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Johnson City Press from Johnson City, Tennessee • 25

Location:
Johnson City, Tennessee
Issue Date:
Page:
25
Extracted Article Text (OCR)

BusinessStocks Johnson City Press Page 7C Friday November 10 2006 Union Goodyear say ready to bargain King Inc earnings decline By MR Kropko AP Business Writer under terms of a 2003 agreement Workers were promised they can maintain company -provided benefits beyond Jan 3 if they go back to work before then Since the strike began1 Goodyear has been making tires at some of its North American plants with nonunion and tempo- rary workers as well as some managers The company said counting on production at its plants to help supply North' American customers North American customers are lost there may be no jobs for anyone to come back to once the strike William Cook vice president of human resources for Goodyear North American Tire and Bruce Kendrick director of human resources for Goodyear Engineered Products said in the letter difference in negotiations that had been stalled since the strike began The union has said the original offer also included closing a plant in Gadsden Ala and offered no protections for other American factories Goodyear last week said it planned to close only Tyler and would agree to upgrade other North American plants to protect jobs look forward to productive discussions whereby our members can to return to making quality products and sincerely hope that this is a good faith attempt by Goodyear to solve Steelworkers President Leo Gerard said Goodyear also on Thursday suggested to its striking workers that they go back to work before they lose company-provided health care In a letter mailed Thursday to strikers company officials said the workers are and entitled to return to work at any workers said they were cautiously optimistic talks appeared to be back on would go back under the same contract we had said Robert Beal a 42-year Goodyear worker who stood in front of a wooden shed decorated with union signs want a wage increase We just want to lose what we Beal said the company wants to change work classifications and cost of living formulas that could result in pay cuts even if salaries technically stay the same The company says its offer would not cut wages but it would increase health insurance costs slightly Goodyear said changes are necessary to help Goodyear compete globally Last week Goodyear announced it was shutting down its Tyler Texas plant that makes wholesale private label tires and cutting about 1100 jobs there The fate had been a key petitive position cannot be compromised and it be The union which last week sent a letter to Goodyear saying it would return to negotiations only if the company was willing to drop plans to close plants and cut health care on Thursday took statement as a hopeful sign are pleased that the company has apparently come to its senses and will return to the said Tom Conway USW International vice president stand ready to bargain a fair labor agreement as we always have and assume by this announcement that the company has abandoned its destructive position on closing plants and slashing health Both sides said negotiators were enroute to Cincinnati Thursday afternoon but that talks have not been scheduled On the picket line in Akron where the third-largest tire maker is based striking CLEVELAND The United Steelworkers union and Goodyear Tire Rubber Co on Thursday indicated they are ready to get back to the bargaining table and try to resolve a 5-week old strike by more than 12000 workers In announcing a $48 million third-quarter loss Goodyear said it was sending its negotiating team back to Cincinnati where talks broke off ahead of the Oct 5 strike in the United States and Canada Goodyear said it was hopeful the Steelworkers would do likewise intend to continue making the right decisions for the future of this Goodyear Chief Executive Robert Keegan said in a conference call with analysts resolve to come out of the negotiations with the Steelworkers with a globally com Now Open Graceway Inc aquires branded pharmaceuticals in $875 million deal NET News Service By Rick Wagner NET News Service BRISTOL King Pharmaceuticals Inc on Thursday announced that quarterly net earnings fell as sales of its Altace blood pressure treatment and Skelaxin muscle relaxant declined Third-quarter net income fell to $90 million or 37 cents per share from $122 million or 50 cents per share in the year-earlier period Excluding special items earnings were 44 cents per share On that basis analysts on average expected 38 cents a share according to Reuters and other estimates Third-quarter revenue fell to $492 million from $518 million in the same quarter a year ago Sales of Altace fell to $159 million from $174 million while Skelaxin sales declined to $106 million from $116 million are pleased with our continued solid financial performance and our accomplishments during the third said Brian A Markison president and chief executive officer we strengthened our portfolio with the launch of Glumetza a new generation metformin product for patients with type 2 diabetes and our agreement to acquire Avinza a true once-a-day morphine He said Glumetza complements cardiovas-cularmetabolics offerings and Avinza strengthens growing pain management portfolio King expects to close the Avinza buy on or about Disc 31 the interim our sales force is promoting the product pursuant to a separate co-promotion agreement which terminates in January King also continues its development efforts for new drugs The stock cRsed Thursday at $1620 up 42 pent The price during the day ranged from $1582 to $1690 The organizations headquarters and corporate functions will be based In Bristol pharmaceutical company focused on dermatology merger with Chester Valley will constructively transform both companies by creating a new company with exceptional leadership and a remarkable record of success in the Gregory said merger into Graceway and the acquisition from 3M allow us to add significant depth to our existing portfolio of dermatology products It also dramatically strengthens our sales said Bob Moccia president of Chester Valley The headquarters and corporate functions which include finance business development IT human resources legal and technical operations will be based in Bristol Sales marketing and future product development initiatives will be based in Malvern Headquartered in Bristol Graceway Pharmaceuticals is a pharmaceutical company focused on acquiring in-licensing and developing branded prescription pharmaceutical products BRISTOL Graceway Pharmaceuticals Inc announced Thursday it will acquire branded pharmaceutical business in the United States Puerto Rico Canada and Latin America for $875 million As part of the transaction the parties will also enter into a technology access and development agreement Under the agreement Graceway will acquire branded pharmaceuticals including Aldara Cream 5 percent for the treatment of external genital warts actinic keratosis and superficial basal cell carcinoma MaxAir Autohaler for the treatment of asthma MetroGel-Vaginal for bacterial vaginosis and related new drug applications trademarks copyrights patents licenses to certain patents associated with potential new formulations of such products and other related intellectual property As part of the acquisition Graceway will enter into manufacturing agreements for the acquired products Estimated 2006 net revenues for the products in North and Latin America total approximately $350 million acquisition of product portfolio is consistent with our strategic goal of increasing value by delivering innovative products in attractive therapeutic said Jefferson Gregory chairman and chief executive officer intend to continue to seek opportunities that will allow us to build upon these notable products and extend our offering of branded prescription products in these Graceway also announced Thursday that Chester Valley Pharmaceuticals Inc a privately held company based in Malvern Pa will merge into Graceway Chester Valley is a specialty Tony DuncanJohnson City Press Customers look over new furnishings at Ashley Furniture HomeStore which opened its doors Thursday at 115 Marketplace Drive The new store features 45000 square feet of space and will employ approximately 95 to 100 between the store and its distribution center The store is open 10 am to 9 pm Monday through Saturday Market Report iiiKemi Dell Inc If 2498 Dndreon 523 Dentsplys 3106 DevonE 7108 09 04 45 09 95 -252 Market watch Nov 9 2006 7564 2932 2232 3358 2784 DiaOffs Dillards DirecTV Disney DivXn Netease 1525 Netflix 2892 NetwkAp 36 17 Neurcnne 850 NwCentFn 3604 NRvrPhs 4939 NYCmtyB 1604 NY Times 2393 -60 NewfldExp 43 26 73 NewmtM 4685 175 NewsCpA 2128 33 NewsCpB 2204 NikeB 9276 NobleCorp 7282 18 22 90 2716 31 2221 -28 5487 -161 3158 -11 3478 24 6445 48 3140 -118 8537 -108 3989 16 2705 12 5058 13 1912 03 2910 42 252 01 UbGlobA UbMIntA LillyEli Limited Lmcare LmcNat LinearTch LockhdM Loews LneSStk LoneStTch LaPac Lowes Lucent 1210330 80 -24 -41 170 -33 -10 -65 48 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Years Available:
1934-2017