VOL. 113 | NO. 26 | Monday, February 8, 1999
Integrated Health Services Sells Home
Kruger Inc., a tissue and pulp and paper company, acquired Shepherd Tissue Mill and will expand it under the Global Tissue name. Purchase price and terms were not disclosed, but officials said they plan to spend $40 million to upgrade the mill and improve product quality. Located on almost 80 acres north of Downtown, the mill employs more than 450 people and provides bathroom tissue, facial tissue and related products to a number of major U.S. retailers. Much of its business is for the private-label market. Formerly occupied by Kimberly-Clark, the mill has 56 acres of manufacturing and storage under roof.
Granite Golf Corp. announced it has signed agreements to manage clubhouse and/or golf course operations at three additional Tennessee clubs including Colonial Country Club. Granite also provides management services for Ridgeway Country Club.
Medshares/IHS Acquisition Inc., an affiliate of Medshares Inc., a Memphis-based home health care management company, announced it has completed the acquisition of Integrated Health Services home health nursing division, IHS Home Care. The acquisition includes 69 home health agencies with 251 locations in 22 states.
January same-store retail sales rose a moderate 1.2 percent over the same period last year, according to data compiled by TeleCheck Services Inc. The Southwest region led the nation, followed by the Midwest and the Southeast. In the Southeast, sales increased 2.4 percent with Tennessees sales growing 2.6 percent.
Freds Inc. reported total sales increased 22.1 percent to $600.8 million for the year ended Jan. 30, compared with $492.2 million in the prior year. Comparable store sales for the year increased 5.6 percent.
Investment advisory clients of Southeastern Asset Management Inc. have acquired as of Feb. 2, more than 44.8 million ordinary shares of Gulf Canada Resources Ltd, totaling about 12.8 percent of the more than 348.9 million shares outstanding.
Thomas & Betts announced its board of directors declared a quarterly dividend of 28 cents per share payable on April 5 to shareholders of record on March 8.