Show 0 '44Nwms-4e04- usi tess TQ) galit Zitibunt Qc:alt Ui) 1800 Saturday Morning—February 25 1989 Section !Page 11 13 84000 Each to Receive - r- '''' ''' ' ' :': :':: :: 's'' '''' u' - t 10Z4 't::?: 2s - I ' 4) 9 t19tksin1 ti -- ‘ ' j & ' a - - fo" — N!? -- NE ' woo 17 0 lira 4 - 3 1i60 '' e'' 4' ' s — ' --- '" ' -- ---- t-- gcuii ''' ir e 4 7 1 As 1r i! ''''' vs: ' " N11 ' - 66 rt 9 t 11012401 7 s- - l' ' - -- i 3kN ' t '''''' e: i4 04 r0014 t 12 1 T - - - 4 A :71'"1150r f' 4 4 4rT4 L 23ki'' l'''''' By Robert II Woody Tribune Business Editor Eighteen hundred union workers of BP Minerals America will get $4000 in bonuses this year The bonuses totaling $7 2 million on a cash basis will be paid out in two installments: $2000 in the first week of March and $2000 in the first week of November The cost to the company will be about $741 million because of Social Security and unemployment compensation contributions made in behalf the employees Recently hired employees will get somewhat less on a prorated basis Most BP Minerals America union workers qualify for the full amount ' t'1"4' ' ss4 Ac I!: ' '' - 44- I ': ' ':: v - Ir '2 111 Pt 4411?m ' C I I -I e ?xi0i1 '' '41 - 442 f0 '' I ' 41 r: ?: IL O4 44 ItL424" - 4 L - : -- ' 110k- 10!!!? 1?:41 est to i:'' a i vs t 1!)tw ''''--'— r74 4s3 -- :‘ !i i3 ” !! 0 I'' : i 0 ' -- '4 v 2k2i 444 p 'wr - A' co - yi '4 ?A ''''f ' r M‘:' -'C'''1 ) t 4: ''k 1 'g i 414 4ik 2i4' ' 5s r 1:':14'is 121 t :l'' t' ' t 4:-- ! 0 Inotoom-tsiApokiton er) r': i i 'tt : kol4g4 si4ik 'a:6 "rb:rigti: i::: '':'::' :::: ' r t e0t ft ' tqlp : :: 4ik 3 J' 0 g e'' ''::I 'A i'f' 'c t - ik-- s 44 ' ' BP Annomices Cash Bonuses zatzsz—r : i "41 ' : '''''''l "4' 'k'''' '' t " 4 777 el :':i' i' r: te4 4' t 04: 14tikkz t494 0 K1i: r t ' A:kA' :04 Tribune Stott PbOto bv Non Ilerman's World of Sporting Goods for- 250 S State will close on Saturday markWolfe's meriy ing end of an era in downtown retailing Sportsman's Headquarters '!:': ' t':! '6')NAi-:?- 4I -- :' ::: :iA 4ik :' '': 4'7 4iolk :: o ' :: 4'34-- !$V RC11 I ters" held dominion among down town's thenvibrant traditional street-froretail community The RDA will lease out the building until a master plan is de- City-base- nt veloped for the The building offers 50600 square feet on three levels It includes a parking terrace added in the early 1960s when two-lev- Wolfe's occupied the premises Wolfe's bought the building in 1946 from JC Penney Co Inc The building is not considered to have historic value "I think 1989 will be a vintage year for Block 57" said RDA director Mike Chitwood The RDA has been in the process of buying several structures on the block in recent years to package them for a master developer The process has been costly and litigious W&G is among three of five Block 57 property owners who have settled with RDA in wake a suit in which the five contended that RDA could not condemn prop erties good or bed — on a collective "blight" doctrine but had to make a determination of blight on pm Herman's will have the building cleared by the first week in April Mr Doyle said Thereafter the building will be lease offered for by the Salt Lake City Redevelopment Agency current owner The RDA settled on a price in November with former building owners — the W&G Co an entity of the Elliott K Wolfe family A lot of people will remember month-to-mont- when Elliott "Wolfe's h Wolfe and M Sportman's block now-forlor- n Headquar basis District court held in favor of the plaintiffs The RDA appealed to the Utah Supreme Court where the case awaits ruling Herman's world's largest sporting goods chain operates 12 stores along the Wasatch Front It entered the Utah market in 1986 when it bought the local Sunset Sports and Voile's Sporting Goods stores from Malone and Hyde Corp of Tennessee Malone and Hyde earlier had bought the Utah stores of Sunset and Wolfe's Sporting Goods — then hot competitors — in separate transactions Mr Doyle said the 25 employees from the closed Herman's will be assigned to the Crossroads and 3500 S State locations "We will need them business will pick up" Herman's is expanding and modernizing Several reassigned employees had begun their terms with the orginal Wolfe's One is a part-time- r who tops the mark "A trades" good man a jack-of-asaid Mr Doyle a property-by-propert- y Mead He said UP&L cannot supply the Carbon plant from its two coal operations in Emery County because those fuel reserves are dedicated to the utility's two Emery County pow er plants the two-unHuntington in Huntington Canyon and three-uni- t Hunter near Castle Dale In a Sept 19 letter UP&L notified Valley Camp it intended to cancel its contract in accordance with its right to relief under the gross inequities clause Specifically UP&L is alleging Valley Camp has refused to reduce the price of its coal to an it amount in line with the current market UP&L's contract with Valley Camp started in 1980 and runs 15 years to 1995 It initially required Valley Camp to provide another 150000 tons of coal a year to UP&L's Gadsby electrical generating plant in Salt Lake City However LIP&L furloughed the Gadsby plant in the summer of 1987 because demand for electricity was low and the company saw idling the facility as one way to save customers money said Mr Mead UP&L and Valley Camp subsethe contract quently requiring the mining company to provide coal only for the Carbon plant But Mr Mead said Valley Camp has nearly doubled its coal price since inception of the contract to "a little under $40 a ton" which does not include the cost of truck transportation by Western Coal Carriers to the Carbon plant In contrast UP&L is producing coal at its Emery County operations e for only $2005 a ton said Mr Mead has entered Mr Mead said several negotiating sessions with Valley Camp over a year's time trying to convince the coal producer its prices are out of line He said it was only when these attempts failed LIP&L decided to cancel the contract under the gross inequities clause UP&L also filed a civil suit in 7th District Court to affirm the utility's right to cancel the contract But Valley Camp is also seeking legal redress from UP&L in 7th Dis year-to-dat- By Steven Oberbeck Tribune Business Writer Salt Lake petrochemical company magnate Jon M Huntsman who thrust himself into the political lime light last year by announcing his intention to run for governor now has Vali Street securities analysts wondering what he is up to Aristech Chemical Corp a Pitts burgh-basechemical producer an flounced Wednesday that Mr Huntsman informed it of his intention to acquire up to a 15 percent stake in the company's stock The announcement was followed by a sharp increase in the price of Aristech stock which soared VA Thursday on the New York Stock Exchange to close at 3814 Friday Aristech stock closed at 37kAs down d 30-ye- ll 34 UM AT $37995 $12495 CALL FOR PRICING 4 :W't C '''' ''' 'A: A'!' ::'4''& ' ' t'' ±:i & '::': :! '::::: '':i :::::: f'!-'!- ' ' ''' :':'''i''5 '::: ''' ! :' E'' ': i: ::i ''33:::::':'::'''' :':: !:': ''':44':'''':Wk::'"-:'Zi:- i'" 1 ::'' z NEW YORK (AP) — Stock prices suffered a sharp setback Friday at the hands of rising interest rates closing out the market's worst week in more than six months The Dow Jones average of 30 industrials tumbled 4392 points to 2E4554 extending its loss for the week to 7928 points That ranked as the average's big gest weekly decline since it fell 8161 last Aug 812 Declining issues outnumbered ad vances by nearly 410-Volume on the floor of the New York Stock Exchange came lo 160 68 IttilliOn shares up from 15037 million in the previous ses sion 1 SPECIAL ' '!' ' ''''''' Ir ''''''' :: ''!:i: l': : r i ' i--4 ' a ' 10i: - ri-- ' 4: ?': :' ' ' ''''' ' ''":''''''''''' n- 7 —4— : - fp 1988 MIA's GOLF's GlIs WITH NEW 49 Ap APR FINANCING AVAILABLE of Take tremendous savings on rim 1966 model advantage Likk Jena's Golf's and GTI's and get 19'4 APR ' Financing! Y" Salt take H C A : : City : - '1 ' 77: - '11 - 09MInk - '!:ev1 ': -- '' ' -- '$? S: 4 :a F À' "I:'!' ::::: ' '' t 1'' '' But hurry There are a at more smart people around around here than there are Milanos i f e:'':::: Alfa Romeo Milano We have a precious few left going for precious little If the impeccable logic of owning so much car for so little money has not escaped you come see us - t 3 01 V6 Bosch fuekinjected 183-h- powered 4 :?" '''d- 3:23-401- a A quick announcement from Range Rover Panasonic KXR 310 $21993 I2K MEMORY WITH 4 3 60 WORD PROCESSING TYPEWRITER 380 WORD PROCESSING TYPEWRITER PRICES START AT 826995 SERVICE - DISPLAY DICTIONARY FULL AUTO FEATURES BUILT-I- N Plaza SALE 2700 West West Valley City Utah 84119 (801)9691303 PRR 741AprAA l C Ho er acecteratcs lastvr I14f40404kAF It 7 ± ' 'i I e 4Jr ': 7400 - : ''''''typ -7 L shouldn't 'i : :'' ' 7 '7-'-i-i - ''' 'i 4zo 'tUIlififigir444" '' '' :154l04'?1: ??''''Ir!!'1 71 6s4 ''' tx 514E NON STOCK '' '4404' 'i 1 i4 ) 1 '''' 1 w tay4 r44'''''T-417'''- '- ': r '' '' ' I' 41' RANGE ROVER '' ' y4t ' '' 11:eie44- - STEVE HARRIS IMPORTS LTD 808 South Main Street RANGE ROVER INTERMOUNTAIN 2626401 3711 So State St 1 I - ( - South Salt Lake City Utah 84106 LBW ANY 6 721 675 East 2100 (801)467-153- GooD TIfRU Rangc $18975 - ' than ever Conic in and sce tur yourself Like long Valley East Valley West SITE ValleyliFair Mail Thc 19S9 TYPEWRITER HEADQUARTERS R LITTLE TIME $12495 biother ' DAVE STRONG The - 2 i4dt o:F::ii::t AC ti -- rt:4414 VI:fict OP- 01 - ' --' 0 i ' —- i :"7---- M : '''''' :7 It ' -- wt 4 I PIA - ' --- 1065 South State - ' AgOret 1 1 pil ita 111qttid JI4- 4 K ofr Yilla 7 VOLKSWAGEN ''' '!: tt lapilt---- - '':- k -c : PURCH:k7-1- i: Aft-m- 1 '' ' ' I 4'''''''4: ' ' '!' :i:i2i':c'i'ie: : !!: o Itill f 4066 I'''''7A '' '' ''IP :1tt ':" g:': 'i i f7 ' °y ::: ''' '' - i: '' '' ft it: '?t"::':''''''‘''''''''' f'' 'lc 1fel j'''! ' BOW PRINT CENTERING 4 i rI'- division in 1988 Aristech produces plastic products inrluding polypropylene plastic and industrial chemi- cals including phenol and acetone Huntsman Chemical based in Salt' Lake City is the world's largest prod ucer of polystyrene plastic The material is sold to manufacturers ror applications ranging from egg and fast food containers to television cases and car dashboards Aristech's name has surfaced in rumors as a possible takeover candidate in the past year And same securities analysts have pointed out that chemical producers as a whole are considered attractive because their strong profits and distinctive business Aristech said Mr Huntsman' formed the Federal Trade Commission in a filing of his intention to acquire and hold shares of Aristech common stock valued in excess of $15 million but not more than 14999 percent Of shares outstanding is4 0 "t? tt ' ::::?:'::: 4::::: ': ' :''t'l: ''' 4' SD-125 MEMORY T oPM4440A :- 'f: AND MORE! AM401f '' ' 1t::1:::-1viott50t- SUPER SPECIAL South S 4i The Pittsburgh company was from USX Corps chemical spun-of- f Dow Takes Licking Rates Keep Ticking - INP4o 3601 4 d :rr911 ALL MODELS ON SALE! LAYAWAY AVAILABLE PRICES STARTING AT 401AAc01tv 41 Mr Huntsman could just see Asks- tech as an attractive investment Maybe he wants a seat on the company's board" He said on the other hand barring a hostile takeover attempt Mr Huntsman could be acquiring his stake in Aristech as a means of acquiring the pieces of Aristech which would best fit within his own companies Both Aristech and Mr Huntsman's companies which include Huntsman Chemical are of comparable size And another securities analyst who asked that his name not be used said there are some areas of Aristech that could provide a good fit with Huntsman Chemical "It all depends upon what Mr Huntsman's motives are" he said "oA ' -- develops" he said revenue and earnings performance is ' — Cyprus and Asarco Inc — which went with traditional threvyear contracts are expected to begin talks with their unions sometimes this spring Those contracts expire June 30 this year deaf "I don't think anyone has a S Reitzes with the firm of Matson Nu gent in New York said Aristech is an attractive company with a strong re-bi- l': However other companies Magma fix on this and it looks like were going to have to just wait and see what Securities analyst Robert YOUR TOUCH PERSONAL WORD PROCESSOR -- lude to a hostile takeover attempt of the chemical producer Aristech officials have declined further comment on the annoturement and Mr Huntsman according to his office is traveling out of the country J Jeffrey eland a securities analyst at Bear Sterns in New York said Mr Huntsman's motives are unclear -This is not necessarily a hostile move although it very well could be Mr Cianci said He said it seems odd that if Mr Huntsman were contemplating a hostile takeover of the Pittsburgh chemical producer that he would do so at a time when Aristech's revenues and profits are at record levels Aristech last year reported sales of $107 billion and earnings of $1882 million or $757 a share up from the previous year's revenues of $9188 million and net income of $097 million Fiscal 1988 earnings results included a $237 million gain from an accounting change nothing wrong with UP&I moving ahead — without court affirmation — to cancel its Valley Camp contract said Mr Mead is to "The prudent thing to do d the pursue both objectives contract and continue the lawsuit" he said Valley Camp spokesman Benton H Faulkner manager of public relations for the company's parent Pennsylvania-baseQuaker State Oil could not be reached for comment Friday afternoon SALE EIARIC4TtYNN is merely intended as an investment in the company or whether it is a pre Mead " SUPER Wall Street securities analysts who follow Aristech are wondering whether Mr Huntsman's acquisition trict Court In one suit Valley Camp is seeking a judgment of $10260297 for coal it claims LIP&I failed to purchase and take during 1987 In the second suit Valley Camp is requesting a declaratory judgment determining the extent of UPSLI's right to audit the coal company's books and records Valley Camp's suit seeking payment of $10260297 stems from its allegation that LIPSEL agreed to "take or pay" all subsequent coal shipments after furloughing the Gadsby plant and negotiating down its fuel needs Mr Mead said 11138LL's suit seeking court approval of its right to cancel the contract under the gross inequities clause and Valley Camp's suit requesting a declaratory judgment about LI P&L's right to audit its books and records have been consolidated into one case He said a jury trial is scheduled in Price beginning on March 13 Valley Camps suit seeking payment of $10260297 from UP&I is still in the discovery phase said Mr There d 6 Wall Street Analysts Raise Eyebrows At Huntsman's Latest 'Investment' UP&L Wants to Cancel Pact Requiring Valley Camp to Fuel Its Carbon Plant By Joe Rolando Tribune Business Writer Even though the 7th District Court in Price is preparing to hear the matter next month Utah Power & Light Co is pressing ahead to cancel its contract that requires Valley Camp Coal Co to provide 480000 tons of coal a year for the utility's Carbon electrical generating plant at Castle Gate Carbon County UP&L spokesman Dave Mead said Friday the utility sent bid requests Feb 17 to 12 Utah coal companies — including Valley Camp located near Scofield Carbon County — to re place the contract He said when the bids are due March 7 UP&L will begin analyzing specifications of the companies' coal for such characteristics as ash moisture sulphur fixed carbon iron oxide hydrogen and nitrogen Before awarding the contract UP&L will make at least one test burn of the coal at the plant said Mr mid-198- jointly by G Frank Joklik president of the Salt Lake international copper and gold mining company and Robert Petris Seattle district director of the United Steelworkers of America The bonuses recognize continuing worker productivity said Don Babinchak BP Minerals America vice president of human resources Ending Era for Portion of Block 57 By Robert H Woody Tribune Business Editor It's fini Saturday for the Herman's World of Sporting Goods store at 250 S State It's the end of an era too for that part of State once a vibrant retail byway The store is closing because its too close to two other Herman's — in the Crossroads Mall and at 3500 S State said Mike Doyle Herman's western regional vice president The doors close after regular business hours from 10 an to 6 since when an initial $1000 was paid after workers ratified an unprecedented fouryear contract The unions made major concessions to help the company get through tough times and to complete a WO million modernization in Utah copper operations The modernization was wrapped up last year And now with a work force at one third historic levels and an unexpected but propitious increase in copper prices operations have returned to profitabilty The bonuses since mid19 86 through the end of 1989 are to be about equal to an addition of 10 percent on top of regular wages Salaried employees have been getting normal merit increases Mr Babinchak said The unions gave up a lot in 1986" he added "They came back to work with an excellent attitude The spirit is continuing We're looking to collaboration instead of The bonuses were announced A Herman's on State to Close Today Mr Babinchak said much of he credit for the bonuses 5 hould go to Mr Petris "who has conLnued his efforts in this area over the past two to three years" Mr Petris is chairman of the Ken- necott Coordinated Bargaining Corn- mittee which represents all unions at BP Minerals America domestic operations Union leadership signed the deal Thursday in Seattle It was announced to the locals Friday morning "We would like to have seen more But it was the best we could do without a contract Wayne Holland steelworkers subdistrict director said The BP Minerals union contract doesn't expire until June 30 1990 No date has been set for preliminary taiks It brings to $8000 the total bonuses paid to individual union workers (801) Salt Lake City Utah 84101 521-034- 0 I 1 NW91hM " 010104600000441 401104" sk" 401i ere3 AJIL "All 41 94 01 51044 AlkA" 41 411110 oke01 4gt Amk414 114 " Ak AV 0441 AL Ak 04 At Al A!! p |