAGE: D3 EDITION: FINAL
LENGTH: 63 lines
LCC International Inc. said it has acquired European Technology Partner AS, a Oslo-based provider of network information and quality-of-service systems for wireless operators, for $13.75 million. About $10.45 million of the purchase price has been paid; another $1.4 million will be placed in escrow for two years and $1.9 million will be paid over a three-year period. European Technology had revenue of about $6.5 million in 1996. LCC International, a wireless engineering consulting services company based in Arlington, said costs associated with the purchase would reduce its fourth-quarter financial results by an undetermined amount. (Dow Jones News) Reynolds Metals Co. to sell unit to AmeriMark
Reynolds Metals Co.'s proposed sale of its residential construction products operations in the United States and Canada to AmeriMark Inc. has won antitrust clearance from the Federal Trade Commission. The FTC said AmeriMark, a Raleigh, N.C.-based maker of vinyl and aluminum building products, could proceed with a transaction that was announced Dec. 16. Reynolds Metals last month signed a letter of intent to sell 66 distribution centers. The facilities employ about 900 people. (Bloomberg Business News) 52-week Treasury bills
Interest rates on 52-week Treasury bills rose in Thursday's auction to the highest level since October. The average discount rate was 5.31 percent, up from 5.16 percent at the last auction on Dec. 5. It was the highest rate since 52-week bills averaged 5.34 percent on Oct. 10. The bills will carry an equivalent coupon interest rate of 5.61 percent with each $10,000 in face value selling for $9,463.10. Sales totaled $19.3 billion out of bids of $47.8 billion. (AP) Executive decisions
Signet Banking Corporation's Board of Directors elected Malcolm S. McDonald chairman and chief executive officer and T. Gaylon Layfield III president and chief operating officer effective at year-end 1996. Earlier last year, Wallace B. Millner was named vice chairman in addition to his role as chief financial officer. These promotions complete the management transition resulting from former Chairman Robert M. Freeman's retirement.
Arnold I. Havens has been named vice president-federal affairs for CSX Corp. He succeeds Woodruff M. Price in the post. Havens will be responsible for CSX's government relations at the federal level and will lead the Washington office of CSX.
Ben & Jerry's has scooped up another chief executive, less than two years after hiring a CEO to bring professional management to the ice cream company. Ben & Jerry's Homemade Inc. on Thursday named Perry Odak to the CEO slot. With 27 years of experience selling soap, guns and video games, he replaces Robert Holland Jr.
John M. Trani, the head of General Electric's medical systems business, has been named chief executive and president of The Stanley Works, the company said Thursday. Trani replaces Richard H. Ayers, who had been CEO of the tool and hardware manufacturer for the past decade. In other news . . .
New River Castings, a car parts plant in Radford, has laid off 110 of its 555 workers. Workers at the plant cast metal automobile parts, such as disc brake calipers and power train components.