Excerpt:
COMPANY NEWS; ARMCO TO SELL WORLDWIDE GRINDING FOR $113 MILLION
Armco Inc. of Parsippany, N.J., agreed yesterday to sell its Worldwide Grinding Systems assets for $113 million and will take a $205 million charge in the third quarter to cover losses associated with the unit. Worldwide Grinding, based in Kansas City, Mo., will be sold for $80 million to Bain Capital, a Boston investment firm. Additionally, Armco said it had sold its 50 percent interest in several of Worldwide Grinding's wire-drawing mills to Leggett & Platt Inc. of Carthage, Mo., for $33 million.
Worldwide Grinding, with 1992 revenue of $440.4 million, manufactures grinding balls, rods, castings, high-carbon wires and process control systems for the mining industry. Armco, which has lost a combined $766.4 million in the last two years, is selling businesses to concentrate on specialty-steel production.
http://thinkprogress.org/economy/2012/01/06/399117/romney-bain-federal-bailout/?mobile=nc
Excerpt:
A Missouri steel company in which former Massachusetts Gov. Mitt Romney’s (R) Bain Capital was the majority shareholder went bankrupt, laid off more than 750 workers, and had to turn to the federal government for a bailout of its pension funds in 2001, according to a special report from Reuters.
Worldwide Grinding, with 1992 revenue of $440.4 million, manufactures grinding balls, rods, castings, high-carbon wires and process control systems for the mining industry. Armco, which has lost a combined $766.4 million in the last two years, is selling businesses to concentrate on specialty-steel production.
http://thinkprogress.org/economy/2012/01/06/399117/romney-bain-federal-bailout/?mobile=nc
Excerpt:
Romney's Tax Cut For Millionaires Is Double The Size Of Bush's
By Travis Waldron on Jan 6, 2012 at 10:56 am
A Missouri steel company in which former Massachusetts Gov. Mitt Romney’s (R) Bain Capital was the majority shareholder went bankrupt, laid off more than 750 workers, and had to turn to the federal government for a bailout of its pension funds in 2001, according to a special report from Reuters.
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