Pepsico to buy Spanish bottler
Pepsico Inc. said yesterday that it will buy a Spanish soft drink company and a Spanish bottling venture for about $320 million.
Pepsico said it will buy Kas SA, owner of several popular soft drink brands in Spain, and Knrr Elorza SA, a bottling venture that makes and distributes Pepsi and Kas products. Pepsico already owns a 30 percent stake in the bottler.
Kodak to sell off 3 businesses
Eastman Kodak Co., the world's biggest camera maker, said yesterday that it will sell off three businesses under a plan to focus on core operations by divesting 10 non-strategic properties.
Kodak will get rid of two subsidiaries -- Atex Inc. and Kodak Credit Corp. -- as well as its Estek products division. The transactions will affect about 730 employees.
W. B Doner wins ad awards
W. B. Doner & Co., the Baltimore and Detroit-based advertising agency, has won two first-place prizes at the London International Awards Ceremony. Doner was cited last week for a radio commercial for Heinen's Supermarkets and a print ad for The Baltimore Sun. The Heinen's spot won in the retail category and the Sun ad won in the media promotion category.
Grumman to merge 2 units
Citing a declining defense market, the Grumman Corp. announced it will merge its aircraft-producing group with its space/electronics sector.
Grumman will cut 500 jobs, most of them on New York's Long Island, as it creates the new Aerospace and Electronics Group, Robert Harwood, a company spokesman, said yesterday.
BankAmerica to close branches
BankAmerica Corp. said yesterday it will close 532, or about one-third, of its branches, as it continues to consolidate after acquiring Security Pacific Corp.
The $4 billion merger, which took place in April, was the biggest in banking history. It made BankAmerica the nation's No. 2 banking company in asset size, after Citicorp. The announcement was the first time BankAmerica had outlined branch closings on such a scale since the merger.
IBM forms client-server division
IBM said it formed a division to promote "client-server" computing, a way to connect large and small computers inside a company to work together more efficiently.
The move, announced yesterday, is significant because such computer setups have been stealing business from IBM's mainframe computers, the giant machines that are IBM's most profitable product.