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GTE Florida to cut 45 managerial jobs

Tampa Bay/State

GTE Florida Inc. will announce next week that it is cutting 45 managerial positions by the end of the year.

In Tampa, company spokesman Jim Marzano said the cuts will be accomplished both through normal attrition and layoffs. He could not specify which departments or regions in particular will be affected.

Marzano said that the reductions are part of GTE's ongoing efforts to reduce costs to remain competitive in the marketplace, and that the company is taking advantage of a variety of new-found efficiencies.

GTE Florida employs about 8,000 people. The company has 1.8-million access lines in a service area that includes some or all of Pinellas, Hillsborough, Pasco, Polk, Manatee and Sarasota counties.

In January, the parent GTE Corp. announced a dramatic cost-cutting plan that would trim its overall ranks by 17,000 employees over three years.

HERCULES SELLS UNIT. Hercules Inc. plans to sell its aerospace operations, including a plant in Clearwater that employs 230 people, to Alliant Techsystems of Minneapolis. A definitive agreement is expected to be announced on Monday. "We don't expect it to have any effect at this point," said Berna Anspaugh, a spokeswoman at the Hercules plant in Clearwater, which specializes in the systems that guide so-called "smart weapons" and radar jamming systems. Wilmington, Del.-based Hercules first announced plans to sell its aerospace unit to Alliant in July. Decreased military spending has steadily brought down employment at the plant. As recently as five years ago, the plant employed more than 700 people.

RTC SELLS THRIFT. The nine Florida banking offices of the failed Carteret Federal Savings Bank of New Jersey have been sold to three financial institutions by the federal Resolution Trust Corp. The deposits of the Island Estates and Tri-City branches in Clearwater were sold to Life Savings Bank, a local thrift owned by First Bancorporation of Ohio. Deposits of the Tampa and Winter Haven branches were sold to Miami's Hamilton Bank. The remaining branches in South Florida were sold to Commercial Bank of Florida. Carteret was seized by federal regulators in December 1992.

ALLIED AUTO PARTS FILES CHAPTER 11. Allied Auto Parts Inc, which sells auto parts wholesale and at two retail stores in Largo and Seminole, has filed for protection from creditors while it reorganizes its finances under Chapter 11 of the U.S. Bankruptcy Code.

NATIONSBANK RAISES DIVIDEND. NationsBank Corp., the country's third-largest banking company, approved a 4 cent increase, to 50 cents per share, in the quarterly cash dividend on its common stock. The Charlotte, N.C.-based company, which owns Tampa-based NationsBank of Florida, has raised dividends twice this year. The latest increase is payable Dec. 22 to shareholders of record Dec. 2.

OLIN TO BUILD FACILITY. Olin Recovery Systems of St. Petersburg said it will build a facility in Moorefield, W.Va., that will convert poultry and animal manure into energy and solid organic fertilizer. The recovery demonstrator is expected to be operating next spring. Olin Recovery Systems is a unit of Olin Corp. of Stamford, Conn.

KAYDON INCREASES DIVIDEND. Kaydon Corp. of Clearwater has increased its quarterly dividend from 10 cents to 11 cents per share, beginning with the fourth-quarter dividend payable Jan. 2 to shareholders of record Dec. 19. The company manufactures filters, rings and seals.

Earnings

CITIZENS BANK. The Clearwater banking company said Firday that earnings fell in the third quarter to $185,274 from $272,078 a year ago. The bank, with $90.8-million in assets, attributed the decline to the costs of opening a new headquarters, a branch and a new trust department. The bank estimated its 1994 profits will top the $940,171 earned in 1993 by nearly 10 percent.

ANHEUSER-BUSCH. The world's largest brewery reported a 5.8 percent increase in third-quarter earnings, as Bud Light emerged as the nation's best-selling light beer. For the quarter ended Sept. 30, net earnings were $329-million, or $1.24 a share, compared with net earnings of $311-million, or $1.13 a share, a year ago.

DOW DOLLAR YIELD

30 INDUSTRIALS VS. JAPANESE YEN 30-YEAR U.S. BOND

3930.66 97.28 7.95

+55.51 +0.30 -0.10

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