Sears sells residential bank
Sears, Roebuck & Co. announced the sale of its Coldwell Banker Residential Group in a leveraged buyout by senior management and the Fremont Group, a private investment company. Neither Sears nor Fremont would comment on the purchase price. But Fremont's managing director said the transaction was one of the largest management buyouts this year.
The Fremont Group, which is based in San Francisco and manages assets of $3.5 billion worldwide, was formed in 1986 in a spinoff from the Bechtel Group.
AAI lays off 100; more to be cut
AAI Corp. laid off 100 workers yesterday as part of a previously announced work force reduction associated with a restructuring of the company.
A spokesman for the Cockeysville defense contractor said another 100 workers were expected to be told Tuesday that their jobs were being eliminated.
UNC acquires Artex assets
UNC Inc., the Annapolis-based aviation company, said yesterday that it acquired the assets of Artex Corp. in Addison, Texas. The price was not disclosed.
Artex, which posted sales of about $6 million last year and has about 45 workers, serves the aviation industry in remanufacturing components such as engine gearboxes and cases, as well as aircraft component housings.
Westinghouse in Moroccan deal
Westinghouse Electronic Systems Group in Linthicum, teaming up with Nolan-Scott Inc. in Towson and Greiner Inc. in Timonium, was awarded a $36 million contract from Royal Air Marco, the national airline of Morocco, for the construction of an aircraft maintenance center in Casablanca.
Westinghouse will serve as manager of the 20-month construction project with engineering and design services provided by Greiner and materials distributed by Nolan-Scott.
Bundesbank won't rush rate cuts
Bundesbank President Helmut Schlesinger said yesterday that the German central bank would not adopt a "sledgehammer" approach to lowering interest rates and criticized the German government for not cutting spending to help finance unification.
Since early this year, the Bundesbank has been following a policy of cautiously lowering Germany's interest rates in a series small steps to help pull the economy out of a recession, the nation's worst since World War II. Critics argue the cuts should be more deeper and accuse the central bank of being overly cautious.