April 16, 1998 |
Pennzoil Co. said it will split off its motor oil business and Jiffy Lube chain of oil change centers into a new company that will merge with Quaker State Corp. The merger would create a company with annual sales of $3 billion and bring together two of the most popular brands of motor oil. It also would combine Jiffy Lube, the world's largest franchiser of fast oil change centers, with one of its biggest competitors in Quaker State's Q-Lube.
March 13, 1998 |
Quaker Oats Co. fired three top executives, including the head of its profitable Gatorade division, as part of a reorganization by new Chairman Robert Morrison to scale back the size of the company. The Chicago-based maker of cereal and beverages also said it will buy back as much as $1 billion in stock, or about 13% of its outstanding shares. Morrison said the moves would be the "first step" in a wide-ranging effort to make Quaker more profitable.
February 6, 1998 |
Quaker Oats Co.'s fourth-quarter earnings rose 79% on lower costs, even as losses from its mainstay Gatorade sports drink widened. Earnings before charges rose to $31 million, or 22 cents a diluted share, from $17.3 million, or 12 cents, a year earlier. The company was expected to earn 24 cents a share. * Avon Products Inc. said fourth-quarter earnings rose 1% to $133.7 million, held down by results in Japan and Brazil, a strong dollar and other factors. Quarterly net income, equivalent to $1.
January 20, 1998 |
With a hiss and a puff of fluffy crumbs, round cakes that resemble popcorn snap out of machines and start down a conveyor belt, on their way to becoming packages of Simply Snacks flavored rice cakes. The crispy snacks have been tumbling off the assembly line at Foodland Industries MN Inc. for the past year and a half, entering a $400-million-a-year industry dominated by giant Quaker Oats.
November 30, 1997 |
Just a few years ago, Quaker State Corp. saw itself on a slippery slope. The motor oil company had surrendered its lead in the industry, dividends were more than the company could afford and U.S. drivers were changing their oil less frequently. So Quaker State decided it needed its own oil business change. With a new chief executive, new headquarters and new products, the company is now heating up the industry. The company halted the downward spiral from the No.
CALIFORNIA | LOCAL
November 20, 1997 |
Plans by a fast-growing Quaker church to build a sanctuary as big as the Crystal Cathedral could ruin one of the city's last rural neighborhoods, dozens of residents told officials Wednesday night. Many of the more than 60 people at the meeting own homes in a wooded glen where, since 1994, Yorba Linda Friends Church has bought up land and demolished houses for a proposed $15-million sanctuary and parking lot behind its current facilities.
October 24, 1997 |
Quaker Oats Co. on Thursday named a former Kraft Foods executive to be its chairman, president and chief executive, as it also posted stronger-than-expected third-quarter earnings before charges. Quaker named Robert Morrison to the top job, effective immediately, replacing William Smithburg, who said six months ago he would retire from the company after 16 years as CEO. Morrison's appointment came a day after Kraft Foods Inc., a unit of Philip Morris Cos. Inc.
CALIFORNIA | LOCAL
September 7, 1997
It was with a good deal of shock and regret that I read your Aug. 17 article "A Glitzy Spin to a Gentle Faith." As a "closet Quaker" for my entire adult life, I was unaware that a major branch of arguably the most Christian denomination in America has sold out to popularity, commercialism and political conservatism. To me Quakerism is a lot like wilderness: You might not dwell in its serenity on a regular basis, but knowing that it exists is a source of constant joy. The Society of Friends (Quakers)
August 17, 1997 |
It is another rocking Sunday at one of Southern California's fast-growing evangelical churches. The squeal of electric guitars calls the faithful to prayer. The ballplayer-turned-pastor hugs thousands of people streaming off shuttle buses from distant parking lots. In the lobby stands the model of a planned multimillion-dollar sanctuary as big as the Crystal Cathedral.