Business Desk

This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.

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STATESTOCK OF QUAKE-PROOFING COMPANY SURGES


Shares in a small western New York company that makes earthquake shock absorbers shot up yesterday, as investors anticipated increased global demand after the devastating earthquake off Indonesia.


The shares of Taylor Devices closed up $4.27, or 172%, at $6.75 on the Nasdaq Stock Market.


The North Tonawanda, N.Y., company’s shock absorbers help buildings and other structures divert energy that would normally break them apart, said the chief executive, Douglas Taylor.


The company, founded in 1955 in the town north of Buffalo, has completed about 150 projects around the world, most of them stadiums, hospitals, and other large or public projects, Mr. Taylor said. But the bulk of the company’s business is concentrated in America, most of it on the West Coast, Mr. Taylor said. Taylor Devices has done the bulk of its overseas work so far in Taiwan, which is well aware of the potential for earthquake damage, and in other Pacific Rim countries, Mr. Taylor said. But Mr. Taylor fielded several calls from India yesterday morning, and said he believes more governments and companies from areas affected by Sunday’s devastating quake will begin to assess their readiness for earthquakes. “We’re sorry it has to be an event like this that gets interest in the product line, and we fervently hope the countries involved will re-examine their earthquake codes,” Mr. Taylor said.


– Associated Press


NATIONAL


FORD RECALLS 262,113 ESCAPE SUVS TO REPAIR REAR GATE


Ford Motor Company recalled 262,113 Ford Escape sport utility vehicles to repair a defect in the rear gate, the second recall of the vehicles in two weeks, and faces an investigation of wheel cracks in Crown Victoria sedans. The latest recall covers 2001 through 2005 models whose rear-lift gates may fly open during crashes, the National Highway Traffic Safety Administration said in a posting on its Web site. Another 49,800 of Mazda Motor Corporation’s similar Tribute from the same years were recalled for the identical defect. Ford two weeks ago recalled 470,245 SUVs from the 2002 through 2004 model years because their accelerators may get stuck. The two recalls boost Ford’s total for this year to almost 5 million vehicles. The top five automakers, including no. 1 General Motors, have exceeded 2003 recall totals, setting a record with more than 26 million vehicles. The company faces a safety investigation of wheel cracks on 146,000 Crown Victoria sedans used as police cars and taxis because earlier recall repairs may not have eliminated the flaw. The agency is reviewing 2003 through 2005 models to determine the effectiveness of last year’s recall, an agency spokesman, Tim Hurd, said. Ford redesigned the wheels in response to six complaints from police departments.


– Bloomberg News


REGION


GARTNER TO BUY META GROUP IN $162 MILLION DEAL


Market-research firm Gartner has agreed to acquire fellow research firm Meta Group for about $162 million in cash. Gartner said yesterday it will pay $10 for each share of Meta, a 54% premium to Meta Group’s closing price Thursday of $6.48 on the Nasdaq Stock Market. Shares of Meta soared Monday and were at $9.84 in early trading, up $3.36, or 52%,on heavy volume on the Nasdaq Stock Market. The stock is up from a 52-week low of $3.01 on June 25. The boards of both companies have approved the agreement, which is subject to approval by Meta’s shareholders. It is expected to close in the second quarter of 2005.


– Associated Press

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NEW YORK SUN CONTRIBUTOR

This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.


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