Newmont sells Australian unit
Newmont Mining Corp. announced Thursday the sale of its Golden Grove zinc-copper operation in western Australia to Oxiana Limited, an Australian mining company, for $205 million in cash and stock.
Golden Grove produced 10,400 ounces of gold, 51 million pounds of zinc and 20 million pounds of copper from January to May, Denver-based Newmont said in a statement.
Gates to acquire German manufacturer
Denver-based Gates Corp. said Thursday it will acquire a German manufacturer of hydraulic-tube connection systems.
The acquisition of Eifeler Maschinenbau GmbH, which is based in Euskirchen, Germany, and has operations in Spain and China, is expected to be completed by July. Terms of the transaction were not disclosed.
Johns Manville to increase capacity
Johns Manville on Thursday announced plans to expand its formaldehyde-free fiberglass insulation manufacturing capacity by up to 200 million pounds by early 2006.
Construction has begun on the new loose-fill line at the company’s plant in Innisfail, Alberta, the Denver-based company said in a release.
Euro trades at close to its 10-month low
The euro traded near its weakest in almost 10 months against the dollar on speculation the European Central Bank will lower borrowing costs while the U.S. Federal Reserve next week will increase rates for a ninth time since June 2004.
“The rate gap is a dominant factor driving the currency,” said Osamu Takashima, chief analyst of the foreign exchange and treasury division in Tokyo at Bank of Tokyo-Mitsubishi Ltd.
The euro traded at $1.2026 at 10:44 a.m. in Tokyo from $1.2039 late Thursday in New York, according to electronic foreign exchange trading system EBS.
Alcoa to close plants, trim 6,500 jobs
Alcoa Inc., the world’s biggest aluminum-maker, said it will shed 6,500 jobs and close plants because of a drop in prices and higher energy costs, resulting in a second-quarter expense of $220 million to $250 million.
The cuts will save about $150 million a year before tax, Pittsburgh-based Alcoa said Thursday in a statement. The plant shutdowns will include a smelter in Hamburg, Germany, and a factory in Kentucky that makes auto parts, the company said.
Morgan Stanley must pay Perelman more
A Florida judge has increased Morgan Stanley’s award to billionaire Ronald Perelman by $100.5 million, adding interest charges to damages won in a jury trial last month.
The move by Judge Elizabeth Maas brings to $1.57 billion the amount that Morgan Stanley must pay Perelman, who claimed the firm defrauded him in the 1998 sale of Coleman Co. to Sunbeam Corp. Morgan Stanley must post a $1.8 billion bond before any appeal, the judge said.
Yahoo chat rooms shut after TV report
Internet portal Yahoo shut down its user-created chat rooms after a television news series showed the online service was used in apparent attempts to lure children for sex.
Yahoo spokeswoman Mary Osako would not say whether the decision was in response to a series on the NBC affiliate in Houston, television station KPRC, that showed online discussions bearing titles such as “9-17 Year Olds Wantin’ Sex” and “Girls 12 and Under for Older Guys.”
Pension insurer to assume United plans
The federal pension insurance agency, the Pension Benefit Guaranty Corp., announced Thursday that it plans to take over the United Airlines flight attendants pension plan and the management, administrative and public contact pension plan as of June 30.
The agency previously was granted court approval for an agreement with United Airlines on the termination and takeover of the company’s pension plans.
Callaway hires Lazard after takeover report
Callaway Golf Co., maker of Big Bertha clubs and Top-Flite balls, hired investment bank Lazard Ltd. as the company’s shares surged on a report that it received a $1.2 billion takeover offer. Lazard will help with a “full review of strategic alternatives,” according to the statement.
Thomas H. Lee Partners LP, the Boston-based buyout firm, and insurance executive William P. Foley II have offered $16 a share for Callaway, the Los Angeles Times reported Thursday.
PEOPLE: Aspen Daily News, Sysco, Broe, etc.
The Aspen Daily News named David Cook publisher, replacing Brad Stevenson, who resigned. Cook, 28, was advertising manager for the Glenwood Springs Post Independent.
Sysco Corp. promoted R. Keith Lusk to executive vice president of Nobel/Sysco Food Services Co. in Denver. Lusk, currently senior vice president, will assume the new post July 3.
The Broe Cos. announced Thursday that Eric Newberg has joined the firm as vice president of acquisitions for the Chicago and Midwest markets. Prior to joining Denver-based Broe, Newberg was with Klaff Realty LP in Chicago.
Poag & McEwen Lifestyle Centers appointed Elizabeth Maheu-Paige general manager of The Promenade Shops at Centerra in Loveland.
