Anheuser-Busch Changes May Extend Reach Overseas
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 the subsidiary.
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 and atrition.
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 160,900 worldwide.
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. …