Anheuser-Busch Changes May Extend Reach Overseas ST. LOUIS -
Anheuser-Busch Cos. Inc., the world's largest brewer, on Friday
announced a number of management and organizational changes
apparently aimed at extending the company's reach overseas. Most of
the changes affect the firm's international and entertainment
subsidiaries, which together account for 5 percent to 10 percent of
current overall sales.
``It looks like they're sending a signal that they're going to
be more aggressive about opportunities outside the U.S.,'' said
Joseph Doyle, a stock analyst for Smith Barney, Harris Upham & Co.
in New York. ``To me that means acquisitions of foreign companies.''
The brewery on Friday consolidated the management of Anheuser-Busch
International Inc. under John Purnell, a longtime veteran of the
company who now heads corporate planning and development. Purnell
will assume the new job of chairman and chief executive officer of
Under the consolidation, the heads of the brewery's European and
Far East divisions, along with a new position for the head of
operations in Canada, Mexico and Latin America, will all report to
Purnell. ``We recognize the potential that the international beer
market represents to Anheuser-Busch since it is more than three
times the size of the U.S. beer market,'' said August Busch III,
chairman and president of Anheuser-Busch.
Fixed-rate Mortgages Up for Week WASHINGTON - Fixed-rate
mortgages averaged 9.75 percent this week, up from 9.63 percent last
week, according to a national survey released Friday by the Federal
Home Loan Mortgage Corp. On one-year adjustable rate mortgages,
lenders were asking an average initial rate of 7.74 percent, down
from 7.76 percent last week and the lowest since 7.66 percent during
the week ending May 13, 1988. The rates do not include add-on fees
known as points.
Boeing to Cut Work Force in Washington by 2,000 SEATTLE - Boeing
Co. said Friday it anticipates cutting its Washington state work
force by about 2,000 this year, largely through through retirements
From 1983 to 1989, Boeing's statewide employment jumped from
58,000 to 106,000 as the planemaker tallied record commercial
jetliner orders. But last year, Boeing cut about 2,200 from its
Puget Sound-area work force. The company said smoother-running
commercial jet factories required fewer workers, while defense and
aerospace projects were cut back or delayed. At the end of 1990,
Boeing employed about 104,500 workers in Washington state and about
Boeing said it expects to make most of its cuts this year in its
Defense and Space Group because of reduced government funding and
fewer new program starts. It cautioned that its estimate could be
changed by ``the considerable volatility of the defense budget and
the uncertainty of the national economy.''
GTE, Contel Merger Approved by Justice Department STAMFORD,
Conn. - A merger of GTE Corp. and Contel Corp. has been approved by
the U.S. Department of Justice and 11 of 18 state regulatory
agencies, the companies said Friday. The companies said they are
confident they will receive the remaining state approvals as well as
a needed approval from the Federal Communications Commission. The
merger was announced last July and was approved overwhelmingly by
shareholders of both companies in December.
If pending state regulatory and FCC approvals are received soon
and a court motion is granted, the companies believe the deal would
be closed as early as the first quarter of 1991. …