Business briefs 2/16

February 17, 2003

Grace chairman is guest speaker

EMMITSBURG, Md. - Paul J. Norris, chairman and chief executive officer of W.R. Grace & Co., will be the guest speaker for Mount St. Mary's College's third annual McKenna Lecture in Business and Professional Ethics on March 27 at Dutch's Daughter Restaurant in Frederick, Md.

Norris, a 1970 graduate of Mount St. Mary's, joined Grace as president and CEO in November 1998 and became chairman in January 1999.

Grace is a global supplier of catalysts and silica products, specialty construction chemicals and building materials, and container sealant and coatings.

Manitowic reports increased earnings

MANITOWOC, Wis. - The Manitowoc Co. Inc. (NYSE: MTW) has reported increased revenues and strong cash flow for the fourth quarter and full year ended Dec. 31, 2002.


Net sales for the fourth quarter were $400.4 million, increasing 47 percent from $271.8 million in the fourth quarter last year. Including special items, the company reported a net loss for the quarter of $25.1 million, or a loss of 94 cents per diluted share.

Excluding special items, earnings were $5.3 million, or 20 cents per diluted share, compared with $8.6 million, or 35 cents per diluted share, in the fourth quarter of 2001.

Full-year net sales increased 34 percent to $1.41 billion from $1.05 billion in 2001, primarily as a result of the Grove and Potain acquisitions.

Merrill Lynch plans retirement seminar

Merrill Lynch is hosting a free seminar to address strategies for investing for retirement.

Using real-life scenarios, Shelby H. Penn, a Merrill Lynch Financial Advisor, will explore goal assessment, risk tolerance and asset allocation to demonstrate how a person can create an efficient and balanced portfolio for retirement.

The seminar will cover the following topics:

  • Portfolio management strategies

  • Maximizing the return potential for a given risk

  • Exploring tax-advantaged strategies to preserve wealth

  • Determining the right asset allocation mix for a specific situation

  • Maintaining a comfortable lifestyle through retirement while still passing on assets to heirs

The seminar is Feb. 28, beginning with 9:30 a.m. breakfast at Antrim House Restaurant, Fountain Head Plaza, Pennsylvania Avenue, Hagerstown.

To make reservations or for information, call Shelby Penn at Merrill Lynch at 301-393-3551.

City Hospital lab wins accreditation

MARTINSBURG, W.Va. - City Hospital's laboratory has been awarded accreditation with distinction from the Commission of Laboratory Accreditation of the College of American Pathologists, following an on-site inspection.

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