Briefs and news of note.
By Times staff and wires
Published May 20, 2006
Northwest, baggage workers reach deal
Northwest Airlines Corp. and its union representing baggage handlers and ramp workers reached a tentative agreement early Friday, hours before a bankruptcy judge in New York was to consider whether to allow Northwest to throw out the union contract and impose its own terms. Judge Allan Gropper postponed his decision until next month, pending ratification of the deal. If baggage handlers accept the deal, Northwest stands to be that much closer to a $1.4-billion target for labor concessions. Before heading into bankruptcy, Northwest's labor costs were among the highest in the industry.
Ted Turner departs Time Warner board
Ted Turner was uncharacteristically understated Friday as he departed Time Warner Inc., the media conglomerate that swallowed his cable network company and slowly sidelined him as a mover and shaker in the businesses he helped to create. The CNN founder told Time Warner shareholders at their annual meeting he regrets not being able to do more for them. "I just wish the last five years I could have made a bigger contribution," Turner said. "I hung in there as long as I could. I've done my best."
Tyson Foods names new chief executive
Tyson Foods Inc., the world's largest meat processor, promoted president Richard Bond to chief executive officer, replacing John Tyson, the grandson of the company's founder. John Tyson, 52, will remain chairman, focusing on strategy and supervising the chief financial officer, general counsel and senior vice president for external affairs, the Springdale, Ark., company said Friday. John Tyson had been chief executive since October 2001. Bond, 58, joined Tyson Foods from beef producer IBP Inc., which was acquired by Tyson for $4.4-billion in 2001.
Judge approves sale of Winn-Dixie stores
Bankrupt supermarket giant Winn-Dixie Stores Inc., was given approval Thursday by a federal bankruptcy judge to sell 17 stores in Florida, 12 in the Bahamas and a warehouse, bringing in about $118-million. Upon completion of the deal, Winn-Dixie will operate 538 stores in Florida, Alabama, Georgia, Mississippi, and Louisiana, including 10 that remain closed as a result of Hurricane Katrina.
Anheuser-Busch buys Rolling Rock beer
Anheuser-Busch Cos. Inc., citing consumers' need for variety in beer, said Friday it will pay $82-million to buy the Rolling Rock beer brand from InBev USA, the U.S. subsidiary of Belgian-Brazilian brewer InBev SA. The deal will allow Rolling Rock brands to be made available to more consumers, St. Louis-based Anheuser-Busch said.
[Last modified May 20, 2006, 07:01:30]
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