November 29, 1990 |
Varco International Inc. said Wednesday that it had acquired the assets of the Totco division of Exlog Inc., a subsidiary of Baker Hughes Inc., in a stock and cash transaction valued at more than $41 million. The deal calls for Varco, Orange-based maker of oil and gas drilling equipment, to put up slightly more than 2.3 million shares of its common stock and about $20 million in cash. With Varco's stock closing at $9.25 Wednesday, up 25 cents, the stock portion was worth an estimated $21.
November 13, 2002 |
The federal government Tuesday fired another salvo at companies that seek to locate their headquarters offshore in a bid to save on taxes. The Treasury Department and the Internal Revenue Service issued temporary regulations requiring Cooper Industries Ltd., Nabors Industries Ltd. and Noble Corp. to file a Form 1099 reporting their stocks' fair market value at the time they reincorporated in Bermuda or the Cayman Islands.
June 20, 1998 |
Cooper Industries Inc. shares fell about 11% after the maker of Champion spark plugs and other auto parts said second-quarter earnings will fall below expectations, partly because of work stoppages at General Motors Corp. plants. Cooper said its per-share earnings will be "up modestly" from the 86 cents it earned in the year-ago quarter, but below the 93 cents analysts estimated, according to IBES International Inc.
CALIFORNIA | LOCAL
March 9, 1989
An Irvine company that has been providing on-site English classes for Latino workers enrolled in the amnesty program will be honored today by the U.S. Immigration and Naturalization Service, along with 20 employees who have completed the course. Howard Ezell, Western regional commissioner for the INS, was expected to attend a 2 p.m. ceremony at Cooper Industries/Kirsch Fabrication Center, a manufacturer of venetian blinds, to present the 20 workers with their course certificates.
December 29, 1998 |
Cooper Industries Inc. said Monday that it will cut 1,000 jobs, or 3.6% of its work force, and close 12 plants worldwide in an attempt to cut costs and improve profit after the recent sale of its automotive products business. Houston-based Cooper, which makes tools, hardware, electrical products and lighting, plans to eliminate the jobs through a combination of "voluntary and involuntary separations."
February 27, 2001
Leonard R. Borrmann has been named president and chief executive of Maret Pharmaceuticals in Newport Beach. Borrmann had been chief executive at Acadia Pharmaceuticals and before that was vice president of business development at Allergan Inc. * Susan L. Berkel has been appointed senior vice president of finance and corporate controller for PacifiCare Health Systems Inc. in Santa Ana.
August 2, 2002 |
Stanley Works, one of several major companies facing a public firestorm over plans to move its headquarters to Bermuda to save on taxes, announced late Thursday that it was withdrawing the proposal. The decision could put pressure on other firms that have moved their headquarters offshore, or are considering doing so, to reincorporate in the United States. New Britain, Conn.
May 15, 2001 |
The Supreme Court gave American corporations an important legal victory in their fight against large punitive verdicts Monday, ruling that appellate judges should skeptically review these big-money awards. The decision not only gives company lawyers an extra chance to knock down a punishing verdict, but it virtually invites judges to second-guess a jury's decision. The ruling is the latest to show the high court's concern about what appears to be exorbitant jury awards of punitive damages.
June 19, 2002 |
WASHINGTON -- A Senate panel voted Tuesday to deny tax breaks sought by U.S. firms that change their legal addresses to offshore tax havens such as Bermuda. The Senate Finance Committee approved by voice vote a bill that would, for tax purposes, treat companies that move as if they never left. It's the first action by Congress to stop more such moves, which companies such as Leucadia National Corp. and Stanley Works have said would reduce their taxes to the level of their foreign competitors.
CALIFORNIA | LOCAL
September 18, 1992 |
Calling attention to the loss of thousands of jobs in the South Bay, business leaders and local elected officials held a rally Thursday at a former Carson mattress factory whose operations were recently moved to Mexico and Riverside County. Dozens of unemployed workers attended the rally, which organizers hoped would highlight what they consider key reasons why businesses are leaving Southern California--oppressive environmental regulation and a costly workers' compensation system.