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Business today

Danka's international operations sold

By Times Staff
Published September 27, 2005

Danka Business Systems PLC said Monday that it sold its operations in Brazil, Chile, Mexico, Panama, Puerto Rico and Venezuela for a combined $10-million in cash to Toshiba America Business Solutions Inc. Chief executive Todd Mavis said the sale will help Danka focus on its largest and most profitable market: the United States. Danka, a British distributor and servicer of office copiers and printers that has its U.S. headquarters in St. Petersburg, sold its Canadian subsidiary this year and its Portuguese and Russian units in fiscal year 2004.

Zapata to sell interest in fabric company

Zapata Corp. has agreed to sell its 77 percent controlling interest in Safety Components International for $51.2-million to private investor Wilbur Ross, the company said Monday. Zapata is controlled by the Glazer family, which owns the Tampa Bay Buccaneers. Safety Components, a maker of air bag fabrics and cushions, had income of $7.4-million on sales of $230.4-million in the year ended June 30. The Greenville, S.C., company has recently seen "challenging" industry conditions, Ross said, adding that he has confidence in the long-term outlook.

New bank expected to open in Oldsmar

State and federal banking officials have given preliminary approval to a proposed new bank in Oldsmar. Representatives of Flagship Community Bank said Monday they expect to receive final authorization from the Federal Deposit Insurance Corp. and Florida's Office of Financial Regulation next month after completing a $12-million stock offering.

Staffing company's finance boss resigns

Clearwater-based Ablest Inc. and its chief financial officer, Vincent Lombardo, have parted ways. Ablest, a staffing services company, said Lombardo resigned effective Friday and will receive a $290,000 cash settlement, attorney's fees and insurance coverage through the end of next year. Ablest chairman Charles Heist will handle the CFO and treasurer's job and vice chairman David Foster will take over Lombardo's role as secretary until a new CFO can be hired. Heist said the company had no information about Lombardo's plans.

Judge rejects Oracle boss' settlement plan

Oracle Corp. chief executive Larry Ellison's agreement to pay $100-million to charities to settle a shareholder lawsuit was rejected by a California judge who said the company shouldn't have to pay plaintiffs' attorneys fees. Oracle, the world's No. 3 softwaremaker, would have paid lawyers for the shareholders about $24-million in fees.

T-bill rates mixed

Interest rates on short-term Treasury bills were mixed in Monday's auction, with the rate on three-month bills declining while the rate on six-month bills edged up. The Treasury auctioned $17-billion in three-month bills at a discount rate of 3.440 percent, down from last week's 3.495. An additional $15-billion in six-month bills was auctioned at a discount rate of 3.745 percent, up from 3.715.

[Last modified September 27, 2005, 10:49:07]