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Archive for Thursday, July 31, 2003

Briefcase

July 31, 2003

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Connex International cutting Lawrence jobs

Connex International has begun laying off employees at its Lawrence teleconferencing center.

The company, which arranges teleconferences for a variety of business customers, laid off workers on Monday and Tuesday, according to an unidentified receptionist at the company's corporate headquarters in Connecticut. Other Connex officials did not return calls for comment.

An exact number of employees laid off was not immediately known. It also was not known whether more layoffs were imminent.

The company in late 2002 moved from its downtown offices to a new facility at 23rd and Harper streets. Company officials said at the time, the move would allow the facility to increase its work force from 65 to approximately 100 workers during the next two years.

Grocery

Fleming sale nears

Grocery distributor Fleming Cos. Inc. said Wednesday it would seek bankruptcy court approval Aug. 4 for its plan to sell its wholesale grocery business to C&S Wholesale Grocery.

Fleming, which declared bankruptcy in April, said it received no qualifying competing bids for the unit, and no auction would take place.

The Dallas-based company was founded in Topeka and still operates a major distribution center there. Former Kansas University Chancellor Archie Dykes is Fleming's chairman.

Wall Street

Earnings of interest

Sauer-Danfoss Inc. reported Wednesday quarterly profits of 24 cents per share, up from 20 cents a share a year ago. The company, which operates a manufacturing facility in Lawrence, said the outlook for its markets was still uncertain.

Goodyear Tire and Rubber Co. reported a loss of 42 cents per share compared with a profit of 18 cents per share a year ago. Goodyear operates a production plant in Topeka.

Overland Park-based Waddell & Reed reported earnings of 27 cents per share compared with 31 cents per share a year ago. The financial services firm operates an office in Lawrence.

Takeover

Buffet buys home builder

Clayton Homes Inc. shareholders Wednesday approved a $1.7 billion buyout offer for the huge manufactured housing company from Warren Buffett's Berkshire Hathaway.

The $12.50-a-share offer from the Omaha, Neb.-based billionaire investor was the only one on the table for shareholders.

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