AGILENT STREAMLINING MEANS LOSS OF 450 JOBS
PALO ALTO, Calif. -- Agilent Technologies is cutting 450 jobs, or about 9 percent, of the 5,000 people employed in its health-care products subsidiary as it seeks to streamline and consolidate manufacturing facilities across the globe. The Palo Alto, Calif.-based industrial instrument manufacturer plans to cut about 200 contract employees from the payroll and accelerate programs to streamline manufacturing operations, affecting facilities in Andover, Mass.; Qingdao, China; and Boeblingen, Germany. Agilent chief executive Ned Barnholt said Monday the moves were necessary to return to profitability. With 43,000 employees serving customers in more than 120 countries, Agilent Technologies is the spinoff of Hewlett-Packard Co.
CHIP MAKER EXPANDS IN $1.24 BILLION STOCK DEAL
NEW YORK -- Communications chip maker Broadcom Corp. on Monday said it would buy optical communications chip maker NewPort Communications Inc. in a stock deal valued at $1.24 billion, extending Broadcom's reach in the fast-growing fiber optic communications market. Irvine, Calif.-based Broadcom said it would issue about 5.5 million Class A common shares in exchange for all of privately held NewPort's preferred and common stock, employee stock options, warrants and other rights. NewPort is also based in Irvine. The deal, expected to close within 60 days, is Broadcom's 13th acquisition since June 1999. It is striving to become a one-stop supplier of chips and equipment to link computers, phones and televisions over high-speed networks.
LOWE'S COS. IMPROVES ITS INCOME BY 21 PERCENT
NEW YORK -- Home-improvement retailer Lowe's Cos. Inc. Monday reported a 21 percent increase in its second quarter net income, matching Wall Street estimates, as increased strides in the company's home appliance business boosted sales. Lowe's, the No. 2 U.S. home-improvement retailer behind Home Depot Inc., said net income in the second quarter rose to $279.6 million, or 73 cents a share, compared with $230.2 million, or 60 cents, in the same quarter a year ago. Analysts had expected Lowe's to post a profit of 73 cents a share for the quarter. Second-quarter sales climbed 19 percent to $5.264 billion from $4.435 billion in the same quarter a year ago. Sales at stores open at least one year rose 3.7 percent.
SUNBEAM TO DIVEST OSTER AFTER $80 MILLION LOSS
BOCA RATON -- Consumer products maker Sunbeam Corp. Monday reported a second-quarter loss of $80 million before unusual items -- much worse than expected -- and said it plans to divest its Oster barber, beauty and animal-grooming professional products unit. Sunbeam, whose best-known products include Mr. Coffee coffee-makers and First Alert smoke alarms, said its loss amounted to 75 cents per diluted share. Analysts had expected a loss of 33 cents a share. A year earlier, the company lost $47 million, or 47 cents per diluted share, before unusual items. Sales fell to $610 million from $661 million a year earlier. The company said results were hurt by lower sales of Y2K products, increased litigation reserves and charges for closures.
Source : http://articles.orlandosentinel.com/2000-08-15/business/0008150132_1_agilent-technologies-chip-palo