December 31, 1996 |
No one here could possibly have felt it, but the Northridge earthquake has arrived at a company in Cleveland. The Lincoln Electric Co. has sold more welding metal than any other firm in the United States--including the type of material used to build many of the steel structures damaged by the January 1994 earthquake. When the quake hit one of those structures, St.
August 20, 1997 |
Lincoln Electric Co. said it settled a lawsuit claiming that welding wire it made contributed to building damage in the January 1994 Northridge earthquake. Terms weren't disclosed, although the welding equipment maker said the settlement isn't expected to have a material effect on earnings. Cleveland-based Lincoln was sued by St. John's Medical Plaza in Santa Monica, which sought $10 million in damages. The agreement needs court approval, which is expected in September, Lincoln said.
CALIFORNIA | LOCAL
January 7, 1997
With attention directed to the massive floods in Northern California, it's a good time to remember that the best way to prepare for disasters is to learn from past ones. That's why a return to the state's last big earthquake is in order. Legal developments surrounding St. John's Medical Plaza in Santa Monica have resurrected perhaps the final puzzle of the 1994 Northridge earthquake: the greatly unanticipated damage sustained by the region's steel frame buildings.
September 22, 1998 |
Continuing to set a stratospheric standard for generosity to employees, Kingston Technology Corp. has handed out $20 million in bonuses at a time when the memory-chip industry is hitting an all-time low. The payouts--$10 million each in July and August, to nearly 700 employees--is the second round of bonuses that Kingston founders David Sun and John Tu have bestowed since selling 80% of the Fountain Valley computer memory product maker to Softbank Corp. of Japan for $1.5 billion in 1996.
February 27, 1994 |
At least a dozen steel-framed office buildings--a type of construction long considered invulnerable to collapse--sustained deep cracks in their supporting columns during the Northridge earthquake, raising new and troubling safety concerns. The scope and the unprecedented nature of the failures has shaken the confidence of many engineers and prompted building owners to search for hidden damage in other buildings.
November 22, 1998 |
At Applied Materials in Silicon Valley, laying off workers has become almost as routine as dumping old hardware. The manufacturer of chip-making equipment fired 2,000 employees--15% of its work force--in August, only three months after firing 1,500. Applied Materials is hardly alone. U.S. firms announced in October plans to cut 91,500 jobs, the most in nearly three years. In the first 10 months of this year, job cuts totaled 523,000, nearly all of them domestic.