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another analyst john c. maxwell jr. of wheat first securities in richmond va. recently went to a sell recommendation on kellogg stock which closed friday at $ N down N cents in new york stock exchange composite trading |
i do n't think kellogg can get back to N N this year he said |
kellogg 's main problem is life style |
people are reading the boxes and deciding they want something that 's healthy for you <unk> bran |
mr. maxwell said he would n't be surprised if over the next two years or so general mills ' share increased to N N or more |
in announcing the plant delay kellogg chairman william e. <unk> said cereal volume growth in the u.s. has not met our expectations for N |
he said construction would n't resume until market conditions warrant it |
kellogg indicated that it has room to grow without adding facilities |
the company has five other u.s. plants including a modern facility at its battle creek headquarters known as building N which is to add <unk> and <unk> capacity next year |
general mills meanwhile finds itself <unk> from boosting sales further because its plants are operating at capacity |
a large plant in <unk> ga. is to come on line next year |
a kellogg officer who asked not to be named said the memphis project was pulled in for a <unk> of costs an indication that the ambitious plans might be scaled back in any future construction |
initial cost estimates for the plant which was to have been built in <unk> ranged from $ N billion to $ N billion |
a company spokesman said it was possible but highly unlikely that the plant might never be built |
as we regain our leadership level where we have been and as we continue to put new products into the marketplace and need additional capacity we will look at <unk> our involvement with our plan he said |
the new facility was to have been the world 's most advanced cereal manufacturing plant and kellogg 's largest construction project |
the company had retained the fluor daniel unit of fluor corp. as general contractor |
but in recent weeks <unk> sources reported that early preparation work was slowing at the <unk> site |
<unk> said they were told that equipment orders would be delayed |
fluor daniel already has <unk> most of its work crew the sources said |
last friday 's announcement was the first official word that the project was in trouble and that the company 's plans for a surge in market share may have been overly optimistic |
until recently kellogg had been telling its sales force and wall street that by N it intended to achieve a N N share of market measured in dollar volume |
although he called current market conditions highly competitive mr. <unk> kellogg 's chairman and chief executive officer forecast an earnings increase for the full year |
last year the company earned $ N million or $ N a share on sales of $ N billion |
as expected kellogg reported lower third-quarter earnings |
net fell N N to $ N million or $ N a share from $ N million or $ N a share |
sales rose N N to $ N billion from $ N billion |
the company had a one-time charge of $ N million in the latest quarter covering the <unk> of certain assets |
the company would n't elaborate citing competitive reasons |
parker <unk> corp. which is selling three automotive replacement parts divisions said it will retain its automotive <unk> and <unk> impact divisions |
the divisions that parker <unk> is retaining were n't mentioned in thursday 's edition |
the following were among friday 's offerings and pricings in the u.s. and non-u.s. capital markets with terms and syndicate manager as compiled by dow jones capital markets report |
sun microsystems inc. $ N million of N N N convertible subordinated debentures due oct. N N priced at N to yield N N |
the debentures are convertible into common stock at $ N a share representing a N N conversion premium over thursday 's closing price |
rated <unk> by moody 's investors service inc. and <unk> by standard & poor 's corp. the issue will be sold through underwriters led by goldman sachs & co |
hertz corp. $ N million of senior notes due nov. N N priced at par to yield N N |
the issue which is <unk> back to the company in N was priced at a spread of N basis points above the treasury 's 10-year note |
rated single-a-3 by moody 's and <unk> by s&p the issue will be sold through underwriters led by merrill lynch capital markets |
canadian imperial bank of commerce canada N billion yen of N N bonds due nov. N N priced at N N to yield N N less full fees via <unk> international ltd |
fees N N |
the singapore and kuala lumpur stock exchanges are bracing for a <unk> separation following <unk> finance minister <unk> <unk> 's long-awaited announcement that the exchanges will <unk> ties |
on friday <unk> <unk> added <unk> to an otherwise <unk> address on malaysia 's proposed budget for N by ordering the kuala lumpur stock exchange to take appropriate action immediately to cut its links with the stock exchange of singapore |
the <unk> of <unk> companies from the singapore exchange may not be a smooth process analysts say |
though the split has long been expected the exchanges are n't fully prepared to go their separate ways |
the finance minister 's order was n't sparked by a single event and does n't indicate a <unk> in relations between the neighboring countries |
rather the two closely linked exchanges have been <unk> apart for some years with a nearly <unk> <unk> on new dual listings separate and different listing requirements <unk> trading and settlement guidelines and <unk> <unk> aims |
quantum chemical corp. 's plant in morris ill. is expected to resume production in early N |
the year was misstated in friday 's editions |
italy 's trade deficit narrowed to N trillion lire $ N billion in september from N trillion lire a year earlier the state statistical office istat said |
the deficit was N billion lire in august |
for the first nine months the trade deficit was N trillion lire compared with N trillion lire in the year-earlier period |
istat said the statistics are provisional and are n't seasonally adjusted |
imports rose N N to N trillion lire in september from a year earlier while exports rose N N to N trillion lire |
in the nine months imports rose N N to N trillion lire while exports grew N N to N trillion lire |
import values are calculated on a cost insurance and freight <unk> basis while exports are accounted for on a <unk> <unk> basis |
as competition <unk> up in spain 's crowded bank market banco exterior de <unk> is seeking to shed its image of a state-owned bank and move into new activities |
under the direction of its new chairman francisco luzon spain 's seventh largest bank is <unk> a tough restructuring that analysts say may be the first step toward the bank 's privatization |
the state-owned industrial holding company <unk> <unk> de <unk> and the bank of spain jointly hold a N N stake in banco exterior |
the government directly owns N N and <unk> a financial services company holds N N |
the rest is listed on spanish stock exchanges |
some analysts are concerned however that banco exterior may have waited too long to diversify from its traditional <unk> activities |
catching up with commercial competitors in retail banking and financial services they argue will be difficult particularly if market conditions turn sour |
if that proves true analysts say banco exterior could be a prime partner or even a takeover target for either a spanish or foreign bank seeking to increase its market share after N when the european community plans to <unk> financial barriers |
with N branches in spain and N banking subsidiaries five branches and N representative offices abroad the banco exterior group has a lot to offer a potential suitor |
mr. luzon and his team however say they are n't interested in a merger |
instead they are working to transform banco exterior into an efficient bank by the end of N |
i want this to be a model of the way a <unk> company should be run mr. luzon says |
banco exterior was created in N to provide subsidized credits for spanish exports |
the market for export financing was <unk> in the mid-1980s however forcing the bank to face competition |
at the same time many of spain 's traditional export markets in latin america and other developing areas faced a sharp decline in economic growth |
as a result the volume of banco exterior 's export credit portfolio plunged from N billion <unk> $ N billion as of dec. N N to its current N billion pesetas |
the other two main <unk> of banco exterior 's traditional business wholesale banking and foreign currency trading also began to <unk> under the weight of heavy competition and changing client needs |
the bank was <unk> in its efforts to face the challenges of a changing market by its links to the government analysts say |
until mr. luzon took the helm last november banco exterior was run by politicians who lacked either the skills or the will to introduce innovative changes |
but mr. luzon has moved swiftly to streamline bureaucracy cut costs increase capital and build up new areas of business |
we 've got a lot to do he acknowledged |
we 've got to move quickly |
in mr. luzon 's first year the bank eliminated N jobs |
now it says it 'll trim another N jobs over the next three to four years |
the bank employs N people in spain and N abroad |
to strengthen its capital base banco exterior this year issued $ N million in subordinated debt launched two rights issues and sold stock held in its treasury to small investors |
the bank is now aggressively marketing retail services at its domestic branches |
last year 's drop in export credit was partially offset by a N N surge in lending to individuals and small and medium-sized companies |
though spain has an excess of banks analysts say the country still has one of the most profitable markets in europe which will aid banco exterior with the tough tasks it faces ahead |
expansion plans also include acquisitions in growing foreign markets |
the bank says it 's interested in purchasing banks in <unk> portugal and puerto rico |
but the bank 's retail activities in latin america are likely to be cut back |
banco exterior was one of the last banks to create a brokerage house before the four spanish stock exchanges <unk> sweeping changes in july |
the late start may be a <unk> for the bank as spain continues to open up its market to foreign competition |
but mr. luzon contends that the experienced team he brought with him from banco <unk> <unk> where he was formerly director general will whip the bank 's capital market division into shape by the end of N |
the bank also says it 'll use its international network to channel investment from london frankfurt zurich and paris into the spanish stock exchanges |
general motors corp. 's general counsel hopes to cut the number of outside law firms the auto maker uses from about N to N within two years |
harry j. pearce named general counsel in may N says the reduction is a cost-cutting measure and an effort to let the no. N auto maker 's <unk> in-house legal department take on matters it is better equipped and trained to handle |
gm trimmed about N firms from its approved local counsel list mr. pearce says |
the move is consistent with a trend for corporate legal staffs to do more work in-house instead of <unk> it out to law firms |
mr. pearce set up gm 's first in-house litigation group in may with four lawyers all former assistant u.s. attorneys with extensive trial experience |
he intends to add to the litigation staff |
among the types of cases the in-house <unk> handle are disputes involving companies doing business with gm and <unk> actions including one in which a driver is suing gm for damages resulting from an accident |
mr. pearce has also encouraged his staff to work more closely with gm 's technical staffs to help prevent future litigation |
gm lawyers have been working with technicians to develop more uniform <unk> procedures the way a vehicle is <unk> has a lot to do with its <unk> |
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