GM to sell car rental businessGeneral Motors Corp. said...


April 05, 1995

GM to sell car rental business

General Motors Corp. said yesterday it reached a definitive agreement to sell its National Car Rental System Inc. to an investment group led by William Lobeck of Tulsa, Okla.

Financial terms were not disclosed.

The sale agreement includes provisions for National to continue to employ its 6,400 employees and to maintain its long-term fleet agreement with GM to purchase vehicles.

NCR Acquisition Corp., which is buying National, is owned by Lobeck, Alvin Swanner of New Orleans and Archer McWhorter of Houston.

Guilford appoints two executives

Guilford Pharmaceuticals Inc. announced two executive appointments yesterday.

Nicholas Landekic, 36, has joined the Baltimore-based company as vice president of business development. Previously, he was senior director of business development with Cephalon Inc., in West Chester, Pa.

Thomas C. Seoh, 37, has joined Guilford as vice president, general counsel and secretary. Previously, he was vice president and associate general counsel at ICN Pharmaceuticals Inc., in Costa Mesa, Calif.

GenVec hires Ocologix official

GenVec Inc. has hired an Ocologix Inc. executive as its vice president for research and development, a new position.

Paul Fischer will lead the Rockville company's research and development of its products for the treatment of cystic fibrosis, cancer, and cardiovascular disease. He had been executive vice president for research and development at Gaithersburg-based Oncologix.

Peso rises 3.7 percent.

Mexico's peso strengthened 3.7 percent against the dollar yesterday, its biggest one-day gain in three weeks, as an improving trade picture added to hopes that the worst of the nation's 15-week financial crisis is over.

Stocks, which were up nearly 3 percent at noon, retreated in the last two hours of trading. The main market index lost 17.22 points, or 0.9 percent, to 1,905.95.

In dollar terms, the bolsa gained 5.1 percent after the peso's gains.

The currency closed at 6.525 pesos to the dollar, its highest level since March 13.

FMC makes bid for Moorco

FMC Corp. made an unsolicited $223 million bid yesterday for Houston-based Moorco International Inc., a manufacturer of industrial measurement and control products.

Moorco had no immediate response.

Chicago-based FMC makes chemicals, agricultural machinery and military vehicles.

Moorco's stock rose $7.75 a share, to $21.375, while FMC's stock fell 25 cents, to $60.75.

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