Teledyne to trim 65 firms to 21
Teledyne Inc., haunted by charges of defense contract fraud, said yesterday that it will reduce the number of companies it operates from 65 to 21 and eliminate a layer of management.
The conglomerate, which makes products ranging from shower heads to parts for the space shuttle, said it would save $70 million annually by cutting 1,200 management and support jobs, about 5 percent of its total work force.
S&L; legislation called harmful
Legislation intended to complete the cleanup of the savings-and-loan industry might instead drive the remaining institutions out of business, according to a new report to Congress.
The report, written by an industry advisory committee and endorsed by top officials of the Federal Deposit Insurance Corp., said the savings and loan industry would be unable to compete with banks if, as legislation pending in the House required, insurance premiums paid by the industry were made the main source of financing for a federal fund that would insure deposits in the surviving S&Ls.;
Dutch firm silent on Sea-Land
Dutch transportation company Koninklijke Nedlloyd Groep NV played down a press report yesterday that U.S. container giant Sea-Land Service was seeking to merge with its container shipping arm, Nedlloyd Lines.
A spokeswoman at the Rotterdam office of Sea-Land, a subsidiary of CSX Corp, would neither confirm nor deny the report "until there is any firm news."
Schaftel and Poor, Bowen to merge
Two Baltimore insurance companies acquired by the same company in the past two years said yesterday that they would merge in a bid to cut costs. The J. B. Schaftel Co., founded in 1933, will join Poor, Bowen, Bartlett & Kennedy, which dates to 1899, in the new American Phoenix Corp., according to an announcement from Poor, Bowen Chairman Peter A. B. Hoblitzell Jr., and Schaftel Executive Vice President Robert B. Schaftel.
The merged firm will have annual sales of more than $30 million, making it one of the city's largest insurance agencies, the principals said, and will move to 11,000 square feet in the Redwood Tower Building. The firm is a division of American Phoenix Corp., a subsidiary of Phoenix Home Life Insurance Co. of Hartford, Conn.
Bowles is elected B&D; director
Black & Decker Corp. said yesterday that Barbara L. Bowles was elected to the board of directors and appointed to the audit and pension committees. She is president of the Kenwood Group Inc., an equity advisory firm she founded in 1989.