Originally created 04/01/97

Business briefs



Evans company completes buyout

Evans-based Greenfield Industries Inc. announced Monday that Greenfield completed the acquisition of Hanita Metal Works Ltd., an Israeli-based company, and its U.S. subsidiary Hanita Cutting Tools Inc., for $20.3 million and assumed indebtedness of $13.6 million.

Hanita, with manufacturing operations in Shlomi, Israel, and sales and distribution facilities in Mountainside, N.J., is a leading manufacturer of high-quality, high-performance end mills for the metalworking industry. Hanita products are sold through a sales network in 25 countries throughout Eastern and Western Europe, Asia and the United States.

For the year ended Dec. 31, Hanita, with manufacturing operations in Shlomi, Israel, and sales and distribution facilities in Mountainside, N.J., reported sales of approximately $27 million.

"We are extremely pleased to add Hanita to our strong group of industrial cutting tool businesses," said Greenfied Industries Inc.'s President and CEO Paul W. Jones. "This acquisition, which will become a part of our Industrial Products Group, continues to support our strategy of adding complementary businesses to our existing market segments."

The company was purchased from the Israeli company Koor Industries Ltd.

Group celebrating records week

The Central Savannah River Area chapter of the Association of Record Managers and Administrators International is celebrating its third annual National Records Management and Information Week this week. As part of the celebration, lawmakers in South Carolina and Augusta have recognized the week, the organization announced. A tour of the group's facilities in Aiken will be Thursday.

The group defines a records manager as a person who manages documents, letters, etc., and provides a service whether it is a hard copy, electronic or storage information. For more information call Debra Folk or Bob Rogers at (803) 642-1594 or Kathryn Gainey at 725-4739.

Investigation hurts stocks

NASHVILLE, Tenn. - The stock of Columbia/HCA Healthcare Corp. fell 10 percent Monday after the government revealed Friday it is investigating the nation's largest health care company for possible Medicare fraud.

Columbia, which has 350 hospitals in 37 states, including Columbia Augusta Regional Medical Center; Switzerland; and England, faces questions about whether it padded bills to the government.

On Monday, Goldman Sachs & Co. and PaineWebber Inc. both downgraded their investment ratings on Columbia/HCA's stock.

Shares in the company, which has denied overcharging the government, dropped $3.87« to close Monday at $33.62« on the New York Stock Exchange. Financial markets were closed Friday in observance of Good Friday.

Columbia/HCA was the most actively traded stock on the NYSE, with nearly 13.6 million shares changing hands.

Aside from the Medicare probe, the company reportedly faces other problems.

The New York Times reported Friday that federal regulators also may be looking into whether the company broke the law by getting doctors to indirectly invest in, and then refer patients to, its outpatient care facilities.

The El Paso Times reported Sunday that the company has given salary guarantees to foreign doctors that may violate federal law.