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Allegheny Loses $217.5 Million in 3rd Quarter

December 22, 1987|Associated Press

PITTSBURGH — Allegheny International on Monday said that it lost $217.5 million during the third quarter due to writeoffs associated with the company's discontinued real estate and credit subsidiaries.

The company lost $13.9 million in the third quarter of 1986.

The Pittsburgh-based company reported sales of $187.2 million for the quarter ended Sept. 27, compared to sales of $231.8 million for the same period in 1986.

The company, known mostly for manufacturing Sunbeam and Oester brand appliances, decided during the recent quarter to discontinue its real estate, credit and all other non-core businesses.

Board Members Named

For the first three quarters, Allegheny International reported a loss of $285.4 million on sales of $650.8 million. For the first three quarters of 1986, the company reported net earnings of $1.7 million on sales of $741.7 million.

The company also announced that Donald F. Craib Jr., former chairman of Allstate Insurance Group, and Thomas H. Maddux, former secretary of the Maryland Department of Economic and Community Development, will replace former Secretary of State Alexander M. Haig Jr. and Anthony J. F. O'Reilly, chairman of H. J. Heinz Co., on its board of directors.

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