Reported by Star-Bulletin staff & wire
Monday, April 9, 2001
Honolulu ad firm lands Kraft Foods account
Kraft Foods has awarded its $2.4 million Hawaii and Alaska advertising account to Honolulu firm Laird Christianson Harris Advertising Inc. The advertising agency has been expanding beyond its base in the hospitality industry into consumer and retail brand marketing, company principal Doug Harris said.Harris, a 15-year marketing veteran, will head the team on the Kraft account. The Hawaii portion of the account is worth $1.3 million, and the Alaska portion $1.1 million.
Kraft said that the agency's marketing savvy and willingness to learn about the business secured the account.
American Airlines finalizes TWA purchase
FORT WORTH, Texas >> American Airlines today completed the acquisition of most of the assets of Trans World Airlines, creating the world's largest airline carrier."Today we celebrate a true milestone for the employees and customers of both American Airlines and TWA. The combination marks the beginning of a new era in aviation, as we bring together some of the most valuable assets and some of the best people in the industry," said Donald J. Carty, chairman and chief executive of AMR Corp.'s American Airlines.
The combined company will offer travel to more 300 cities worldwide on more than 900 aircraft. Approval of the deal came hours after a federal appeals court cleared the way, denying a last-minute bid by a group of TWA workers to stop the transaction. The 3rd U.S. Circuit Court of Appeals in Philadelphia had issued a temporary stay over the weekend in response to a petition from the Jewish Labor Federation.
The labor federation, which represents about 100 Israeli TWA employees and retirees, wanted the appeals court to send the case back to federal bankruptcy court for further consideration.
Prudential estimates IPO at $3.9 billion
WASHINGTON >> Prudential Insurance Co. of America estimated its initial public offering could raise as much as $3.9 billion, which would make it the fourth-biggest first- time stock sale in U.S. history.The Newark, N.J.-based insurer's board approved the plan to go public last December. The company, under the name Prudential Financial Inc., filed for the IPO with the Securities and Exchange Commission today. Prudential Financial plans to sell 89 million common shares, giving public investors a stake of about 16 percent in an insurer $272.8 billion of assets at the end of last year, according to today's SEC filing.
Northwest Air, union reach tentative contract
St. Paul, Minn. >> Northwest Airlines Corp. has agreed to a contract with the Aircraft Mechanics Fraternal Association, averting the threat of a strike at the fourth-largest U.S. carrier. The agreement with AMFA, which represents 9,795 mechanics, cleaners and custodians, must now be ratified by members. The airline and union wouldn't immediately specify the terms of the accord.