Chrysler heads for suburbs
Chrysler Corp., which has made its home near the heart of Detroit since 1925, said it will consolidate its headquarters with other operations that already have moved to the suburb of Auburn Hills.
The move, announced yesterday, will bring about 2,000 employees from offices in Highland Park, a city of 20,000 surrounded by Detroit, to the Chrysler Technology Center, where engineering, manufacturing and other operations are centered. Chrysler will build a new headquarters in Auburn Hills. It expects to complete the move by 1995.
Durr-Fillauer accepts buyout
Pharmaceutical distributor Durr-Fillauer Medical Inc. announced yesterday that it has agreed to a $485 million buyout by a California suitor it originally spurned, the Bergen Brunswig Corp.
The agreement calls for Bergen, a drug distribution giant based in Orange, Calif., to pay $33 a share in cash for Durr-Fillauer's 11.9 million shares of common stock. Bergen will also assume about $100 million in debt.
Glazer group sells shares
A group including investor Malcolm Glazer of Palm Beach, Fla., sold its entire 6.3 percent stake, worth about $8.5 million, in ARCTCO Inc. Mr. Glazer's group sold the 593,000 shares of the Thief River Falls, Minn., snowmobile maker on Aug. 19 at $11.875 each for a total of $7 million, according to a 13D filing with the Securities and Exchange Commission.
Last May, Mr. Glazer's group, which includes members of his family, said it may seek a controlling interest in the company's stock or representation on its board. Mr. Glazer is one of three bidders for an NFL expansion team in Baltimore.
Tobacco industry wins ruling
A federal appeals court reversed a lower court ruling yesterday and said the tobacco industry did not have to release confidential documents at the heart of a lawsuit charging it concealed the dangers of smoking for years.
The three-judge panel of the 3rd U.S. Circuit Court of Appeals also removed federal District Judge H. Lee Sarokin from the case, saying his February 1992 ruling did not give the appearance of impartiality. The appeals court sent the lawsuit, filed by the family of Peter Rossi, who died of lung cancer in 1982, back to district court to be heard by another judge.
Airline debt ratings cut
Duff and Phelps, the debt ratings agency, cut its ratings on the nation's three largest airlines -- American, United and Delta -- which in the last 18 months have lost a combined $1.4 billion.
Previously, both Standard & Poors and Moody's Investment Service had cut their ratings on bonds and other debt securities issued by the three carriers.