CUC International announces reorganization of Norman, Oklahoma subsidiary.STAMFORD, Conn.--(BUSINESS WIRE)--Nov. 6, 1996-- Consolidation of United Bank Services operations follows CUC CUC Cuban Convertible Peso (ISO currency code) CUC Columbia Union College (Takoma Park, MD, USA) CUC Canadian Unitarian Council CUC Canadian Ultimate Championships acquisition of Ideon Group CUC International CUC (Comp-U-Card) International Inc., a huge membership-based consumer services conglomerate with travel, shopping, auto, dining, home improvement and financial services offered to more than 60 million customers worldwide based out of Stamford, Connecticut and headed by Kirk Inc. (NYSE NYSE See: New York Stock Exchange : CU) today announced plans related to the integration of the United Bank Services (UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System ), a subsidiary of the Ideon Group Inc., into its operations. @CUC acquired the @Ideon Group Inc. in August 1996. As part of this integration effort, CUC intends to consolidate UBS travel operations into its current CUC subsidiaries and establish a CUC travel operation in the Norman, Oklahoma UBS facility. This transition is expected to be completed by January 31, 1997. 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. CUC, most UBS employees currently working on UBS travel programs will continue in their present positions in the new operation. Approximately 79 UBS positions will be eliminated. However, many of the affected employees will also be provided with an opportunity to apply for positions in the reorganized operation. CUC Committed to Norman Operations Jonathan Yee, Vice President and General Manager of UBS, stressed the company's ongoing commitment to its operations in Norman: "This is part of a larger consolidation plan within the company, and does not reflect on the fine performance of the dedicated employees at the Norman facility. In fact, we plan to offer positions to as many of these employees as possible under our new organization." All affected employees will be offered financial incentives to retain their current positions until January 31, 1997. After that time, employees not joining the new travel operation will be eligible to receive benefits in accordance with Ideon severance policies. Additionally, UBS will provide outplacement out·place·ment n. The process of facilitating a terminated employee's search for a new job by provision of professional services, such as counseling, paid for by the former employer. services to affected employees through Drake, Beam, Morim, a leading national outplacement firm. CUC International Inc. is a leading technology-driven, membership-based consumer services Consumer Services refers to the formulation, deformulation, technical consulting and testing of most consumer products, such as food, herbs, beverages, vitamins, pharmaceuticals, cosmetics, hair products, household cleaners, [paints, plastics, metals, waxes, coatings, minerals, company that provides more than 62.5 million consumers worldwide with access to home shopping, travel, insurance, automobile, dining, home improvement, lifestyle clubs, checking account enhancement and discount coupon programs. The company also provides educational and entertainment interactive media products. CONTACT: CUC International, Stamford Laura P. Hamilton, 203/965-5114 |
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