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Dayton Daily News from Dayton, Ohio • 23

Publication:
Dayton Daily Newsi
Location:
Dayton, Ohio
Issue Date:
Page:
23
Extracted Article Text (OCR)

34 DAYTON DALY NEWS JM 25. 1986 1 Miume Marriott measures Dayton for new Courtyard hotel Middletown plant spurs Aeronca buyout High-tech center brings Fleet's takeover bid By Darwin Sator BUSINESS WRITER A real-estate acquisition team for the Courtyard by Marriott hotel chain was in Dayton Tuesday looking for hotel sites near Wright State University and along 1-75 north. One location, near Dayton Mall, has been selected and was reported earlier. division of the Washington-based Marriott Corp. said earlier that it would build two or three hotels in the area.

Total investment would be $24 million to $30 million. Craig E. Lambert, vice president of marketing and sales, confirmed that Marriott is interested in Wright Executive Center, a Miller-Valentine Corp. development across Col. Glenn Highway from Wright State, because it borders on the new 1-675 and is near both the university and Wright-Patterson Air Force Base.

A Holiday Inn and meeting facility already are under construction there. Lambert disclosed that Marriott had selected one Dayton area site. That site is also near 1-675, across from the Residence Inn suite hotel In the Prestige Plaza area west of Dayton Mall. Lambert said that land is owned by Gem Savings and a deal is expected to close within two weeks. He said construction should begin in August, and the hotel should open in mid-1987.

RX. Woerner regional vice president for development for Courtyard by Marriott, said the real estate acquisition team also would be looking this week at sites along 1-75 between Dayton and the airport. Courtyard by Marriott rooms are described as moderately priced, lower than those of the Dayton Marriott Hotel and the company's other first-line hotels. "We're talking probably In the low to mid-50 (dollar) range during the week and the mid-40 range on weekends," Lambert said. Each hotel will have 140 to 150 rooms and a restaurant and lounge seating 100.

Paul Novak, vice president for development, said Marriott has committed $3 billion of internally generated funds to expand Courtyard by Marriott, which opened Its first units in Georgia only 2 years ago. Novak said Marriott has chosen to expand in Dayton "because the area's economy has become diversified and it doesn't experience the peaks and valleys it did at one tlmne." Courtyard owns and operates all of its properties, and the current building program is the largest, not involving franchising, ever undertaken by any hotel operator, according to Lambert More than 100 Courtyard by Marriott hotels are either open, under construction or under contract The company expects to have more than 300 hotels by the early 1990s. Kettering-based Amcast purchases 2 casting plants Amcast Industrial Corp, a Kettering-based metals company, has completed the purchase of two precision aluminum casting plants, according to Leo W. Ladehoff, chairman and president The aviation and aerospace markets served by the two plants Hemet Casting Co. of Hemet, Calif, and Hemet of Florida in Miami further diversify Amcast's business into areas less vulnerable to foreign competition, Ladehoff said.

Both companies are closely held, profitable and have combined sales of $20 million, according to the Amcast chairman. He declined to disclose the purchase price, saying It would be given later In filings with the Securities Exchange Commission. Amcast shares are traded over the counter. The two Hemet plants have 500 employees. Ladehoff said the acquisition is part one of a two-part package.

The agreement, he explained, gives Amcast an option on two super-alloy foundries and two supporting operations that have been operating as a group with the Hemet Casting Co. and He-met of Florida. "By acquiring the entire group," he said, "Amcast can become one of the leading suppliers of advanced aerospace castings. We intend to develop that presence further," Ladehoff said. Amcast operates Iron and aluminum foundries plus has a division that makes pipe fittings.

ByJimBohman BUSINESS WRITER The Middletown plant of Aeronca which made the outer skin of the Apollo moon capsule and today makes a variety of aircraft parts, was the main reason a Canadian company made what has become a successful, hostile takeover bid for the Charlotte, N.C-based corporation, a spokesman said. Fleet Aerospace Corp. of St Catharines, Ontario, got what it wanted last week when Aeronca's board capitulated and approved a sweetened tender offer of $6 per share, or $18.6 million. The quiet merger fight between the two small aerospace companies also was significant for other Ohio firms because it resulted in a major part of Ohio's anti-takeover law being thrown out by a federal Judge. Aeronca was founded In 1928 at cinnati's Lunken Airport as the Aeronautical Corp.

of America to manufacture light airplanes and moved to Hook Field In Middletown In 1940. The Middletown plant today fabricates wing ribs, flap track covers and an assortment of other airplane parts. Aeronca also makes laser-optic Inspection systems, and recreational fiberglass boats at plants In other locations. In the 1960s, Aeronca's Middletown plant made the thin, honeycomb stainless steel panels that formed the outer covering of the capsules that took Nell Armstrong and other astronauts to the moon and back. It still makes similar heat-resistant panels for use in jet engine thrust-reverse rs.

The high-technology of the Middletown plant Is what -the Canadian company wanted most, a spokesman said. Fleet makes aircraft sonar, radar, and satellite parts. Fleet's first offer of $3 a share, made June 21, was rejected by Aeronca's board of directors as Inadequate. The Canadian company said Aeronca will become a subsidiary of Fleet Aerospace. Aeronca has some 600 employees in Middletown.

In the last fiscal year, Aeronca had sales of $65.2 million and reported a i loss of $2.2 million. Fleet posted sales of about $56 mil-lion (Canadian) In the fiscal year that ended last Sept 30, up from $39 mil-lion. Net profit was $3.1 million ersus million. Meanwhile, the Ohio Department of Commerce Is disturbed because Fleet Aerospace, In its pursuit of Aeronca, won a federal court order setting aside the Ohio law designed to protect Ohio shareholders from fast-moving tender! offers. Aeronca is Incorporated in Ohio.

U.S. District Court for the Southern District of Ohio ruled in Fleet's favor; that Ohio's Control Share Act violates the US. Constitution and is unenforceable. The challenged part of the Ohio law 1 permits shareholders of the target com- pany to vote on tender offers. Ohio is appealing the ruling.

House gives FH A go-ahead "For the short term, things are back on track, but we still 'don't have a long-term solution," said Phil Brooks, a legislative staff assistant of the Mortgage Bankers Association of America. The association estimates that 10,000 people per day have been unable to close FHA-in-sured loans since FHA's operating authority lapsed June 6 and the agency stopped processing new applications. FHA reached Its credit limit last Thursday. The measure passed Tuesday gives the FHA operating authority through Sept 30 but allows it to Insure only an additional $9.5 billion of loans, an amount expected to be used up within a month. KNKJHT-RIDDER NEWS SERVICE WASHINGTON The House completed emergency congressional action Tuesday on legislation to allow the Federal Housing Administration to resume processing Its huge backlog of home mortgages.

The White House said President Reagan is expected to sign the bill re-establishing the agency's credit and operating authority. But the FHA could be forced to cease Insuring loans again in late July if Congress doesn't pass a supplemental spending bill that further raises FHA's credit limit White House advisers have urged the President to veto that spending bill unless some changes are made. Dayton's TRW division not under federal scrutiny The U.S. Justice Department has disclosed that the Cleveland-based TRW Inc. is under criminal Investigation by the Defense Department for allegedly overcharging the government on defense contracts.

Justice Department officials said a number of present and former TRW employees are being investigated. At the same time, in amending a related $1.2 billion civil lawsuit filed in federal district court in Cleveland, Justice Department officials said a grand jury is Investigating defense contract "irregularities" involving TRWs aircraft components group and compressor components and power accessories divisions. Earlier this month, the Justice Department took over the lawsuit, which had been filed by three discharged TRW employee! seeking to compel the company to reimburse the govern- ment for alleged overcharges. A spokesman In the U.S. attorney's office In Cleveland said Dayton's TRW Motor Division and Electronics Defense operations are not connected with any of the business units reported to be under investigation.

The government had alleged that TRW's compressor-components division Inflated, manipulated or destroyed material-cost data and that the company's power accessories division inflated labor costs. Dayton's Finest Downtown Location TALBOTT TOWER "In the heart of it all." Penny muck An Opportunity of the 60's CHRIS NOBLE 1-800-331-3584 IMMEDIATE SPACE AVAILABLE 300-5000 Sq. Ft. Indoor Valet Parking Restaurant Snack Shop Retail Businesses 223-8189 CO 4-year T-bill yields lowest since '77 i Invtitmtnt Banker) WASHINGTON (AP) Yields on four-year Treasury notes fell to 7.26 percent in Tuesday's auction, the lowest level since 1977. The yield was down from 7.29 percent at the last auction March 31.

It was the lowest yield since a 6.84 percent yield on Sept. 7, 1977. The sale attracted bids totaling $31.9 billion with $7.4 billion sold. The note will carry a coupon rate of 7 percent with a $10,000 note selling for $9,996.60. MUBJTEIS'S IMS MOT A COnPUTE-1 1-677-2323 ROM Rentals, Inc.

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