BUSINESS MEMO

'Target Missouri' sessions

"Target Missouri: Creating a Foundation for the 21st Century Economy" will be the subject of a series of public meetings held throughout the state this month.

The meetings will be part of a strategy to focus on the growth industries of the future, according to Missouri Department of Economic Development Director Joseph L. Driskill.

The Cape Girardeau meeting will be held from 10 to noon on Thursday at Glenn Auditorium, Room 105, in Robert A. Dempster Hall, Donald L. Harrison College of Business, on Southeast Missouri State University campus.

DED plans a series of meetings to address the economic competitiveness issue. The first round will focus on development of the state's economic infrastructure, such as work force, education, physical infrastructure and quality of life.

The second round of meetings, to be scheduled later, will feature meetings of representatives of the state's growth industries to discuss what they need to become more competitive.

Special tax workshop

John D. Kleindienst, manager of Tax Benefits Programs, Missouri Department of Economic Development, will speak at a special tax benefits workshop Aug. 19 at the Holiday Inn in Poplar Bluff.

A total of seven special tax workshops will be held across the state.

Additional information is available by calling (573)-634-2246.

Dana transactions

Dana Corp. has announced its largest acquisition in history _ an agreement to purchase the global axle and brake operations of Eaton Corp. for $287 million.

The transaction, announced earlier this month, is subject to completion of due diligence and customary approval of appropriate regulatory agencies.

Dana also announced an agreement to sell its worldwide clutch business to Eaton, resulting in an after-tax gain of $70 million. Eaton will receive operations at Auburn, Ind., Harrisburg, N.C., Oklahoma City, and foreign operations in Australia, Brazil, England and Holland.

The Eaton facilities to be acquired include operations at Glasgo and Henderson, Ky., Marion, Ohio, and Humboldt, Tenn., as well as facilities in Argentina, England, Mexico and Spain.

Eaton, headquartered in Cleveland, is a manufacturer of products for the industrial, vehicular, construction, commercial and aerospace markets. Total employment at the facilities is 3,400, with more than 2,100 in the United States.

Dana is a leader in engineering, manufacturing and distribution of products for vehicular, industrial and off-highway markets. Dana, based in Toledo, Ohio, operates facilities in the United States _ including a local Dana facility, Spicer Axle Division at 2075 Corporate Circle in Cape Girardeau _ and 30 countries, with more than 48,000 employees. Sales in 1996 were reported at $7.7 billion.

Fastenal earnings up

Fastenal Co. sales and earnings were up during the second quarter, ended June 30.

Fastenal, a national distributor of threaded metal products and related construction supplies, reported quarter sales of $98.2 million up from the $70.8 million sales during the same period in 1996. Net earnings grew from $8.4 million in 1996 to $10.5 million during the second quarter of 1997, an increase of 24 percent. Earnings per share increased from 22 cents to 28 cents.

Fastenal opened 48 new stores during the quarter and now has 576 sites.

The local Fastenal operation is at 2228 Bloomfield Road.

CCCS assisting more people

The Cape Girardeau office of Consumer Credit Counseling Services assisted a record number of people in 1996.

The local office counseled 1,224 people, disbursed $2,813,884 back into the community and a total of 1,008 clients participated in the Debt Management Program.

The local agency is one of 23 CCCS offices in five states.

CCCS, headquartered in St. Louis, counseled a total of 24,396 people at its 23 offices, disbursed $44.3 million back into the community, with 16,680 people participating in the Debt Management Program. These totals compare with 19,500 people counseled in 1995.

CCCS is a nonprofit community service organization that provides free professional guidance, counseling and debt management assistance to consumers who are having financial difficulties or require budgeting assistance.

New Branson Visa

Branson, a live-entertainment capital and a popular family vacation destination, is rolling out its newest attraction _ the Branson Platinum Visa Card.

The card is issued by First USA, a financial services company specializing in the credit card business.

The new card is available in three designs. Applications will be offered via direct mail later this summer, and Internet users can apply at First USA web site _ www.firstusa.com.

Caterpillar earnings

Caterpillar Inc., which has a 200,000-square-foot manufacturing facility at Dyersburg, Tenn., and is building a new 190,000-square-foot plant at West Plains, reported a 16 percent increase in earnings during the second quarter.

The company, headquartered at Peoria, Ill., reported net income for the manufacturer of earth-moving equipment, rose to $435 million, or $1.15 a share, from $374 million and 97 cents a share during the same period a year ago.

Sales for the quarter were $4.87 billion. That set new records for sales, profits and per-share profits.

A strong U.S. economy and low inflation helped fuel Caterpillar's increased sales. The company said that trend should continue, helping to maintain strong demand for Caterpillar products. It warned, however, that the strong dollar ultimately could take a toll on exports.

For the first six months of the year, net income was $829 million, or $2.19 per share, compared with $670 million, or $1.73 per share, a year earlier. Sales were $9.1 billion, up from $8 billion.

Working capital honors

Union Electric, Anheuser-Busch, Jefferson Smurfit and nine other St. Louis-based companies are among top performers in the annual REL Working Capital 1,000 rankings, which highlight U.S. companies that are best in their industry at managing corporate finance _ receivables, payables, inventory and cash flow.

The companies are ranked in working capital management by CFO Magazine, and REL Consultancy Group, a global consulting firm.

Jefferson Smurfit, a metal products company and CPI, a scientific, photo and control equipment company, were ranked second in their industry groups.

Other St. Louis companies and industry rankings: McDonnell Douglas, aerospace, 10; Union Electric, electric and gas utility, 3; Anheuser-Busch, beverage, 5; Brown Group, apparel, 7; Ralcorp Holdings, food, 7; Ralston Purina, food, 9; Belden, industrial/farm equipment, 8; Pulitzer Publisher, publishing, 9; Emerson Electric, scientific, photo and control equipment, 4; and Kellwood, textiles, 7.