Business Briefs

Reported by Star-Bulletin staff & wire

Wednesday, August 11, 1999

Former isle banker heads Kona project

Rick Humphreys, former chairman of Bank of America-Hawaii, has been named general manager of 1250 Oceanside Partners, which is developing a residential community on 1,550 acres near Kona on the Big Island.

The business is a limited partnership with American, Asian and European partners, including subsidiaries of Lyle Anderson Co. and Japan Airlines Inc.

Humphreys, who left Bank of America when it sold its Hawaii business last year, has been head of the Hawaii regional office of Altres Financial, a partnership that specializes in financing small and emerging companies.

He will remain a partner with Altres.

Hawaiian Natural reduces its loss

Hawaiian Natural Water Co. said today it reduced its second-quarter loss by 39.5 percent to $308,791, or 8 cents a share, compared with a loss of $510,408, or 13 cents a share, in the year-earlier period. Second-quarter sales of $742,739 were up 56 percent.

The company, which bottles and sells water tapped from beneath Mauna Loa on the Big Island and recently acquired Alii Bottling Water Inc. in Kona, said the sales increase was largely in its international business, particularly in sales to Guam and Japan.

P&G buying Iams for $2.05 billion

CINCINNATI -- Procter & Gamble Co. is jumping into the lucrative pet nutrition business by buying pet food maker Iams Co. for $2.05 billion in cash, P&G's biggest purchase ever.

P&G officials said today they intend to expand Iams' pet food sales in foreign markets.

Iams' international sales now represent about 30 percent of the company's total revenues, even though two-thirds of the global pet nutrition market exists outside of North America.

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