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BUSINESS
July 22, 1996 | Times Staff and Wire Reports
Caterpillar May Bid for Varity: The farm and construction equipment giant is said to be especially interested in the engines unit of Buffalo, N.Y.-based Varity Corp., which Caterpillar would add to its own diesel engine arm, according to a report in the Sunday Times of London. But Varity already has a deal, valued at $2 billion, to be acquired by Lucas Industries of Britain. That combination would create the world's second-largest maker of brakes for cars and trucks.
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BUSINESS
May 30, 1990 | From Associated Press
Canada's Varity Corp., a major farm equipment maker, wants to move headquarters across the border to attract U.S. investors, but a Canadian official said his government would sue to block a move. Varity is considering moving its headquarters from Toronto to Buffalo to make its stock more attractive to U.S. investors, said a company spokesman, who spoke on condition of anonymity. The Canadian government imposes a 15% withholding tax on dividends, the spokesman said Monday.
BUSINESS
June 1, 1996 | DONALD W. NAUSS, TIMES STAFF WRITER
In a deal that illustrates a global consolidation reshaping the huge but obscure auto parts business, two of the industry's biggest players announced a $4.9-billion merger deal Friday that would create the world's eighth-largest auto parts firm. The stock swap between Lucas Industries, a Britain-based auto and aerospace giant, and Varity Corp., a diversified auto parts maker in Buffalo, N.Y.
BUSINESS
July 22, 1996 | Times Staff and Wire Reports
Caterpillar May Bid for Varity: The farm and construction equipment giant is said to be especially interested in the engines unit of Buffalo, N.Y.-based Varity Corp., which Caterpillar would add to its own diesel engine arm, according to a report in the Sunday Times of London. But Varity already has a deal, valued at $2 billion, to be acquired by Lucas Industries of Britain. That combination would create the world's second-largest maker of brakes for cars and trucks.
BUSINESS
May 9, 1989
Deal for Fruehauf Reached: Toronto-based Varity Corp. announced that it has signed an agreement to acquire Detroit-based Fruehauf Corp. in a merger valued at more than $500 million. Varity has no plans to restructure the automotive and truck component company or lay off any workers, Varity spokesman J. R. Nowling said. Under the merger agreement, Fruehauf will receive $66 million cash, $430 million principal amount in notes guaranteed by Varity and about 55.5 million new Varity common shares.
BUSINESS
September 25, 1991 | From Times Staff and Wire Reports
Ex-Workers Win Suit Against Massey Ferguson: A jury in Des Moines, Iowa, awarded $45.8 million in damages to 230 former employees of Massey Ferguson Inc. who alleged that the company tried to get around its commitments for retirement benefits. The lawsuit alleged that Massey and its parent, Varity Corp., created Des Moines-based Massey Combines Corp. to strip retirees of insurance benefits and to get rid of about 475 employees without giving them severance benefits.
BUSINESS
June 1, 1996 | DONALD W. NAUSS, TIMES STAFF WRITER
In a deal that illustrates a global consolidation reshaping the huge but obscure auto parts business, two of the industry's biggest players announced a $4.9-billion merger deal Friday that would create the world's eighth-largest auto parts firm. The stock swap between Lucas Industries, a Britain-based auto and aerospace giant, and Varity Corp., a diversified auto parts maker in Buffalo, N.Y.
BUSINESS
August 16, 1989 | From Reuters
Fruehauf Corp. said it is changing its name to K-H Corp. in compliance with terms of the sale of its trailer and maritime businesses, completed July 14. The name change was approved by stockholders of K-H at its annual meeting June 22. The name change has no effect on a May 5 definitive merger agreement under which Toronto-based Varity Corp. will acquire K-H, it said. That transaction is expected to be completed about the end of September. Robert Siefert was appointed president of K-H.
BUSINESS
September 25, 1991 | From Times Staff and Wire Reports
Ex-Workers Win Suit Against Massey Ferguson: A jury in Des Moines, Iowa, awarded $45.8 million in damages to 230 former employees of Massey Ferguson Inc. who alleged that the company tried to get around its commitments for retirement benefits. The lawsuit alleged that Massey and its parent, Varity Corp., created Des Moines-based Massey Combines Corp. to strip retirees of insurance benefits and to get rid of about 475 employees without giving them severance benefits.
BUSINESS
May 30, 1990 | From Associated Press
Canada's Varity Corp., a major farm equipment maker, wants to move headquarters across the border to attract U.S. investors, but a Canadian official said his government would sue to block a move. Varity is considering moving its headquarters from Toronto to Buffalo to make its stock more attractive to U.S. investors, said a company spokesman, who spoke on condition of anonymity. The Canadian government imposes a 15% withholding tax on dividends, the spokesman said Monday.
BUSINESS
May 9, 1989
Deal for Fruehauf Reached: Toronto-based Varity Corp. announced that it has signed an agreement to acquire Detroit-based Fruehauf Corp. in a merger valued at more than $500 million. Varity has no plans to restructure the automotive and truck component company or lay off any workers, Varity spokesman J. R. Nowling said. Under the merger agreement, Fruehauf will receive $66 million cash, $430 million principal amount in notes guaranteed by Varity and about 55.5 million new Varity common shares.
BUSINESS
December 7, 1989 | From Times wire services
Kelsey-Hayes Corp., formerly known as Freuhauf, said today it will begin cutting its payroll next week by more than 15%, or 1,000 hourly and salaried jobs, as it undergoes a major corporate reorganization into four business units. K-H Chairman John F. Devaney said further declines in the automotive industry could cause the Romulus, Mich., vehicle parts maker to cut its 6,500-member work force even further. Devaney also cited the company's $16.
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