company news - poly film manufacturers
On April 10, 1979, this was a digital version of an article in The Times Print File, before it began to be published online in 1996.
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Detroit, April 9UPI)—
Under the leadership of the three major automakers, American motor companies today raised prices for all passenger cars and jeeps at an average of $141, or $ 2%.
UV Industries and Sharon Steel announced yesterday that they had signed a settlement agreement to end their dispute over the liquidation of UV Industries, a mining company and a manufacturer of electrical equipment.
The agreement provides that, at a special meeting of UV shareholders held on March 26, all legal procedures involving Sharon Steel's purchase of UV shares and voting are rejected, when the proposal to liquidate and distribute UV assets is overwhelmingly approved.
A biased withdrawal means that the parties cannot bring a lawsuit back.
Under the settlement agreement, Sharon Steel agreed not to question the validity of the proposed liquidation and dissolution of UV, nor to attempt to prevent the sale of UV's largest assets, federal Pacific Power acquired Reliance Power for $0. 345 billion.
Victor Posner, chairman of Sharon Steel, has been trying to take over UV for many years and has controlled excellent common stock of UV 22%.
Under the settlement agreement, UV's officials agreed to seek to dismiss their class action against Sharon Steel and some of its officers and to elect Steven Posner, vice chairman of Sharon Steel, to the UV board of directors.
Commenting on the settlement, Calvert Crary, litigation analyst at Bathe Halsey Stuart Shields, said, "while this is UV's victory, it is also a victory in the sense of Victor Posner, when UV is liquidated, who can now enjoy the huge capital gains profits of the stock.
American car companies have raised prices by 2%. The company said that in order to recover the increased material and labor costs, price increases are necessary and "within the scope of the government's anti-inflation guidelines"
The company said: "The new price does not apply to vehicles ordered from dealers. A. M. C.
Last week, General Motors announced that it had completed a round of price increases, when the average price rose by 2. 1 percent.
Two days later, Chrysler followed suit for 2.
Ford Motor Company rose by an average of 2 on Thursday, a 4% gain. 1 percent.
This is the fourth round of price increases since the end of the 1978 model year.
Initial model included-
Prices have risen by more than eight.
5% higher than the final 1978 model price.
May go to St Mall in advanceLouisST.
Louis, April 9UPI)—
A lawsuit challenging the $0. 145 billion downtown Mei mall project has been settled outside the atrium of the agreement approved today by Circuit Judge Richard J. Mehan.
The settlement agreement allows May department store to continue planning a shopping center and hotel complex to link its famous bar store to the downtown stores of Stix, Baer and Fuller.
The developer said it would be the largest retail center in the city center.
The lawsuit was filed by the federal court. W.
Woolworth, Rena stores, and Cunningham
Their shop is in the area that the shopping center will occupy.
Under settlement, the store will be relocated to the new project after completion. David E.
Mei's chairman, Babcock, said he was happy with the settlement, but the delay added more than $415,000 a month to the cost of the mall, totaling more than $4. 5 million.
New York Times, London, April 9
Leyland, the UK's largest car maker, is on strike today with 3,000 tool makers and other artisans.
Less than half of the company's 8,000 skilled artisans responded to a strike call from Wildcat leader Roy Fraser.
A spokesman for the company said that most of the 18 plants today's production was barely affected, but production could be interrupted in a few days.
The workers asked the skilled workers to increase their wages by 20%.
Some of them bring home the same salary as the assembly line workers, who do not need apprentices to learn their craft.
In the past, Britain has been the target of many attacks.
Michael Edwardes, chairman of the company, warned that more strikes would destroy the state-owned enterprise.
It produces Jaguar, Daimler, Triumph, MG, Rover and other models until the Mini.
United Artist company bankruptcy application United artist television company is a subsidiary of United Artist Pictures Company and submitted a protection application under Chapter XI of the federal bankruptcy law.
United Artists, the parent company of United Artist Pictures, has previously said that it or its subsidiaries may have to seek protection from the bankruptcy court if it cannot obtain the cooperation of the creditors of the Union Artist pictures.
The television company said in a petition filed last Friday that it had $6 in assets.
About $1 million in secured debt. 6 million.
It also says about $4.
3 million of accounts receivable are pledged to secured creditors.
The artist industry of the alliance has received a loss of $3.
2 million per cent for the nine months ended December.
29, including $2.
Sidiary lost millions of pictures.
In the fiscal year of 1978, film revenue accounted for about 31% of continuing operating income and 44% of tax revenue.
Celanese arranged for the polyester factory SaleThe Celanese Corporation to say that it agreed in principle to the US Hoechst company to purchase its polyester.
The ter film business and other fixed assets of its Greer SC. , facility.
Celanese said that since the agreement covers Poly Film and resin manufacturing, fixed assets will receive about US $ million, plus certain current fa payments, technology research and development and innovation in technology and patent rights.
The proposed sales are subject to the execution of the final agreement and ap: Directors of the two companies, 900 Greer employees and polyester film field marketers will become employees of Hoechst in the United States. C. C. I.
Copy of marketing
Announced a four-year development and marketing agreement with Motorola's subsidiary, Codex Corporation
Codex agrees to buy from C. C. I.
And the market under the name of the International Food Code Commission 0. 325 billion;
The right to issue.
Codex agreed to pay for computer communications.
1 million the Computer Communications Corporation agreed to grant the Codex warrants for the purchase of 800,000 shares of C. C. I. common stock.
A version of this file was printed on page 5 of the New York edition on April 10, 1979, with the title: company news.