Joining Bothell-based Integrex, an advanced electronics manufacturing company, are Mark Johnson as vice president of operations and Bruce Miller as director of materials and logistics. Johnson is from Flextronics International and Miller is from Manufacturing Services Limited (MSL). Integrex Chief Executive Officer Ted Volberding said the hiring of two experienced manufacturing executives should help the company reduce the time it takes to move products from concept to volume production.
European aircraft maker Airbus SAS said Monday it will freeze prices on spare parts and all customer service-related work for six months to soften the blow for airlines suffering an industry slowdown after the Sept. 11 attacks in the United States. The European plane-making consortium, the top rival to the Boeing Co. in commercial jets, also said it will absorb some costs related to improving cockpit security and provide pilot training at a lower price.
Ford Motor Co. said Monday it will reduce retirement and health benefits for 45,000 white-collar workers and lay off 630 people to save about $300 million a year. The company is cutting the match it makes to the 401(k) program of thousands of executives. “More tough decisions will follow in the months to come,” chairman and chief executive officer William Clay Ford Jr. said.
The Treasury Department auctioned three-month bills at a discount rate of 1.735 percent. Six-month bills were auctioned at a discount rate of 1.765 percent. The three-month rate was down from 1.92 percent last week and was the lowest since three-month bills averaged 1.524 percent in August 1958. The six-month rate was down from 1.99 percent last week and was the lowest since the government began auctioning six-month bills in 1958. The new discount rates understate the actual return to investors – 1.769 percent for three-month bills with a $10,000 bill selling for $9,956.10 and 1.805 percent for a six-month bill selling for $9,910.80. The Federal Reserve said Monday that the average yield for one-year constant maturity Treasury bills, the most popular index for making changes in adjustable rate mortgages, fell to 2.23 percent last week from 2.35 percent the previous week.
Bankrupt ExciteAtHome reached a tentative deal to keep its fast Internet service up and running for subscribers other than cable customers of AT&T Broadband, which scrambled Monday to restore access for 520,000 accounts. ExciteAtHome and several cable companies signed a nonbinding letter Sunday that assured a service extension, at least temporarily.
Herald news services
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
