Condit named Boeing president
Seattle-based Boeing Co. named Philip Condit, head of its vital 777 aircraft program, as president yesterday, putting him in line to become chairman of the world's largest plane manufacturer. Mr. Condit, who up to now has been executive vice president of Boeing's Commercial Airplane Group and general manager of its 777 division, will also join the board of directors.
Industry analysts said the promotion represents a vote of confidence in Mr. Condit for his use of high technology to develop new aircraft.
Intent to depress dollar denied
The White House said yesterday that the United States is not trying to depress the value of the dollar as a means of spurring American exports. Press Secretary Marlin Fitzwater said the drop "largely reflects the fact that U.S. interest rates are 6.5 percentage points lower than German interest rates."
He said the United States "is not seeking a decline in the dollar and does not believe that a lower dollar is necessary for its export competitiveness." The cheaper dollar has made U.S. goods less expensive and has spurred exports, but has driven up the cost of imports and made goods and services more expensive for Americans overseas.
Genzyme to acquire Vivigen
Genzyme Inc., a health-care products company, announced an agreement yesterday to acquire Vivigen, a genetics testing laboratory in Santa Fe, N.M.
The deal, which will be completed through a stock swap, will place Vivigen under management of IG Laboratories, a majority-owned subsidiary of Genzyme, which is based in Cambridge, Mass. IG Labs provides genetic testing services to health-care providers. Vivigen, with about 162 workers, provides prenatal and cancer testing services. The deal is expected to be completed in November.
Nabisco to buy Stella D'Oro
The Nabisco Foods Group in Parsippany, N.J., said yesterday that it will buy Stella D'Oro Co., which sells bread sticks, breakfast treats and specialty cakes. Terms of the deal were not announced. Stella D'Oro, based in New York City, had sales last year of about $65 million.
Stella D'oro employs 575 people and has bakeries in New York City, St. Elmo, Ill., and San Leandro, Calif.
Bank of Boston deal
Bank of Boston proposed buying Hartford-based Society for Savings Bancorp. Inc. for $200 million, a deal analysts say points to renewed confidence in New England's battered economy.
It is the largest proposed takeover of a New England bank without federal government assistance since the region's recession began in the late 1980s, said Gerard Cassidy, bank analyst with Tucker Anthony Inc. in Portland, Maine.