Keebler put up for sale
Keebler Co.'s British parent has put the cookie-and-cracker maker on the auction block, citing disappointing U.S. sales.
United Biscuits has not set an asking price. It said Keebler's declining sales and increased costs prevented United Biscuits shareholders from getting maximum value.
The news follows a report Monday that Philip Morris Cos. wants to sell most of its baking division, which includes Entenmann's cookies and cakes and Freihofer's breads, because of flat sales. Keebler, the second-largest U.S. cookie and snack maker after RJR Nabisco, posted revenues of $1.7 billion last year, down 3 percent from 1993.
GM recalls certain models
GM also recalled about 90,000 1994-1995 Chevrolet Caprice, Buick Roadmaster and Cadillac Fleetwood models for faulty accelerator pedals that may fail to return to idle position quick enough.
Beth Steel to sell railroad
Bethlehem Steel Corp. said it agreed to sell Conemaugh & Black Lick Railroad in Johnstown, Pa., to New York-based Veritas Capital Inc.
Financial details weren't disclosed.
The railroad, which has 30 miles of track, serves a steel plant that Veritas purchased last year. Bethlehem Steel also said it is discussing the sale of Manufacturer's Water Co. in Johnstown to Veritas Capital.
Los Angeles Times to trim staff
The Los Angeles Times announced yesterday that it planned to cut 450 full-time positions by the end of this year, and employees in the editorial department said they were told that these cuts would include up to 160 of the paper's 1,300 news-gathering positions.
In a break with the paper's recent practice of using attrition and buyouts to shrink its staff, the reductions announced yesterday would include an undetermined number of outright layoffs, said Laura Morgan, director of communications for the newspaper. The Los Angeles Times is owned by Times Mirror Co., which also owns The Sun.
Continental has record quarter
Continental Airlines yesterday reported its biggest quarterly profit ever, crediting a restructuring that included dropping its low-fare Continental Lite effort.
The airline earned $102 million, or $3.02 per share, in the April-June quarter. A year ago, the airline lost $49 million, or $1.97 per share.