American Cyanamid to spin off unit
American Cyanamid Co. said yesterday that it would spin off its Cytec Industries chemical unit into a public company and that it would take a $420 million after-tax charge in the third quarter as a result.
American Cyanamid, based in Wayne, N.J., had told analysts in February that it wanted to spin off Cytec, a specialty chemical and material maker, to focus on the medical and agricultural businesses, which make drugs, insecticides and other products.
These businesses accounted for 95 percent of the company's $666 million in operating earnings last year.
U.S. surveys cable TV pricing
Federal regulators are surveying the top seven cable TV companies to determine where rates have gone up and what is to done about it.
"There's been some creative pricing going on," Federal Communications Commission Chairman James Quello said yesterday. New rules governing rates went into effect Sept. 1. In many places, instead of going down, as intended by Congress, the rates went up.
Air France to cut 4,000 jobs
Air France, the state-owned airline, said it plans to eliminate 4,000 jobs by the end of 1994 as part of a cost-cutting package that also includes abandoning 30 unprofitable routes. The job cuts amount to 10 percent of its employees.
Noise Cancellation plans venture
Noise Cancellation Technologies Inc., which has a research and development lab in Linthicum, said it will form a domestic joint venture with Jabil Circuit Inc. to manufacture printed board assemblies for its active noise-control systems. Terms of the agreement weren't disclosed.
Harcourt to set up theater company
Harcourt General Inc. said it plans to spin off its General Cinema Theatre operations in a tax-free distribution to shareholders.
The new company, which will be named GC Cos. Inc., will operate General Cinema theaters and pursue investment and acquisition opportunities. The company has 21 screens at four locations in Maryland.
GM to sell turbine division
General Motors Corp. will sell its Allison Gas Turbine division in Indianapolis to a group led by a New York investment firm that also includes members of the unit's management. Clayton Dubilier & Rice said yesterday it had agreed to purchase the aircraft engine maker for an undisclosed amount.