Economic development

Topeka picked as site for Target distribution center

Minneapolis, Minn.-based Target Corp. said Thursday it had picked Topeka as the site for a new regional distribution center.

The 1.3 million-square-foot distribution center initially will employ about 650 people with several hundred employees added during the first five years of the center’s operation.

Construction on the 143-acre site, located at U.S. Highway 75 and SW 57th St., will begin this summer and is expected to be completed in summer 2004. Hiring for the center will begin in spring 2004. Each Target distribution center serves on average 85 to 90 stores in its region. Regional distribution centers receive shipments from suppliers, ship products directly to Target stores nationwide, and provide storage space for merchandise.

Energy

Companies voice interest in teaming with Aquila

Aquila Inc. may consider a partner for its deregulated energy trading operation, the company’s chief executive said.

Robert Green, president and chief executive officer, said during the Deutsche Bank Electric Power Conference in New York that it “was not in the cards” for the company’s trading operation to be a big market maker.

Aquila, which fueled rapid growth with deregulated energy trading, has already received expressions of interest from other companies wanting to be a partner in that business. “It’s something we have to consider,” Green said.

He did not say if any subsequent transaction would take the form of a merger or a sale of the company’s energy trading operation, which has its main office in downtown Kansas City, Mo. Company officials offered no further clarity after Green made his remarks.

Layoffs

Tyco announces plans to streamline operations

Shares of Tyco International Ltd. rebounded strongly Thursday after the company received approval to shed its lending unit and announced plans to streamline operations.

Tyco said it is selling its operational headquarters building in Concord, N.H., and moving employees to a nearby site as part of an effort to save $125 million a year. About 115 corporate staff positions will be eliminated, chief financial officer Mark Swartz said Thursday. Shares of Tyco closed at $13.80, up $3.65.

Revenue

Lucent expects earnings to miss expectations

Murray Hill, N.J.-based Lucent Technologies said Thursday it expects its third-quarter revenues to decline by 10 percent to 15 percent from the previous quarter, falling short of Wall Street expectations that revenue would match those of the previous three-month period. Its shares were down 5 percent when the New York Stock Exchange closed.

Lucent’s guidance indicated its revenue would be between $2.99 billion and $3.17 billion for the April-June period, down from $3.52 billion in revenue recorded in the second quarter.

Analysts surveyed by Thomson Financial/First Call had been expecting Lucent would report revenue of $3.52 billion for the third quarter.

Leadership

Sprint appoints president of new business unit

Sprint has named Harry Campbell as president of its new business unit.

Campbell has been vice president of sales and marketing for the company’s Mass Markets Organization unit. The company announced the move Thursday.

Campbell replaces Tim Kelly, who recently was named president of Sprint Business.

Campbell first began working for Sprint in 1992, but he later left the company.