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BUSINESS
By Jay Hancock and Jay Hancock,SUN STAFF | July 31, 1998
Avesta Sheffield East Inc., the Essex stainless steel mill that shut down after it received a $1.1 million economic development grant from the state, has agreed to pay back $600,000 of the money, Maryland's economic development department said yesterday.The settlement came after a yearlong dispute in which Maryland officials accused Avesta of breaking a promise to add jobs. Avesta blamed a weak steel market, saying the employment target was a nonbinding goal.Maryland's Department of Business and Economic Development took the unusual step late last year of seeking to recover the money through a lawsuit filed in Baltimore County Circuit Court.
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BUSINESS
By Paul Adams and Paul Adams,SUN STAFF | July 15, 2000
In keeping with its July 6 warning to investors, Internet software maker Visual Networks Inc. reported second-quarter pro forma net income of $188,000, or 1 cent per share, yesterday. The earnings, based on revenue of $32.4 million, fell about 83 percent short of the 6 cents per share expected by a consensus of analysts previously polled by First Call/Thomson Financial. The Rockville company, which makes Internet management software, blamed the earnings slump on difficulties associated with its merger with New York-based Avesta Technologies, an e-business software company that it bought this year in a deal valued at $415 million.
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BUSINESS
By Ross Hetrick and Ross Hetrick,Sun Staff Writer | February 11, 1995
Armco Inc. has reached a definitive agreement to sell its Eastern Stainless Corp. subsidiary in Essex to the Swedish-based Avesta Sheffield AB, one of the world's largest stainless steel companies.Terms of the purchase, which is expected to be completed in the next two months, were not disclosed. But Avesta Sheffield said when an agreement in principle was reached in October that it expected to pay about $27.1 million, according to Bloomberg Business News.The sale is contingent on Avesta reaching a new labor agreement with the United Steelworkers of America, the union that represents most of the 280 workers at the stainless steel plant in southeastern Baltimore County, said Armco spokesman Jim Herzog.
BUSINESS
By Mark Guidera and Mark Guidera,SUN STAFF | July 7, 2000
Investors punished Visual Networks Inc. yesterday after the Rockville-based maker of Internet management software warned that quarterly earnings into the middle of next year will fall far short of Wall Street expectations. Shares in the company plunged $14.25, or 54 percent, to close at $12. Earlier in the day, shares hit a 52-week trading low of $10.375, well off the 52-week high in March of $87.50. Almost 20 million shares traded hands, compared with the stock's average daily volume of less than 1 million.
BUSINESS
By Jay Hancock and Jay Hancock,SUN STAFF | January 6, 1998
Avesta Sheffield East, sued by the state of Maryland for allegedly reneging on promised job growth after accepting a $1.1 million state grant, denied yesterday that a promise was made and said it won't pay back the money."
BUSINESS
By Mark Ribbing and Mark Ribbing,SUN STAFF | February 8, 2000
Visual Networks Inc., a Rockville telecommunications software company, said yesterday that it has agreed to buy Avesta Technologies Inc. in an all-stock deal initially valued at $415 million. Wall Street reacted harshly to the announcement, sending Visual Networks' stock down $13.0625 to $50.3125, a 20.6 percent decline. What worried investors was the news that the purchase of privately held Avesta will pull down Visual Networks' earnings through the end of next year. While Visual Networks Chairman, President and Chief Executive Officer Scott E. Stouffer said the acquisition would ultimately lead to "dramatic acceleration of [Visual Networks']
BUSINESS
By BLOOMBERG NEWS | August 27, 1998
STOCKHOLM -- Avesta Sheffield AB, a Swedish stainless-steel producer, said plunging steel prices pushed it to a first-quarter loss and may force it to cut up to 15 percent of its work force.The company, which announced the mothballing of its east Baltimore County plant in June, said its net loss was 314 million kronor, or $37.8 million.The price of cold-rolled stainless steel, Avesta's main product, has fallen by more than a fifth in Europe in the past year, as cheaper exports from Japan and South Korea have flooded a market already awash in excess metal.
BUSINESS
By Sean Somerville and Sean Somerville,SUN STAFF | June 24, 1998
Avesta Sheffield East Inc. made official yesterday what it had said was likely: the mothballing of its Essex plant and the elimination of 74 jobs.The company, a subsidiary of Sweden's Avesta Sheffield AB, said high imports and tough competition forced the closing of its stainless steel melt shop, the main operation at the former Eastern Steel Co. plant.The announcement came a month after the company said it would close its steel coil plate line, eliminating 27 jobs.Together, the two moves will eliminate all but about 15 of the plant's 115 jobs.
BUSINESS
By Sean Somerville and Sean Somerville,SUN STAFF | January 18, 1997
Exactly a year after Gov. Parris N. Glendening cited a $1.2 million state grant for Avesta Sheffield East as an example of the state's ability to help create jobs, the Baltimore County stainless steel plant cut 100 jobs yesterday -- almost half its work force.Stockholm, Sweden-based Avesta Sheffield AB received the state "Sunny Day" grant for training and equipment in March 1995, after it acquired the former Eastern Stainless Corp. from Armco Inc. In return, the new owner pledged to boost employment at the Essex plant from about 200 to 350.Chuck Porcari, a spokesman for the Maryland Department of Business and Economic Development, said the state has no legal right to recover the grant money.
BUSINESS
By Paul Adams and Paul Adams,SUN STAFF | July 15, 2000
In keeping with its July 6 warning to investors, Internet software maker Visual Networks Inc. reported second-quarter pro forma net income of $188,000, or 1 cent per share, yesterday. The earnings, based on revenue of $32.4 million, fell about 83 percent short of the 6 cents per share expected by a consensus of analysts previously polled by First Call/Thomson Financial. The Rockville company, which makes Internet management software, blamed the earnings slump on difficulties associated with its merger with New York-based Avesta Technologies, an e-business software company that it bought this year in a deal valued at $415 million.
BUSINESS
By Mark Ribbing and Mark Ribbing,SUN STAFF | February 8, 2000
Visual Networks Inc., a Rockville telecommunications software company, said yesterday that it has agreed to buy Avesta Technologies Inc. in an all-stock deal initially valued at $415 million. Wall Street reacted harshly to the announcement, sending Visual Networks' stock down $13.0625 to $50.3125, a 20.6 percent decline. What worried investors was the news that the purchase of privately held Avesta will pull down Visual Networks' earnings through the end of next year. While Visual Networks Chairman, President and Chief Executive Officer Scott E. Stouffer said the acquisition would ultimately lead to "dramatic acceleration of [Visual Networks']
NEWS
By Jay Hancock and Jay Hancock,Sun Staff | October 10, 1999
In 1995, the same year Avesta Sheffield made a half-billion dollars' profit, the steel company came to Maryland taxpayers, asking for a little bit more. xxIf Maryland would just ante up $1.1 million in special incentives, Avesta executives promised, the company's stainless-steel mill in Baltimore County would continue operations, make new investments and nearly double its work force to 350.Maryland delivered. Gov. Parris N. Glendening took credit for the "rebirth" of the old factory, which once employed 1,500 and stamped out artillery shells during World War II.It was not to be.The mill stopped production last year, and last week Avesta put it up for sale.
BUSINESS
By BLOOMBERG NEWS | August 27, 1998
STOCKHOLM -- Avesta Sheffield AB, a Swedish stainless-steel producer, said plunging steel prices pushed it to a first-quarter loss and may force it to cut up to 15 percent of its work force.The company, which announced the mothballing of its east Baltimore County plant in June, said its net loss was 314 million kronor, or $37.8 million.The price of cold-rolled stainless steel, Avesta's main product, has fallen by more than a fifth in Europe in the past year, as cheaper exports from Japan and South Korea have flooded a market already awash in excess metal.
BUSINESS
By Jay Hancock and Jay Hancock,SUN STAFF | July 31, 1998
Avesta Sheffield East Inc., the Essex stainless steel mill that shut down after it received a $1.1 million economic development grant from the state, has agreed to pay back $600,000 of the money, Maryland's economic development department said yesterday.The settlement came after a yearlong dispute in which Maryland officials accused Avesta of breaking a promise to add jobs. Avesta blamed a weak steel market, saying the employment target was a nonbinding goal.Maryland's Department of Business and Economic Development took the unusual step late last year of seeking to recover the money through a lawsuit filed in Baltimore County Circuit Court.
BUSINESS
By Sean Somerville and Sean Somerville,SUN STAFF | June 24, 1998
Avesta Sheffield East Inc. made official yesterday what it had said was likely: the mothballing of its Essex plant and the elimination of 74 jobs.The company, a subsidiary of Sweden's Avesta Sheffield AB, said high imports and tough competition forced the closing of its stainless steel melt shop, the main operation at the former Eastern Steel Co. plant.The announcement came a month after the company said it would close its steel coil plate line, eliminating 27 jobs.Together, the two moves will eliminate all but about 15 of the plant's 115 jobs.
BUSINESS
By Sean Somerville and Sean Somerville,SUN STAFF | June 4, 1998
Avesta Sheffield AB, the Swedish stainless steel company that bought the struggling Eastern Stainless Corp. three years ago, yesterday said it likely will close the southeastern Baltimore County plant by early August.Roy Cooke, president of U.S. subsidiary Avesta Sheffield East Inc., disclosed the shutdown two weeks after the company announced the mothballing of the stainless steel coil plate line at its Essex plant -- a move that will eliminate 27 of the company's 115 jobs in mid-July.The shutdown of the rest of the plant, which awaits the company board's approval, would cut 73 more jobs, leaving a skeleton crew of 15 at the site.
BUSINESS
By Sean Somerville and Sean Somerville,SUN STAFF | June 4, 1998
Avesta Sheffield AB, the Swedish stainless steel company that bought the struggling Eastern Stainless Corp. three years ago, yesterday said it likely will close the southeastern Baltimore County plant by early August.Roy Cooke, president of U.S. subsidiary Avesta Sheffield East Inc., disclosed the shutdown two weeks after the company announced the mothballing of the stainless steel coil plate line at its Essex plant -- a move that will eliminate 27 of the company's 115 jobs in mid-July.The shutdown of the rest of the plant, which awaits the company board's approval, would cut 73 more jobs, leaving a skeleton crew of 15 at the site.
BUSINESS
By Ross Hetrick and Ross Hetrick,Sun Staff Writer | March 17, 1995
The new Swedish owners of Eastern Stainless Corp. hope to && be able to turn around the money-losing Baltimore County plant within three years with the help of a $50 million infusion and a new management philosophy."
BUSINESS
By Jay Hancock and Jay Hancock,SUN STAFF | January 6, 1998
Avesta Sheffield East, sued by the state of Maryland for allegedly reneging on promised job growth after accepting a $1.1 million state grant, denied yesterday that a promise was made and said it won't pay back the money."
NEWS
By Jay Hancock and Jay Hancock,SUN STAFF | December 24, 1997
Maryland's economic development department is seeking to recover $1.1 million in court from Avesta Sheffield East Inc., alleging that the company's Baltimore County steel plant failed to meet employment targets promised when it accepted a state grant two years ago.Instead of boosting employment to 350 from 179, as promised, Avesta moved a major production line from Maryland to Indiana a year ago and cut local jobs to about 100.In a lawsuit filed yesterday in...
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