Monumental Paper Co.sold
Monumental Paper Co., a southwest Baltimore paper-products distributor, has been bought by Alco Standard Corp., of Valley Forge, Pa. The company was acquired for an undisclosed amount of Alco Standard common stock.
Monumental, which has 45 employees, is 55 years old and distributes industrial and plastic products to companies in Maryland, Washington and Northern Virginia, according to Monumental President Soll L. Selko.
The company has projected revenues of more than $21 million for fiscal 1991.
Under its new owner, Monumental is to keep its operation at 2201 Eagle St. with Selko as president.
Alco Standard is the largest paper-products distributor in the country with annual revenues of about $4.5 billion, Selko said.
PHH Corp. earnings drop
PHH Corp. has reported a 20.5 percent decrease in its income for the fourth quarter and a 17.8 percent drop in earnings for the year.
In the fourth quarter of fiscal 1991, income from continuing operations was $12.7 million, or 75 cents a share, compared to $15.9 million, or 94 cents, for the prior year. Revenues for the fourth quarter were $546 million compared to $517 million in 1990.
Income from continuing operations for the year that ended April 30 was $47.1 million, or $2.78 a share, compared to $57.3 million, or $3.38 a share. Worldwide revenues increased to $2 billion from $1.9 billion.
PHH employs more than 4,500 people and provides businesses with a broad range of integrated management services and cost-control programs.
Rosenburg adds title
Crown Central Petroleum Corp. Chairman Henry A. Rosenberg Jr. today assumes the additional title of president following the retirement of James F. Smith.
Smith, 58, had been president for five years and a member of the industry for 40.
William B. Snyder, vice president of administration for the company, said Smith retired voluntarily. Snyder said the company has not decided if it will again separate the position of president and chairman or keep them together.
War toy sales boom
Manufacturers and marketers say sales of Middle East battle games and scale models of weapons like the Patriot missile and A-10 Warthog warplane still are running well ahead of a year ago, but demand is slowing. Some companies plan to launch new Desert Storm models as much as six months from now in hopes that public interest will carry into the Christmas season. "It was a popular war and people are going to remember that," said Thom Walla, co-founder and partner of HobbyTown USA, a Lincoln, Neb.-based franchiser with 45 stores in 19 states. "It's not like Vietnam, where it was an unpopular war and nobody wanted to deal with it."