Reported by Star-Bulletin staff & wire
Friday, May 23, 1997
A Missouri cooperative has agreed to purchase Borden/ Meadow Gold Dairies, including its Hawaii processing plants and dairy farms, for $435 million. Meadow Gold sold
The planned sale to Mid-America Dairymen Inc. is not expected to immediately affect Borden's 277 workers in Hawaii, a Borden spokeswoman said today.
"For now, it's business as usual," said Lynn Anderson of Borden Inc., the Ohio-based parent of Borden/Meadow Gold.
Borden's operations in Hawaii include processing plants on Oahu, the Big Island and Kauai and two dairy farms on Oahu and Kauai.
As part of the deal, Mid-Am, the largest U.S. dairy cooperative, will receive the Meadow Gold, Viva, Lite Line and Mountain High dairy brands, and a license to use the Elsie the Cow and Borden trademarks on certain dairy products.
Borden/Meadow Gold, based in Ogden, Utah, had about $900 million in sales in 1996.
It employs 3,600 people and has 27 factories in 11 states, primarily west of the Mississippi River.
The parent company, which is owned by investment firm Kohlberg Kravis Roberts & Co., said it will use proceeds from the sale to pay off debt and invest in its remaining food and chemical businesses.
The 1997 state Legislature failed in efforts to improve the state's economy and job climate, a coalition of small businesses said. Small business group
pans state LegislatureThe Legislature rated a failing grade for action on the small business community's top priorities of privatization, workers' compensation, government reduction and tort reform, said the coalition that includes the Small Business Council of the Chamber of Commerce, National Federation of Independent Businesses, Small Business Hawaii and other organizations.
"Although an auto insurance reform bill passed, skepticism remains as to how much, if any, premiums will be reduced, so the coalition gave insurance reform a D," said Jim Proctor of the Small Business Council.
NEW YORK -- CBS television president Peter Lund has resigned after refusing to accept a reorganization that stripped him of authority over the CBS television stations, the broadcasting concern said today. CBS TV president bails
over job reorganizationLund quit after Michael Jordan, chief executive of CBS and parent company Westinghouse, told him he was shifting management of the 14 CBS-owned TV stations to CBS Radio President Mel Karmazin.
"While I wish he had decided to remain at CBS, I respect his choice," Jordan said today. "We wish him well."
Lund, 56, had been head of the TV network since 1995. He joined CBS in 1977.
PALO ALTO, Calif. - Apple Computer Inc., looking for ways to focus resources on its Macintosh products, says it will set up a separate company to develop and sell the Newton handheld computer and related products. Apple forms company
to develop NewtonsThe new company, tentatively named Newton Inc., will be owned by Apple and Newton employees, Apple said. The company, which aims to become profitable within a year, also could seek outside investors or go public, said Sandy Benett, Newton's chief operating officer.
"We know that we will succeed as a separate entity," Benett said yesterday. "We already have compelling products that are exceeding our targets; we have future products in development and I think we can succeed in markets outside of Apple's." The Newton is a computer the size of a VCR tape that lets executives store phone numbers and addresses, send e-mail and write short notes.