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FAST LANE -
February '98 Magna Graphic Sold to World Color World Color Press, Inc. has acquired Magna Graphic, Inc., a Lexington-based provider of digital prepress services. Terms of the transaction were not disclosed. The move strengthens the company's presence in Central Kentucky for World Color, which also owns the former Rand McNally plant in Versailles. The acquisition of Magna Graphic immediately expands World Color's customer base, since most of Magna Graphic's customers are not currently served by World Color. Magna Graphic's 30,000-square-foot facility on Palumbo Drive generated approximately $11 million in sales last year, with 80 percent of that coming from contracts with the textbook market. Magna Graphic's key customers include Glencoe, Harcourt, Houghton Mifflin, MacMillian, McDougal/Little, SRA/McGraw, and Prentice Hall. "Our entry into this market is strategically driven by the positive influences affecting the education industry," said Robert G. Burton, chairman, president and CEO of World Color, citing statistics that point to an increasing demand for textbooks over the next five years. "We feel that it's going to be very positive for us, something for us to grow with," observed Orville Dykes, vice president of customer service for Magna Graphic. "We had been wanting to team up with a printer and this gives us the opportunity to do that. We will have a lot of opportunities that we never had before." Dykes noted that Magna Graphics' staff of 100, which will report to the World Color office in Lake Mary, Florida, is not expected to be altered in any way. World Color is headquartered in Greenwich, Connecticut and is a leader in the management and distribution of print and digital information. The company specializes in the production and distribution of data for customers in the magazine, catalog, commercial, direct mail, directory and book markets. World Color employs approximately 14,000 employees and operates 41 facilities with a network of sales offices nationwide. The acquisition of Magna Graphic is World Color's 17th since 1993. Last October, World Color executed a public offering of common stock and convertible debt, raising $275 million to further the company's acquisition momentum.
Lamb Elected to Paradigm Board Thomas B. Lamb, president of the Imaging SoIutions Division of Lexmark International, Inc., has been elected to the board of directors of Paradigm Computer Systems, Inc. Paradigm is a technology and product development company that focuses on advanced proprietary computer and communications technology for license and resale with the computer and communications industries.
Amerisure to Acquire AIK Fund Amerisure and the Associated Industries of Kentucky (AIK) have signed a letter of intent regarding the sale of the AIK Selective Self-Insurance Fund by which AIK's insurance products will be underwritten by Amerisure and sold through independent insurance agents. AIK is the oldest and largest workers' compensation self-insurance fund in the state and is available to more than 6,000 members of the Associated Industries of Kentucky. Amerisure is a regional property and casualty insurance carrier specializing in workers' compensation with an emphasis in manufacturing and contracting programs. The company has assets of $1.2 billion and a surplus approaching a quarter of a billion dollars. Amerisure currently underwrites commercial insurance in Kentucky through independent agents. According to the A.M. Best data retrieval service, Amerisure has ranked as the second best performing company in the U.S. over the past three years with regard to workers' compensation loss ratio.
Charles Schwab Opens Lexington Office Charles Schwab & Co., Inc., one of the nation's largest financial service firms, has opened its first Lexington office at The Radisson Plaza, 380 West Main Street. The new location is part of a branch expansion program for the San Francisco-based company that has resulted in more than 30 new offices opening over the past 12 months. Charles Schwab & Co., Inc. pioneered the no-transaction fee mutual funds and has since become a leading provider of discount brokerage services, with more than 4.5 million active investor accounts. In addition to its traditional services, Schwab also offers personal computer services that provide investors with 24-hour access to trading and information, including Internet trading (www.schwab.com) for all listed and over-the-counter stocks. Amy Allen has been named branch manager and vice president of the Lexington office. To set up an appointment, call 425-6500.
LJS Launches First Film Sponsorship Long John Silver's has launched its first major motion picture sponsorship, teaming with New Line Cinema for a multi-million dollar promotion pact surrounding the release of "Lost in Space." The tie-in includes a print and television media buy as well as premium giveaways and extensive promotional activity at each of the company's 1,400 restaurants. The film, inspired by the 1960s television series, is scheduled to be released April 3, complete with more 650 computer-generated visual effects. (For movie aficionados, that's more than twice as many as "Jurassic Park.") The cast includes Gary Oldman, William Hurt, Matt LeBlanc and Mimi Rogers. New Line Cinemas is a subsidiary of Time Warner Entertainment and is one of the industry's leading independent producers and distributors of motion pictures.
Neogen Acquires Animal Health Company Neogen Corporation has acquired Vetoquinol U.S.A., a wholly-owned subsidiary of the Vetoquinol S.A., a French animal health company. The acquisition involves Vetoquinol's Tampa, Florida USDA-licensed production facility and two licensed immunostimulant products. The primary product, EqStim(R), is used by veterinarians to stimulate a horse's immune system to fight off infection. Neogen is a Michigan-based firm that develops and markets solutions for safety and improved quality in food, agriculture and pharmacologies. The company's Lexington division, which formerly operated as Elisa Technologies/Triple Crown, manufacturers and markets pharmaceuticals, vaccines and diagnostic products to the worldwide professional equine market. In addition, Neogen's seafood testing products are handled by the Lexington location. Neogen also has offices in Schiller Park, Illinois and Bridgeport, New Jersey. Although Neogen will continue to operate the newly-acquired Tampa production facility, sales and administrative functions for that facility will be handled by Neogen's Lexington office. While no significant increase in staffing is expected for the Lexington relative to the acquisition, the office has grown from 20 to 48 over the course of the last two years.
Search the State for Business Free information on Kentucky corporations and businesses is now available on the Internet. A program developed by the secretary of state's office features the capability to search the entire corporate database, which consists of more than a million documents on approximately 340,000 businesses. The site is located at http://www.sos.state.ky.us/. To search for information on a specific company, access the home page and then click on "On-line Business Database." Keying in all or a portion of the company name inside a designated space will bring up the following information: the type of business, corporation status, date of incorporation, registered agent information, a list of company directors, the address of the principal office, activity history for the corporation and a list of any assumed companies. The program is part of the state's effort to improve government services through the use of technology, said John Y. Brown III, Kentucky's secretary of state.
PDR Engineers Opens Indiana Office PDR Engineers, Inc. has opened its sixth office in Indianapolis, Indiana. The new office will be headed by Douglas L. Ralson, P.E. Ralston, who specializes in sanitary engineering and industrial pretreatment, has been with the firm since 1990. PDR was founded in 1946 as Proctor-Ingels and Associates and is now listed by Engineering News-Record as a "Top 500" U.S. engineering firm. In addition to its new Indianapolis office, the Lexington-based company also has branch offices in Louisville, Cincinnati, Huntsville and Memphis.
Residence Inn Properties Bought By REIT Residence Inn hotels in Lexington and Louisville are two of eight hotel properties recently sold to Innkeepers USA Trust, a hotel real estate investment trust (REIT). Innkeepers acquired the portfolio from Metric Partners Growth Suite Investors L.P., a public partnership, for $59.5 million in cash. In addition to the two Kentucky properties, the portfolio includes hotels in California, Florida, North Carolina, Indiana, and Ohio. Residence Inn by Marriott, Inc., a subsidiary of Marriott International, will continue to manage the properties. The acquisition of the Marriott properties increases Innkeepers' hotel portfolio to 62, further strengthening its position as one of the nation's leading owners and acquirers of upscale, extended-stay hotel properties. Forty-five of Innkeepers' 62 properties are in the extended-stay segment. Because zoning issues and the cost of development make constructing such hotels a complex process, purchasing the Residence Inn portfolio gave Innkeepers an opportunity to quickly and easily expand its existing markets and penetrate new markets, said Jerry Daly, spokesman for Innkeepers USA. The two Kentucky Residence Inns represent Innkeepers' first entry into the Lexington and Louisville markets.
CFOs Predict Continued Growth The outlook for continued growth among companies nationwide remains strong for 1998, according to a recent survey of chief financial officers. More than half of those polled said they plan to expand their business operations in the year ahead, while just five percent predicted cutbacks. The results of the survey compare favorably to a related study conducted one year ago, in which 43 percent of financial executives predicted growth and eight percent expected a slowdown. In the East South Central Region, of which Kentucky is part, 55 percent of the CFOs surveyed said their companies are planning to expand. Thirty-eight percent indicated no expansion plans, while six percent said cutbacks were expected. The poll included responses from 1,400 CFOs from a random sample of companies with more than 20 employees. It was conducted by an independent research firm and developed by RHI Management Resources, a nationwide staffing service that places senior accounting and financial professionals on a project basis.
Association Update The Fayette County Medical Society has elected the organization's new officers for 1998:
The International Association for Business Journalists (IABC) has awarded PrestonˇOsborne with three Silver Quill Awards for brochure design and communications. Stephen R. Byars, director of external affairs for Columbia Gas of Kentucky, Inc., has been elected president of the Kentucky Industrial Development Council for 1998. The Home Builders Association of Lexington has elected its 1998 officers:
The Lexington chapter of The Public Relations Society of America elected its 1998 officers:
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