Reported by Star-Bulletin staff & wire
Tuesday, December 28, 1999
American Savings to absorb loan unit
American Savings Bank plans to merge its home mortgage operation into the bank, transferring 12 loan officers from branches into a central sales office and paying them commissions on the loans they make.However, managers of the 68 American Savings branches across the state will continue to accept residential loan applications.
Merging the American Savings Mortgage Corp. subsidiary into American Savings Bank will result in better customer service, said American Savings, a subsidiary of Hawaiian Electric Industries Inc.
Orbital Sciences wins NASA contract
DULLES, Va. -- Satellite-manufacturer Orbital Sciences Corp. said today it has received a five-year contract from the National Aeronautics and Space Administration valued at up to $1.5 billion. Under the agreement with NASA's Goddard Space Flight Center covering 2000 to 2004, Orbital is to design, produce and test small and medium-size satellites used science missions. Dulles, Va.-based Orbital is a leading manufacturer of low-cost space systems and products, including satellites, launch vehicles, electronics and sensors.
Yearbook maker sold to Investcorp
BLOOMINGTON, Minn. -- Jostens Inc., the leading maker of school yearbooks and class rings, said today it will be acquired in a $950 million deal by a company controlled by Investcorp, a global investment group.Jostens also announced today plans to cut 100 jobs, mostly in its corporate staff, as part of a restructuring effort that will reduce fourth-quarter earnings by $13.2 million, or 40 cents per share. Jostens has about 6,500 workers.
Under the agreement with Investcorp, Jostens shareholders will receive $25.25 per share in cash. The purchase price also includes the assumption of $100 million in debt. Jostens' stock jumped $5.94 per share to $24.25 today on the New York Stock Exchange.
No immediate changes in management are planned after the buyout.