Board vote: Company turns on Hewlett

Hewlett-Packard Co.’s board has reversed itself and decided against nominating dissident member Walter Hewlett, who led the fight against H-P’s proposed purchase of Compaq Computer Corp., to another term on the panel.

The decision announced Monday was a result of Hewlett’s “ongoing adversarial relationship with the company” as well as “concerns about his lack of candor and issues of trust,” said Sam Ginn, chairman of the board’s nominating and governance committee.

Hewlett, the eldest son of an H-P co-founder and head of the family’s charitable foundation, had campaigned for a vote against the purchase of Compaq.

Manufacturing: Firm to create 80 jobs at new Atchison facility

Manufacturer StressCrete has announced plans to build a facility in an Atchison industrial park that will employ about 80 workers.

The Ontario-based company announced on Monday plans to begin construction this fall on the office facility, the Kansas Department of Commerce & Housing said.

The 30,000 to 40,000 square foot manufacturing facility will be built in a couple of years, with timing controlled by regional demand for the product.

StressCrete makes reinforced concrete poles, ornamental and historic lighting standards and sports lighting poles.

Investigation: Xerox to settle with SEC

Xerox Corp. said Monday that it will revise several years of financial statements and pay a civil penalty of $10 million under an agreement reached with securities regulators.

The proposed agreement, which is subject to the approval of the Securities and Exchange Commission, would settle allegations that have been under investigation since 2000.

Under the agreement, Xerox would neither admit nor deny allegations that it violated securities law.

The agreement requires Xerox to restate financial statements for 1997 through 2000 and adjust previously announced 2001 results.

Rankings: Area firms make Fortune list

Energy wholesaler Aquila Inc. headed the list of 14 Kansas and Missouri businesses that made this year’s Fortune 500 ranking of the nation’s largest companies.

Kansas City-based Aquila, which changed its name from UtiliCorp United, vaulted from No. 60 to No. 33 on the new list released Sunday, putting it far ahead of Sprint Corp., the telecommunications giant headquartered in the Kansas City suburb of Westwood. The rankings are based on a company’s revenue in 2001.

Sprint Corp. was No. 68 on the list, up from No. 75. Sprint reported revenues of $26.071 billion last year, compared with $23.613 billion in 2000. Farmland Industries, the Kansas City, Mo.-based agricultural cooperative that is the nation’s largest, fell 10 spots to 170 on revenues of $11.763 billion.

Kansas City’s Interstate Bakeries moved up to No. 451 from No. 464 on revenues of $3.494 billion. Yellow Corp., the transportation company from Overland Park, fell to 473rd from 457th. It had revenues of $3.376 billion.

Beverage industry: Coke may try vanilla version

Coca-Cola is reportedly developing a vanilla-flavored version of its flagship cola, extending its palette of flavorings from Cherry Coke and Diet Coke with lemon.

The nation’s largest soft drink company has prepared sample packaging for the new drink, to be sold initially only in North America, according to Beverage Digest, which reported the pending introduction in its current issue. Coke officials declined to comment on the report.