|
|
|
Business Wire
|
Business New Haven
1/25/1999
By: Kristine Hansen
|
Vion Signs On New CEO
NEW HAVEN - Vion Pharmaceuticals Inc. (NASDAQ:VION) Chairman William Miller announced that Alan Kessman, formerly chairman, president and CEO of Executone Information Systems Inc., will become Vion's new CEO. Former CEO and President John Spears will continue his service in the latter role.
Aetna Plans for
External Review
BLUE BELL, Pa. - Aetna's (NYSE: AET) health-care operation, Aetna U.S. Healthcare, announced plans for an external review procedure for decisions involving coverage for their QPOSa, HMO and USAccess plans. The company already has an internal review, but the new review procedures would allow members to request an external review following completion of the two levels of internal appeals. This new policy would also enable doctors to file a request for external review with permission of the member.
Hubco Plans Purchase
of Bank Branch
HARTFORD - Hubco Inc. (NASDAQ: HUBC) announced it will purchase the Hartford branch of First National Bank, which is the only New England branch of the bank with accounts of $150 million. The sale is planned to take place during the first quarter of 1999. In separate events, First National Bank announced its name had been changed to First International Bank, N.A and that it had forged an alliance with CIGNA Financial Services in order to increase its global presence and to offer increased service to its investor clients.
Citigroup Plans Redemption of
Preferred Stock
NEW YORK - Citigroup Inc. (NYSE: C) announced its plans for cash redemption at $25 per share of its 8.08-percent Cumulative Preferred Stock, Series J. There are presently 200 million shares of the preferred stock outstanding. Citigroup obtained the stock through its 1998 merger with Travelers, which previously received the stock through its merger with Salomon Inc. in 1997. Salomon originally issued the Series J Preferred Stock in 1993.
Trident To Be Acquired
GLENVIEW, Ill. and BROOKFIELD - Illinois Tool Work (NTSE: ITW) and Trident International Inc. (NASDAQ: TRDT) have announced a merger agreement. A subsidiary of ITW will purchase all of the outstanding shares of Trident through a tender offer for $16.50 per share. Trident is involved in ink-jet technology, while Illinois Tool manufactures industrial systems and engineered components.
Cannondale Expects Lower Earnings
BETHEL - Cannondale Corp. (NASDAQ: BIKE) announced that its second-quarter earnings for the period endinh December 26 will be below analysts' estimates. The company says its earnings per share will be about 20 cents, which falls about 15 cents per share below expectations. Earnings were impacted by suppliers' inability to provide adequate numbers of components. This resulted in lower production and shipments for the quarter. The company says that it plans to begin shipping its new motocross motorcycle in the third quarter of calendar 1999, the company's first quarter of fiscal year 2000.
Ace To Purchase
Property Casualty
Ace Ltd. (NYSE: ACL) has announced that it will purchase the property and casualty insurance business from Cigna Corp. (NYSE: CI). Ace will pay $3.45 billion for the deal. Subject to regulatory approval, the transaction is expected to close during the second quarter of this year.
Dianon To Make Acquisition
STRATFORD - Dianon Systems Inc. (NASDAQ: DIAN) announced plans to acquire the assets of KYTO Meridien Diagnostics, LLC for cash and stock. Kyto has locations in New City and Woodbury, N.Y.
Oxford Health Foresees Future Profits
NORWALK - Oxford Health Plans (NASDAQ: OXHP) announced that it has lost fewer members than expected and may become profitable during the latter half of 1999. It also said that it plans to reenter the market for Medicare. Oxford had ceased operations in several states and is now concentrating on its business in New York, Connecticut and New Jersey, the company's original markets.
GE Has Card
for the Euro
STAMFORD - GE Capital, a unit of General Electric (NYSE: GE), has introduced a Euro-based corporate MasterCard to accommodate the new single European currency now used in 11 countries. The program will decrease losses due to currency exchange and also eliminate fees for currency conversion.
World Color Plans Acquistion of Infiniti Graphics
GREENWICH - World Color Press Inc. (NYSE: WRC) announced an agreement to buy Infiniti Graphics Inc. for undisclosed terms. Infiniti, with a printing operation located in Enfield, had 1998 revenues in excess of $20 million. World Color believes that Infiniti will be a good fit with World's other operations in Connecticut and Massachusetts.
Information Management Warns of Lower Results
SHELTON - Information Management Associates Inc. (NASDAQ: IMAA) cautions that its year-end and fourth-quarter results may fall below expectations. The company says that customer delays of purchases as well as increased marketing and sales expenses contributed to the lower results.
|
Go FirstGo PreviousGo
NextGo LastGo
to Index
|
|
