BUSINESS NOTES MAGNETEK SELLS LIGHTING PRODUCTS.Byline: - Staff and wire reports Los Angeles-based Magnetek Inc. announced Friday it sold its Lighting Products business to Littlejohn & Co. LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a private investment group based in Greenwich, Conn., for $105 million in cash. The Lighting Products business makes lighting ballasts for fluorescent and other types of lamps. Proceeds from the divestiture will be used to repay substantially all of Magnetek's debt of about $96 million and to buy back some 400,000 shares of its stock on the open market. 26-year veteran to run cruise line A cruise line is a company that operates cruise ships. Cruise lines have a dual character; they are partly in the transportation business, and partly in the leisure entertainment business, a duality that carries down into the ships themselves, which have both a crew headed by the Crystal Cruises announced Friday that its senior vice president of finance and administration will assume the presidency of the luxury line on July 1. Gregg Michel, who has been with Los Angeles-based Crystal Cruises since the company was formed in 1988, will take over from Joseph Watters, who is stepping down after a seven-year tenure. A 26-year cruise industry veteran, Michel was formerly with Princess Cruises Princess Cruises is an American cruise line, based out of Santa Clarita, California, that operates cruise ships also shares the same building with Cunard Line headquarters. It is one of the many cruise lines operated by the Carnival Corporation. , where he held various financial positions. Although Watters will step down as president on July 1, he will assist with the transition through the end of the year. Senior executives not needed much Worldwide demand for senior executives dropped 11 percent in the first quarter of 2001, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a report released Friday by Korn/Ferry International, a Los Angeles-based executive search firm. Although in Europe, executive demand was up 9 percent, North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. experienced decreases of 21 percent and 20 percent, respectively, while Asia/Pacific was dampened by a decline of 14 percent. In the functional categories, chief executive officers represented 13 percent of first quarter 2001 demand in North America, equal to its share in the same quarter in 2000. Judge says Tyson cannot quit deal WILMINGTON, Del. - A Delaware Chancery Court The Chancery Court of York is an ecclesiastical court for the Province of York of the Church of England. The presiding officer, the Official Principal and Auditor, has been the same person as the Dean of the Arches since the nineteenth century . judge on Friday ruled that Tyson Foods Inc. cannot back out of its $4.7 billion acquisition of South Dakota meatpacker IBP IBP (Fraunhofer) Institut für Bauphysik (Stuttgart, Germany) IBP Interactive Business Planner IBP Integrated Bar of the Philippines IBP International Buyer Program Inc. Vice Chancellor Leo Leo, in astronomy Leo [Lat.,=the lion], northern constellation lying S of Ursa Major and on the ecliptic (apparent path of the sun through the heavens) between Cancer and Virgo; it is one of the constellations of the zodiac. E. Strine Jr. said he was not persuaded by Tyson's claims that it was kept in the dark about financial problems at an IBP subsidiary. He said Tyson ``improperly terminated'' its agreement with IBP and must go through with the deal. Tyson, based in Springdale, Ark., announced on Jan. 2 a deal to buy IBP, of Dakota Dunes, S.D., for $3.2 billion and assume $1.5 billion in IBP debt. It called off the deal in late March, alleging that IBP had provided misleading information about the company's worth. McDonald's pins woe on foreigners CHICAGO - McDonald's Corp. warned Friday that Europeans' lingering wariness of beef and currency pressures around the globe are still holding down profits, confirming it's headed for a third straight quarter of lower earnings. McDonald's chief Jack Greenberg said he was ``deeply disappointed'' by the continuing slump. So were investors; shares in the world's biggest restaurant company dropped $1.29, or 4.3 percent, to $28.67 Friday afternoon on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . Delta complains it's losing money ATLANTA - Delta Air Lines warned Friday that it expects a loss of $140 million to $160 million for the second quarter, blaming the nation's slowing economy and a strike at its regional airline, Comair. The loss, which amounts to between $1.15 and $1.30 per share, is worse than expected, but not as bad as the shortfall some other companies are experiencing, said Glenn Engel, an analyst for Goldman Sachs & Co. Delta, which lost $133 million in the first quarter, had already warned of a summer revenue shortfall back in April. |
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