Prudential Securities to settle case
Prudential Securities is expected to pay $370 million to settle charges by regulators of improper sales tactics of limited partnerships, people familiar with the agreement said yesterday.
The settlement arises from the sales practices of 650 separate limited partnerships that raised an estimated $7.7 billion. The firm is charged with selling high-risk partnerships to investors who sought a safe place to invest their savings.
Breweries in talks for Heileman
Two breweries are negotiating to buy G. Heileman Brewing Co. of La Crosse, Wis., sources from the brewing industry told a newspaper.
Three industry insiders told the Milwaukee Journal that Heileman, which owns a plant in Baltimore, had serious talks with Pittsburgh Brewing Co. and Stroh Brewery Co. Officials from Heileman, Stroh and Pittsburgh breweries declined to comment on the possible sale.
Air-Cure wins $8.98 million pact
Air-Cure Inc., a unit of Annapolis-based Air-Cure Environmental Inc., signed a definitive contract with an undisclosed customer for an $8.98 million air pollution control system.
The contract, the largest in the company's history, calls for the company to design, make and install a system to control dust generated by low sulfur coal. Work is expected to be completed in the middle of next year.
Hanger buys Michigan institute
Hanger Orthopedic Group Inc. in Bethesda acquired the Institute for the Advancement of Prosthetics in Lansing, Mich. Terms were not disclosed.
Hanger said in a statement the Institute provides prosthetic devices and offers proprietary techniques in prosthetic fitting.
Duratek gains licensing accords
GTS Duratek Inc., a small Columbia-based technology company that converts low-level nuclear waste into glass for safe storage, said it obtained licensing agreements to do the same thing with medical and asbestos waste in this country and abroad.
Under terms of an agreement with Vitritek Environmental Inc., a Mercer Island, Wash.-based private investment company, the West Coast concern contributed $500,000 in cash to help Duratek in its expansion plans. Vitritek also owns the licensing right to the process of converting asbestos waste into glass which it will now share with Duratek.
Air France cancels 500 flights
Air France canceled about 500 flights yesterday as employees pressed ahead with a strike to protest the ailing state-run airline's plans to slash jobs and wages. The strike has wreaked havoc two days in a row at both of Paris' main airports.