Mid Atlantic Medical expands to Pa.Continuing its rapid...

BUSINESS DIGEST

March 29, 1995

Mid Atlantic Medical expands to Pa.

Continuing its rapid expansion, Mid Atlantic Medical Services Inc. of Rockville said yesterday that it had received permission from Pennsylvania regulators to begin contracting with health care providers and facilities.

The company, the region's largest managed care company, covers nearly 1.4 million people through a number of organizations.

Clark rejects Ingersoll-Rand bid

Clark Equipment Co., a maker of heavy equipment, announced last night that it has rejected a buyout proposal from rival Ingersoll-Rand Co. worth up to $1.34 billion.

Leo J. McKernan, chairman of South Bend, Ind.-based Clark, said the Ingersoll-Rand proposal, for $75 to $77 per share, was "entirely inadequate." Clark's stock ended at $53.125 a share yesterday, up 50 cents on the New York Stock Exchange. The offer and its rejection were made public after markets had closed.

Woodcliff Lake, N.J.-based Ingersoll-Rand said in a statement that it was surprised and disappointed at Clark's rejection of its offer.

Consumer confidence index rises

Consumer confidence bounced back in March after declining in February, with Americans growing more optimistic about the current state of the economy, according to a key survey yesterday.

The Conference Board said its index of consumer confidence rose to 101 in March from 99.4 in February, nearly reaching the level of 101.4, where it stood in January.

GreenStone hires 2 executives

GreenStone Industries Inc. announced yesterday the hiring of two senior managers:

Thomas R. Eason has joined the Cabin John-based company as director of fiber procurement. Previously, he was with Boise Cascade Corp.

John B. Caine II also joined the company recently as general manager and will be responsible for the company's operations in Fort Wayne, Ind. Previously, he was with various companies, including Ralston Purina Inc. and Frito-Lay Inc.

North American Vaccine gains

North American Vaccine Inc., a Rockville-based company that develops vaccines for childhood diseases, reported a fourth-quarter net income of $8.2 million, or 24 cents a share, as the result of an $11.9 million gain from the sale of investments in affiliates. The company lost $3.0 million, or 11 cents per share, in the previous fourth quarter. There were no sales in the fourth quarter, compared with $25,000 a year ago.

Bell Atlantic raises dividend

Bell Atlantic Corp. said yesterday that it would raise its dividend to 70 cents from 69 cents, payable May 1 to stockholders of record on April 10.

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