News In Brief

Weyerhaeuser Co., in a new unsolicited effort to acquire forest products rival Willamette Industries, upped its bid to $5.4 billion - or $48 a share - and offered it directly to stockholders. The latter urged the stockholders to take no action until its directors could study the proposal and issue a recommendation. Earlier, Weyerhaeuser offered $36 and then $43 per share. Analysts speculated that investor pressure eventually would compel Willamette to accept a buyout, but perhaps not until Weyerhaeuser's offer reached as high as $52 a share.

BFGoodrich announced it will sell its performance materials business, which specializes in plastics and polymers, to an investor group for $1.4 billion. A spokesman said the move would solidify the transformation from a manufacturer of chemical and tires to an aerospace and industrial products company. The buyers' group is led by AEA Investors Inc., a private equity firm with offices in New York and London. BFGoodrich is based in Charlotte, N.C.

In new signs that the US economy is slowing, three more companies announced layoffs:

* About 850 employees, or 35 percent of the workforce, at iXL Enterprises Inc. will be eliminated, the Web consulting company said. The move is part of a reorganization that already resulted in 350 layoffs in September. The company is based in Atlanta.

* ReplayTV, a pioneer in making personal video recorders, will cut about 120 jobs out of 260 as it moves away from selling its own set-top boxes to consumers. The Mountain View, Calif.-based firm said it will focus instead on licensing its technology.

* Icebox.com, an Internet entertainment producer, will eliminate 50 of its 100 full-time staff. The Los Angeles-based company was conceived as a place free of corporate creative constraints, but the demands of investors now are taking hold, an executive said.

(c) Copyright 2000. The Christian Science Publishing Society

About these ads
Sponsored Content by LockerDome

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK