The Journal News from White Plains, New York • Page 36

C12 Thursday August 4, 1994 Rockland Journal-News reliever II Stress rumors in TIP-- esourcer yndcanaectv Stocks C9-C1 1 Money news desk: 578-2424 1 Monev Vi 'At this point we know something is going to happen, and we're just concerned about our BUSINESS REPORT Mike Martin, a Lederle production planner certainty brewing aft ledeir concerned about future as company mulls ''ziTTtJiL i i 2 :1 -I -t 4 ft. ft Staff photoJaroslav Waznee analytical chemist at Lederle Laboratories in Pearl River, heads to a nearby service station to pick up her car company, American Cyanamid, is considering an $8.5 billion purchase offer by American Home Products. "That's more the mood as far as I can see," Martin said. "The only thing we know is what's in the newspaper and what's on TV. There have been no meetings or anything." Edwina Sanders, Cyanamid di Employees By Kate Boylan Staff Writer PEARL RIVER Walk around Lederle Laboratories' campus, among the brick buildings and factories and diligent workers, and you'll feel as if you have stepped into a 1950s newsreel about quintessential corporate America.

Used to be if Lederle hired you, you had a job for life. That's not true any longer. Lederle and the new corporate America are different. With layoffs already underway as part of parent company American Cyana-mid's worldwide restructuring and news this week that American Home Products is willing to pay $8.5 billion for American Cyana-mid, job security is an oxymoron at Lederle these days. Most employees were on their way home Tuesday afternoon by the time American Home Products made the bid that may or may not bring further job cuts if the hostile takeover is completed.

"That's the biggest fear," said Mike Martin, a Lederle production planner. "At this point we know something is going to happen, and we're just concerned about our jobs." So is much of Rockland. Lederle is the county's largest private employer with 3,400 workers, and observers say the threatened takeover could have dramatic impact on Lederle and therefore the county. Yesterday, Lederle employees went back to work as usual as usual as possible in these days of rumors and restructuring. "It was like gossip at first, now it's headlines," said Angela Ander- Economy takes slight June upturn The Associated Press WASHINGTON The government's main forecasting gauge of economic activity rose moderately in June, while orders to U.S.

factories advanced solidly for the fourth straight month. Meanwhile, the Federal Reserve, in its latest survey of business activity, said yesterday that there are scattered signs of a slowdown but also possible indications of rising prices. Analysts said the economy has entered a period of modest expansion marked by slower consumer spending, but with manufacturing continuing to grow at a healthy pace. It is not clear how likely the Federal Reserve is to raise interest rates again soon, they said. The Commerce Department said its Index of Leading Economic Indicators climbed 0.2 percent in June to an all-time high of 101.5.

While the rise was modest, it slightly exceeded the expectations of economists. The index has now risen in 10 of the last 11 months. Also, the department reported that the index rose a revised 0.1 percent in May after remaining unchanged in April. Previously, the government said the index had been flat in May, but revised the figure upwards due to increased factory orders for consumer goods. "There was evidence before that mmm HOPING TO STAYi Helena Feng, an after work yesterday.

Lederle's parent son of Middletown, N.Y., a secretary in the Lederle Praxis group. Inside the labs and offices and manufacturing plant, employees said, uncertainty about what is to become of them and their company increased yesterday. Index of leading indicators Seasonally adusied index, 1987100 A ON 1993 A 1994 May. '94 June '94 June '93 98.1 1 101 .3 I 1101.51 Souk. U.

S. Dept. ot Commerce AP the economy may have stalled," said Kermit Baker of Cahners Economics, a Newton, forecasting service. "This puts a slightly better spin on the second half of the year than I had been expecting." "The small rise in the leading indicators is consistent with a slower but steady growth rate in the second half," said Gordon Richards of the National Association of Manufacturers. The Commerce Department also reported that orders to U.S.

factories rose 0.8 percent in June, matching the May increase. Except for ECONOMY continues C9 1 102 lllllllllllill ibo IBM move rumored again rylifr- jr. 4 rector of corporate communications, would not discuss plans to inform employees about the future of Cyanamid and Lederle. "There's no big uproar about it as far as I know," Anderson said. "I guess people are just keeping haven 't gotten any work done.

We're planning our future on the basis that IBM won't stay. John A. Lombardi, IBM North Castle supervisor Florida." Yesterday's speculation came after Business Marketing, a monthly publication based in Chicago, said in a story that IBM will leave the Armonk building by the end of the year and move to office space it leases at 590 Madison Ave. The story added that Big Blue has a buyer for the Armonk property "in the wings." The report spread after Crain's New York Business, a sister publication of Business Marketing, ran a one-paragraph item repeating the report. WNBC-TV News also reported on the published item.

Yesterday's speculation came after the New York Times said in January that IBM would leave Armonk for Manhattan. Jan Jaben, the author of the Business Marketing article, yesterday stood by the story, saying her unidentified source was correct. Insisting that the article was unfounded, Wilson, the IBM spokesman, said the Armonk property and building are not being marketed. Hispanic business among top 500 NEW CITY A Queens lighting company led by Israel Bulbank of New City has been listed by "Hispanic Business" magazine as one of the 500 largest Hispanic corporations in the United States. Unahte Electric Lighting Corp.

of Long Island City ranked 235 on the list of Hispanic-owned companies across the country, which is compiled annually based on BULBANKi On elite list sales figures gathered by the magazine. Bulbank is president of Unalite, which sells, installs and maintains lighting and electrical products. The company's major market is the "metropolitan New York City areaValthough it does business across the country. Bulbank was born in Havana, Cuba, where he gained his background in electrical engineering and design. Bulbank established Unalite Electric in 1976.

Seminar provides estate planning help PARAMUS, N.J. A free seminar sponsored by Merril Lynch will focus estate planning on Aug. 16 at the company's Paramus office at Country Club Plaza, W115 Century Road, at 6:30 p.m. The program will cover ways of reducing estate taxes, eldercare, creating trust funds, selection of trustees and planned giving arrangements. Featured speakers at the seminar include H.

Carelton Clinch, an Ridgewood, N.J., attorney, and estate planning specialist Deborah Gaynor. Call Ron Ledwith at 1-800-694-5340 for more information and to reserve a seat at the seminar. Pyramid pushing Northeast mall SYRACUSE, N.Y. The planned Mall of New England, to be located in Providence, R.I., would generate $240 million in annual sales, according to developer The Pyramid Companies. The $340 million downtown mall would include 150 stores.

Other economic advantages, according to Pyramid, include more than $9.5 million in sales tax and 2,000 new jobs. Pyramid, based in Syracuse, is also developed of the proposed Palisades Center Mall in West Nyack. That project is currently on hold as the company negotiates with the New York State Thruway Authority for the purchase of 12 acres of state-owned land that necessary for the mall's service road network, i Business agenda TODAYi The U.S. Labor Department issues weekly jobless claims figures, and the nation's largest retailers announce their sales figures for July. TOMORROW! The U.S.

Labor Department releases unemployment figures for July, and the Federal Reserve issues its consumer credit report for June. PERSONNEL FILE Joe McDevitt COMPANYi American Dynamics, Orangeburg WHAT'S NEWi He's been appointed vice president of sales. CAREERi He has over 15 years experience in closed circuit television and has held various positipns at American Dynamics, most recently national sales manager. He'll be responsible for the sales of the company's closed circuit television equipment, which is marketed through a LfiSZI network of manufacturers representatives as well as dealers and distributors. News of promotions and other local business activity can be sent to Assignment Editor Bill Demarest, Rockland Journal-News.

200 N. Route 303, West Nyack, N. Y. 10994, or by fax to 578-2477. (: f'iit takeover bid 1 4f 3vl --1 their feelings to themselves.

We're just waiting to see what happens. Everybody's going about their work in the same manner. They're busy." LEDERLE continues C9 Reiterating IBM's longtime position, Wilson added that the company would consider offers for the Armonk complex or any other site. The Westchester County land records division yesterday said that no IBM deeds changed hands this year. Yesterday's report of Big Blue's impending departure from Armonk ignited a fury of renewed speculation about the future of the three-story, 31-year-old headquarters.

The rumors have added momentum in light of Gerstner's pledge to consolidate and streamline as many operations as possible to get the ailing corporate giant back on its feet. With Gerstner's vow, attention quickly focused on three IBM edifices in the metropolitan area. First, there were rumors about 590 Madison Ave. rumors that were proven true when IBM confirmed in May that it had sold Ihe million-square-foot building at 57th Street. The 43-story building, opened in 1983, houses IBM's Northeast headquarters for marketing and services, and IBM has said it will lease and continue to occupy about a third of the structure.

With 590 Madison Ave. sold, the spotlight next moved to the Armonk headquarters. Opened in 1963, the three-story building and its picturesque atrium houses 700 people. There's long been speculation that the Armonk headquarters would be consolidated with 590 Madison Ave. or with the third focus of IBM relocation rumors: Its complex in Somers.

this week, ended with a modest loss of 3.56 at 3,792.66. Most broader market barometers edged ahead. Gainers ended the day with a lead over losers of about 100 is- sues on the New York Stock Exchange where trading was moderately active. Volume on the Big Board's floor came to 282.38 million shares as of 4 p.m. EDT com- pared to 294.72 million Tuesday.

And again, firm denies reports By Phil Waga and Randy Whitestone Staff Writers ARMONK, N.Y. For the second time this year, a published report yesterday triggered widespread speculation that IBM was relocating its worldwide corporate headquarters from Armonk in Westchester County to Manhattan. And for the second time this year, Big Blue denied the report. "It's absolutely untrue," said IBM spokesman Rob Wilson. "We are not moving the IBM headquarters staff to midtown." Still, North Castle Supervisor John A.

Lombardi said his office was flooded with calls yesterday from residents, real estate brokers and school district leaders, all asking if the rumors were true. "I haven't gotten any work done," Lombardi said. Lombardi, a veteran of IBMAr-monk rumors, said yesterday that IBM had told him the renewed speculation was unfounded. But he added: "We're planning our future on the basis that IBM won't stay." "We don't really know what's happening," Lombardi said. "This morning they could say, 'We're not And at 4 o'clock today (Chairman Louis V.

Gerstner Jr.) could announce they're moving to Dallas or Tampa or Boca Raton, THE MARKETPLACE Rockland stock listings Drug interests zoom NYSE Index Up 0.43 to 254.58 Dow Jones Industrial Wed, Aug. 3, 1994 Close: 3792.66 3950 3900 3850 3800: 3750 ouu 3650 3600 3550 Klfjip p'! 'lI'ITl July 7 TfMTW T1 Sales Close Chg Seers 6564 48ft tt Segue 13 28ft USQ 530 22ft ft U.Weter 45 13ft Xerox 987 103 -ft AMI BerrLabe 43 20ft -ft First Empire 16 158ft OTC Bid Ash Choe Diplomat 8 8ft ft Eec.Tele 8ft 8ft ft Pres. Life 6ft 6ft Mutual Fund Assets Chng Volumetric $14.58 S0.03 MeUls Close Owe Gold $377.60 -S130 Silver $5.19 40.01 Volume is in units of 100. NYSI Sales Close Chg Amf.Cyin. 60715 9W 27 ATtT 9273 S4V4 -V Avon 3204 57H 1W Bank NY 2834 3m Bectn 1251 43 ft ChmBenh 4135 38ft Champion 1665 34ft Chrytf 14225 47tt -H Citicorp 11340 4m FedPepor 2754 27 1 Qennett 1625 51H IBM 13492 63 hrtPeoor 6633 76H 1 LoneStor 55 17 Nyne 3567 39Vt -Vi OAR 151 31V4 Pen Comm Pw 9 13V -V4 PharmRn 238 6ft -ft The Associated Press NEW YORK Takeover speculation in the drug sector enlivened a lethargic session for stocks yesterday as market measures closed mixed.

Merger news involving companies outside the pharmaceutical group also lent some support to the stock market. The Dow Jones industrial average, which reached its highest level since mid-June earlier 500 Up 0.89 to 461.45 NASDAQ Dn. 1.11 to 723.69 AMEX Index Up 0.85 to 440.59 Source: Gary Goldberg Suffem iMlfci- '1.