Kaydon Corp. (NYSE-KDN) agreed to acquire hydraulic cylinder maker and distributor Great Bend Industries of Great Bend, Kansas, for approximately $22 million. Kaydon makes custom-engineered products for the medical, defense and aerospace industries.
U.S. Sugar Corp. started construction on the first new cane sugar refinery to be built in the U.S. in more than 25 years. The 200,000-square-foot mill will refine about 500,000 tons annually and include packaging and warehousing operations. Scheduled to open in early 1998, the refinery will employ about 170.
LottoWorld (Nasdaq-LTTO) bought an 11.8% interest, more than 2.6 million unregistered shares, in publisher Sound Money Investors, of Maitland. In exchange, Sound Money will receive 470,588 unregistered shares of LottoWorld - the nation's leading publisher of lottery-related magazines.
The Ordnance and Tactical Systems division of Primex Technologies (Nasdaq-PRMX) won a $33.1 million contract to produce artillery-propelling charges for the military. Primex is a $500 million defense and aerospace company.
Pick Kwik agreed to sell its 66 convenience stores to New York-based oil company Amerada Hess Corp. Amerada Hess, which operates about 120 Hess gasoline stations in Florida, reported 1997 first quarter income of $4.6 million, compared to first quarter earnings of $66 million in 1996.
Medical Manager (Nasdaq-MMGR) signed agreements to acquire four of its independent dealerships. The four medical practice manager companies, located in Washington, New Jersey, Indiana and California, had 1996 combined revenues of about $9 million.
Davel Communications signed a letter of intent to acquire the assets of Blair Telephone of Edensburg, Penn., for about $3.8 million in cash. Davel would also receive 1,300 installed pay telephones and related equipment.
A New Lease On Life...
... could be in the works for one of Ybor City's oldest buildings if Tampa officials approve a $38 million redevelopment plan submitted by Steiner & Associates of Miami and the Sembler Company in St. Petersburg.
They propose to renovate the boarded-up Centro Espa-ol building and the plaza next to it into a retail center comprising 18 movie screens, an Imax theater, restaurants and shops. The Centro, built by immigrants who organized a mutual aid society in 1891, sits in the middle of a National Historic District. The old brick buildings of Tampa's Latin district are being transformed by an influx of new restaurants and bars. "We're very enthusiastic about Ybor's emergence as an entertainment destination for the Tampa area," says Jay Miller, Steiner's executive vice president. "We think this project will solidify that."
The deal depends on Tampa's willingness to build a parking garage, contribute improvements to the public plaza worth up to $1 million and add a police substation at the property. Miller says he expects a decision by the end of June.
- Linda Gibson