The Knoxville News-Sentinel from Knoxville, Tennessee • 36

The Knoxville News-Sentinel Thursday November 13 1986 P6 national business briefs hurley crop down 27 as sales near Wickes may become conglomerate SANTA MONICA Calif Two merger agreements may make Wickes Cos Inc into a conglomerate with more than $8 billion in sales and 865 billion in assets less than two years after it emerged from bankruptcy protection Wickes succeeded in its latest expansion bid Tuesday night when directors of Lear Siegler Inc agreed to accept a friendly but uninvited $17 billion takeover offer The agreement followed Wickes' accord last weekend to buy Collins Aikman Corp a major New York textile concern for 8116 billion by JANE GIBBS DsBOSE Nawm-Santlnal buairwu editor 5 Some growers may be easing out of growing tobacco Others may be uncertain of the program Bill Myers 35 Western Union gains 2 investors UPPER SADDLE RIVER Western Union Corp which 1 has not posted an annual profit since 1982 has announced terms of a restructuring arrangement under which two investors would pump 8250 million into the ailing telecommunications concern The investment would come from Pacific Asset Holdings LP of Los Angeles and MDC Holdings Inc of Denver Under the agreement Western Union is to merge with its subsidiary Western Union Telegraph Ca Western Union last 8367 million last year 858 miHion in 1984 and 859 million in 1983 Continental reducing some fares NEW YORK Continental Airlines is offering cut-rate fares on -new flights from Chicago and other airUnes have said they were matching the limited introductory fares Continental also announced on Tuesday that it would offer special low fares on new routes from Houston Pratt Whitney to eliminate jobs EAST HARTFORD Conn Pratt Whitney Aircraft a division of United Technologies Corp said Wednesday it plans to eliminate 1500 to 2000 salaried Jobs over the next year to help combat increased competition That would amount to something less than 10 percent of the company's worldwide salaried workforce of 24000 people The stabilization of the price should make domestic tobacco more competitive with that grown overseas the intent of the newest tobacco bin Myers said about one-third of the burley grown in the eight states that make up the "burley should be exported The lack of rain earlier this year prevented some tobacco from growing at aH but Myers said he is unaware of any leaves There should be 27 percent less Tennessee-grown hurley tobacco on warehouse floors when the annual auction opens Nov 24 Total production of Tennessee's No 2 cash crop declined to 731 million pounds and the tobacco produced per acre dropped because of the area's drought officials said Jim Heep a statistician with the Tennessee Ag Statistics Service said the burley tobacco yield of 1700 pounds an acre is the lowest average since 1983 when drought ravaged the crop is not as bad as we expected in previous Heep said adding that rains in August improved the late crop In addition to poor yields fewer acres of tobacco were planted Heep said He said 43000 acres were planted in the state down 12 percent from the 49000 acres planted in 1985 growers may be easing out of growing tobacco Others may be uncertain of the program Others are Just skipping a year for one reason or said Bin Myers director of the Burley Stabilization Corp in Knoxville The program Myers refers to is the federal price-support system that establishes a guaranteed price for tobacco For the second consecutive year the guaranteed price win be 814880 per hundredweight of burley tobacco A biU passed by Congress last year calls for tobacco companies to share the burden of storing unsold tobacco with growers Of the 4-cent Me tobacco growers will pay this year the buyers pay 1)4 cents "It turned out very short this said Bin Mullins who operates one of three tobacco ware- in Knoxville will be about 20 to 30 percent short in the number of pounds but we expect the price to be close to last year's" MuUins si For FREE Folder call or write 690-1936 8V2 US GOVERNMENT GUARANTEED GINNIE MAE Certificates Mafw OsMngWsw SsnMnW tUM Turner Sellhom Inc US Government Securities 9040 Executive Park Dr Suite 200 Knoxville TN 37923 Across the burley belt the voi-i of tobacco brought to auctions could be no more than 488 million pounds down 18 percent from the 598 million pounds produced last year Myers said Warehouses win be open Nov 24-26 then win reopen Dec 1 and operate for the first four days during each of the next three weeks The auctions win close Dec 18 and reopen Jan 5 gin receiving tobacco Friday for However 92 percent of the Ten- wtaiiina if nrwrinrw itmiHiinH nessee product is sold before the go an official weh-in they wiU not holiday break Myers sakL receive the guaranteed price Mul- The tobacco warehouses wiU be- lins said Subject to Availability And Market Price Holiday Corp tells of plan to restructure by Associated Press ever MEMPHIS Holiday Corp announced Wednesday a 828 billion recapitalization plan which will restructure the corporation's debt and limit the amount of control one stockholder can wield Holiday Corp shareholders wiU receive a 865-a-share dividend but the value of each share of stock likely will decline under the plan which will be presented to stockholders for approval next year said James Flngeroth a company spokesman Payment of the dividends which Flngeroth said would make up for the decline in stock value would cost the company about 816 billion while other expenses including the refinancing would amount to about $12 billion Fingeroth said Holiday Corp is the parent company of Holiday Inns Inc The recapitalization plan drawn up by the board of directors also calls for new grants of stock to corporate executives will result in management owning about 10 percent of the company shares The company now has about 24 million shares Fingeroth said in an interview from his New York office Under the plan a stockholder with up to 10 percent of Holiday Corp stock would get one vote per share in deciding company business For a shareholder with additional stock each share above 10 percent would return one-one hundredth of a vote No stockholder would be allowed to own more than 15 percent of the total voting power of shareholders WBZW radio station sold for $240000 Holder Communications a fast-growing Florida broadcasting company has completed the 8240000 purchase of WBZW-AM radio station in Powell from Richard Huck-aba The 2500-watt station is considered a test market Tor Holder Communications and its "select stations These stations serve a niche in the total radio market The station aims to appeal to an affluent audience 35 and up by featuring hits from the '40s '50s and 60s feel that in a market the size of Knoxville we can concentrate on one segment of the population and do said Bruce Singleton president of Holder Communications Former owner Huckaba remains at the station as its president and general manager 'WBZW has been in operation since August 1984 Holder Communications a Tampa Fla company agreed in August to buy the station as well as four stations in Texas owned by another company The company owns or has agreed to purchase 11 radio What makes this possible? unique partnership Our hospitals include some of the leading teaching centers and community hospitals And anchored by the 600 members of the Voluntary Hospitals of America Ourdoctors include many of the skilled practitioners who practice at these special hospitals And our insurer is Aetna premier health insurance company So if reviewing your health plan take a good hard look at Partners It makes so much sense you might get a little carried away For more information call an Aetna Employee Benefits Representative at (615) 521-5455 How can you win your praise when about to pay less for their health plan? When the health plan you pay less for comes from Partners National Health Plans1 Partners is designed to cost you the employer less and to be less expensive for your employees And Partners can cover more So your employees can take better care of themselves And better care of their families Paying less would hardly be a benefit if it led to lesser care But Partners Plans despite their lower cost make no compromise on quality of care taonal HealiJi Ilians- in the Knoxville area your Partners hospitals are: Fort Sanders Regional Medical Center East Tennessee Children's Hospital Fort Sanders-Sevicr Medical Center Woods Memorial Hospital District Harriman City Hospital University oflenncssee Memorial Hospital Pen insula Psychiatric Hospital lnsuril N'iu'tir uixlcr ftirrncrx Dun irv unik-rwritton hv Aemi Lite Inxirincc Jiunpiinv 4 HfeM'Kinrf' IfcMlihflwi'.