IEP: The IE Professional No.137/pt 1 Via NY Transfer News Collective * All the News that Doesn't Fit ======================================================================= THE IE PROFESSIONAL _______________________________________________________________________ Issue No.137 February 4, 1997 Circulation: 10,606 ======================================================================= http://www.emigrant.ie/ The IE Professional is a free weekly newsletter from the publishers of the Irish Emigrant. Please forward copies to anyone who you think may be interested. They can automatically add themselves to the distribution by sending mail to with "subscribe iepro" as the only text in the body of the message (ignore the quotation marks). CONTENTS BUSINESS NEWS: - Glaxo and SmithKline to create world's largest drugs company - Powerscreen board admits responsibility for damaging fiasco - Galway metal fabrication company creating 100 jobs in Dublin - Tesco creating over 200 jobs in the North - Glen Dimplex subsidiary creates 80 new jobs in Craigavon, Co. Armagh - IBM to increase number employed at plant in Dublin - Compaq's assessment of Digital Europe may take time - AST Limerick to continue reduced scale operation at new site - Legislation to assist opening of telephone market signed into law - Dublin stock exchange and financials values continue ascent - Bill Gates says Microsoft's Irish operations will continue to grow - AIB's fund administration arm to administer $7bn US assets - Dell's CEO comments on need for investment in technology education - Less than half of Greencore shares sold in buy-back scheme - NEC cuts full-year profits forecasts due to crisis in South Korea - Irish pharmaceutical group announces 18% increase in turnover - Netscape's operation in Dublin is safe for the moment - Dunloe House chairman adamant on bid for property group Ewart - Stratus Computer fourth-quarter results - New group on future skills formed by Tanaiste APPOINTMENTS: - John Appleby to be appointed general manager of Oracle Ireland FINANCIAL: - Exchange rates - Dublin closing prices - Leading Companies - Leading Multinationals in Ireland - stock prices ACADEMIC: - 10 RTC'S renamed as Institutes of Technology - New institute of technology to target disadvantaged areas - Inaugral award for research excellence presented at DCU - DIT reach quarter finals of challenging times - Wide ranging journal on women and health published by NUI, Galway - President McAleese conferred with honorary doctorate of laws - Minister calls for end to "degree snobbery" in third-level sector - Prestigious American Physical Society for Irish professor - QUB announces honorary degrees JOB ADVERTISEMENTS: - MV Technology Ltd: (Japan) Application Engineers Sales Engineers (USA) Application Engineers Software Design/Development Engineers (Dublin) Software Test Engineers Electrical Design Technicians/Engineers - Sulzner Electronics Ltd, Switzerland: Software Design Engineers - Aersoft Ltd, Dublin: Engineering Team Leader Senior Software Development Engineers Senior Test Engineer - University College Cork: Professorship of Computer Science Statutory Lectureship in Computer Science - IDA Ireland: Marketing Executives - Dusseldorf - Bon Secours Hospital, Dublin: IT Manager - National Satellite Services Centre, Dublin Institute of Technology: Centre Manager - Kelly Software Ltd, Fanore, Co. Clare: Software Programmers > > > > > > > > > BUSINESS NEWS < < < < < < < < < GLAXO AND SMITHKLINE TO CREATE WORLD'S LARGEST DRUGS COMPANY - The boards of Glaxo Wellcome plc and SmithKline Beecham plc are in "detailed discussion" on a possible merger according to an announcement last weekend. Such a merger would create the largest drug's company in the world. Merck and Co. Inc. is currently the number one drugs company. Just last week SmithKline abandoned talks with American Home Products after months of negotiations. Economists say that the merger could lead to the loss of 10,000 jobs under new restructuring plans but is unlikely to have a negative impact on the 600 Irish jobs. SmithKline employs over 500 in manufacturing plants at Ringaskiddy, Co. Cork and Dungarvan, Co. Waterford while about 100 people are employed by Glaxo in Dublin. A joint statement by the companies said: "A major and significant benefit of the proposed merger would be the formation of the largest research and development organisation in the global health care industry". POWERSCREEN BOARD ADMITS RESPONSIBILITY FOR DAMAGING FIASCO - After its fall from grace last week Powerscreen's executives did not engage in a damage limitation exercise, rather, the company's chief executive Shay McKeown said the board of Powerscreen is fully to blame for the disaster involving a subsidiary of the company, Matbro. The irregularities which were uncovered took place at Matbro's facility in Tetbury, England, and not at Matbro in Dungannon, Co. Tyrone. Speaking last Friday Mr McKeown said the extent of the problems at Matbro were still being assessed. A new management team had been put in place last November and what had "seemed like a cashflow problem" in the accounts for the year ending December subsequently "then became an auditing problem". Powerscreen is still trying to establish how long the practice of mispricing of machines, unauthorised discounts to customers, inaccurate and misleading recording and discounting of bills of exchange and warranty costs had been going on. It had not shown up in the previous audit or in management figures Mr McKeown said. He hopes Matbro will break even by 1999 on a reduced turnover of Stg35m - it would involve job losses. Matbro employs 170 between Dungannon and Tetbury. GALWAY METAL FABRICATION COMPANY CREATING 100 JOBS IN DUBLIN - Galway-based metal fabrication company Higgins Turnkey is expanding its business to Dublin with the establishment of a IR4m data storage cabinet manufacturing plant. The company employs around 150 in Galway and the new plant will employ a further 100. Its aim is to meet the growing demand from IT customers in the east of Ireland. Current customers include EMC Corporation in Cork and Nortel in Galway. An assembly to hold storage units for EMC has also been set up in Cork. Higgins Turnkey is a subsidiary of the Rubicon Group and made a millionaire of its founder Joe Higgins when it bought the company for IR25m two years ago. TESCO CREATING OVER 200 JOBS IN THE NORTH - An investment in the North by British supermarket giant Tesco could create around 235 new jobs over the next 18 months. Tesco has acquired Wellworths' former distribution centre in Antrim and is expanding its chilled fresh food distribution depot in Belfast. However, the expansion also involves the closure of the Kingsway Pork Processing business in Belfast with the loss of 140 jobs. GLEN DIMPLEX SUBSIDIARY CREATES 80 NEW JOBS IN CRAIGAVON, CO. ARMAGH - A subsidiary of the Glen Dimplex Group, Seagoe Technologies in Craigavon, Co. Armagh, is to create 80 new jobs following a Stg2.7m investment. The company already employs 280 in the manufacture of electric storage heaters for customers in the UK, mainland Europe, Scandinavia and Japan. The investment includes Stg700k grant aid from the Industrial Development Board. IBM TO INCREASE NUMBER EMPLOYED AT PLANT IN DUBLIN - A report in The Sunday Tribune says that IBM is consolidating its call centre and customer support services at Ballycoolin, Co. Dublin and Greenock, Scotland, which is expected to cause a major increase in the number employed by the company in Dublin. It is expected that most of the other 11 call centres around Europe will be closed as part of a rationalisation plan by IBM. The company currently employs 2,000 in Dublin and Cork and has a projected employment level of 3,400 by 2001. COMPAQ'S ASSESSMENT OF DIGITAL EUROPE MAY TAKE TIME - Compaq Computer Corporation's general manager, Andreas Barth, has said that Digital Equipment Corporation's 18,000 European employees may have to wait until the end of the year to find out the future of their jobs. Mr Barth said it would take time to put together a plan for integration with Digital, "We will have to develop the plan and it might take until the end of 1998". Regarding the possible impact on these employees he said, "The only thing we know so far is that Digital's operation in Europe is very important". AST LIMERICK TO CONTINUE REDUCED SCALE OPERATION AT NEW SITE - AST Computer has finally outlined the plan for its Limerick operation. Of the 430 staff employed at the end of December, 135 people currently involved in the production of Bravo PCs will continue with the company at a different location in the city. The plant will concentrate solely on customer and technical support. Vice president of operations and marketing Kurt Jun has said that the move would involve a new investment programme. LEGISLATION TO ASSIST OPENING OF TELEPHONE MARKET SIGNED INTO LAW - Minister for Public Enterprise Mary O'Rourke has signed into law legislation whereby existing telephone companies will be obliged to share their infrastructure with new entrants to the market. The regulations will effect new entrants from January 1, 2001. DUBLIN STOCK EXCHANGE AND FINANCIALS VALUES CONTINUE ASCENT - New highs continue to be reached on the Dublin stock exchange this week in response to the Glaxo-SmithKline merger announced at the weekend and a recovery in Hong Kong on Monday night. Bank of Ireland's share value rose 53p following Monday's trading to a new high of 1185p and AIB reached a new 800p high with an increase of 25p. By close on Tuesday AIB reached 825p and BOI closed at 1207p but they had settled down by Wednesday. The overall ISEQ index's new high of 4466.50 on Monday was overshadowed by Tuesday's high of 4537.67. BILL GATES SAYS MICROSOFT'S IRISH OPERATIONS WILL CONTINUE TO GROW - Speaking at the World Economic Forum's annual meeting Microsoft's chairman and chief executive, Bill Gates, said that the future is bright for the company's Irish operations. Mr Gates said: "The jobs we account for directly and indirectly in Ireland will continue to go up." He used the opportunity to reassure shareholders that the current anti-trust case and close US Government scrutiny will not effect growth in any way. AIB'S FUND ADMINISTRATION ARM TO ADMINISTER $7BN US ASSETS - AIB Securities Services, the bank's fund administration and custody arm, has formed a joint venture with the Bank of New York (BNY) to administer offshore fund assets exceeding $7bn. The joint venture is a formalisation of a three-year-old administration alliance with BNY. Colm Doherty, AIB's head of investment banking, said, "This is a practical development, geared to significantly enhancing our market positioning in a particularly competitive global market". DELL'S CEO COMMENTS ON NEED FOR INVESTMENT IN TECHNOLOGY EDUCATION - The CEO and president of Dell Computer, Micahel Dell, has said that there should be additional investment in computer teaching in Irish schools. Speaking in Dublin today Mr Dell said that the investment should be in the form of a partnership between the Government, companies and communities. He went on to say that as long as the demand for PCs is buoyant in Europe Dell's Irish operation will continue to enjoy the benefits. LESS THAN HALF OF GREENCORE SHARES SOLD IN BUY-BACK SCHEME - Greencore shareholders have only sold less than half of the group's 10 million shares in its buy-back scheme. The 4.9 million shares cost Greencore IR18.6m and had very little effect on its balance sheet. NEC CUTS FULL-YEAR PROFITS FORECASTS DUE TO CRISIS IN SOUTH KOREA - The NEC Corporation, which employs 500 at its plant in Ballivor, Co. Meath, has cut its full-year profits forecasts due to a slump in chip prices precipitated by the situation in South Korea. However, industry sources believe the crisis will see NEC move toward higher value added products rather than cut production. A spokesman at the Co. Meath plant commented, "We are NEC's main assembly plant for semiconductor products in Europe. As higher value added chips are being produced in Scotland we plan assembling those for the European market". "We are actively working to improve plant productivity" he added. IRISH PHARMACEUTICAL GROUP ANNOUNCES 18% INCREASE IN TURNOVER - Irish pharmaceutical wholesale and agency distribution group Uniphar plc has announced an 18% increase in turnover for 1997 to IR96m. Pre-tax profits for the year rose almost 50% to IR2.075m. NETSCAPE'S OPERATION IN DUBLIN IS SAFE FOR THE MOMENT - Following Netscape's higher-than-expected 1997 losses announced last week the IDA has said that the future of its operation in Dublin is safe for the moment. An IDA spokesman said: "The set-up in Ireland is part of their future development." Netscape's president, Jim Barksdale says the company restructuring was complete, "As a result, the company has taken a restructuring charge of $23m ... in connection with a reduction in workforce, the costing of certain facilities and other write-offs." DUNLOE HOUSE CHAIRMAN ADAMANT ON BID FOR PROPERTY GROUP EWART - Chairman of Dunloe House Noel Smyth has said that he will sell his entire 26% stake in Belfast property group Ewart if Dunloe's hostile takeover bid of the company fails. "If I don't get to the stage where I can get the company by the scruff of the neck and bring it along, I'll have to leave and take my money where I can get a better return", he said. Two other companies reported to be interested in bidding for Ewart are Town Centre Securities and a consortium headed by the chairman of Ulster Television, John McGuckian. STRATUS COMPUTER FOURTH-QUARTER RESULTS - Stratus Computers showed sales of $190m (up 8%) for the fourth-quarter ended December 1997 and $688m for the full year (up 13%). Stratus employs 350 people at its worldwide manufacturing headquarters in Dublin. Managing director of Stratus Computer Ireland, Eoin O'Driscoll, said 1997 had been a very good year in both of the company's industry markets - telecommunications revenue grew 30% and revenue from financial services grew 20%. NEW GROUP ON FUTURE SKILLS FORMED BY TANAISTE - Chief executive of Iona Technologies Chris Horn is the chairperson of a new future skills group. The Tanaiste and Minister for Enterprise, Trade and Employment, Mary Harney, appointed the following members to the group which will identify the skill needs of different sectors: Peter Lillis (IDA), Seamus Garden (Forbairt), Colm Regan and Lorcan O Raghallaigh (Forfas), Rofer Fox (FAS), Ronald Long and Seamus O'Morain (Dept. of Enterprise, Trade and Employment), Paddy MCDonagh (Dept. of Education and Science), Eugene O'Sullivan (Dept. of Finance), John Hayden (HEA), Dr Sean McDonagh (RTC Dundalk) and Frances Ruane (TCD). > > > > > > > > > APPOINTMENTS < < < < < < < < < JOHN APPLEBY TO BE APPOINTED GENERAL MANAGER OF ORACLE IRELAND - The manager of Sun Microsystems Ireland, John Appleby, will replace Kevin Jones as general manager of Oracle Ireland. Mr Jones is leaving Oracle after ten years to pursue other interests but he will continue to work for the company in a consultancy capacity. > > > > > > > > > FINANCIAL < < < < < < < < < - Exchange Rates - Wednesday midday: IRISH POUND FEB 04 JAN 28 Sterling 84.31 85.02 US Dollar 1.3936 1.3992 Deutschmark 2.5207 2.5036 French franc 8.4472 8.3892 Dutch guilder 2.8414 2.8218 Belgian franc 52.02 51.70 Danish krone 9.6047 9.57 Italian lira 2489.11 2472.74 Greek Drachma 399.07 397.95 Spanish peseta 213.61 212.52 Portuguese escudo 257.91 256.46 Japanese yen 172.99 173.63 Swiss franc 2.0326 2.0285 Swedish krona 11.2234 11.1085 Norwegian krone 10.4671 10.3958 Finnish markka 7.6346 7.5848 Austrian schilling 17.73 17.63 Hong Kong dollar 10.7802 10.7336 Canadian dollar 2.0156 2.0232 Australian dollar 2.0530 2.0469 European Currency Unit 1.2781 1.2708 Dublin Interbank Market: - One Month, Offer=6.1/4 Bid=6.3/16 - DUBLIN PRICES (Wednesday Closing) - Leading Companies: Feb 04 Jan 28 98 Hi 98 Lo AIB 817.0 760.0 760.0 391.0 Avonmore 306.0 305.0 315.0 175.0 Bank of Ireland 1220.0 1115.0 1175.0 535.0 CRH 884.0 843.0 893.0 608.0 Elan Corporation 3943.0 3608.0 3901.0 1946.0 Fitzwilton 47.0 46.0 58.5 39.0 Fyffes 415.0 132.0 138.0 89.0 Golden Vale 110.0 105.0 110.0 53.0 Greencore 380.0 375.0 392.0 290.0 Independent 460.5 457.5 475.0 300.0 Irish Life 500.0 463.0 465.0 325.0 Irish Permanent 930.0 847.0 860.0 485.0 Ivernia 93.0 90.0 118.0 78.0 Kerry Group 820.0 788.0 845.0 558.0 Mackies Eng 20.5 120.5 165.0 20.0 Powerscreen 280.0 310.0 843.5 270.75 Ryanair 365.0 350.0 416.5 290.0 Smurfit Group 204.0 200.0 240.0 153.75 Waterford Wedgwood 102.0 102.0 107.0 75.0 ISEQ Overall Index 4529.09 4300.02 4537.27 2619.20 - Leading Multinationals in Ireland - closing prices Tuesday: Latest 52-Wk Lo 52-Wk Hi Latest 52-Wk Lo 52-Wk Hi 3COM 34.000 24.000 67.125 Infrmx 6.625 4.000 21.625 AT&T 63.000 30.750 66.500 Ingerso 43.000 27.813 46.250 AbbttL 70.438 52.875 72.250 Intel 86.313 62.875 102.000 AldSig 40.563 31.625 47.125 Iona 20.000 11.375 27.000 AMat 34.875 20.438 54.188 Isocor 2.063 1.500 6.250 Analog 29.500 20.625 36.688 J&J 69.500 51.125 69.500 APC 26.875 15.250 34.375 LAM Res 24.813 21.375 67.438 AppleC 18.313 12.750 29.563 Lilly 68.750 38.688 72.375 Bausch 43.875 33.625 47.875 Lctite 60.875 60.875 61.000 Baxter 57.313 41.563 60.250 Lucent 92.313 48.875 93.250 BectnD 66.063 41.875 67.438 Madge 4.750 3.250 15.250 BosSci 51.375 41.000 78.438 Mlnkrdt 35.938 34.688 43.375 BMyers 100.000 57.250 104.625 Merck 116.250 80.375 120.188 BriTel 596.50s 368.50s 596.50s Micsft 155.875 87.625 156.125 Cambrg 47.563 21.250 48.500 Mtrola 64.625 53.750 90.500 CBT 91.469 38.125 93.500 Netscap 18.188 14.875 49.500 C.Cola 10.500 9.813 15.000 NorTel 46.563 31.063 56.938 Compaq 33.000 14.188 39.781 Novell 7.969 6.281 13.000 CmpPrd 24.125 13.750 33.438 Oracle 24.688 17.750 42.125 CRBard 31.875 26.500 39.000 Pepsi 35.188 30.750 41.313 Creatv 19.875 8.625 29.375 Pfizer 82.563 41.500 85.063 Cybex 23.250 14.250 30.500 Philips 68.000 39.125 88.875 Dell 106.063 29.938 108.000 Quantm 25.438 16.875 43.250 DigitE 58.688 25.000 58.813 RRDnly 37.438 29.500 41.750 Emersn 61.250 45.000 63.000 SchrPl 73.438 34.625 78.000 Ericsn 39.500 28.750 50.625 Seagte 23.063 17.750 56.250 Gway2k 40.250 23.563 46.250 SilVall 24.688 17.125 38.375 GenEle 77.563 48.563 78.625 SunMic 48.625 25.875 53.313 Gillet 101.875 72.000 106.375 Symntc 24.000 12.000 27.750 Hadco 48.125 33.125 75.625 Tellab 52.063 32.000 65.000 HewPac 60.250 48.125 72.938 Visio 37.625 18.125 48.125 IBM 99.375 63.563 113.500 Xilinx 40.750 28.500 58.500 s=Sterling =============================end part 1================================ continued in part 2... ================================================================= NY Transfer News Collective * A Service of Blythe Systems Since 1985 - Information for the Rest of Us 339 Lafayette St., New York, NY 10012 http://www.blythe.org e-mail: nyt@blythe.org ================================================================= nytire-02.05.98-00:51:21-16742