Advertisement
YOU ARE HERE: LAT HomeCollections

CALIFORNIA | BRIEFLY

Also . . .

April 02, 1999

AMP Inc. said Chairman and Chief Executive Robert Ripp will resign after Tyco International completes its purchase of the company. Ripp, 57, was expected to be president of AMP under Tyco. Ripp said he's resigning effective April 30 to pursue other opportunities. The announcement came as AMP shareholders approved the acquisition, which is expected to be completed today. Ripp became AMP's CEO in August as the company was fending off AlliedSignal Inc.'s hostile offer.

*

National Golf Properties Inc., as expected, bought 21 golf courses for $176.2 million from a venture that includes a company headed by National Golf's chairman. The purchase expands Santa Monica-based National Golf's holdings by about 16% to 151 courses in 26 states, including California, Arizona, Georgia, Texas and Virginia. The golf courses were part of a collection of 45 courses owned by Cobblestone Golf Group, which is owned by Meditrust Cos.

*

Mellon Bank Corp. agreed to sell a $14-billion commercial mortgage servicing portfolio to GMAC Commercial Mortgage Corp., a unit of General Motors Corp., as the bank exits the commercial and residential mortgage business. GMAC Commercial Mortgage, the largest U.S. servicer of commercial mortgages, would have a servicing portfolio of about $70 billion after the deal. Terms were not disclosed.

Business on Radio: Times reporters provide perspective on markets, entertainment and other news weekdays on KFWB-AM 980's Noon Business Hour.

Guide to Our Staff: Need to reach Business section reporters or editors? A guide to the section's staff can be found at: http://www.latimes.com/HOME/BUSINESS/staff.htm.

Advertisement
Los Angeles Times Articles
|
|
|