latest news releases from the newsroom
NIDEK -- Two Sister Companies Merge to Combine Efforts in U.S. Ophthalmic Industry
FREMONT, Calif., Oct. 13, 2005 (PRIMEZONE) -- NIDEK Co., Ltd. announced today that its two wholly owned subsidiary companies -- NIDEK Technologies America (NTA) and NIDEK Inc. would merge and consolidate business activities in the U.S. market effective April 1st, 2006. NTA, with a focus in commercializing advanced ophthalmic diagnostic instrumentation for corneal and retinal applications, will merge with NIDEK's U.S. sales and marketing organization -- NIDEK Inc. This consolidation and merger is being undertaken to further harmonize and harness commercial synergies and solidify NIDEK's strong and growing business in the U.S. vision care and ophthalmic industry. The company sees this strategic move as a way to further its product marketing and distribution goals and objectives in the United States.
Volvo: Renault Trucks Received Order from World Bank
GOTEBORG, Sweden, Oct. 13, 2005 (PRIMEZONE) -- AB Volvo's subsidiary Renault Trucks has received an order from the World Bank for 280 Renault Kerax construction trucks. The trucks will be used in the rebuilding of the cities and villages in the heavily earthquake-damaged Bam region in Iran.
Delta Air Lines, Inc.
Comair to Reduce Operational and Employment Costs In Support of Delta Air Lines' Transformation Plan
CINCINNATI, Oct. 13, 2005 (PRIMEZONE) -- Delta Air Lines' regional airline subsidiary Comair today announced plans to reduce costs by up to $70 million annually as the company makes changes to its business in support of Delta's ongoing transformation. The plan combines savings to be achieved through the Chapter 11 process with changes to Comair's fleet, network and employment costs to align the company's cost structure with the reduced revenues that will be realized in a restructured environment.
Overseas Shipholding Group, Inc.
OSG Announces Sale of Seven Tankers to Double Hull Tankers, Inc.
NEW YORK, Oct. 13, 2005 (PRIMEZONE) -- Overseas Shipholding Group, Inc. (NYSE:OSG) announced today that it agreed to sell seven tankers to Double Hull Tankers, Inc. (DHT) in connection with DHT's initial public offering announced earlier today. In consideration, Overseas Shipholding Group, Inc. (OSG) will receive $412.6 million in cash and 14 million shares of DHT common stock, representing a 47 percent equity stake in the new tanker concern. The total proceeds to OSG value the transaction at $580.6 million, net of fees and expenses. OSG will time charter the vessels from DHT for periods of five to six and one-half years with various renewal options up to an aggregate of five to eight years depending on the vessel. The transaction is immediately accretive to earnings.