Unova Inc., corporate parent of Everett’s Intermec Corp., continued to rack up heavy losses last year, but officials said Friday conditions are improving in part due to an emphasis on cutting costs. Unova lost $292 million, or $5.14 a share, in 2001, compared with a loss of 71 cents a share in 2000. Intermec itself lost $6.7 million during the last three months of 2001, a figure that included $8 million in severance costs for people who lost jobs. For the comparable quarter in 2000, the company recorded a loss of $43.6 million. Company officials reduced costs by $18.7 million during the fourth quarter. Intermec was also named Microsoft’s Windows Embedded OEM Partner of the Year in recognition of it’s commitment to the Redmond company’s software for hand-held computers.
Industrial production dipped in January by just 0.1 percent, the smallest decline in six months, raising hopes that the nation’s manufacturing sector is edging toward recovery. The small decline in output at the nation’s factories, mines and utilities followed a steeper 0.3 percent drop in December, the Federal Reserve reported Friday.
United Airlines and the union representing its 13,000 mechanics and aircraft cleaners began urgent contract talks Friday amid signs both sides were hopeful of a settlement in time to avert a strike next week. Negotiations aimed at ending the 2-year-old dispute convened at a hotel in suburban Rosemont, near O’Hare International Airport. They were expected to last into or through the weekend and go around the clock, if necessary, to reach agreement before the machinists’ Tuesday night strike deadline.
With its planned marriage to a U.S. rival now on hold, P&O Princess Cruises PLC is expected to come under intense pressure to talk with Carnival Corp., the No. 1 cruise operator whose $5.4 billion bid for Princess sparked a shareholder revolt. Carnival won a tactical victory Friday after Princess shareholders voted to postpone a meeting at which they would have had to decide whether to approve their company’s proposed merger with Royal Caribbean Cruises Ltd.
Responsibility for airport security is moving from the airlines to the Department of Transportation starting Sunday, a change officials hope will be so smooth that passengers hardly notice. The switch was ordered by Congress after the September terrorist attacks.
Herald staff and news services
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.