Regional Business News: Major Construction and Acquisition Deals Unfold in the Industry

Strategic Insights -

Construction company Turner Corp. received a contract for a $67 million expansion of two Lucent Technologies Inc. buildings in Norcross, Ga., further solidifying its presence in the region. The project, which involves adding 400,000 square feet to the buildings, is part of Lucent's Atlanta Works expansion. Meanwhile, Eastman Kodak Co. and Sun Chemical Corp. announced an acquisition of Horsell Anitec, a supplier of graphic arts films, plates, and paper products, from International Paper Co. The acquisition is set to strengthen Kodak Polychrome Graphics' position in the market. Additionally, Morgan Stanley, Dean Witter, Discover & Co.'s chairman and chief executive, Philip J. Purcell, received a substantial compensation package in 1997, while Perdue Farms Inc. is expanding its operations by building its first overseas production facility in China.

Key Takeaways:

  • Turner Corp. has been awarded a $67 million contract to expand two Lucent Technologies Inc. buildings in Norcross, Ga., adding 400,000 square feet to the facilities.
  • The construction project is part of Lucent's Atlanta Works expansion and is expected to further solidify its presence in the region.
  • Eastman Kodak Co. and Sun Chemical Corp. have acquired Horsell Anitec, a supplier of graphic arts films, plates, and paper products, from International Paper Co.
  • The acquisition is set to strengthen Kodak Polychrome Graphics' position in the market and includes Horsell Anitec's manufacturing operations, sales, marketing, distribution, research, and development departments.
  • Morgan Stanley, Dean Witter, Discover & Co.'s chairman and chief executive, Philip J. Purcell, received a compensation package worth $14.4 million in 1997, comprising a $775,000 salary, $9.7 million in bonus, $3.14 million in restricted stock, and $799,996 to pay taxes on exercising options.
  • Perdue Farms Inc. is building its first overseas production facility in China, a joint venture with a Chinese company to establish a poultry processing complex near Shanghai.
  • Turner Corp. completed construction projects valued at $3.5 billion last year and is already completing two other projects at the same location.

Statistics:

  • Turner Corp.'s contract for the $67 million expansion of two Lucent Technologies Inc. buildings in Norcross, Ga. has a total value of $67 million.
  • The expansion project involves adding 400,000 square feet to the buildings.
  • Kodak Polychrome Graphics' annual revenue is projected to be $1 billion.
  • Morgan Stanley, Dean Witter, Discover & Co.'s chairman and chief executive, Philip J. Purcell, received a total compensation of $14.4 million in 1997.
  • Perdue Farms Inc. has been exporting chicken parts, including feet, to China for seven years.

Sources:

  • The Morning Call
  • Lucent Technologies Inc.
  • Turner Corp.
  • Eastman Kodak Co.
  • Sun Chemical Corp.
  • International Paper Co.
  • Morgan Stanley, Dean Witter, Discover & Co.
  • Perdue Farms Inc.