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By New York Times News Service | August 4, 1994
Ending years of obscurity that unkind traders said was well deserved, American Cyanamid Co. has emerged as Wall Street's latest Cinderella, its stock skyrocketing more than 40 percent on the expectation that it will be acquired by a wealthy suitor.Albert J. Costello, 58, an aggressive deal-spinner who has been the company's chairman and chief executive for only 18 months, has transformed the once-lackluster chemical manufacturer into a leaner, more profitable health care and agricultural products company by cutting costs and shedding underperforming divisions.
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BUSINESS
By Diedre Nerreau McCabe | March 26, 1995
Westinghouse hired for DEED projectWestinghouse Electric Corp. has received a $2.2 million contract from the Maryland Department of Employment and Economic Development to modernize the handling of unemployment insurance claim certifications and quarterly employer wage and tax reports.The contract was won by Westinghouse's Imaging and Data Systems, a division of Linthicum-based Westinghouse Electronic Systems.Using Westinghouse's Managed Images and Data Access System (MIDAS), DEED will be able to scan 40,000 documents daily and read them using character-recognition software, the company said.
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NEWS
By Robert F. Youngblood and Robert F. Youngblood,Staff writer | February 3, 1991
Havre de Grace resident Randy Laye took the top honor as he and 91 other employees at American Cyanamid's Bloomingdale plant received awards at a Thursday banquet for saving the company almost $500,000.The award winners, almost one of every three hourly workers at the Havre de Grace plant, submitted 176 cost-cutting recommendations the company used, 64 more than in 1989.During the last two years, employees saved American Cyanamid a total of $1.3 million with cost-cutting suggestions, said Ben DiMauro, who heads the committee that runs the Employee Recognition Program"We set a (cost-cutting)
BUSINESS
By Bloomberg Business News | November 30, 1994
MADISON, N.J. -- American Home Products Corp. said yesterday that it will eliminate 300 jobs as the company begins to digest its $9.7 billion acquisition of American Cyanamid Co.About two-thirds of the jobs, which are mostly administrative, will be cut at Cyanamid's former headquarters in Wayne, N.J.The remaining layoffs will come at Cyanamid's office in Washington, plant in Danbury, Conn., and other locations.The layoffs will be effective Jan. 31.The company has no plans to take a charge, said Louis Cafiero, a spokesman for American Home, a Madison, N.J.-based provider of health care products.
BUSINESS
August 10, 1994
Takeover battle escalatesAmerican Home Products Corp. stepped up the pressure yesterday in its $8.5 billion battle for American Cyanamid Co., commencing a cash tender offer and filing suit to dismantle the target's takeover defenses.The tender offer amounts to $95 a share. When it was announced last week, American Cyanamid's stock jumped more than 40 percent.American Home Products also said it was commencing litigation to eliminate American Cyanamid's anti-takeover and other defensive provisions.
BUSINESS
August 11, 1994
Proxy battle looms at CyanamidSetting the stage for a proxy battle, American Cyanamid Co. urged shareholders yesterday to ignore a $95-a-share takeover bid from American Home Products Corp. until American Cyanamid's board takes a formal stand on the hostile offer.Under rules of the Securities and Exchange Commission, the board must respond by Aug. 24, or 10 business days from yesterday, when American Home Products sent the offer to shareholders of American Cyanamid.If American Cyanamid tells shareholders to reject the offer, a proxy fight could begin.
NEWS
By Michael K. Burns and Michael K. Burns,Staff writer | March 15, 1992
A Havre de Grace plant scheduled for closing two months ago has beenpurchased from American Cyanamid Co. by Lunn Industries Inc. of Newtown, Conn.Lunn acquired American Cyanamid's Honeycomb division Jan. 31, renaming it Alcore Inc.The new owner is continuing operations at the existing facility, producing aluminum honeycomb core material for aircraft and aerospacemanufacturers, while making plans to move by midyear to a new site in Riverside Business Park."They...
BUSINESS
By New York Times News Service | October 20, 1993
Amid growing pressure to restrain health-care costs, three large drugmakers announced plans yesterday to cut 7,000 employees over the next three years, adding to tens of thousands of pharmaceutical-industry jobs eliminated in recent months.The three companies, Pfizer Inc., American Cyanamid Co. and Upjohn Co., declined to say how the cuts would be distributed until they told the workers affected.New York-based Pfizer said it was eliminating 3,000 jobs to prepare for changes, which, it said, had transformed drug manufacturing into "a very fragile industry."
BUSINESS
August 17, 1994
Cyanamid lets offer deadline passApparently betting that it can still make a better deal, American Cyanamid Co. let a 24-hour deadline pass yesterday without saying whether it would accept a sweetened $100-a-share takeover offer from American Home Products Corp.American Home Products, a diversified health- and consumer-products company based in Madison, N.J., had said it would go back to its earlier $95-a-share tender offer if the American Cyanamid board did not respond positively.Shares of American Cyanamid rose $3.125, to $94, in heavy trading on the New York Stock Exchange yesterday.
BUSINESS
September 16, 1993
American Cyanamid to spin off unitAmerican Cyanamid Co. said yesterday that it would spin off its Cytec Industries chemical unit into a public company and that it would take a $420 million after-tax charge in the third quarter as a result.American Cyanamid, based in Wayne, N.J., had told analysts in February that it wanted to spin off Cytec, a specialty chemical and material maker, to focus on the medical and agricultural businesses, which make drugs, insecticides and other products.These businesses accounted for 95 percent of the company's $666 million in operating earnings last year.
BUSINESS
August 17, 1994
Cyanamid lets offer deadline passApparently betting that it can still make a better deal, American Cyanamid Co. let a 24-hour deadline pass yesterday without saying whether it would accept a sweetened $100-a-share takeover offer from American Home Products Corp.American Home Products, a diversified health- and consumer-products company based in Madison, N.J., had said it would go back to its earlier $95-a-share tender offer if the American Cyanamid board did not respond positively.Shares of American Cyanamid rose $3.125, to $94, in heavy trading on the New York Stock Exchange yesterday.
BUSINESS
August 11, 1994
Proxy battle looms at CyanamidSetting the stage for a proxy battle, American Cyanamid Co. urged shareholders yesterday to ignore a $95-a-share takeover bid from American Home Products Corp. until American Cyanamid's board takes a formal stand on the hostile offer.Under rules of the Securities and Exchange Commission, the board must respond by Aug. 24, or 10 business days from yesterday, when American Home Products sent the offer to shareholders of American Cyanamid.If American Cyanamid tells shareholders to reject the offer, a proxy fight could begin.
BUSINESS
August 10, 1994
Takeover battle escalatesAmerican Home Products Corp. stepped up the pressure yesterday in its $8.5 billion battle for American Cyanamid Co., commencing a cash tender offer and filing suit to dismantle the target's takeover defenses.The tender offer amounts to $95 a share. When it was announced last week, American Cyanamid's stock jumped more than 40 percent.American Home Products also said it was commencing litigation to eliminate American Cyanamid's anti-takeover and other defensive provisions.
BUSINESS
By Bloomberg Business News | August 4, 1994
NEW YORK -- U.S. stocks were mixed for a second day yesterday as gains in drug and health care issues offset concern that rising inflation will lead the Federal Reserve to raise interest rates.The gains in drug stocks were sparked by American Home Products Corp.'s $8.5 billion bid for American Cyanamid Co. The offer, made late Tuesday, also raised hopes that more mergers and acquisitions in the industry are coming."The two-year hiatus is over," said Samuel Isaly, portfolio manager of the $10 million Medical Research Investment Fund.
BUSINESS
By New York Times News Service | August 4, 1994
Ending years of obscurity that unkind traders said was well deserved, American Cyanamid Co. has emerged as Wall Street's latest Cinderella, its stock skyrocketing more than 40 percent on the expectation that it will be acquired by a wealthy suitor.Albert J. Costello, 58, an aggressive deal-spinner who has been the company's chairman and chief executive for only 18 months, has transformed the once-lackluster chemical manufacturer into a leaner, more profitable health care and agricultural products company by cutting costs and shedding underperforming divisions.
BUSINESS
By New York Times News Service | October 20, 1993
Amid growing pressure to restrain health-care costs, three large drugmakers announced plans yesterday to cut 7,000 employees over the next three years, adding to tens of thousands of pharmaceutical-industry jobs eliminated in recent months.The three companies, Pfizer Inc., American Cyanamid Co. and Upjohn Co., declined to say how the cuts would be distributed until they told the workers affected.New York-based Pfizer said it was eliminating 3,000 jobs to prepare for changes, which, it said, had transformed drug manufacturing into "a very fragile industry."
BUSINESS
May 8, 1992
North American Vaccine Inc.The Beltsville vaccine development company said its losses in the quarter that ended March 30 doubled, to $2 million, compared with the same period last year.The research and development company attributed much of the loss to legal fees associated with a patent-infringement suit the company filed last year against American Cyanamid Co. of New Jersey. The case will go to trial in August.The company's revenues come from its sale of a pertussis vaccine to the National Institutes of Health, which is using it to test the vaccine's effectiveness and safety in children.
BUSINESS
By Opinions on stocks offered by investment experts. Compiled by Steven Halpenfor Knight Ridder | October 17, 1990
Waste ManagementPersonal Finance, Alexandria, Va., likes Waste Management (WMX, NYSE, low $30s), the nation's largest player in the solid and hazardous waste disposal industry."
BUSINESS
September 16, 1993
American Cyanamid to spin off unitAmerican Cyanamid Co. said yesterday that it would spin off its Cytec Industries chemical unit into a public company and that it would take a $420 million after-tax charge in the third quarter as a result.American Cyanamid, based in Wayne, N.J., had told analysts in February that it wanted to spin off Cytec, a specialty chemical and material maker, to focus on the medical and agricultural businesses, which make drugs, insecticides and other products.These businesses accounted for 95 percent of the company's $666 million in operating earnings last year.
BUSINESS
May 8, 1992
North American Vaccine Inc.The Beltsville vaccine development company said its losses in the quarter that ended March 30 doubled, to $2 million, compared with the same period last year.The research and development company attributed much of the loss to legal fees associated with a patent-infringement suit the company filed last year against American Cyanamid Co. of New Jersey. The case will go to trial in August.The company's revenues come from its sale of a pertussis vaccine to the National Institutes of Health, which is using it to test the vaccine's effectiveness and safety in children.
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