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Business Wire
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Business New Haven
6/14/99
By: BNH
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CIGNA Expands Investment Management Business
NEW YORK - CIGNA Corp. (NYSE: CI) has named Robert J. Moore president of its new New York-based investment organization created within its CIGNA Investment Management Division. The move is part of the company's strategy to grow its investment-banking business. CIGNA Investment Management has assets of more than $64 billion and provides investment services and products to its customers.
Tridex Inks Pact With Century Data Systems
WESTPORT - Tridex Corp. (NASDAQ: TRDX) announced an agreement with Century Data Systems whereby the latter will represent Tridex's Progressive Software to the food service sector. Progressive software provides back-office and POS management solutions to the restaurant sector. The two companies have already commenced joint marketing efforts to food-service franchisees.
EU OKs UT Acquisition of Sundstrand
BRUSSELS, Belgium - The European Commission announced that it has given regulatory approval for United Technologies Corp.'s (NYSE: UTX) $4.3 billion proposed purchase of Sundstrand Corp. (NYSE: SNS), a supplier of aerospace components. United Technologies' Hamilton Standard division will be renamed Hamilton Sundstrand after Sundstrand has been merged into that division.
Aetna Plans Redemption of Convertible Stock
HARTFORD - Aetna (NYSE: AET) announced plans to redeem on July 19 its 6.25-percent Class C voting preferred stock. Holders of the 11.6 million shares of stock will receive 0.8197 Aetna common stock shares for each shares of redeemed preferred stock. On July 19 a cash dividend, representing accrued dividends, will be paid to all holders of record of the Preferred Stock as of July 8. Redemption of the preferred stock will save Aetna $48 million in annual cash dividends.
CNE Declares Dividend
BRIDGEPORT - Directors of Connecticut Energy Corp. (NYSE: CNE) declared a $0.335 per share dividend for shareholders of record June 18, to be payable June 30. The cash dividend has increased 19 out of the past 20 years and marks the company's 149th year of consecutive cash dividends.
Public Offering for Ames
ROCKY HILL - Ames Department Stores Inc. (NASDAQ: AMES) completed a public offering of 5.1 million shares of its common stock, yielding proceeds of about $187.9 million. Ames now has about 29.1 million shares outstanding of common stock.
TSI Inks Deal With IBM
WILTON - TSI International Software Ltd. (NASDAQ: TSFW) has signed an agreement with IBM Global Business Intelligence whereby IBM will resell TSI's Mercator EAI software along with IBM DecisionEdge products. Through 900 consultants and more than 550 IBM sales personnel to resell the Mercator software to IBM clients around the world, the agreement expands distribution avenues for TSI.
Q2 Results for CUNO
MERIDEN - CUNO Inc. (NASDAQ: CUNO) announced second-quarter sales of $54 million, a five-percent increase over 1998 second-quarter of $51.3 million. The company reported second-quarter net income of $3.3 million (20 cents per diluted share), compared to $4 million (25 cents per share) for the previous year period. Sales for the first six months were up ten percent to $104.7 million, compared to $95.3 million for the first six months of 1998. Net income for the 1999 six-month period was $4.9 million, compared to $6.6 million for the comparable 1998 period.
Firm Chosen to Decomission Millstone No. 1
WATERFORD - Northeast Nuclear Energy Co., a subsidiary of Northeast Utilities (NYSE: NU), has chosen Entergy Nuclear, a subsidiary of Entergy Corp. (NYSE: ETR), to manage the decommissioning of NU's Millstone No. 1. NU decided in 1998 to decommission the plant.
Pitney Bowes & @Work Technologies Sign Distribution Agreement
NEW YORK - Pitney Bowes Inc. (NYSE: PBI) has signed a software distribution pact with New York-based @Work Technologies whereby Pitney Bowes will use its sales access around the world for distribution of WorkOut, an @Work Technologies product. WorkOut has also been incorporated into Pitney Bowes' Digital Document Delivery (D3). The systems provide Internet billing capabilities.
In a separate announcement, Pitney Bowes announced the introduction of its advanced fax machine, Model 2050, which the company says has faster dialing speed and more user-friendly capability for sending faxes to multiple numbers.
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