Whittaker Corp

Whittaker Corp., a Los Angeles defense contractor, said Monday that it expects to be criminally charged by the federal government in connection with payments made by employees to a government official. In a terse announcement, the company said that last Friday Justice Department attorneys presented evidence to Whittaker indicating that certain employees and consultants "caused money to be paid to a government employee in connection with certain government contracts in violation of law."

Two investor groups have sold their shares in Whittaker Corp., a Simi Valley-based supplier of aircraft parts and systems. Money manager Paul Blavin and his affiliates sold their 8.54% stake, a total of 969,376 shares, at $27.51 each, according to papers filed with the Securities and Exchange Commission. An investment group that includes Waveland Partners LP also sold its entire 6.98% stake, 798,432 shares, for $27.45 apiece, according to the SEC. The Waveland group, headed by David S.

Two investor groups have sold their shares in Whittaker Corp., a Simi Valley-based supplier of aircraft parts and systems. Money manager Paul Blavin and his affiliates sold their 8.54% stake, a total of 969,376 shares, at $27.51 each, according to papers filed with the Securities and Exchange Commission. An investment group that includes Waveland Partners LP also sold its entire 6.98% stake, 798,432 shares, for $27.45 apiece, according to the SEC. The Waveland group, headed by David S.

Whittaker to Buy Raytheon Unit: The Simi Valley-based company said it agreed to acquire Xyplex Inc. for $117.5 million in cash and stock. Whittaker Corp. will pay $67.5 million in cash and $50 million in stock, the companies said. Raytheon Co. said that after the sale, which is subject to antitrust clearance, it will own just less than 20% of Whittaker. The acquisition is expected to close in the second quarter.

Whittaker Corp. has won $27.3 million in damages from its former insurance broker, Alexander & Alexander, because the broker dropped part of the Los Angeles company's product liability insurance shortly before railroad cars manufactured by Whittaker began to crack. A Los Angeles Superior Court jury on Wednesday found that New York-based Alexander & Alexander was negligent and breached its contract with Whittaker.

Westwood-based Whittaker Corp. said Thursday that it will spin off its only remaining non-aerospace business, completing a full circle in its 50-year evolution from an aircraft parts maker to a 100-company conglomerate, and now back exclusively to equipment for things that fly. Wall Street gave a vote of approval to its latest downsizing by sending the stock up to a 52-week high. The company said it will spin off its biotechnology division, exchanging existing Whittaker Corp.

Whittaker Corp., apparently acting to discourage a takeover bid, Monday announced a complicated reorganization that involves taking on more debt, selling its coveted chemicals businesses and buying back its stock. Los Angeles-based Whittaker, which rebuffed a $47.50-per-share offer from a New Jersey investor last October, said its board approved a plan under which shareholders, except senior management, would receive $40 for each share they own.

Whittaker Corp., which rejected a $318-million takeover offer last month, said Wednesday that it is again "considering indications of interest from third parties to acquire the company." A company spokesman wouldn't say whether the company is reviewing a specific offer, or define the "indications of interests." The company declined to provide any elaboration on a terse statement issued early in the day, prior to the opening of trading on the New York Stock Exchange.

Whittaker Corp. said Wednesday that it will be acquired by British aerospace engineering company Meggitt for $358 million in cash, ending the Simi Valley company's yearlong search for a buyer. Meggitt would pay $28 a share, a 4.2% premium to Whittaker's closing price Tuesday of $26.87. On Wednesday, Whittaker's stock gained 63 cents to close at $27.50 on the New York Stock Exchange. Meggitt would also assume about $22 million in Whittaker debt.

Whittaker Corp. in Simi Valley said sales from continuing operations for the first quarter ended Jan. 31 were $30.6 million, compared with $28.9 million for the first quarter of fiscal year 1998. Income from continuing operations was just over $7 million, or 62 cents per share, which included a tax benefit from a prior-year capital loss of $2.2 million or 19 cents per share. This compares with $855,000, or 8 cents per share, for the first quarter of the previous year. On Jan. 11, the company sold its Whittaker Porta Bella Project, located in Santa Clarita, to Santa Clarita L.L.C.

In the wake of an unsolicited bid by a Los Angeles investor, Whittaker Corp., a Simi Valley aerospace firm, said Monday that it has hired two investment banking firms to evaluate possible mergers and acquisitions. "We've got a good number of strategic options we are looking at--from mergers to acquisitions to us being bought out," said Joseph R. Alibrandi, Whittaker's longtime chairman and chief executive. "It's very clear this industry is consolidating.

Whittaker Corp. Chairman and Chief Executive Joseph F. Alibrandi has told an investment banker bidding for the firm that he is still considering all alternatives. Last week, Michael E. Tennenbaum made a $208-million unsolicited bid to acquire Whittaker, an aerospace parts company in Simi Valley, for $18.50 a share. Tennenbaum, along with two other principals at Tennenbaum & Co., his private investment firm in Los Angeles, owns nearly 5% of the Whittaker stock.

Michael E. Tennenbaum, an investment banker formerly with Bear, Stearns & Co. for 32 years, has made a $208-million unsolicited bid to acquire Whittaker Corp., a Simi Valley aerospace parts company with 600 employees. Tennenbaum, along with two other principals at Tennenbaum & Co., his private investment firm in Los Angeles, owns nearly 5% of Whittaker stock. In a letter to management this week, Tennenbaum said he wants to buy the rest for $18.

Whittaker Corp. in Simi Valley has entered into an agreement to sell its Whittaker Porta Bella Project to Porta Bella Acquisition Co. for $10 million in cash, a $5-million promissory note and a contingent interest in the project. "This sale completes our program of divesting our nonoperating assets and fully focuses Whittaker on its core aerospace operations," Whittaker CEO Joseph F. Alibrandi said. Myla D.

Michael E. Tennenbaum, an investment banker formerly with Bear, Stearns & Co. for 32 years, has made a $208-million unsolicited bid to acquire Whittaker Corp., a Simi Valley aerospace parts company with 600 employees. Tennenbaum, along with two other principals at Tennenbaum & Co., his private investment firm in Los Angeles, owns nearly 5% of Whittaker stock. In a letter to management this week, Tennenbaum said he wants to buy the rest for $18.

Whittaker Corp. chief Joseph Alibrandi made a lot of money for his shareholders in the late 1980s when he began dismantling the former mini-conglomerate. Now, the 61-year-old Alibrandi is focusing on Whittaker's next phase--as a much smaller firm but a very profitable one, he says. Los Angeles-based Whittaker's stock closed last week at $11 a share, up from $10.625 the previous week, despite the broad market's selloff. Since Jan. 1, the stock has risen 35%.

Whittaker Corp. in Simi Valley announced that sales from continuing operations for the third quarter ended July 31 were $33.9 million, compared with $22.5 million for the third quarter of fiscal 1997. Income from continuing operations was $28.5 million or $2.53 per share, which included benefits from prior-year tax losses of $23 million or $2.04 per share. In last year's third quarter, Whittaker suffered a loss from continuing operations of $4.2 million or 38 cents per share.

GEO Insight International Inc. of Ojai won a $189,814 contract from the USAED in Sacramento for natural resources and conservation services. Whittaker Corp. of North Hollywood won a $162,404 contract from the Defense Supply Center in Columbus, Ohio, for valves. Whittaker Corp. of North Hollywood won a $154,614 contract from Kelly Air Force Base in Texas for valves. Ontic Engineering and Manufacturing Inc. of North Hollywood won a $147,579 contract from the Defense General Supply Center in Richmond, Va., for engine accessories.