January 7, 1994 |
Magnetek Will Restructure, Divest 6 Non-Core Units: The troubled Los Angeles manufacturer of electrical equipment said its board has approved a plan to shed operations that now account for about 29% of its revenue. The restructuring will bring a second-quarter charge of not more than $60 million, the company said. Magnetek Inc., which grew dramatically in large part from sales of energy-efficient fluorescent lighting ballasts, reported a loss of $40.4 million, or $1.
May 15, 1992 |
Union Settles Case Involving Executive Life: The International Union of Electronic Workers said it settled a class-action suit that guarantees the security of retirement and pension benefits to workers whose retirement funds were lost in a junk bond deal. The suit involved transfers of money between MagneTek Inc. and Executive Life Insurance Co. of California.
September 11, 1991 |
MagneTek Inc. will announce today that it has signed its first contract to install a hydropower turbine and generator system in the United States under a unique joint venture with two Soviet companies. The installation at a dam in Tacoma, Wash., will mark the first time that a major U.S.-Soviet joint venture markets products in the United States instead of the Soviet Union. The $3.6-million contract is at the Tacoma Public Utilities District's new Wynoochee power plant.
September 14, 1991 |
In a widening investigation, the Labor Department is probing more than 70 instances in which companies replaced their pension plans with annuities purchased from the failed Executive Life Insurance Co. and a dozen other potentially shaky insurance firms. Assistant Labor Secretary David G. Ball said Friday that the agency is exploring whether these companies may have violated federal labor law by replacing their pension plan with a bargain-priced annuity from a financially weak insurance carrier.
May 31, 1992 |
In what is hailed as the first major advance in electric lighting in 60 years, a Sunnyvale company has developed what it says is a revolutionary light bulb that will last up to 20,000 hours, fit into ordinary sockets and use 75% less electricity than conventional incandescent lights.