Greyhound Corp

Greyhound Corp. reported net income of $10.3 million on combined revenue of $751 million for the quarter ended March 31, down sharply from the $19.1-million profit on revenue of $680 million reported in the first quarter of 1985. John W. Teets, chairman and chief executive of the Phoenix-based company, attributed the decline to gains from 1985 real estate transactions involving Greyhound Lines and to high claim losses by a mortgage insurance unit, Verex. Greyhound Corp.

Harry J. Gray, 89, the retired United Technologies Corp. chief executive who is credited with transforming the company into an industrial conglomerate, died Wednesday in Hartford, Conn., according to his family. The cause was not given. Gray, who became president of what was then United Aircraft Corp. in 1971, was chairman and chief executive from 1972 to 1986. The Hartford-based United Technologies, the parent of jet engine manufacturer Pratt & Whitney, Otis Elevator, Sikorsky Aircraft and other businesses, credits Gray with leading it from a $2-billion defense company to a $17-billion diversified conglomerate.

It also has received strong interest from potential buyers in response to feelers put out by a New York investment banker, the parent of the nation's largest bus operation said. Phoenix-based Greyhound has hired Morgan Stanley & Co. to seek investors who might want to buy the Greyhound Lines Inc. subsidiary, said Greyhound Vice President L. Gene Lemon. He said Morgan Stanley's initial mailing of offering documents had drawn strong interest.

Informal discussions between Greyhound Lines and the union representing its 6,300 drivers continued in Scottsdale, Ariz., Wednesday but there appeared to be little chance of an agreement before the current contract expires at midnight tonight. Greyhound, the nation's largest intercity bus company, said it will operate on a limited schedule if the drivers go on strike. The company said it could be back to full operations with replacement drivers by the end of March.

Greyhound Corp., after more than 70 years in the bus business, announced Tuesday that it will sell almost all of its Greyhound Lines bus operations to a Texas investor group for more than $350 million in cash, securities and royalties.

Unionized drivers and other workers of Greyhound Lines Inc. ratified a three-year agreement with the bus line's prospective new owners that calls for wage concessions of nearly 20%, union and company officials said. The agreement also includes incentive-pay plans that could offset part of the wage cut, they said. The contract was approved by a vote of 3,526 to 1,476, a spokesman for the Greyhound Council of the Amalgamated Transit Union said. Phoenix, Ariz.-based Greyhound Corp.

John W. Teets, chairman and chief executive of Phoenix-based Greyhound Corp., said the plan involves Greyhound Lines' inter-city bus operations. He said the arrangement will allow an operator to provide a variety of bus services, including interline passenger and package express services linking with Greyhound Lines routes. The licensing and franchising opportunities will apply not only to regular routes but also to charter service and to express bus service to airports, spokesmen said.

Greyhound Lines Inc., the nation's largest interstate bus company, announced Friday that it will buy the bus routes and other assets of its last remaining nationwide competitor, the financially ailing Trailways Corp. Fred G. Currey, Greyhound's new chief, whose GLI Holdings Inc. of Dallas on March 18 purchased the entire Greyhound bus system from Phoenix-based Greyhound Corp., said that he applied Friday for Interstate Commerce Commission approval of his acquisition of Trailways.

The nation's largest intercity bus concern became the property of GLI Holdings Inc. of Dallas. Purchase price was exceeded $350 million in cash, securities, royalties and other considerations. On its first day under new management, Greyhound slashed fares on 166 of its shorter routes, many by 50% or more. "These are new, lower fares, not just opening day specials," said Fred G. Currey, chairman and president of the successor bus company.

Unionized drivers and other workers of Greyhound Lines Inc. ratified a three-year agreement with the bus line's prospective new owners that calls for wage concessions of nearly 20%, union and company officials said. The agreement also includes incentive-pay plans that could offset part of the wage cut, they said. The contract was approved by a vote of 3,526 to 1,476, a spokesman for the Greyhound Council of the Amalgamated Transit Union said. Phoenix, Ariz.-based Greyhound Corp.

Greyhound Corp., after more than 70 years in the bus business, announced Tuesday that it will sell almost all of its Greyhound Lines bus operations to a Texas investor group for more than $350 million in cash, securities and royalties.

Greyhound Corp., parent of the nation's largest inter-city bus line, said today that it will sell the subsidiary to an investor group for more than $350 million. The Phoenix-based company said it is selling because of failure to reach an agreement with the Amalgamated Transit Union for a new contract. The buyers were identified as a group of investors led by Fred G. Currey of Dallas, chairman of Buslease Inc., which owns and manages a fleet of more than 1,100 inter-city buses.

Greyhound Corp., parent of the nation's largest inter-city bus line, said today that it will sell the subsidiary to an investor group for more than $350 million. The Phoenix-based company said it is selling because of failure to reach an agreement with the Amalgamated Transit Union for a new contract. The buyers were identified as a group of investors led by Fred G. Currey of Dallas, chairman of Buslease Inc., which owns and manages a fleet of more than 1,100 inter-city buses.