A&A; to provide services in China
Alexander & Alexander Services Inc. said yesterday it will team up with Hong Kong's Lippo Group to provide insurance services in China.
The joint company will build an office in Beijing, to be followed by others in Shanghai and Guangzhou. In addition, New York-based Alexander & Alexander, which has its administrative headquarters in Owings Mills, said it would purchase a 50 percent stake in the Lippo Group's Indonesia insurance brokerage operations.
IBM cutting secretaries' pay
A newly profitable IBM is cutting the salaries of 120 executive secretaries while granting millions of dollars in bonuses to top executives, the Wall Street Journal reported yesterday.
The pay cuts, some as big as 36 percent, have infuriated secretarial staff and caused concern among other International Business Machines Corp. employees, the newspaper said.
The reductions, part of a companywide look at salary levels, will mostly hit secretaries at IBM's Armonk, N.Y., headquarters. The pay cuts will start in mid-1996.
The move comes after IBM reported record first-quarter earnings.
IHS closes placement of notes
Integrated Health Services Inc. said yesterday that it closed its private placement of $115 million of 9.625 percent senior subordinated notes due 2002. The Owings Mills-based company, diversified health services provider with 223 facilities in 31 states, said proceeds would be used to repay bank debt.
Delay rejected in Grow bidding
Grow Group Inc. said yesterday a New York State Supreme Court judge rejected Sherwin-Williams Co.'s attempt to delay bidding for Grow, which has received competing tender offers.
On Wednesday, Grow set a noon Sunday deadline for final bids from Imperial Chemical Industries PLC and Sherwin-Williams. Sherwin-Williams filed suit seeking a delay.
Sherwin-Williams on May 8 offered to buy the paint and chemicals company for $19.50 a share, or $320 million. Imperial Chemical on May 1 had agreed to buy all outstanding shares of Grow's common stock for $18.10 a share, or $290 million.
Windows 95 due Aug. 24
Microsoft Corp. plans to launch its long-delayed Windows 95 operating system Aug. 24 and will have the product available in stores by that date, a spokeswoman for the computer software company said yesterday.
Windows 95, the successor to the DOS and Windows combination for personal computers, is expected to be Microsoft's biggest launch ever, with analysts projecting 20 million copies sold to existing users in the first year.