Winnick weaves a single cable into an empire

Article Abstract:

Financier Gary Winnick, a former associate of junk bond pioneer Michael Milken, has parlayed a $15 million investment in a trans Atlantic fiber optic cable into a 25% stake worth $6 billion in Global Crossing Ltd., the international long-distance carrier that is completing a merger with long-distance carrier Frontier Corp., and that just agreed to a merger with the regional telephone service, U S West. Mr. Winnick managed the deals through his investment firm, Pacific Asset Management. The phone cable investment has proven by far to be his most successful, its completion coinciding with a rise in trans Atlantic phone traffic driven by the rise of the Internet. The speculation in Internet stocks has provided Global Crossing with lots of capital which Winnick has been using for Global's acquisitions. He said he was drawn to the original cable deal because he felt that deregulation and technological development were opening the industry to new players.

Acquisitions & mergers, Wired Telecommunications Carriers, Telephone Communications, Long Distance Telephone Svc, Telephone communications, exc. radio, Bermuda, Intnl Telephone Service, Mergers, acquisitions and divestments, Telecommunications services industry, Telecommunications industry, Telephone services, Long distance telephone services, Biography, Global Crossing Ltd., U S WEST Inc., GBLX, International telephone services, FRO, Frontier Corp., Winnick, Gary

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Fluor to cut 5,000 jobs and reorganize operations

Article Abstract:

Unable to sustain its growth along with the Asian crisis, Fluor Corp. announced it needs to restructure, a move that will include making about 5,000 workers unemployed. The company expects to save $160 million a year by restructuring. The domino effect, starting with the Asian situation that didn't help oil prices which curtailed capital expenditures by oil companies, Fluor customers, all took its toll on new construction orders. Now it plans to reshape itself in four units and not continue low profit-margin projects.

Comment:

Reorganization into four units will cost jobs

Heavy construction, not elsewhere classified, All Other Heavy Construction, Organizational history, Heavy Construction NEC, Construction industry, Heavy construction, Human resource management, Abstract, Fluor Corp., FLR

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